Quanex Building Products Announces Third Quarter 2018 Results

Date : 09/06/2018 @ 4:15PM
Source : GlobeNewswire Inc.
Stock : Quanex Building Products Corp. (NX)
Quote : 18.8  -0.4 (-2.08%) @ 4:02PM

Quanex Building Products Announces Third Quarter 2018 Results

Quanex (NYSE:NX)
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Board Approves 100% Dividend Increase and Authorizes $60 Million Share Repurchase Program Strong Free Cash Flow Generation Facilitates Deleveraging and Return of Capital to Shareholders Significant Margin Expansion in NA Cabinet Components Segment Healthy Underlying Growth Continues in NA and EU Engineered Components Segments


 Quanex Building Products Corporation (NYSE:NX) (“Quanex” or the “Company”) today announced its results for the three months ended July 31, 2018.  The Company also announced today a significant increase in the return of capital to shareholders through a 100% increase in the quarterly cash dividend and a $60 million share repurchase authorization.

Bill Griffiths, Chairman, President and Chief Executive Officer, stated, “We delivered solid third quarter results, driven by improved operational efficiency and margin expansion of 200 basis points in our North American Cabinet Components segment, despite ongoing inflationary pressures.  Underlying growth remains healthy in our North American and European Engineered Components segments.

“We are also pleased that our strong free cash flow generation in the third quarter facilitated a further reduction of our leverage ratio to 2.0x Net Debt to LTM Adjusted EBITDA as of July 31, 2018.  In addition, our Board of Directors has approved a robust capital return program, including both a 100% increase to our quarterly cash dividend and a $60 million share repurchase program, which reflects our strong balance sheet, commitment to returning capital to shareholders and confidence in our prospects for growth and value creation.

“As part of a strategic review process, our Board of Directors and management team, with the support of outside advisors, recently undertook a thorough review of Quanex’s strategy and business, and evaluated a broad range of strategic alternatives to maximize shareholder value.  Our Board of Directors unanimously concluded that the best path forward for the Company and its shareholders at this time is the continued execution of our strategic plan and the accelerated return of capital.  We remain open to and will continue to consider all opportunities to create additional shareholder value.”

Third Quarter 2018 Results Summary  

The Company reported the following selected financial results:

  Three Months Ended July 31, Nine Months Ended July 31,
  2018 2017 2018 2017
Net Sales $239.8 $229.4 $645.7 $634.4
Net Income $10.8 $10.2 $19.8 $8.0
Diluted EPS $0.31 $0.29 $0.56 $0.23
         
Adjusted Net Income $11.6 $11.5 $15.1 $13.9
Adjusted Diluted EPS $0.33 $0.33 $0.43 $0.40
Adjusted EBITDA $30.8 $32.2 $65.7 $65.7
         
Cash provided by operating activities $26.8 $29.7 $48.5 $46.5
Free Cash Flow $21.0 $20.2 $27.4 $19.4

(See Non-GAAP Terminology Definitions and Disclaimers section, Non-GAAP Financial Measure Disclosure table, Selected Segment Data table and Free Cash Flow Reconciliation table for additional information)

Similar to the first half of 2018, the increase in net sales during the third quarter was largely driven by market growth combined with price increases mostly related to raw material inflation recovery and a favorable foreign exchange impact.  (See Sales Analysis table for additional information)

The increase in net income for the third quarter of 2018 was primarily driven by lower depreciation and amortization coupled with a lower effective tax rate.

Adjusted EBITDA decreased slightly during the third quarter of 2018 mainly due to the negative impact of inflationary pressures combined with an increase in selling, general and administrative expense as results for the third quarter of 2017 included a benefit of $2.0 million related to a legal expense reimbursement from one of Quanex’s insurance carriers.          

As of July 31, 2018, the Company’s leverage ratio of Net Debt to LTM Adjusted EBITDA decreased to 2.0x.  (See Non-GAAP Terminology Definitions and Disclaimers section for additional information)

Strategy Update and Recent Events

Quanex is committed to driving operational improvement and creating shareholder value.  As part of a strategic review process, the Company’s Board of Directors (the “Board”) and management team, with Citi as financial advisor, recently completed a comprehensive review of Quanex’s overall strategy, capital structure and capital allocation priorities.  As part of that review process, the Board evaluated a broad range of strategic alternatives, including a potential sale of the Company, and carefully considered feedback from shareholders.

The Board unanimously concluded that, at this time, Quanex is best positioned to drive value for shareholders through the continued successful execution of its strategy and continued focus on driving improved performance and returning capital to shareholders.

As such, the Board declared a quarterly cash dividend of $0.08 per share on the Company’s common stock, representing a 100% increase compared to the prior dividend, payable September 28, 2018, to shareholders of record on September 14, 2018.

In addition, Quanex’s Board of Directors authorized a $60 million share repurchase program representing approximately 10% of common shares outstanding based on the Company’s stock price and share count as of July 31, 2018.  Repurchases under the new program will be made in open market transactions or privately negotiated transactions, subject to market conditions, applicable legal requirements and other relevant factors.  The program does not have an expiration date or a limit on the number of shares that may be purchased.

The Board will continue to consider all opportunities to further enhance shareholder value now and in the future.

Conference Call and Webcast Information

The Company has scheduled a conference call for Friday, September 7, 2018, at 11:00 a.m. ET (10:00 a.m. CT).  To participate in the conference call dial (877) 388-2139 for domestic callers and (541) 797-2983 for international callers, in both cases using the conference passcode 3847158, and ask for the Quanex call a few minutes prior to the start time.  A link to the live audio webcast will also be available on the Company’s website at http://www.quanex.com in the Investors section under Presentations & Events.  A telephonic replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through September 14, 2018.  To access the replay dial (855) 859-2056 for domestic callers and (404) 537-3406 for international callers, in both cases referencing conference passcode 3847158. 

About Quanex

Quanex Building Products Corporation is an industry-leading manufacturer of components sold to Original Equipment Manufacturers (OEMs) in the building products industry.  Quanex designs and produces energy-efficient fenestration products in addition to kitchen and bath cabinet components.

For more information contact Scott Zuehlke, Vice President, Investor Relations & Treasurer, at 713-877-5327 or scott.zuehlke@quanex.com.

Non-GAAP Terminology Definitions and Disclaimers

Adjusted Net Income (Loss) (defined as net income further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, restructuring charges, other net adjustments related to foreign currency transaction gain/loss and effective tax rates reflecting impacts of adjustments on a with and without basis) and Adjusted EPS are non-GAAP financial measures that Quanex believes provide a consistent basis for comparison between periods and more accurately reflects operational performance, as they are not influenced by certain income or expense items not affecting ongoing operations. EBITDA (defined as net income or loss before interest, taxes, depreciation and amortization and other, net) and Adjusted EBITDA (defined as EBITDA further adjusted to exclude purchase price accounting inventory step-ups, transaction costs, gain/loss on the sale of fixed assets, and restructuring charges) are non-GAAP financial measures that the Company uses to measure operational performance and assist with financial decision-making.  When Quanex provides expectations for Adjusted EBITDA on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measures is generally not available without unreasonable effort.  Net Debt is calculated using the sum of current maturities of long-term debt and long-term debt, minus cash and cash equivalents.  The leverage ratio of Net Debt to LTM Adjusted EBITDA is a financial measure that the Company believes is useful to investors and financial analysts in evaluating Quanex’s leverage.  In addition, with certain limited adjustments, this leverage ratio is the basis for a key covenant in the Company’s credit agreement.  Free Cash Flow is a non-GAAP measure calculated using cash provided by operating activities less capital expenditures.   Quanex believes that the presented non-GAAP measures provide a consistent basis for comparison between periods, and will assist investors in understanding the Company’s financial performance when comparing results to other investment opportunities.  The presented non-GAAP measures may not be the same as those used by other companies.  Quanex does not intend for this information to be considered in isolation or as a substitute for other measures prepared in accordance with U.S. GAAP. 

Forward Looking Statements

Statements that use the words “estimated,” “expect,” “could,” “should,” “believe,” “will,” “might,” or similar words reflecting future expectations or beliefs are forward-looking statements. The forward-looking statements include, but are not limited to, the Company’s future operating results, future financial condition, future uses of cash and other expenditures, expenses and tax rates, expectations relating to Quanex’s industry, and the Company’s future growth, including any guidance discussed in this press release.  The statements and guidance set forth in this release are based on current expectations.  Actual results or events may differ materially from this release.  For a complete discussion of factors that may affect Quanex’s future performance, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2017, under the sections entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”.  Any forward-looking statements in this press release are made as of the date hereof, and Quanex undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

 
QUANEX BUILDING PRODUCTS CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)(In thousands, except per share data)(Unaudited)
 
  Three Months Ended July 31, Nine Months Ended July 31,
   2018   2017   2018   2017 
         
Net sales $239,821  $229,367  $645,699  $634,406 
Cost of sales  185,610   176,758   508,791   494,647 
Selling, general and administrative  24,190   20,478   72,049   74,839 
Restructuring charges  243   864   851   3,083 
Depreciation and amortization  12,691   13,915   39,274   43,701 
Operating income  17,087   17,352   24,734   18,136 
Interest expense  (2,641)  (2,575)  (7,584)  (7,126)
Other, net  (62)  46   150   572 
Income before income taxes  14,384   14,823   17,300   11,582 
Income tax (expense) benefit  (3,631)  (4,608)  2,536   (3,631)
Net income $10,753  $10,215  $19,836  $7,951 
         
Income per common share, basic $0.31  $0.30  $0.57  $0.23 
Income per common share, diluted $0.31  $0.29  $0.56  $0.23 
         
Weighted average common shares outstanding:        
Basic  34,840   34,224   34,766   34,141 
Diluted  35,120   34,924   35,124   34,771 
         
Cash dividends per share $0.04  $0.04  $0.12  $0.12 
         

QUANEX BUILDING PRODUCTS CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited)
 
  July 31, 2018 October 31, 2017
ASSETS    
Current assets:    
Cash and cash equivalents $12,400  $17,455 
Accounts receivable, net  80,236   79,411 
Inventories, net  87,105   87,529 
Prepaid and other current assets  8,636   7,406 
Total current assets  188,377   191,801 
Property, plant and equipment, net  205,304   211,131 
Goodwill  221,587   222,194 
Intangible assets, net  127,071   139,778 
Other assets  9,184   8,975 
Total assets $751,523  $773,879 
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable $44,871  $44,150 
Accrued liabilities  31,693   38,871 
Income taxes payable  2,405   2,192 
Current maturities of long-term debt  16,120   21,242 
Total current liabilities  95,089   106,455 
Long-term debt  193,654   218,184 
Deferred pension and postretirement benefits  6,612   4,433 
Deferred income taxes  16,765   21,960 
Other liabilities  15,640   16,000 
Total liabilities  327,760   367,032 
Stockholders’ equity:    
Common stock  374   375 
Additional paid-in-capital  253,806   255,719 
Retained earnings  240,025   225,704 
Accumulated other comprehensive loss  (27,601)  (25,076)
Treasury stock at cost  (42,841)  (49,875)
Total stockholders’ equity  423,763   406,847 
Total liabilities and stockholders' equity $751,523  $773,879 
     

QUANEX BUILDING PRODUCTS CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW 
(In thousands) 
(Unaudited) 
     
 Nine Months Ended July 31, 
  2018  2017 (1) 
Operating activities:    
Net income$19,836  $7,951  
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 39,274   43,701  
Stock-based compensation 1,002   4,305  
Deferred income tax (5,788)  (1,847) 
Other, net 404   1,136  
Changes in assets and liabilities:    
(Increase) decrease in accounts receivable (1,247)  6,923  
Decrease (increase) in inventory 310   (8,576) 
Increase in other current assets (1,242)  (379) 
Increase (decrease) in accounts payable 1,161   (3,145) 
Decrease in accrued liabilities (7,565)  (11,327) 
Increase in income taxes payable 231   4,349  
Increase in deferred pension and postretirement benefits 2,179   2,537  
Increase in other long-term liabilities 210   1,226  
Other, net (312)  (389) 
Cash provided by operating activities 48,453   46,465  
Investing activities:    
Acquisitions, net of cash acquired -   (8,497) 
Capital expenditures (21,098)  (27,098) 
Proceeds from disposition of capital assets 260   1,232  
Cash used for investing activities (20,838)  (34,363) 
Financing activities:    
Borrowings under credit facilities 33,500   53,500  
Repayments of credit facility borrowings (62,750)  (74,125) 
Repayments of other long-term debt (1,394)  (2,240) 
Common stock dividends paid (4,202)  (4,127) 
Issuance of common stock 3,767   6,379  
Payroll tax paid to settle shares forfeited upon vesting of stock (960)  (976) 
Cash used for financing activities (32,039)  (21,589) 
Effect of exchange rate changes on cash and cash equivalents (631)  (248) 
Decrease in cash and cash equivalents (5,055)  (9,735) 
Cash and cash equivalents at beginning of period 17,455   25,526  
Cash and cash equivalents at end of period$12,400  $15,791  
     
(1) Updated to reflect adoption of ASU 2016-09. 
     

QUANEX BUILDING PRODUCTS CORPORATIONFREE CASH FLOW RECONCILIATION(In thousands)(Unaudited)
 
The following table reconciles the Company's calculation of Free Cash Flow, a non-GAAP measure, to its most directly comparable GAAP measure.  The Company defines Free Cash Flow as cash provided by operating activities less capital expenditures.
         
  Three Months Ended July 31, Nine Months Ended July 31,
   2018   2017   2018   2017 
Cash provided by operating activities $26,838  $29,736   $48,453   $46,465 
Capital expenditures  (5,885)   (9,548)   (21,098)   (27,098) 
Free Cash Flow $20,953  $20,188  $27,355  $19,367 
         

QUANEX BUILDING PRODUCTS CORPORATIONNON-GAAP FINANCIAL MEASURE DISCLOSURE(In thousands, except per share data)(Unaudited) 
  
                     
  Three Months Ended  Three Months Ended  Nine Months Ended  Nine Months Ended 
Reconciliation of Adjusted Net Income and Adjusted EPS July 31, 2018  July 31, 2017  July 31, 2018  July 31, 2017 
  Net Income Diluted EPS  Net Income Diluted EPS  Net Income Diluted EPS  Net Income Diluted EPS 
Net income as reported $10,753  $0.31   $10,215  $0.29   $19,836  $0.56   $7,951  $0.23  
Reconciling items from below  828   0.02    1,277   0.04    (4,727)  (0.13)   5,965   0.17  
Adjusted net income and adjusted EPS $11,581  $0.33   $11,492  $0.33   $15,109  $0.43   $13,916  $0.40  
                     
Reconciliation of Adjusted EBITDA Three Months Ended July 31, 2018  Three Months Ended July 31, 2017  Nine Months Ended July 31, 2018  Nine Months Ended July 31, 2017 
  Reconciliation    Reconciliation    Reconciliation    Reconciliation   
Net income as reported $10,753     $10,215     $19,836     $7,951    
Income tax expense (benefit)  3,631      4,608      (2,536)     3,631    
Other, net  62      (46)     (150)     (572)   
Interest expense  2,641      2,575      7,584      7,126    
Depreciation and amortization  12,691      13,915      39,274      43,701    
EBITDA  29,778      31,267      64,008      61,837    
Reconciling items from below  1,027      899      1,649      3,892    
Adjusted EBITDA $30,805     $32,166     $65,657     $65,729    
                     
Reconciling Items Three Months Ended July 31, 2018  Three Months Ended July 31, 2017  Nine Months Ended July 31, 2018  Nine Months Ended July 31, 2017 
  Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items  Income Statement Reconciling Items 
Net sales $239,821  $-   $229,367  $-   $645,699  $-   $634,406  $-  
Cost of sales  185,610   -    176,758   -    508,791   -    494,647   (104) (1 )
Selling, general and administrative  24,190   (784) (2 )  20,478   (35) (2 )  72,049   (798) (2 )  74,839   (705) (2 )
Restructuring charges  243   (243) (3 )  864   (864) (3 )  851   (851) (3 )  3,083   (3,083) (3 )
EBITDA  29,778   1,027    31,267   899    64,008   1,649    61,837   3,892  
Depreciation and amortization  12,691   -    13,915   (1,277) (4 )  39,274   (852) (5 )  43,701   (5,502) (4 )
Operating income  17,087   1,027    17,352   2,176    24,734   2,501    18,136   9,394  
Interest expense  (2,641)  -    (2,575)  -    (7,584)  -    (7,126)  -  
Other, net  (62)  79  (6 )  46   (39) (6 )  150   (88) (6 )  572   (514) (6 )
Income before income taxes  14,384   1,106    14,823   2,137    17,300   2,413    11,582   8,880  
Income tax (expense) benefit  (3,631)  (278) (7 )  (4,608)  (860) (7 )  2,536   (7,140) (7 )  (3,631)  (2,915) (7 )
Net income (loss) $10,753  $828   $10,215  $1,277   $19,836  $(4,727)  $7,951  $5,965  
                     
Diluted earnings per share $0.31     $0.29     $0.56     $0.23    
                     
(1) Relates solely to purchase price accounting inventory step-up impact from HL Plastics acquisition. 
(2) Transaction and advisory fees and in 2017, loss on sale of fixed assets related to the closure of a plant and a one-time employee benefit adjustment. 
(3) Restructuring charges relate to the closure of several manufacturing plant facilities. 
(4) Accelerated depreciation and amortization for restructured PP&E and intangible assets. 
(5) Accelerated depreciation for a plant re-layout in the North American Cabinet Components segment. 
(6) Foreign currency transaction losses (gains). 
(7) Impact on a with and without basis.  Nine months ended July 31, 2018 includes $6.5 million adjustment related to the Tax Cuts and Jobs Act. 
                     

QUANEX BUILDING PRODUCTS CORPORATIONSELECTED SEGMENT DATA(In thousands)(Unaudited)
 
This table provides operating income (loss), EBITDA, and Adjusted EBITDA by reportable segment.  Non-operating expense and income tax expense are not allocated to the reportable segments.
                     
  NA Engineered Components EU Engineered Components NA Cabinet Components Unallocated Corp & Other Total
Three months ended July 31, 2018          
Net sales $133,397  $42,661  $65,114  $(1,351) $239,821 
Cost of sales  100,999   30,840   54,755   (984)  185,610 
Selling, general and administrative  13,147   5,535   3,584   1,924   24,190 
Restructuring charges  240   -   3   -   243 
Depreciation and amortization  6,741   2,352   3,432   166   12,691 
Operating income (loss)  12,270   3,934   3,340   (2,457)  17,087 
Depreciation and amortization  6,741   2,352   3,432   166   12,691 
EBITDA  19,011   6,286   6,772   (2,291)  29,778 
Transaction and advisory fees  -   -   -   784   784 
Restructuring charges  240   -   3   -   243 
Adjusted EBITDA $19,251  $6,286  $6,775  $(1,507) $30,805 
Adjusted EBITDA Margin %  14.4%   14.7%   10.4%     12.8% 
           
Three months ended July 31, 2017          
Net sales $126,446  $40,359  $63,839  $(1,277) $229,367 
Cost of sales  94,169   29,002   54,538   (951)  176,758 
Selling, general and administrative  11,829   5,162   3,968   (481)  20,478 
Restructuring charges  727   -   137   -   864 
Depreciation and amortization  7,899   2,391   3,491   134   13,915 
Operating income  11,822   3,804   1,705   21   17,352 
Depreciation and amortization  7,899   2,391   3,491   134   13,915 
EBITDA  19,721   6,195   5,196   155   31,267 
Transaction and advisory fees  -   -   -   35   35 
Restructuring charges  727   -   137   -   864 
Adjusted EBITDA $20,448  $6,195  $5,333  $190  $32,166 
Adjusted EBITDA Margin %  16.2%   15.3%   8.4%     14.0% 
           
Nine months ended July 31, 2018          
Net sales $350,280  $115,481  $183,705  $(3,767) $645,699 
Cost of sales  269,156   83,261   159,066   (2,692)  508,791 
Selling, general and administrative  40,393   17,218   12,894   1,544   72,049 
Restructuring charges  728   -   123   -   851 
Depreciation and amortization  20,561   7,328   10,957   428   39,274 
Operating income (loss)  19,442   7,674   665   (3,047)  24,734 
Depreciation and amortization  20,561   7,328   10,957   428   39,274 
EBITDA  40,003   15,002   11,622   (2,619)  64,008 
Transaction and advisory fees  -   -   -   798   798 
Restructuring charges  728   -   123   -   851 
Adjusted EBITDA $40,731  $15,002  $11,745  $(1,821) $65,657 
Adjusted EBITDA Margin %  11.6%   13.0%   6.4%     10.2% 
           
Nine months ended July 31, 2017          
Net sales $343,694  $106,133  $188,359  $(3,780) $634,406 
Cost of sales  260,479   75,304   161,704   (2,840)  494,647 
Selling, general and administrative  38,770   15,132   12,739   8,198   74,839 
Restructuring charges  2,207   -   876   -   3,083 
Depreciation and amortization  26,377   6,753   10,160   411   43,701 
Operating income (loss)  15,861   8,944   2,880   (9,549)  18,136 
Depreciation and amortization  26,377   6,753   10,160   411   43,701 
EBITDA  42,238   15,697   13,040   (9,138)  61,837 
Transaction and advisory fees  -   -   -   327   327 
Mexico restructuring, loss on sale of fixed assets  -   -   190   -   190 
One-time employee benefit adjustment  -   -   188   -   188 
PPA-Inventory Step-up  -   104   -   -   104 
Restructuring charges  2,207   -   876   -   3,083 
Adjusted EBITDA $44,445  $15,801  $14,294  $(8,811) $65,729 
Adjusted EBITDA Margin %  12.9%   14.9%   7.6%     10.4% 
           
           

QUANEX BUILDING PRODUCTS CORPORATIONSALES ANALYSIS(In thousands)(Unaudited)
 
  Three Months Ended Nine Months Ended
  July 31, 2018 July 31, 2017 July 31, 2018 July 31, 2017
         
NA Engineered Components:       
 United States - fenestration (1)$112,914  $107,193  $297,700  $289,231 
 International - fenestration 11,851   9,959   27,758   24,945 
 United States - non-fenestration (2) 4,675   7,060   13,518   19,590 
 International - non-fenestration 3,957   2,234   11,304   9,928 
  $133,397  $126,446  $350,280  $343,694 
EU Engineered Components  (3):       
 United States - fenestration$-  $190  $-  $304 
 International - fenestration (4) 34,881   35,087   97,597   94,528 
 International - non-fenestration 7,780   5,082   17,884   11,301 
  $42,661  $40,359  $115,481  $106,133 
NA Cabinet Components:       
 United States - fenestration$3,650  $4,322  $10,500  $12,316 
 United States - non-fenestration (5) 60,843   59,237   171,547   174,404 
 International - non-fenestration 621   280   1,658   1,639 
  $65,114  $63,839  $183,705  $188,359 
Unallocated Corporate & Other:       
 Eliminations$(1,351) $(1,277) $(3,767) $(3,780)
  $(1,351) $(1,277) $(3,767) $(3,780)
         
Net Sales$239,821  $229,367  $645,699  $634,406 
         
(1) Reflects the loss of revenue associated with eliminated products of $2.6 million and $11.7 million for the three and nine months ended July 31, 2018.
(2) Reflects the loss of revenue associated with eliminated products of $2.1 million and $7.5 million for the three and nine months ended July 31, 2018.
(3) Reflects a gain of $1.1 million and $7.9 million in revenue associated with foreign currency exchange rate impacts for the three and nine months ended July 31, 2018.
(4) Reflects loss of revenue associated with eliminated products of $1.8 million and $6.5 million for the three and nine months ended July 31, 2018.
(5) Reflects the loss of revenue associated with eliminated products of $0.2 million and $3.9 million for the three and nine months ended July 31, 2018.

 

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