2020 Q1 Form 10-K Financial Statement

#000156459020007824 Filed on February 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2018 Q4 2018 Q3
Revenue $110.1M $92.14M $95.30M
YoY Change 11.19% 4.37% 8.85%
Cost Of Revenue $7.900M $6.900M $6.600M
YoY Change 41.07% 23.21% 26.92%
Gross Profit $102.2M $85.30M $88.70M
YoY Change 9.42% 3.14% 7.65%
Gross Profit Margin 92.81% 92.57% 93.07%
Selling, General & Admin $73.90M $50.70M $60.30M
YoY Change 2.64% -11.52% 8.45%
% of Gross Profit 72.31% 59.44% 67.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.900M $1.600M $1.600M
YoY Change 18.75% 6.67% 0.0%
% of Gross Profit 1.86% 1.88% 1.8%
Operating Expenses $80.90M $58.50M $74.71M
YoY Change -2.85% -9.86% 9.46%
Operating Profit $21.35M $26.79M $20.59M
YoY Change 35.52% 50.53% 6.68%
Interest Expense $1.000M $900.0K $700.0K
YoY Change -9.09% 125.0% 75.0%
% of Operating Profit 4.68% 3.36% 3.4%
Other Income/Expense, Net $4.400M -$5.800M $3.395M
YoY Change -41.86% -332.0% 24.59%
Pretax Income $26.81M $21.96M $23.99M
YoY Change 14.94% 5.97% 8.89%
Income Tax $7.700M $5.900M $6.536M
% Of Pretax Income 28.72% 26.87% 27.25%
Net Earnings $19.12M $16.04M $17.45M
YoY Change -15.81% -532.82% 19.19%
Net Earnings / Revenue 17.36% 17.4% 18.31%
Basic Earnings Per Share $0.36 $0.30 $0.33
Diluted Earnings Per Share $0.36 $0.30 $0.32
COMMON SHARES
Basic Shares Outstanding 52.68M 52.84M 53.03M
Diluted Shares Outstanding 53.82M 54.12M 54.30M

Balance Sheet

Concept 2020 Q1 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.6M $208.6M $202.4M
YoY Change 34.81% 6.21% 22.22%
Cash & Equivalents $176.4M $127.1M $121.0M
Short-Term Investments $55.20M $81.50M $81.40M
Other Short-Term Assets $12.30M $12.20M $11.20M
YoY Change -12.14% 35.56% 4.67%
Inventory
Prepaid Expenses
Receivables $120.1M $105.8M $122.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $364.0M $326.6M $336.5M
YoY Change 19.51% 3.52% 11.76%
LONG-TERM ASSETS
Property, Plant & Equipment $61.59M $46.10M $43.97M
YoY Change 21.11% 31.67% 24.98%
Goodwill $8.607M $8.607M $8.607M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $949.0K $1.238M $1.415M
YoY Change -7.32% -8.02% -6.6%
Total Long-Term Assets $199.4M $142.3M $144.4M
YoY Change 7.99% 14.7% 7.31%
TOTAL ASSETS
Total Short-Term Assets $364.0M $326.6M $336.5M
Total Long-Term Assets $199.4M $142.3M $144.4M
Total Assets $563.4M $468.9M $480.9M
YoY Change 15.17% 6.68% 10.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.644M $2.551M $13.20M
YoY Change -62.55% -8.37% -4.35%
Accrued Expenses $13.94M $9.732M $66.10M
YoY Change -73.3% -18.61% 10.72%
Deferred Revenue $12.71M $9.166M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $124.0M $98.30M $88.15M
YoY Change 71.71% 5.58% 8.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.669M $2.548M $2.911M
YoY Change -1.22% -23.39% -94.64%
Total Long-Term Liabilities $2.669M $2.548M $2.911M
YoY Change -1.22% -23.39% -94.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.0M $98.30M $88.15M
Total Long-Term Liabilities $2.669M $2.548M $2.911M
Total Liabilities $213.2M $155.0M $150.3M
YoY Change 33.19% 3.01% 10.81%
SHAREHOLDERS EQUITY
Retained Earnings $384.7M $342.0M $332.9M
YoY Change 9.75% 12.51% 6.27%
Common Stock $245.0M $227.3M $225.5M
YoY Change 2.52% 8.11% 8.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $277.7M $252.6M $224.8M
YoY Change 7.73% 13.19% 2.29%
Treasury Stock Shares $13.95M $14.21M 13.66M shares
Shareholders Equity $350.3M $313.9M $330.6M
YoY Change
Total Liabilities & Shareholders Equity $563.4M $468.9M $480.9M
YoY Change 15.17% 6.68% 10.39%

Cashflow Statement

Concept 2020 Q1 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $19.12M $16.04M $17.45M
YoY Change -15.81% -532.82% 19.19%
Depreciation, Depletion And Amortization $1.900M $1.600M $1.600M
YoY Change 18.75% 6.67% 0.0%
Cash From Operating Activities $55.80M $44.40M $18.90M
YoY Change -555.4% 8.82% 92.86%
INVESTING ACTIVITIES
Capital Expenditures -$6.000M -$4.100M -$3.300M
YoY Change -205.82% 215.38% -498.55%
Acquisitions
YoY Change
Other Investing Activities $22.00M $300.0K -$5.900M
YoY Change -303.7% -92.5% 47.5%
Cash From Investing Activities $16.00M -$3.800M -$9.100M
YoY Change -196.86% -240.74% 85.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -29.00M -34.20M -6.600M
YoY Change 49.37% 293.1% 15.79%
NET CHANGE
Cash From Operating Activities 55.80M 44.40M 18.90M
Cash From Investing Activities 16.00M -3.800M -9.100M
Cash From Financing Activities -29.00M -34.20M -6.600M
Net Change In Cash 42.80M 6.400M 3.200M
YoY Change -189.21% -81.61% -500.0%
FREE CASH FLOW
Cash From Operating Activities $55.80M $44.40M $18.90M
Capital Expenditures -$6.000M -$4.100M -$3.300M
Free Cash Flow $61.80M $48.50M $22.20M
YoY Change -444.81% 15.2% 147.44%

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Estimates are used for, but not limited to, revenue recognition, allowance for contract losses and doubtful accounts, stock-based compensation, income taxes, goodwill, the useful life of property, equipment and leasehold improvements, and operating lease liabilities. Actual results could differ from those estimates.</p>
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CY2020 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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CY2018 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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1370000
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2806000
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0
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0
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335000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense
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417000
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6394000
CY2017 expo Income Tax Reconciliation Excess Tax Benefit From Share Based Compensation
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5831000
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34000
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2104000
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6867000
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84000
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2339000
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3141000
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22290000
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0
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0
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0
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956000
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3364000
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36821000
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34090000
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CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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1370000
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8067000
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599000
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257000
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383000
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1748000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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515000
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340000
CY2020Q1 us-gaap Unrecognized Tax Benefits
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1557000
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33149000
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6723000
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CY2020 us-gaap Treasury Stock Reissued At Lower Than Repurchase Price
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CY2017 us-gaap Treasury Stock Reissued At Lower Than Repurchase Price
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CY2020 us-gaap Treasury Stock Value Acquired Cost Method
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CY2017 us-gaap Treasury Stock Shares Acquired
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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21300000
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57.08
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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29.50
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20.80
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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0
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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9.41
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662149
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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26.23
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29290000
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450649
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20.99
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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22292000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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9651000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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0
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1461000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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10.59
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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8.09
CY2020 us-gaap Share Based Compensation
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CY2018 us-gaap Share Based Compensation
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CY2017 us-gaap Share Based Compensation
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CY2020 expo Income Tax Benefit Associated With Stockbased Compensation
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4467000
CY2020 expo Defined Contribution Plan Employer Contribution Annual Vesting Period
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P5Y
CY2020 us-gaap Pension And Other Postretirement Benefit Expense
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9073000
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CY2017 us-gaap Pension And Other Postretirement Benefit Expense
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7914000
CY2017 expo Income Tax Benefit Associated With Stockbased Compensation
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6331000
CY2020 expo Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages
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0.07
CY2020 expo Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages
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0.07
CY2020 expo Defined Contribution Plan Employer Contribution Percentage Of Eligible Wages
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0.07
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57778000
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CY2020 expo Change In Market Value Of Deferred Compensation Trust Assets
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12834000
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CY2017 expo Change In Market Value Of Deferred Compensation Trust Assets
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6547000
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7522000
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347799000
CY2020Q1 expo Lessee Operating Lease Liability Payments Due Year Seven
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1507000
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1466000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P5Y2M12D
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4773000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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27531000
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3429000
CY2020Q1 us-gaap Operating Lease Liability
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24102000
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167000
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-19000
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2823000
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2655000
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OtherMiscellaneousIncomeLossNet
32000
CY2018 expo Other Miscellaneous Income Loss Net
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20000
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-890000
CY2017 us-gaap Other Nonoperating Income Expense
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IncomeTaxesPaid
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CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2020 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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347000
CY2018 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
191000
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7643000
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CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
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482000
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CY2017 us-gaap Capital Expenditures Incurred But Not Yet Paid
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0
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Revenues
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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54302000

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