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

November 24, 2015

Date of report

 

 

PATTERSON COMPANIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

Minnesota   0-20572   41-0886515

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1031 Mendota Heights Road

St. Paul, Minnesota 55120

(Address of Principal Executive Offices, including Zip Code)

(651) 686-1600

(Registrant’s Telephone Number, including Area Code)

 

 

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))

 

 

 


Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On November 24, 2015 Patterson Companies, Inc. issued a press release announcing its financial results for the second quarter of fiscal year 2016 ended October 31, 2015. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

(d) EXHIBITS

 

99.1    Press release of Patterson Companies, Inc., dated November 24, 2015.


SIGNATURES

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

 

    PATTERSON COMPANIES, INC.
Date: November 24, 2015     By:  

/s/ Ann B. Gugino

      Ann B. Gugino
      Executive Vice President, Treasurer and Chief Financial Officer
      (Principal Financial Officer and Principal Accounting Officer)


EXHIBIT INDEX

 

Exhibit
Number

  

Description

99.1    Press release of Patterson Companies, Inc., dated November 24, 2015.


Exhibit 99.1

 

LOGO

Patterson Companies Reports Fiscal 2016 Second Quarter Operating Results

 

    Sales from continuing operations totaled a record $1.4 billion, up 44 percent on a constant currency basis, including the impact of recently acquired Animal Health International, Inc.

 

    Dental segment sales rose 3.1 percent on a constant currency basis.

 

    Animal Health segment sales up 109 percent on a constant currency basis, with $414.0 million in sales, attributed to the company’s recent acquisition of Animal Health International, Inc.

 

    Adjusted EPS from continuing operations1 totaled $0.56, a 27 percent increase over prior year, which reflects an increase in health insurance claims of $3.2 million after-tax, or $0.03 per diluted share.

 

    Company reaffirms adjusted earnings guidance for fiscal 2016 of $2.40 to $2.50 per share.

St. Paul, Minn. — November 24, 2015 — Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated sales from continuing operations of $1.4 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 31, 2015, up 42 percent over the same period last year. Sales in this fiscal 2016 period include a full quarter of results from the recent Animal Health International, Inc. acquisition.

Adjusted net income from continuing operations1, which reflects adjustments to exclude certain non-recurring and deal amortization costs, was $55.3 million for the second quarter of fiscal 2016, representing a 26 percent gain over $43.8 million in the same quarter last year. Adjusted diluted earnings per share from continuing operations1 was $0.56 in the 2016 second quarter, representing a 27 percent year-over-year increase. The second quarter was affected by higher-than-anticipated healthcare claims and the impact of foreign currency. Reported net income from continuing operations was $42.6 million, or $0.43 per diluted share, compared to $41.9 million, or $0.42 per share, in last year’s fiscal second quarter.

“We are in the middle of a significant year for Patterson and continue to build momentum,” said Scott Anderson, chairman and chief executive officer. “We have transformed and repositioned our company in the markets we serve. Our Dental and Animal Health businesses have broadened product offerings and our employees are focused on exceptional customer service and support. We have positioned our company to capitalize on the compelling long-term demographic, technology and productivity trends in our markets.”

Patterson Dental

Sales for Patterson Dental, which represent approximately 43 percent of total sales, rose to $601.3 million, up 3.1 percent on a constant currency basis from the same quarter last year. On that same basis, year-over-year sales by category were as follows:

 

    Consumable dental supplies improved 3.3 percent

 

    Equipment sales, led by technology, rose 2.2 percent

 

    Other services and products, primarily composed of technical service, parts and labor, software support services and office supplies, climbed 4.2 percent


Commented Anderson, “Again this quarter, we saw an encouraging rise in CEREC sales, especially among new users, and steady growth in the consumables category. Results from these two areas confirm our confidence in what we see as stable-to-steadily improving dynamics in the North American dental market.”

Patterson Animal Health

Sales for Patterson Animal Health, which comprises approximately 56 percent of the company’s total sales, more than doubled to $774.5 million. Sales from Animal Health International, Inc. added $414.0 million to the Animal Health segment during the quarter. Without the contribution from Animal Health International, and accounting for normalized changes in veterinary diagnostic manufacturer relationships, segment sales improved 3.2 percent on a constant currency basis, with U.S consumables rising 4.8 percent organically.

Anderson continued, “In our Animal Health business, we continued to integrate the Animal Health International, Inc. acquisition and we are pleased with the business integration process and synergies we are gaining. Moreover, our established U.S. companion animal business performed well, growing sales over 5 percent on a constant currency basis. We are confident in the strengthened scale and market position of our new animal health platform.”

Discontinued Operations

On August 28, 2015, Patterson Companies completed the sale of Patterson Medical to Madison Dearborn Partners for approximately $715 million. As a result of the sale, results of Patterson Medical are classified and reported as discontinued operations in all periods beginning with the fiscal 2016 first quarter.

Share Repurchases and Dividends

Fiscal year to date, Patterson repurchased approximately 3.9 million shares of its outstanding common stock, with a value of $175.8 million, leaving approximately 17 million shares for repurchase under the current authorization. The company also paid $22.2 million in cash dividends to shareholders in the second quarter and $45.4 million in the first half of fiscal 2016.

Year-to-Date Results1

Consolidated sales from continuing operations for the first six months of fiscal 2016 totaled $2.5 billion, representing a 32 percent year-over-year increase. Adjusted net income from continuing operations was $102.2 million, or $1.03 per diluted share, compared to adjusted net income from continuing operations of $84.0 million, or $0.84 per diluted share, in the year-ago period, as outlined in the Second Quarter and Six-Month Reconciliation table1. Fiscal 2016 also includes the impact of an extra week.

Business Outlook

Anderson concluded, “We are confident in the opportunities before us and our ability to capitalize on them. The Animal Health integration is on track and we remain focused on our customers’ success. In Dental, we have substantial momentum in our technology sales, stability in consumables and new, expanded opportunities from a broader equipment portfolio. We continue to create value for shareholders as we invest in our business, pay dividends and repurchase shares. We reaffirm our fiscal 2016 adjusted earnings guidance range on a continuing operations basis of $2.40 to $2.50 per diluted share.”


The fiscal 2016 annual financial outlook and adjusted earnings guidance:

 

    Assumes stable North American and international markets – conditions similar to fiscal 2015

 

    Includes the impact of an extra week in fiscal 2016 compared to the previous year

 

    Excludes the impact of additional share repurchases for the remainder of the fiscal year

 

    Excludes transaction-related costs, integration expense, deal amortization, accelerated debt issuance costs, non-recurring IT initiative training costs and tax costs related to cash repatriation (See Second Quarter and Six-Month Reconciliation table below)

 

    Excludes the discontinued operations for Medical

1 Second Quarter and Six-Month Reconciliation

The following non-GAAP table is provided to adjust reported net income and earnings per share for the impact of tax affected one-time costs, current and prior deal-amortization costs and tax costs related to cash repatriation. Management believes that the adjusted net income and EPS amounts may provide a helpful representation of the company’s current quarter performance.

 

(Dollars in thousands, except EPS)                        
    Three Months Ended     Six Months Ended  
    October 31, 2015     October 25, 2014     October 31, 2015     October 25, 2014  

Net Income from Continuing Operations - Reported

  $ 42,563      $ 41,865      $ 62,874      $ 80,190   

Transaction-Related Costs

    677        —          9,979        —     

Deal Amortization

    6,974        1,917        11,586        3,837   

Integration Expense

    1,328        —          2,054        —     

Accelerated Debt Issuance Costs

    3,205        —          3,205        —     

Non-Recurring IT Training Costs

    30        —          175        —     

Tax Impact of Repatriation of Cash

    500        —          12,300        —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Net Income from Continuing Operations - Adjusted

  $ 55,277      $ 43,782      $ 102,173      $ 84,027   
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted Earnings Per Share from Continuing Operations - Reported

  $ 0.43      $ 0.42      $ 0.63      $ 0.80   

Transaction-Related Costs

    0.01        —          0.10        —     

Deal Amortization

    0.07        0.02        0.12        0.04   

Integration Expense

    0.01        —          0.02        —     

Accelerated Debt Issuance Costs

    0.03        —          0.03        —     

Non-Recurring IT Training Costs

    —          —          —          —     

Tax Impact of Repatriation of Cash

    0.01        —          0.12        —     
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted Earnings Per Share from Continuing Operations - Adjusted*

  $ 0.56      $ 0.44      $ 1.03      $ 0.84   
 

 

 

   

 

 

   

 

 

   

 

 

 

 

* Fiscal 2016 year-to-date EPS does not foot due to rounding

Second Quarter Conference Call and Replay

Patterson’s second quarter earnings conference call will start at 10 a.m. Eastern today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com. The conference call will be archived on Patterson’s website. A replay of the second quarter conference call can be heard for one week at 888-203-1112 and by providing the Conference ID 404442, when prompted.

About Patterson Companies, Inc.

Patterson Companies, Inc. is a value-added distributor serving the dental and animal health markets.

Dental Market

Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America.

Animal Health Market

Patterson Animal Health, formerly Patterson Veterinary, is a leading, full-line distributor in North America and the U.K. of animal health products, services and technologies to both the production-animal and companion-pet markets.


This press release contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond Patterson’s ability to control. Forward-looking statements generally can be identified by words such as “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Patterson or the price of Patterson stock. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to the other risks and important factors contained and identified in Patterson’s filings with the Securities and Exchange Commission, such as its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, any of which could cause actual results to differ materially from the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, Patterson does not intend to update or revise the forward-looking statements.

For additional information contact:

Ann B. Gugino

Executive Vice President & CFO

651-686-1600

John Wright

Vice President, Investor Relations

651-686-1364

Source: Patterson Companies, Inc.

# # #


PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

     Three Months Ended     Six Months Ended  
     October 31,
2015
    October 25,
2014
    October 31,
2015
    October 25,
2014
 

Net sales

   $ 1,389,210      $ 978,220      $ 2,532,080      $ 1,917,176   

Gross profit

     330,899        259,287        619,143        509,904   

Operating expenses

     247,436        187,147        473,503        371,768   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income from continuing operations

     83,463        72,140        145,640        138,136   

Other expense, net

     (16,200     (7,767     (27,673     (15,165
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before taxes

     67,263        64,373        117,967        122,971   

Income taxes

     24,700        22,508        55,093        42,781   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from continuing operations

     42,563        41,865        62,874        80,190   

Net income from discontinued operations

     (7,142     11,913        2,250        23,877   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 35,421      $ 53,778      $ 65,124      $ 104,067   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share:

        

Continuing operations

   $ 0.43      $ 0.42      $ 0.64      $ 0.81   

Discontinued operations

     (0.07     0.12        0.02        0.24   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net basic earnings per share

   $ 0.36      $ 0.54      $ 0.66      $ 1.05   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share:

        

Continuing operations

   $ 0.43      $ 0.42      $ 0.63      $ 0.80   

Discontinued operations

     (0.07     0.12        0.02        0.24   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net diluted earnings per share

   $ 0.36      $ 0.54      $ 0.65      $ 1.04   
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares:

        

Basic

     98,525        98,802        98,981        99,066   

Diluted

     99,185        99,376        99,674        99,779   

Dividends declared per common share

   $ 0.22      $ 0.20      $ 0.44      $ 0.40   

Gross margin - reported

     23.8     26.5     24.5     26.6

Operating expenses as a % of net sales - adjusted

     16.8     18.9     17.3     19.1

Adjustments1

     1.0        0.2        1.4        0.3   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses as a % of net sales - reported

     17.8     19.1     18.7     19.4

Operating income as a % of net sales - adjusted

     7.0     7.7     7.1     7.5

Adjustments1

     (1.0     (0.3     (1.3     (0.3
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income as a % of net sales - reported

     6.0     7.4     5.8     7.2

Effective tax rate - adjusted

     35.9     34.8     35.2     34.6

Adjustments1

     0.8        0.2        11.5        0.2   
  

 

 

   

 

 

   

 

 

   

 

 

 

Effective tax rate - reported

     36.7     35.0     46.7     34.8

 

1  Refer to the press release for the definition of adjustments to reported results


PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

     October 31,
2015
     April 25,
2015
 
     (Unaudited)         

ASSETS

     

Current assets:

     

Cash and short-term investments

   $ 95,451       $ 400,632   

Receivables

     734,461         586,263   

Inventory

     752,849         408,422   

Prepaid expenses and other current assets

     83,169         59,561   

Current assets held for sale

     —           118,347   
  

 

 

    

 

 

 

Total current assets

     1,665,930         1,573,225   

Property and equipment, net

     272,190         204,133   

Goodwill and other intangible assets

     1,354,674         424,949   

Investments and other

     159,044         109,605   

Long-term assets held for sale

     —           635,794   
  

 

 

    

 

 

 

Total assets

   $ 3,451,838       $ 2,947,706   
  

 

 

    

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

     

Current liabilities:

     

Accounts payable

   $ 492,469       $ 323,294   

Other accrued liabilities

     209,896         215,075   

Current maturities of long-term debt

     15,991         —     

Borrowings on revolving credit

     80,000         —     

Current liabilities held for sale

     —           39,316   
  

 

 

    

 

 

 

Total current liabilities

     798,356         577,685   

Long-term debt

     1,034,884         725,000   

Other non-current liabilities

     255,341         81,484   

Long-term liabilities held for sale

     —           49,414   
  

 

 

    

 

 

 

Total liabilities

     2,088,581         1,433,583   

Stockholders’ equity

     1,363,257         1,514,123   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 3,451,838       $ 2,947,706   
  

 

 

    

 

 

 


PATTERSON COMPANIES, INC.

SALES SUMMARY

(Dollars in thousands)

(Unaudited)

 

     October 31,
2015
     October 25,
2014
     Total
Sales
Growth
    Foreign
Exchange
Impact
    Animal Health
International
Impact
    Internal
Growth
 

Three Months Ended

              

Consolidated net sales

              

Consumable1

   $ 1,087,489       $ 686,165         58.5     (2.2 )%      60.7     —  

Equipment and software

     207,809         204,409         1.7        (1.7     0.3        3.1   

Other1

     93,912         87,646         7.1        (1.4     (1.0     9.5   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,389,210       $ 978,220         42.0     (2.0 )%      42.6     1.4
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Dental

              

Consumable1

   $ 332,436       $ 326,562         1.8     (1.5 )%      —       3.3

Equipment and software

     196,767         195,962         0.4        (1.8     —          2.2   

Other1

     72,119         70,112         2.9        (1.3     —          4.2   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 601,322       $ 592,636         1.5     (1.6 )%      —       3.1
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Animal Health

              

Consumable1

   $ 755,053       $ 359,603         110.0     (2.8 )%      115.4     (2.6 )% 

Equipment and software

     11,042         8,447         30.7        (0.2     —          30.9   

Other1

     8,358         8,424         (0.8     (3.8     (11.6     14.6   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 774,453       $ 376,474         105.7     (2.8 )%      110.0     (1.5 )% 
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Corporate

              

Other1

   $ 13,435       $ 9,110         47.5     —       —       47.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 13,435       $ 9,110         47.5     —       —       47.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Six Months Ended

              

Consolidated net sales

              

Consumable1

   $ 1,982,796       $ 1,381,804         43.5     (2.4 )%      42.7     3.2

Equipment and software

     361,292         360,803         0.1        (1.6     0.3        1.4   

Other1

     187,992         174,569         7.7        (1.4     (0.1     9.2   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 2,532,080       $ 1,917,176         32.1     (2.2 )%      30.8     3.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Dental

              

Consumable1

   $ 690,488       $ 651,852         5.9     (1.5 )%      —       7.4

Equipment and software

     340,437         344,745         (1.2     (1.7     —          0.5   

Other1

     145,514         138,913         4.8        (1.2     —          6.0   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,176,439       $ 1,135,510         3.6     (1.5 )%      —       5.1
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Animal Health

              

Consumable1

   $ 1,292,308       $ 729,952         77.0     (3.3 )%      80.3     —  

Equipment and software

     20,855         16,058         29.9        (0.2     —          30.1   

Other1

     18,587         16,764         10.9        (4.4     (3.0     18.3   
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,331,750       $ 762,774         74.6     (3.2 )%      76.8     1.0
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Corporate

              

Other1

   $ 23,891       $ 18,892         26.5     —       —       26.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 23,891       $ 18,892         26.5     —       —       26.5
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

1 Certain sales were reclassified from consumable to other in current and prior periods.


PATTERSON COMPANIES, INC.

SUPPLEMENTARY FINANCIAL DATA

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended      Six Months Ended  
     October 31,
2015
     October 25,
2014
     October 31,
2015
     October 25,
2014
 

Operating income (loss)

           

Dental

   $ 74,094       $ 73,427       $ 141,346       $ 135,976   

Animal Health

     25,177         14,336         38,149         28,323   

Corporate

     (15,808      (15,623      (33,855      (26,163
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 83,463       $ 72,140       $ 145,640       $ 138,136   
  

 

 

    

 

 

    

 

 

    

 

 

 

Other (expense) income, net

           

Interest income

   $ 629       $ 749       $ 1,418       $ 1,999   

Interest expense

     (17,154      (8,544      (29,297      (17,312

Other

     325         28         206         148   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ (16,200    $ (7,767    $ (27,673    $ (15,165
  

 

 

    

 

 

    

 

 

    

 

 

 


PATTERSON COMPANIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     Six Months Ended  
     October 31,
2015
    October 25,
2014
 

Operating activities:

    

Net income

   $ 65,124      $ 104,067   

Net income from discontinued operations

     2,250        23,877   
  

 

 

   

 

 

 

Net income from continuing operations

     62,874        80,190   

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation & amortization

     38,400        21,014   

Non-cash employee compensation

     13,541        11,940   

Change in assets and liabilities, net of acquired

     (128,782     (36,599
  

 

 

   

 

 

 

Net cash (used in) provided by operating activities- continuing operations

     (13,967     76,545   

Net cash (used in) provided by operating activities- discontinued operations

     (38,985     21,850   
  

 

 

   

 

 

 

Net cash (used in) provided by operating activities

     (52,952     98,395   

Investing activities:

    

Additions to property and equipment, net of disposals

     (40,978     (29,190

Acquisitions and equity investments

     (1,105,229     —     

Proceeds from sale

     48,744        40,775   

Purchase of investments

     —          (543
  

 

 

   

 

 

 

Net cash (used in) provided by investing activities- continuing operations

     (1,097,463     11,042   

Net cash provided by investing activities- discontinued operations

     715,430        4,598   
  

 

 

   

 

 

 

Net cash (used in) provided by investing activities

     (382,033     15,640   

Financing activities:

    

Dividends paid

     (45,356     (40,174

Share repurchases

     (160,579     (47,539

Proceeds from issuance of long-term debt, net

     988,400        —     

Draw on revolver

     80,000        —     

Retirement of long-term debt

     (674,125     —     

Other financing activities

     2,894        844   
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     191,234        (86,869

Effect of exchange rate changes on cash

     (8,058     (7,202
  

 

 

   

 

 

 

Net change in cash and cash equivalents

   $ (251,809   $ 19,964   
  

 

 

   

 

 

 
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