PMC® (Nasdaq:PMCS), the semiconductor innovator transforming
networks that connect, move and store big data, today reported
results for the second quarter ended July 1, 2012.
Net revenues in the second quarter of 2012 were $137.8
million, an increase of 4% as compared to net revenues of $132.1
million in the first quarter of 2012 and a decrease of 19% compared
to $171 million in the second quarter of 2011.
GAAP net income in the second quarter of 2012 was
$26.5 million, or $0.12 per diluted share, including a $28.5
million benefit from the recognition of certain U.S. tax credits,
mainly arising from foreign withholding taxes paid in the second
quarter related to the intercompany dividend noted below. This
compares to a GAAP net loss in the first quarter of 2012 of $96.3
million, or $0.41 per share, including $85.4 million income tax
provision related to an intercompany dividend made in preparation
for funding the Company’s share repurchase program. Non-GAAP net
income in the second quarter of 2012 was $21.3 million, or $0.09
per diluted share, compared to non-GAAP net income of $14 million,
or $0.06 per diluted share, in the first quarter of 2012.
Non-GAAP net income in the second quarter of 2012
excludes the following items: (i) $7.3 million in stock-based
compensation expense; (ii) $1.1 million in acquisition-related
costs; (iii) $0.3 million in termination costs; (iv) $0.3 million
in lease exit costs; (v) $11.6 million in amortization of purchased
intangible assets; (vi) a $1.1 million foreign exchange gain on
foreign tax liabilities; (vii) $0.9 million of non-cash interest
expense for the accretion of the debt discount related to the
senior convertible notes; and (viii) a $25.7 million recovery of
income taxes.
“Our second quarter revenues were in line with expectations.”
said Greg Lang, president and chief executive officer of PMC. “The
macro environment is challenging the pace of recovery but we are
focused on project execution, operational efficiency and tightly
managing expenses. PMC is well positioned as the fundamentals
behind our key growth drivers remain intact.”
For a full reconciliation of each non-GAAP item used herein to
the most directly comparable GAAP financial measure, please refer
to the schedule included with this release. The Company believes
the additional non-GAAP measures are useful to investors for the
purpose of financial analysis. Management uses these non-GAAP
measures internally to evaluate its in-period operating performance
before gains, losses and other charges that are considered by
management to be outside of the Company’s core operating results.
In addition, the measures are used to plan for the Company’s future
periods. However, non-GAAP measures are neither stated in
accordance with, nor are they a substitute for, GAAP measures.
SECOND QUARTER AND RECENT HIGHLIGHTS
The Company announced the following in the second quarter of
2012:
- PMC announced that it entered into an
Accelerated Stock Buyback agreement (“ASB agreement”) with Goldman,
Sachs & Co. (“Goldman”) to repurchase an aggregate of $160
million of PMC common stock. The Company will acquire these common
shares as part of its $275 million stock repurchase program
announced on March 13, 2012.
- Building on PMC’s industry leadership
in providing innovative technologies that accelerate its customers’
efforts to connect, move and store big data, PMC announced the
industry’s first 12Gb/s SAS flash manager for the next wave of
enterprise solid state drives (SSDs). With this introduction, PMC
has delivered the industry's first end-to-end 12Gb/s SAS solution,
from the protocol controller to the SSD controller. PMC's SFM-12G
enables more than 300,000 IOPS in a 2.5" SAS SSD, more than double
the performance of today's 6Gb/s SAS SSDs. When paired with the
industry's highest-performing protocol controller, PMC's SPCv 12G,
cloud server and big data storage manufacturers can deliver a
stunning 2.4 million IOPS in an eight-drive, enterprise-class flash
subsystem.
- Extending its portfolio of low power
solutions for the wireless communications market, PMC announced the
industry's lowest power and most integrated radio transceiver
chipset for macro base station designs. PMC's new UniTRX™ chipset
replaces up to 14 discrete devices, and reduces both board space
and power by more than 50 percent for equivalent multi-standard
base station radio designs. The UniTRX chipset includes three
integrated monolithic CMOS devices: the UniTX™ dual-transmitter
RFIC for multi-standard, wideband radio designs; the UniRX™
dual-receiver RFIC for multi-standard, wideband radio designs, with
an embedded processor included for control and calibration; and,
the SyntheCLK™ low-phase-noise clock synthesizer with an integrated
jitter attenuator.
- PMC announced that it was expanding its
leadership in optical transport with a second-generation HyPHY OTN
processor family that enables Metro OTN. With PMC's HyPHY 20Gflex
and HyPHY 10Gflex, Metro OTN doubles packet efficiency and delivers
multiservice capabilities and scalability required for metro
transport networks worldwide to cope with explosive growth in
packet traffic. The HyPHY Flex devices provide OEMs with the lowest
cost of development by enabling them to leverage a single device
for both OTN-switched and DWDM lambda-switched optical transport
equipment.
- In conjunction with IP Infusion, PMC
announced the availability of ZebOS® Advanced Hardware Integration
Software (AHIS) on PMC’s WinPath3™ network processor. IP Infusion
AHIS is the first solution to provide a scalable,
hardware-independent architecture that enables network equipment
providers to efficiently develop networking solutions based on
leading silicon platforms.
- As a testament to the Company’s focus
on quality, PMC announced that it has received the prestigious 2011
Quality Award from Huawei Technologies, China’s leading
telecommunications equipment company. The award, which focuses on
quality assurance, acknowledges the high standard of PMC’s products
and the quality of technical support delivered in 2011.
Second Quarter 2012 Conference Call
Management will review the second quarter 2012 results and share
its outlook for the third quarter of 2012 during a conference call
at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time on July 30, 2012.
The conference call webcast will be accessible under the Financial
News and Events section at: http://investor.pmcs.com. To listen to
the conference call live by telephone, dial 1 (888) 771-4371 (US
Toll Free) or 1 (847) 585-4405 (International) with passcode
32708187, approximately ten minutes before the start time. A
telephone playback will be available after the completion of the
call and can be accessed at 1 (888) 843-7419 using the access code
32708187#. A replay of the webcast will be available for 10
business days.
Safe Harbor Statement
This release contains forward-looking statements that involve
risks and uncertainties. The Company’s SEC filings describe the
risks associated with the Company’s business, including PMC’s
limited revenue visibility due to variable customer demands, market
segment growth or decline, orders with short delivery lead times,
customer concentration, changes in inventory, and other items such
as foreign exchange rates and volatility in global financial
markets.
About PMC
PMC (Nasdaq:PMCS) is the semiconductor innovator transforming
networks that connect, move and store big data. Building on a track
record of technology leadership, the Company is driving innovation
across storage, optical and mobile networks. PMC’s highly
integrated solutions increase performance and enable
next-generation services to accelerate the network transformation.
For more information, visit www.pmcs.com. Follow PMC on Twitter,
LinkedIn and RSS.
© Copyright PMC-Sierra, Inc. 2012. All rights reserved. PMC and
PMC-SIERRA are registered trademarks of PMC-Sierra, Inc. in the
United States and other countries. PMCS and Adaptec by PMC are
trademarks of PMC-Sierra, Inc. Other product and company names
mentioned herein may be trademarks of their respective owners. PMC
is the corporate brand of PMC-Sierra, Inc.
PMC-Sierra, Inc.CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS(in thousands, except for per share
amounts)(unaudited)
Three Months Ended
Six Months Ended July 1,2012 April
1,2012 June 26,2011 July
1,2012 June 26,2011 Net
revenues $ 137,762 $ 132,094 $ 171,018 $ 269,856 $ 328,452 Cost of
revenues 41,253 41,012 52,663
82,265 111,824 Gross profit
96,509 91,082 118,355 187,591 216,628 Research and
development 56,699 59,071 56,421 115,770 110,920 Selling, general
and administrative 29,290 28,971 29,366 58,261 61,575 Amortization
of purchased intangible assets 11,626 11,287
11,031 22,913 22,052
(Loss) income from operations (1,106 ) (8,247 ) 21,537
(9,353 ) 22,081 Other income (expense): Gain on investment
securities and other 527 39 167 566 337 Amortization of debt issue
costs (50 ) (50 ) (50 ) (100 ) (100 ) Foreign exchange gain (loss)
1,608 (1,105 ) (623 ) 503 (2,097 ) Interest expense, net
(563 ) (179 ) (571 ) (742 ) (1,495 )
Income (loss) before recovery of (provision for) income taxes 416
(9,542 ) 20,460 (9,126 ) 18,726 Recovery of (provision for) income
taxes 26,064 (86,729 ) (3,725 )
(60,665 ) (9,648 ) Net income (loss) $ 26,480 $
(96,271 ) $ 16,735 $ (69,791 ) $ 9,078 Net
income (loss) per common share - basic $ 0.12 $ (0.41 ) $ 0.07 $
(0.31 ) $ 0.04 Net income (loss) per common share - diluted $ 0.12
$ (0.41 ) $ 0.07 $ (0.31 ) $ 0.04 Shares used in per share
calculation - basic 222,316 232,142 234,993 227,229 234,526 Shares
used in per share calculation - diluted 224,560 232,142 237,506
227,229 237,531
As a supplement to the Company's condensed
consolidated financial statements presented in accordance with
generally accepted accounting principles ("GAAP"), the Company
provides additional non-GAAP measures for cost of revenues, gross
profit, gross profit percentage, research and development expense,
selling, general and administrative expense, amortization of
purchased intangible assets, other income (expense), (provision
for) recovery of income taxes, operating expenses, operating income
(loss), operating margin percentage, net income (loss), and basic
and diluted net income (loss) per share.
A non-GAAP financial measure is a numerical
measure of a company's performance, financial position, or cash
flows that either excludes or includes amounts that are not
normally excluded or included in the most directly comparable
measure calculated and presented in accordance with GAAP. The
Company believes that the additional non-GAAP measures are useful
to investors for the purpose of financial analysis. Management uses
these measures internally to evaluate the Company's in-period
operating performance before gains, losses and other charges that
are considered by management to be outside of the Company's core
operating results. In addition, the measures are used for planning
and forecasting of the Company's future periods. However, non-GAAP
measures are not in accordance with, nor are they a substitute for,
GAAP measures. Other companies may use different non-GAAP measures
and presentation of results.
PMC-Sierra, Inc. Adjustments to GAAP Cost of
Revenues, Gross Profit, Gross Profit Percentage, Research and
Development Expense, Selling, General and Administrative
Expense, Amortization of Purchased Intangible Assets, Other
Income (Expense), (Provision for) Recovery of Income Taxes,
Operating Expenses, Operating Income (Loss), Operating
Margin Percentage, Net Income (Loss), and Basic and Diluted Net
Income (Loss) Per Share (in thousands, except for per share
amounts) (unaudited)
Three Months Ended
Six Months Ended July 1,2012 (1)
April 1,2012 (2) June
26,2011 (3) July 1,2012 (4)
June 26,2011 (5) GAAP cost of
revenues $ 41,253 $ 41,012 $ 52,663 $ 82,265 $ 111,824
Stock-based compensation (252 ) (224 ) (260 ) (476 ) (483 )
Acquisition-related costs (35 ) (2 ) (41 )
(37 ) (9,105 )
Non-GAAP cost of revenues $
40,966 $ 40,786 $ 52,362 $ 81,752 $
102,236
GAAP gross profit $ 96,509 $ 91,082 $
118,355 $ 187,591 $ 216,628 Stock-based compensation 252 224 260
476 483 Acquisition-related costs 35 2
41 37 9,105
Non-GAAP
gross profit $ 96,796 $ 91,308 $ 118,656 $
188,104 $ 226,216
Non-GAAP gross profit
% 70 % 69 % 69 % 70 % 69 %
GAAP research and
development expense $ 56,699 $ 59,071 $ 56,421 $ 115,770 $
110,920 Stock-based compensation (2,900 ) (2,841 ) (2,927 ) (5,741
) (5,624 ) Acquisition-related costs (544 ) (598 ) (97 ) (1,142 )
(288 ) Termination costs (227 ) (1,484 ) -
(1,711 ) -
Non-GAAP research and
development expense $ 53,028 $ 54,148 $ 53,397
$ 107,176 $ 105,008
GAAP selling,
general and administrative expense $ 29,290 $ 28,971 $ 29,366 $
58,261 $ 61,575 Stock-based compensation (4,157 ) (3,516 ) (3,859 )
(7,673 ) (7,254 ) Acquisition-related costs (535 ) (761 ) (1,051 )
(1,296 ) (2,210 ) Termination costs (68 ) (133 ) - (201 ) - Lease
exit costs (312 ) (442 ) - (754
) (3,392 )
Non-GAAP selling, general and administrative
expense $ 24,218 $ 24,119 $ 24,456 $
48,337 $ 48,719
GAAP amortization of
purchased intangible assets $ 11,626 $ 11,287 $ 11,031 $ 22,913
$ 22,052 Amortization of purchased intangible assets (11,626
) (11,287 ) (11,031 ) (22,913 ) (22,052
)
Non-GAAP amortization of purchased intangible assets $ -
$ - $ - $ - $ -
GAAP
other income (expense) $ 1,522 $ (1,295 ) $ (1,077 ) $ 227 $
(3,355 ) Foreign exchange (gain) loss on foreign tax liabilities
(1,084 ) 1,342 260 258 1,213 Accretion of debt discount related to
senior convertible notes 942 925 871 1,867 1,724 Accretion of
liability for contingent consideration - - 334 - 810 Interest
expense related to short-term loan - -
- - 258
Non-GAAP other
income $ 1,380 $ 972 $ 388 $ 2,352
$ 650
GAAP (recovery of) provision for income
taxes $ (26,064 ) $ 86,729 $ 3,725 $ 60,665 $ 9,648 Recovery of
(provision for) income taxes 25,673 (86,718 )
(2,706 ) (61,045 ) (7,247 )
Non-GAAP
(recovery of) provision for income taxes $ (391 ) $ 11 $
1,019 $ (380 ) $ 2,401
Three
Months Ended Six Months Ended July
1,2012 (1) April 1,2012
(2) June 26,2011 (3) July
1,2012 (4) June 26,2011
(5) GAAP operating expenses $ 97,615 $ 99,329
$ 96,818 $ 196,944 $ 194,547 Stock-based compensation (7,057 )
(6,357 ) (6,786 ) (13,414 ) (12,878 ) Acquisition-related costs
(1,079 ) (1,359 ) (1,148 ) (2,438 ) (2,498 ) Termination costs (295
) (1,617 ) - (1,912 ) - Lease exit costs (312 ) (442 ) - (754 )
(3,392 ) Amortization of purchased intangible assets (11,626
) (11,287 ) (11,031 ) (22,913 ) (22,052
)
Non-GAAP operating expenses $ 77,246 $ 78,267
$ 77,853 $ 155,513 $ 153,727
GAAP operating (loss) income $ (1,106 ) $ (8,247 ) $ 21,537
$ (9,353 ) $ 22,081 Stock-based compensation 7,309 6,581 7,046
13,890 13,361 Acquisition-related costs 1,114 1,361 1,189 2,475
11,603 Termination costs 295 1,617 - 1,912 - Lease exit costs 312
442 - 754 3,392 Amortization of purchased intangible assets
11,626 11,287 11,031
22,913 22,052
Non-GAAP operating income
$ 19,550 $ 13,041 $ 40,803 $ 32,591 $
72,489
Non-GAAP operating margin % 14 % 10 %
24 % 12 % 22 %
GAAP net income (loss) $ 26,480 $
(96,271 ) $ 16,735 $ (69,791 ) $ 9,078 Stock-based compensation
7,309 6,581 7,046 13,890 13,361 Acquisition-related costs 1,114
1,361 1,189 2,475 11,603 Termination costs 295 1,617 - 1,912 -
Lease exit costs 312 442 - 754 3,392 Amortization of purchased
intangible assets 11,626 11,287 11,031 22,913 22,052 Foreign
exchange (gain) loss on foreign tax liabilities (1,084 ) 1,342 260
258 1,213 Accretion of debt discount related to senior convertible
notes 942 925 871 1,867 1,724 Accretion of liability for contingent
consideration - - 334 - 810 Interest expense related to short-term
loan - - - - 258 (Recovery of) provision for income taxes
(25,673 ) 86,718 2,706 61,045
7,247
Non-GAAP net income $ 21,321
$ 14,002 $ 40,172 $ 35,323 $ 70,738
Non-GAAP net income per share - basic $ 0.10 $
0.06 $ 0.17 $ 0.16 $ 0.30
Non-GAAP net income per share -
diluted $ 0.09 $ 0.06 $ 0.17 $ 0.15 $ 0.30 Shares used
to calculate non-GAAP net income per share - basic 222,316 232,142
234,993 227,229 234,526 Shares used to calculate non-GAAP
net income per share - diluted 224,560 234,198 237,506 229,379
237,531
(1) $7.3 million stock-based compensation expense; $1.1 million
acquisition-related costs; $0.3 million termination costs; $0.3
million lease exit costs; $11.6 million amortization of purchased
intangible assets; $1.1 million foreign exchange gain on foreign
tax liabilities; $0.9 million non-cash interest expense for the
accretion of the debt discount related to the senior convertible
notes; and $25.7 million recovery of income taxes which includes
$28.5 million benefit of certain U.S. Federal and State tax credits
required to be recognized in advance of their utilization, $2.6
million arrears interest relating to unrecognized tax benefits,
$1.7 million income tax provision relating to intercompany
transactions, $0.9 million income tax recovery for adjustments
relating to prior periods, $0.5 million deferred tax recovery
related to non-deductible intangible asset amortization, $0.4
million reduction of stock option related loss carry-forwards
recognized in equity, and $0.3 million income tax provision
relating to foreign exchange translation of a foreign
subsidiary.
(2) $6.6 million stock-based compensation expense; $1.4 million
acquisition-related costs; $1.6 million termination costs; $0.4
million lease exit costs; $11.3 million amortization of purchased
intangible assets; $1.3 million foreign exchange loss on foreign
tax liabilities; $0.9 million non-cash interest expense for the
accretion of the debt discount related to the senior convertible
notes; and $86.7 million provision for income taxes which includes
$85.4 million income tax provision related to an intercompany
dividend, $1.6 million income tax provision relating to
intercompany transactions, $0.6 million arrears interest relating
to unrecognized tax benefits, $0.5 million deferred tax recovery
related to non-deductible intangible asset amortization, $0.2
million net tax recovery relating to foreign exchange translation
of a foreign subsidiary, and $0.2 million income tax recovery for
adjustments relating to prior periods.
(3) $7 million stock-based compensation expense; $1.2 million
acquisition-related costs; $11 million amortization of purchased
intangible assets; $0.3 million foreign exchange loss on foreign
tax liabilities; $0.9 million of non-cash interest expense for the
accretion of the debt discount related to the senior convertible
notes; $0.3 million accretion of liability for contingent
consideration; and $2.7 million income tax provision which includes
$1.6 million income tax provision relating to intercompany
transactions, $1.2 million net tax expense relating to foreign
exchange translation of a foreign subsidiary, $0.9 million
reduction of stock option related loss carry-forwards recognized in
equity, $0.6 million arrears interest relating to unrecognized tax
benefits, $0.5 million income tax provision for adjustments
relating to prior periods, and $0.3 million income tax recovery
related to stock-based compensation.
(4) $13.9 million stock-based compensation expense; $2.5 million
acquisition-related costs; $1.9 million termination costs; $0.8
million lease exit costs; $22.9 million amortization of purchased
intangible assets; $0.3 million foreign exchange loss on foreign
tax liabilities; $1.9 million non-cash interest expense for the
accretion of the debt discount related to the senior convertible
notes; and $61 million provision for income taxes which includes
$60.5 million income tax provision related to an intercompany
dividend net of $24.6 million related to the U.S. Federal and State
tax credits required to be recognized in advance of their
utilization, $3.3 million income tax provision relating to
intercompany transactions, $3.9 million benefit of certain U.S.
Federal and State tax credits required to be recognized in advance
of their utilization, $3.2 million arrears interest relating to
unrecognized tax benefits, $1.1 million deferred tax recovery
related to non-deductible intangible asset amortization, and $1
million income tax recovery for adjustments relating to prior
periods.
(5) $13.4 million stock-based compensation expense; $11.6
million acquisition-related costs; $3.4 million lease exit costs;
$22.1 million amortization of purchased intangible assets; $1.2
million foreign exchange loss on foreign tax liabilities; $1.7
million of non-cash interest expense for the accretion of the debt
discount related to the senior convertible notes; $0.8 million
accretion of liability for contingent consideration; $0.3 million
interest related to short-term loan; and $7.2 million income tax
provision which includes $1.3 million of stock option related loss
carry-forwards recognized in equity, $5.3 million income tax
provision relating to intercompany transactions, $0.7 million net
tax recovery relating to foreign exchange translation of a foreign
subsidiary, $1.2 million arrears interest relating to unrecognized
tax benefits, $0.4 million income tax provision for adjustments
relating to prior periods, and $0.3 million income tax recovery
related to stock-based compensation.
PMC-Sierra, Inc.CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)(unaudited)
July
1,2012 December 31,2011 ASSETS:
Current assets: Cash and cash equivalents $ 101,025 $ 182,571
Short-term investments 68,437 104,391 Accounts receivable, net
65,578 59,213 Inventories, net 29,162 39,911 Prepaid expenses and
other current assets 21,392 23,411 Income tax receivable 4,768
8,027 Deferred tax assets 37,004 30,725
Total current assets 327,366 448,249 Investment securities
170,944 226,619 Investments and other assets 5,074 2,431 Prepaid
expenses 14,127 16,901 Property and equipment, net 34,358 25,364
Goodwill 521,492 520,899 Intangible assets, net 154,896 158,482
Deferred tax assets 389 494 $ 1,228,646
$ 1,399,439 LIABILITIES AND STOCKHOLDERS'
EQUITY: Current liabilities: 2.25% senior convertible notes due
October 15, 2025, net $ 66,989 $ 65,122 Accounts payable 26,881
38,340 Accrued liabilities 73,053 66,139 Liability for unrecognized
tax benefit 48,861 46,394 Deferred income taxes 2,450 2,450
Deferred income 14,777 16,024 Total
current liabilities 233,011 234,469 Long-term obligations
3,415 1,284 Deferred income taxes 42,638 40,663 Liability for
unrecognized tax benefit 19,654 17,323
PMC special shares convertible into 1,019
(2011 - 1,029) shares of common stock
1,188 1,228 Stockholders' equity: Common stock and additional paid
in capital 1,546,757 1,594,667 Accumulated other comprehensive loss
(119 ) (1,146 ) Accumulated deficit (617,898 )
(489,049 ) Total stockholders' equity 928,740
1,104,472 $ 1,228,646 $ 1,399,439
PMC-Sierra, Inc.CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(in thousands)(unaudited)
Six
Months Ended July 1,2012 June
26,2011 Cash flows from operating activities: Net
(loss) income $ (69,791 ) $ 9,078 Adjustments to reconcile net
(loss) income to net cash provided by operating activities:
Depreciation and amortization 32,041 40,723 Stock-based
compensation 13,890 13,361 Unrealized foreign exchange (gain) loss,
net (174 ) 1,828 Net amortization of premiums/discounts and accrued
interest of investments 2,984 2,186 Accrued interest on short-term
loan - 589 Gain on investment securities and other (551 ) (336 )
Asset impairment 260 - Taxes related to intercompany dividend
60,940 - Changes in operating assets and liabilities:
Accounts receivable (6,367 ) (1,759 ) Inventories 10,749 8,017
Prepaid expenses and other current assets (1,506 ) 1,698 Accounts
payable and accrued liabilities (22,838 ) (9,045 ) Deferred income
taxes and income taxes payable 1,658 4,208 Accrued restructuring
costs - (970 ) Deferred income (1,247 ) (2,154 ) Net
cash provided by operating activities 20,048
67,424
Cash flows from investing activities:
Business acquisition (15,900 ) - Purchases of property and
equipment (15,818 ) (5,861 ) Purchases of intangible assets (2,291
) (3,930 ) Disposals of investment securities 73,579 72,276
Purchases of investment securities (59,210 ) (72,957 )
Reclassification of short-term investments and long-term investment
securities 74,852 - Net cash provided
by (used in) investing activities 55,212
(10,472 )
Cash flows from financing activities:
Repurchases of common stock (155,783 ) (9,704 ) Equity forward
contract related to accelerated share repurchase program (9,827 ) -
Repayment of short-term loan - (180,991 ) Proceeds from issuance of
common stock 8,949 10,454 Net cash used
in financing activities (156,661 ) (180,241 )
Effect of exchange rate changes on cash and cash equivalents (145 )
455 Net decrease in cash and cash equivalents (81,546 ) (122,834 )
Cash and cash equivalents, beginning of period 182,571
293,355 Cash and cash equivalents, end of
period $ 101,025 $ 170,521
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