2019 Q3 Form 10-Q Financial Statement

#000137778919000086 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q3
Revenue $58.61M $64.23M $60.50M
YoY Change -3.12% 2.75% 7.69%
Cost Of Revenue $36.06M $41.60M $42.58M
YoY Change -15.32% 5.85% 9.5%
Gross Profit $22.56M $22.60M $17.93M
YoY Change 25.84% -2.52% 3.64%
Gross Profit Margin 38.48% 35.19% 29.63%
Selling, General & Admin $14.64M $14.70M $13.71M
YoY Change 6.84% -5.77% -0.12%
% of Gross Profit 64.92% 65.04% 76.46%
Research & Development $5.216M $5.500M $4.937M
YoY Change 5.65% 7.84% 2.9%
% of Gross Profit 23.12% 24.34% 27.54%
Depreciation & Amortization $1.038M $1.060M $1.288M
YoY Change -19.41% -13.11% 0.47%
% of Gross Profit 4.6% 4.69% 7.19%
Operating Expenses $21.04M $20.20M $19.44M
YoY Change 8.22% -2.42% 4.95%
Operating Profit $1.519M $2.502M -$1.514M
YoY Change -200.33% 146.75% 23.49%
Interest Expense $3.000K $100.0K $5.000K
YoY Change -40.0% -16.67%
% of Operating Profit 0.2% 4.0%
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income $1.602M $2.600M -$1.468M
YoY Change -209.13% 136.36% 21.93%
Income Tax $1.548M -$1.200M -$718.0K
% Of Pretax Income 96.63% -46.15%
Net Earnings $54.00K $3.839M -$750.0K
YoY Change -107.2% 7009.26% 14.16%
Net Earnings / Revenue 0.09% 5.98% -1.24%
Basic Earnings Per Share $0.01 $0.71 -$0.14
Diluted Earnings Per Share $0.00 $0.69 -$0.14
COMMON SHARES
Basic Shares Outstanding 5.347M shares 5.378M shares 5.366M shares
Diluted Shares Outstanding 5.530M shares 5.366M shares

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.50M $31.90M $28.40M
YoY Change 21.48% -14.71% -27.92%
Cash & Equivalents $34.49M $31.95M $28.40M
Short-Term Investments
Other Short-Term Assets $5.718M $4.825M $7.351M
YoY Change -22.21% -25.56% 1.45%
Inventory $11.11M $8.573M $8.682M
Prepaid Expenses
Receivables $43.20M $51.94M $50.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $126.0M $126.0M $125.3M
YoY Change 0.53% 2.05% 1.16%
LONG-TERM ASSETS
Property, Plant & Equipment $17.48M $17.26M $16.89M
YoY Change 3.49% 0.44% -0.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.26M $12.08M $11.92M
YoY Change 2.84% 20.82% 109.84%
Total Long-Term Assets $50.37M $43.20M $33.89M
YoY Change 48.64% 32.52% 19.52%
TOTAL ASSETS
Total Short-Term Assets $126.0M $126.0M $125.3M
Total Long-Term Assets $50.37M $43.20M $33.89M
Total Assets $176.3M $169.2M $159.2M
YoY Change 10.77% 8.41% 4.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.83M $35.61M $33.34M
YoY Change -4.51% 15.31% -3.21%
Accrued Expenses $23.28M $22.56M $25.24M
YoY Change -7.76% -12.79% 17.52%
Deferred Revenue $18.03M $13.96M $13.67M
YoY Change 31.89% 9.94%
Short-Term Debt $9.000M $9.000M $9.000M
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $88.32M $82.21M $83.17M
YoY Change 6.19% -4.92% -3.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $610.0K $820.0K $1.253M
YoY Change -51.32% -34.4% 22.36%
Total Long-Term Liabilities $610.0K $820.0K $1.253M
YoY Change -51.32% -34.4% 22.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.32M $82.21M $83.17M
Total Long-Term Liabilities $610.0K $820.0K $1.253M
Total Liabilities $106.4M $97.68M $96.87M
YoY Change 9.8% -0.88% -0.95%
SHAREHOLDERS EQUITY
Retained Earnings -$730.9M -$731.0M -$741.5M
YoY Change -1.42% -1.31% -0.98%
Common Stock $54.00K $54.00K $53.00K
YoY Change 1.89% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.97M $71.52M $62.32M
YoY Change
Total Liabilities & Shareholders Equity $176.3M $169.2M $159.2M
YoY Change 10.77% 8.41% 4.58%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q3
OPERATING ACTIVITIES
Net Income $54.00K $3.839M -$750.0K
YoY Change -107.2% 7009.26% 14.16%
Depreciation, Depletion And Amortization $1.038M $1.060M $1.288M
YoY Change -19.41% -13.11% 0.47%
Cash From Operating Activities $5.649M -$2.400M -$6.810M
YoY Change -182.95% -358.06% -238.87%
INVESTING ACTIVITIES
Capital Expenditures $1.302M -$1.170M $1.802M
YoY Change -27.75% -22.52% 30.77%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.302M -$1.170M -$1.802M
YoY Change -27.75% -6.4% 30.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $748.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.490M -550.0K -$379.0K
YoY Change 293.14% 5400.0% -5514.29%
NET CHANGE
Cash From Operating Activities $5.649M -2.400M -$6.810M
Cash From Investing Activities -$1.302M -1.170M -$1.802M
Cash From Financing Activities -$1.490M -550.0K -$379.0K
Net Change In Cash $2.539M -4.120M -$9.058M
YoY Change -128.03% 1148.48% -363.62%
FREE CASH FLOW
Cash From Operating Activities $5.649M -$2.400M -$6.810M
Capital Expenditures $1.302M -$1.170M $1.802M
Free Cash Flow $4.347M -$1.230M -$8.612M
YoY Change -150.48% -150.41% -344.24%

Facts In Submission

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NetCashProvidedByUsedInFinancingActivities
-379000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1490000 USD
CY2018Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1802000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1302000 USD
CY2018Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6810000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5649000 USD
CY2019Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
19439000 USD
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
21037000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1514000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1519000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
320000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
7000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8300000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4194000 USD
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4200000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2806000 USD
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2800000 USD
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1300000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6696000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6700000 USD
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7900000 USD
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6358000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2052000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
249000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1268000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
243000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
456000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2090000 USD
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9614000 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9586000 USD
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
4825000 USD
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
5718000 USD
CY2019Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12077000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12262000 USD
CY2019Q3 us-gaap Other Commitment
OtherCommitment
60300000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-120000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-513000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-120000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-513000 USD
CY2019Q2 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1649000 USD
CY2019Q3 us-gaap Other Inventory Materials Supplies And Merchandise Under Consignment
OtherInventoryMaterialsSuppliesAndMerchandiseUnderConsignment
1324000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
820000 USD
CY2019Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
610000 USD
CY2019Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
291000 USD
CY2018Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2019Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
746000 USD
CY2018Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1802000 USD
CY2019Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1302000 USD
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
9000000 USD
CY2019Q3 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
9000000 USD
CY2018Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
10000 USD
CY2019Q3 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3196000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3216000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3323000 USD
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3412000 USD
CY2019Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3323000 USD
CY2019Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3412000 USD
CY2018Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
527000 USD
CY2019Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
415000 USD
CY2018Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
547000 USD
CY2019Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
504000 USD
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
79667000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
80735000 USD
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17255000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17478000 USD
CY2018Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
389000 USD
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-102000 USD
CY2019Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-35000 USD
CY2018Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2019Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
9000000 USD
CY2019Q3 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
748000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4937000 USD
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5216000 USD
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
255000 USD
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
255000 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
796000 USD
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
1177000 USD
CY2019Q2 us-gaap Restructuring Reserve
RestructuringReserve
1327000 USD
CY2019Q3 us-gaap Restructuring Reserve
RestructuringReserve
2204000 USD
CY2019Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1089000 USD
CY2019Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
30378000 USD
CY2019Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
600000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
63000 USD
CY2019Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
484000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
71516000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
69974000 USD
CY2019Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
27780000 USD
CY2019Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2000000 USD
CY2019Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
1975000 USD
CY2019Q3 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
200000 USD
CY2019Q3 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
9000 USD
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-730998000 USD
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-730944000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
60504000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
58614000 USD
CY2019Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.50
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13706000 USD
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14644000 USD
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
436000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
407000 USD
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
9000000 USD
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
183000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5366000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5530000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5366000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5347000 shares
CY2019Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:start;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:12px;text-align:justify;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;">The preparation of unaudited condensed consolidated financial statements in accordance with U.S.&#160;GAAP requires us to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of our management. We evaluate our estimates and assumptions on an ongoing basis and may employ outside experts to assist us in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for uncollectible receivables, inventory valuation, valuation allowances for deferred tax assets, uncertainties in income taxes, lease liabilities, restructuring obligations, product warranty obligations, share-based awards, contingencies, recoverability of long-lived assets and useful lives of property, plant and equipment.</font></div></div>

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