Vicor Corporation (NASDAQ: VICR) today reported financial results
for the third quarter ended September 30, 2020. These results will
be discussed later today at 5:00 p.m. Eastern Time, during
management’s quarterly investor conference call. The details for
the call are presented below.
Revenues for the third quarter ended September
30, 2020 totaled $78.1 million, a 10.4% increase from $70.8 million
for the corresponding period a year ago, and also a 10.4%
sequential increase from $70.8 million for the second quarter of
2020.
Gross margin increased to $33.3 million for the
third quarter of 2020, compared to $33.0 million for the
corresponding period a year ago, and increased sequentially from
$30.3 million for the second quarter of 2020. Gross margin, as a
percentage of revenue, decreased to 42.7% for the third quarter of
2020, compared to 46.6% for the corresponding period a year ago,
and decreased from 42.8% for the second quarter of 2020.
Net income for the third quarter was $5.8
million, or $0.13 per diluted share, compared to net income of $5.9
million or $0.14 per diluted share, for the corresponding period a
year ago and net income of $2.7 million, or $0.06 per diluted
share, for the second quarter of 2020.Cash and cash equivalents
sequentially increased by $6.9 million to approximately $203.6
million at the end of the third quarter of 2020, from $196.7
million at the end of the second quarter of 2020. Incremental
capital expenditures for the third quarter of 2020 totaled $8.1
million, as compared with $3.3 million for the corresponding period
a year ago and $5.7 million for the second quarter of 2020.
Third quarter bookings increased 49.5% to $90.5
million, from $60.5 million for the corresponding period a year
ago, and increased sequentially from $87.5 million for the second
quarter of 2020. Total backlog at the end of the third quarter of
2020 was $140.0 million, representing an increase of 9.8% from
$127.5 million at the end of the second quarter of 2020 and 34.4 %
from $104.2 million at the end of 2019.
Commenting on the third quarter, Dr. Patrizio
Vinciarelli, Chief Executive Officer, stated, “Despite supply-chain
and product mix challenges, higher shipments of Advanced Products
led to an increase in third quarter revenue. Bookings for
Advanced Products grew across a multiplicity of applications and
end markets. Our outlook for the fourth quarter is for a sequential
increase in revenue and earnings per share. Capacity expansion is
on schedule and vertical integration in our new manufacturing
facility of all of the process steps required by Advanced Products
should soon lead to shorter cycle times, greater efficiencies, and
improved gross and net margins.”
For more information on Vicor and its products,
please visit the Company’s website at www.vicorpower.com.
Earnings Conference Call
Vicor will be holding its investor conference
call today, Thursday, October 22, 2020 at 5:00 p.m. Eastern Time.
Shareholders interested in participating in the call who have not
pre-registered should call 877-299-4502 at approximately 4:30 p.m.
and use the Passcode 12469708. Internet users may listen to a
real-time audio broadcast of the conference call on the Investor
Relations section of Vicor’s website at www.vicorpower.com. Please
go to the website at least 15 minutes prior to the call to
register, download and install any necessary software. For those
who cannot participate in the conference call, a replay will be
available, shortly after the conclusion of the call, through
November 6, 2020. The replay dial-in number is 888-286-8010 and the
Passcode is 78499292. In addition, a webcast replay of the
conference call will also be available on the Investor Relations
section of Vicor’s website at www.vicorpower.com beginning shortly
after the conclusion of the call.
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Any statement in this
press release that is not a statement of historical fact is a
forward-looking statement, and, the words “believes,” “expects,”
“anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,”
“will,” “would,” “should,” “continue,” “prospective,” “project,”
and other similar expressions identify forward-looking statements.
Forward-looking statements also include statements regarding
bookings, shipments, revenue, profitability, targeted markets,
increase in manufacturing capacity and utilization thereof, future
products and capital resources. These statements are based upon
management’s current expectations and estimates as to the
prospective events and circumstances that may or may not be within
the company’s control and as to which there can be no assurance.
Actual results could differ materially from those projected in the
forward-looking statements as a result of various factors,
including those economic, business, operational and financial
considerations set forth in Vicor’s Annual Report on Form 10-K for
the year ended December 31, 2019, under Part I, Item I —
“Business,” under Part I, Item 1A — “Risk Factors,” under
Part I, Item 3 — “Legal Proceedings,” and under
Part II, Item 7 — “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.” The risk factors
set forth in the Annual Report on Form 10-K may not be exhaustive.
Therefore, the information contained in the Annual Report on Form
10-K should be read together with other reports and documents filed
with the Securities and Exchange Commission from time to time,
including Forms 10-Q, 8-K and 10-K, which may supplement, modify,
supersede or update those risk factors. Vicor does not undertake
any obligation to update any forward-looking statements as a result
of future events or developments.
Vicor Corporation designs, develops,
manufactures and markets modular power components and complete
power systems based upon a portfolio of patented technologies.
Headquartered in Andover, Massachusetts, Vicor sells its products
primarily to customers in the higher-performance, higher-power
segments of the power systems market, including aerospace and
defense electronics, enterprise and high performance computing,
industrial equipment and automation, telecommunications and network
infrastructure, and vehicles and transportation
markets. For further information contact:James A.
Simms, Chief Financial OfficerVoice: 978-470-2900Facsimile:
978-749-3439invrel@vicorpower.com
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
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(Thousands except for per share amounts) |
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QUARTER
ENDED |
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NINE MONTHS
ENDED |
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(Unaudited) |
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(Unaudited) |
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SEPT
30, |
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SEPT
30, |
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SEPT
30, |
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SEPT
30, |
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2020 |
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2019 |
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2020 |
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2019 |
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Net
revenues |
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$ 78,112 |
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$ 70,772 |
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$ 212,274 |
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$ 199,852 |
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Cost
of revenues |
|
44,765 |
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|
37,770 |
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|
121,278 |
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|
106,647 |
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Gross
margin |
|
33,347 |
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33,002 |
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90,996 |
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|
93,205 |
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Operating expenses: |
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Selling,
general and administrative |
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15,212 |
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15,443 |
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47,036 |
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45,846 |
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Research
and development |
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12,032 |
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11,507 |
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|
38,197 |
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|
34,433 |
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Total
operating expenses |
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27,244 |
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|
26,950 |
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|
85,233 |
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|
80,279 |
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Income from operations |
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6,103 |
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6,052 |
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5,763 |
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|
12,926 |
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Other income (expense), net |
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334 |
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|
146 |
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|
715 |
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|
673 |
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Income before income taxes |
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6,437 |
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|
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6,198 |
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|
6,478 |
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|
|
13,599 |
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|
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Less: Provision (benefit) for income
taxes |
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651 |
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|
266 |
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(249 |
) |
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|
805 |
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Consolidated net income |
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5,786 |
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5,932 |
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6,727 |
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12,794 |
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Less: Net income (loss) attributable to |
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noncontrolling interest |
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1 |
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(5 |
) |
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10 |
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8 |
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Net
income attributable to |
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Vicor Corporation |
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$5,785 |
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$5,937 |
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$6,717 |
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$12,786 |
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Net
income per share attributable |
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to Vicor Corporation: |
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Basic |
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$0.13 |
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$0.15 |
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|
$0.16 |
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$0.32 |
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Diluted |
|
$0.13 |
|
|
$0.14 |
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|
$0.15 |
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$0.31 |
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Shares outstanding: |
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Basic |
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43,164 |
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40,332 |
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41,814 |
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40,279 |
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Diluted |
|
44,743 |
|
|
|
42,194 |
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43,567 |
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41,435 |
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VICOR CORPORATION |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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(Thousands) |
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SEPT
30, |
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DEC
31, |
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|
2020 |
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|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
Assets |
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Current assets: |
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Cash and
cash equivalents |
$ |
203,605 |
|
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$ |
84,668 |
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Accounts
receivable, net |
|
41,136 |
|
|
|
38,115 |
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Inventories,
net |
|
58,169 |
|
|
|
49,187 |
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Other
current assets |
|
6,872 |
|
|
|
7,096 |
|
Total
current assets |
|
309,782 |
|
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|
179,066 |
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Long-term deferred tax assets |
|
189 |
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|
205 |
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Long-term investment, net |
|
2,591 |
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|
2,510 |
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Property, plant and equipment, net |
|
65,780 |
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|
56,952 |
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Other assets |
|
1,777 |
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|
|
1,994 |
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Total
assets |
$ |
380,119 |
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|
$ |
240,727 |
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Liabilities and Equity |
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Current liabilities: |
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Accounts
payable |
$ |
11,911 |
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$ |
9,005 |
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Accrued
compensation and benefits |
|
13,248 |
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|
10,410 |
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Accrued
expenses |
|
2,417 |
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|
2,690 |
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Sales
allowances |
|
736 |
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|
741 |
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Short-term
lease liabilities |
|
1,563 |
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|
1,520 |
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Income
taxes payable |
|
62 |
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|
|
57 |
|
Short-term
deferred revenue and customer prepayments |
|
8,061 |
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|
5,507 |
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Total
current liabilities |
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37,998 |
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|
29,930 |
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Long-term deferred revenue |
|
813 |
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|
1,054 |
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Contingent consideration obligations |
|
265 |
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|
|
451 |
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Long-term income taxes payable |
|
575 |
|
|
|
567 |
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Long-term lease liabilities |
|
2,880 |
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|
|
2,855 |
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Total
liabilities |
|
42,531 |
|
|
|
34,857 |
|
|
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Equity: |
|
|
|
Vicor Corporation stockholders'
equity: |
|
|
|
Capital
stock |
|
326,577 |
|
|
|
201,774 |
|
Retained
earnings |
|
149,815 |
|
|
|
143,098 |
|
Accumulated
other comprehensive loss |
|
(203 |
) |
|
|
(383 |
) |
Treasury
stock |
|
(138,927 |
) |
|
|
(138,927 |
) |
Total
Vicor Corporation stockholders' equity |
|
337,262 |
|
|
|
205,562 |
|
Noncontrolling interest |
|
326 |
|
|
|
308 |
|
Total
equity |
|
337,588 |
|
|
|
205,870 |
|
|
|
|
|
Total
liabilities and equity |
$ |
380,119 |
|
|
$ |
240,727 |
|
|
|
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