2018 Q2 Form 10-Q Financial Statement

#000146310118000075 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $75.90M $74.70M
YoY Change 1.6% -5.66%
Cost Of Revenue $53.20M $61.16M
YoY Change -13.02% -5.98%
Gross Profit $22.70M $13.55M
YoY Change 67.57% -4.17%
Gross Profit Margin 29.91% 18.13%
Selling, General & Admin $13.80M $11.24M
YoY Change 22.77% -33.24%
% of Gross Profit 60.78% 82.96%
Research & Development $9.462M $7.947M
YoY Change 19.06% -39.29%
% of Gross Profit 41.68% 58.66%
Depreciation & Amortization $2.200M $2.300M
YoY Change -4.35% -14.81%
% of Gross Profit 9.69% 16.98%
Operating Expenses $23.26M $22.79M
YoY Change 2.04% -23.83%
Operating Profit -$558.0K -$9.247M
YoY Change -93.97% -41.43%
Interest Expense $2.423M $2.080M
YoY Change 16.49% 881.13%
% of Operating Profit
Other Income/Expense, Net -$2.841M -$1.992M
YoY Change 42.62% 237.06%
Pretax Income -$3.399M -$11.24M
YoY Change -69.76% -31.38%
Income Tax $339.0K $854.0K
% Of Pretax Income
Net Earnings -$3.738M -$12.09M
YoY Change -69.09% -27.69%
Net Earnings / Revenue -4.93% -16.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$38.03K -$143.4K
COMMON SHARES
Basic Shares Outstanding 97.32M shares 84.28M shares
Diluted Shares Outstanding 97.32M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.50M $31.00M
YoY Change 88.71% 278.05%
Cash & Equivalents $58.47M $30.95M
Short-Term Investments
Other Short-Term Assets $20.70M $13.30M
YoY Change 55.64% 68.35%
Inventory $17.47M $20.84M
Prepaid Expenses
Receivables $58.70M $56.40M
Other Receivables $0.00 $0.00
Total Short-Term Assets $155.4M $121.5M
YoY Change 27.88% 16.34%
LONG-TERM ASSETS
Property, Plant & Equipment $23.10M $29.35M
YoY Change -21.3% -15.15%
Goodwill $3.664M $3.664M
YoY Change 0.0% -2.16%
Intangibles $363.0K $668.0K
YoY Change -45.66% -63.93%
Long-Term Investments
YoY Change
Other Assets $36.03M $8.493M
YoY Change 324.23% 7.71%
Total Long-Term Assets $63.16M $42.18M
YoY Change 49.75% -12.27%
TOTAL ASSETS
Total Short-Term Assets $155.4M $121.5M
Total Long-Term Assets $63.16M $42.18M
Total Assets $218.5M $163.7M
YoY Change 33.52% 7.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.90M $15.43M
YoY Change 41.94% -58.99%
Accrued Expenses $31.10M $25.80M
YoY Change 20.55% 17.32%
Deferred Revenue $34.95M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $18.43M $5.951M
YoY Change 209.68%
Total Short-Term Liabilities $114.6M $63.35M
YoY Change 80.99% -25.14%
LONG-TERM LIABILITIES
Long-Term Debt $33.56M $41.39M
YoY Change -18.91%
Other Long-Term Liabilities $1.970M $1.969M
YoY Change 0.05% -16.28%
Total Long-Term Liabilities $35.53M $43.35M
YoY Change -18.05% 1743.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.6M $63.35M
Total Long-Term Liabilities $35.53M $43.35M
Total Liabilities $248.7M $166.1M
YoY Change 49.73% 18.57%
SHAREHOLDERS EQUITY
Retained Earnings -$343.5M -$285.9M
YoY Change 20.15% 30.81%
Common Stock $1.000K $1.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$30.12M -$2.384M
YoY Change
Total Liabilities & Shareholders Equity $218.5M $163.7M
YoY Change 33.52% 7.32%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.738M -$12.09M
YoY Change -69.09% -27.69%
Depreciation, Depletion And Amortization $2.200M $2.300M
YoY Change -4.35% -14.81%
Cash From Operating Activities $4.000M $200.0K
YoY Change 1900.0% -97.22%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$500.0K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000M 100.0K
YoY Change 1900.0% -101.45%
NET CHANGE
Cash From Operating Activities 4.000M 200.0K
Cash From Investing Activities -500.0K 0.000
Cash From Financing Activities 2.000M 100.0K
Net Change In Cash 5.500M 300.0K
YoY Change 1733.33% -106.52%
FREE CASH FLOW
Cash From Operating Activities $4.000M $200.0K
Capital Expenditures -$500.0K $0.00
Free Cash Flow $4.500M $200.0K
YoY Change 2150.0% -98.25%

Facts In Submission

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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15000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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303000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
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1880000 USD
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1970000 USD
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us-gaap Payments To Acquire Property Plant And Equipment
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3515000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1475000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
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PreferredStockParOrStatedValuePerShare
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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9957000 USD
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26425000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
19923000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
24240000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5580000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
170000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1370000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31414000 USD
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31995000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31613000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
29816000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30625000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31642000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
31600000 USD
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ProductWarrantyAccrualClassifiedCurrent
8032000 USD
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7427000 USD
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8275000 USD
CY2017Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23581000 USD
CY2017Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
22389000 USD
CY2018Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
23367000 USD
CY2017Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
102000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
680000 USD
CY2018Q2 us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
443000 USD
us-gaap Product Warranty Accrual Period Increase Decrease
ProductWarrantyAccrualPeriodIncreaseDecrease
301000 USD
CY2017Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-91000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
203000 USD
CY2018Q2 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1378000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
2828000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26483000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23100000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
10100000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3129000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7947000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17552000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9462000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17082000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
1765000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
0 USD
CY2017Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
3609000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
10856000 USD
CY2018Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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-295727000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-343541000 USD
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74704000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
129455000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
75896000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
145868000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
110061000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
19849000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
29349000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
23194000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16997000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11940000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8732000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P9M
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6274000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
12732000 USD
CY2018Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1400000 USD
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
84434000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
80542000 shares
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
97321000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
94026000 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-9126000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
-30115000 USD
CY2017Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1447000 USD
CY2018Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
0 USD
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6828000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13055000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3550000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5860000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
149000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.06
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
213000 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
38600000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8426000 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7687000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.77
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.78
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.43
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1981000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3598000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2099000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3775000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1089000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1921000 USD
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
775000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1533000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
803000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management&#8217;s estimates using different assumptions or under different conditions.</font></div></div>

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