Delaware | 001-34025 | 26-1501877 | ||
(State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification no.) |
Exhibit No. | Description | |
Press Release of Intrepid Potash, Inc. dated March 12, 2019. |
INTREPID POTASH, INC. | ||
Dated: March 12, 2019 | By: | /s/ Margaret E. McCandless |
Margaret E. McCandless | ||
Vice President, General Counsel, and Secretary |
• | Net income improved $9.3 million and $34.4 million in the fourth quarter and full year 2018, respectively, compared with the same periods in the prior year. |
• | Potash segment gross margin of $10.7 million in the fourth quarter contributed to full year potash segment gross margin of $29.0 million, an increase of $13.3 million compared to the prior year. |
• | Trio® segment delivered fourth quarter gross margin of $0.7 million. Full year gross deficit was $3.8 million, an improvement of $5.7 million compared to the prior year. |
• | Oilfield solutions segment gross margin of $13.0 million in 2018 driven by water sales of $16.0 million. |
• | Total company water sales of $19.8 million in 2018 with byproduct water included. |
• | Full year cash received from water of $30.2 million. |
• | Cash generated from operations increased $47.5 million year over year, totaling $64.2 million in 2018. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(in thousands, except per ton data) | ||||||||||||||||
Sales | $ | 34,884 | $ | 23,515 | $ | 124,058 | $ | 107,917 | ||||||||
Gross margin | $ | 10,664 | $ | 4,297 | $ | 29,008 | $ | 15,670 | ||||||||
Potash production volume (in tons) | 114 | 121 | 344 | 359 | ||||||||||||
Potash sales volume (in tons) | 95 | 70 | 364 | 352 | ||||||||||||
Average potash net realized sales price per ton(1) | $ | 270 | $ | 248 | $ | 256 | $ | 238 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(in thousands, except per ton data) | ||||||||||||||||
Sales | $ | 14,994 | $ | 16,144 | $ | 66,808 | $ | 63,686 | ||||||||
Gross margin (deficit) | $ | 711 | $ | (3,397 | ) | $ | (3,782 | ) | $ | (9,548 | ) | |||||
Trio® production volume (in tons) | 56 | 51 | 217 | 243 | ||||||||||||
Trio® sales volume (in tons) | 44 | 65 | 225 | 237 | ||||||||||||
Average Trio® net realized sales price per ton(1) | $ | 215 | $ | 164 | $ | 199 | $ | 191 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(in thousands) | ||||||||||||||||
Sales | $ | 4,486 | $ | 2,923 | $ | 17,404 | $ | 6,312 | ||||||||
Gross margin | $ | 3,451 | $ | 2,728 | $ | 13,045 | $ | 5,766 |
• | changes in the price, demand, or supply of Intrepid's products and services; |
• | Intrepid's ability to successfully identify and implement any opportunities to grow its business whether through expanded sales of Trio®, water, byproducts, and other non-potassium related products or other revenue diversification activities; |
• | challenges to Intrepid's water rights; |
• | Intrepid’s ability to close its acquisition of the Dinwiddie Jal Ranch, integrate the acquired assets into its existing business, and achieve the expected benefits of the acquisition; |
• | Intrepid's ability to comply with the terms of its senior notes and its revolving credit facility, including the underlying covenants, to avoid a default under those agreements; |
• | Intrepid's ability to sell Trio® internationally and manage risks associated with international sales, including pricing pressure and freight costs; |
• | the costs of, and Intrepid's ability to successfully execute, any strategic projects; |
• | declines or changes in agricultural production or fertilizer application rates; |
• | declines in the use of potassium-related products or water by oil and gas companies in their drilling operations; |
• | further write-downs of the carrying value of assets, including inventories; |
• | circumstances that disrupt or limit production, including operational difficulties or variances, geological or geotechnical variances, equipment failures, environmental hazards, and other unexpected events or problems; |
• | changes in reserve estimates; |
• | currency fluctuations; |
• | adverse changes in economic conditions or credit markets; |
• | the impact of governmental regulations, including environmental and mining regulations, the enforcement of those regulations, and governmental policy changes; |
• | adverse weather events, including events affecting precipitation and evaporation rates at Intrepid's solar solution mines; |
• | increased labor costs or difficulties in hiring and retaining qualified employees and contractors, including workers with mining, mineral processing, or construction expertise; |
• | changes in the prices of raw materials, including chemicals, natural gas, and power; |
• | Intrepid's ability to obtain and maintain any necessary governmental permits or leases relating to current or future operations; |
• | interruptions in rail or truck transportation services, or fluctuations in the costs of these services; |
• | Intrepid's inability to fund necessary capital investments; and |
• | the other risks, uncertainties, and assumptions described in Intrepid's periodic filings with the Securities and Exchange Commission, including in "Risk Factors" in Intrepid's Annual Report on Form 10-K for the year ended December 31, 2017. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Sales | $ | 54,364 | $ | 42,582 | $ | 208,270 | $ | 177,915 | ||||||||
Less: | ||||||||||||||||
Freight costs | 9,893 | 8,246 | 37,052 | 32,016 | ||||||||||||
Warehousing and handling costs | 2,211 | 2,656 | 9,281 | 9,670 | ||||||||||||
Cost of goods sold | 26,504 | 26,481 | 121,955 | 117,962 | ||||||||||||
Lower of cost or net realizable value inventory adjustments | 930 | 1,571 | 1,711 | 6,379 | ||||||||||||
Gross Margin | 14,826 | 3,628 | 38,271 | 11,888 | ||||||||||||
Selling and administrative | 5,157 | 5,316 | 20,438 | 18,915 | ||||||||||||
Debt restructuring expense | — | — | — | — | ||||||||||||
Accretion of asset retirement obligation | 417 | 390 | 1,668 | 1,558 | ||||||||||||
Restructuring expense | — | — | — | 266 | ||||||||||||
Care and maintenance expense | 165 | 282 | 530 | 1,687 | ||||||||||||
Other operating expense | 205 | 765 | 141 | 3,523 | ||||||||||||
Operating Income (Loss) | 8,882 | (3,125 | ) | 15,494 | (14,061 | ) | ||||||||||
Other Income (Expense) | ||||||||||||||||
Interest expense, net | (1,235 | ) | (1,061 | ) | (3,855 | ) | (11,692 | ) | ||||||||
Interest income | 11 | 1 | 110 | 6 | ||||||||||||
Other income (expense) | 38 | (117 | ) | 142 | 397 | |||||||||||
Income (Loss) Before Income Taxes | 7,696 | (4,302 | ) | 11,891 | (25,350 | ) | ||||||||||
Income Tax (Expense) Benefit | (62 | ) | 2,666 | (108 | ) | 2,783 | ||||||||||
Net Income (Loss) | $ | 7,634 | $ | (1,636 | ) | $ | 11,783 | $ | (22,567 | ) | ||||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic | 128,516,121 | 127,401,932 | 128,070,702 | 115,708,859 | ||||||||||||
Diluted | 130,899,744 | 127,401,932 | 130,985,919 | 115,708,859 | ||||||||||||
Income (Loss) Per Share: | ||||||||||||||||
Basic | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.20 | ) | ||||||
Diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.20 | ) |
December 31, | ||||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 33,222 | $ | 1,068 | ||||
Accounts receivable: | ||||||||
Trade, net | 25,161 | 17,777 | ||||||
Other receivables, net | 597 | 762 | ||||||
Refundable income taxes | — | 2,663 | ||||||
Inventory, net | 82,046 | 83,126 | ||||||
Other current assets | 4,332 | 6,088 | ||||||
Total current assets | 145,358 | 111,484 | ||||||
Property, plant, equipment, and mineral properties, net | 346,209 | 364,542 | ||||||
Long-term parts inventory, net | 30,031 | 30,611 | ||||||
Other assets, net | 3,633 | 3,955 | ||||||
Total Assets | $ | 525,231 | $ | 510,592 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Accounts payable: | ||||||||
Trade | $ | 9,107 | $ | 11,103 | ||||
Related parties | 28 | 28 | ||||||
Income taxes payable | 914 | — | ||||||
Accrued liabilities | 8,717 | 8,074 | ||||||
Accrued employee compensation and benefits | 4,124 | 4,317 | ||||||
Other current liabilities | 11,891 | 65 | ||||||
Advances on credit facility | — | 3,900 | ||||||
Current portion of long-term debt | — | 10,000 | ||||||
Total current liabilities | 34,781 | 37,487 | ||||||
Long-term debt, net | 49,642 | 49,437 | ||||||
Asset retirement obligation | 23,125 | 21,476 | ||||||
Other non-current liabilities | 420 | 102 | ||||||
Total Liabilities | 107,968 | 108,502 | ||||||
Commitments and Contingencies | ||||||||
Common stock, $0.001 par value; 400,000,000 shares authorized: | ||||||||
and 128,716,595 and 127,646,530 shares outstanding | ||||||||
at December 31, 2018, and 2017, respectively | 129 | 128 | ||||||
Additional paid-in capital | 649,202 | 645,813 | ||||||
Retained deficit | (232,068 | ) | (243,851 | ) | ||||
Total Stockholders' Equity | 417,263 | 402,090 | ||||||
Total Liabilities and Stockholders' Equity | $ | 525,231 | $ | 510,592 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net income (loss) | 7,634 | (1,636 | ) | 11,783 | (22,567 | ) | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
Depreciation and depletion | 8,377 | 8,488 | 32,215 | 33,209 | ||||||||||||
Accretion of asset retirement obligation | 417 | 390 | 1,668 | 1,558 | ||||||||||||
Amortization of deferred financing costs | 182 | 182 | 732 | 1,778 | ||||||||||||
Stock-based compensation | 586 | 943 | 4,179 | 3,622 | ||||||||||||
Reserve for obsolescence | — | 1,093 | 15 | 1,073 | ||||||||||||
Allowance for doubtful accounts | — | 445 | 100 | 865 | ||||||||||||
(Gain) loss on disposal of assets | (3 | ) | 81 | (87 | ) | 1,830 | ||||||||||
Lower of cost or net realizable value inventory adjustments | 930 | 1,571 | 1,711 | 6,379 | ||||||||||||
Other | (19 | ) | (6 | ) | (19 | ) | — | |||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Trade accounts receivable, net | (6,872 | ) | 9 | (7,484 | ) | (6,870 | ) | |||||||||
Other receivables, net | 3,204 | 90 | 165 | (270 | ) | |||||||||||
Refundable income taxes | — | (2,663 | ) | 2,663 | (1,284 | ) | ||||||||||
Inventory, net | (5,698 | ) | (4,289 | ) | (67 | ) | (1,263 | ) | ||||||||
Other current assets | 1,113 | 1,243 | 1,762 | (3,207 | ) | |||||||||||
Income tax payable | 704 | — | 914 | — | ||||||||||||
Accounts payable, accrued liabilities, and accrued employee compensation and benefits | (1,336 | ) | (2,785 | ) | 1,740 | 1,738 | ||||||||||
Other liabilities | 2,073 | 2 | 12,247 | 102 | ||||||||||||
Net cash provided by operating activities | 11,292 | 3,158 | 64,237 | 16,693 | ||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||
Additions to property, plant, equipment, and mineral properties | (4,223 | ) | (7,280 | ) | (16,891 | ) | (13,505 | ) | ||||||||
Proceeds from sale of property, plant, equipment, and mineral properties | 18 | 98 | 110 | 5,651 | ||||||||||||
Net cash used in investing activities | (4,205 | ) | (7,182 | ) | (16,781 | ) | (7,854 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Issuance of common stock, net of transaction expenses | — | — | — | 59,130 | ||||||||||||
Repayment of long-term debt | (10,000 | ) | — | (10,000 | ) | (75,000 | ) | |||||||||
Debt prepayment costs | (402 | ) | — | (402 | ) | (3,001 | ) | |||||||||
Proceeds from short-term borrowings on credit facility | — | 13,000 | 13,500 | 22,000 | ||||||||||||
Repayments of short-term borrowings on credit facility | — | (9,100 | ) | (17,400 | ) | (18,100 | ) | |||||||||
Debt issuance costs | (210 | ) | — | (210 | ) | (129 | ) | |||||||||
Employee tax withholding paid for restricted shares upon vesting | (532 | ) | (623 | ) | (903 | ) | (781 | ) | ||||||||
Proceeds from exercise of stock options | 67 | 121 | 114 | 121 | ||||||||||||
Net cash (used in) provided by financing activities | (11,077 | ) | 3,398 | (15,301 | ) | (15,760 | ) | |||||||||
Net Change in Cash, Cash Equivalents, and Restricted Cash | (3,990 | ) | (626 | ) | 32,155 | (6,921 | ) | |||||||||
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 37,694 | 2,175 | 1,549 | 8,470 | ||||||||||||
Cash, Cash Equivalents, and Restricted Cash, end of period | $ | 33,704 | $ | 1,549 | $ | 33,704 | $ | 1,549 |
Three Months Ended December 31, | ||||||||
Product | 2018 | 2017 | ||||||
Potash | $ | 30,050 | $ | 19,795 | ||||
Trio® | 13,743 | 15,846 | ||||||
Water | 5,048 | 3,516 | ||||||
Magnesium Chloride | 2,123 | 1,277 | ||||||
Salt | 1,801 | 1,989 | ||||||
Brines | 584 | 159 | ||||||
Other | 1,015 | — | ||||||
Total Revenue | $ | 54,364 | $ | 42,582 |
Year Ended December 31, | ||||||||
Product | 2018 | 2017 | ||||||
Potash | $ | 107,471 | $ | 95,540 | ||||
Trio® | 64,139 | 63,338 | ||||||
Water | 19,797 | 7,042 | ||||||
Salt | 6,877 | 6,334 | ||||||
Magnesium Chloride | 6,804 | 5,432 | ||||||
Brines | 1,777 | 229 | ||||||
Other | 1,405 | — | ||||||
Total Revenue | $ | 208,270 | $ | 177,915 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Production volume (in thousands of tons): | ||||||||||||||||
Potash | 114 | 121 | 344 | 359 | ||||||||||||
Langbeinite | 56 | 51 | 217 | 243 | ||||||||||||
Sales volume (in thousands of tons): | ||||||||||||||||
Potash | 95 | 70 | 364 | 352 | ||||||||||||
Trio® | 44 | 65 | 225 | 237 | ||||||||||||
Average net realized sales price per ton (1) | ||||||||||||||||
Potash | $ | 270 | $ | 248 | $ | 256 | $ | 238 | ||||||||
Trio® | $ | 215 | $ | 164 | $ | 199 | $ | 191 |
Three Months Ended December 31, 2018 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||
Sales(2) | $ | 34,884 | $ | 14,994 | $ | 4,486 | $ | — | $ | 54,364 | ||||||||||
Less: Freight costs | 5,593 | 4,300 | — | — | 9,893 | |||||||||||||||
Warehousing and handling costs | 1,272 | 939 | — | — | 2,211 | |||||||||||||||
Cost of goods sold | 17,355 | 8,114 | 1,035 | — | 26,504 | |||||||||||||||
Lower of cost or net realizable value inventory adjustments | — | 930 | — | — | 930 | |||||||||||||||
Gross Margin | $ | 10,664 | $ | 711 | $ | 3,451 | $ | — | $ | 14,826 | ||||||||||
Depreciation and depletion incurred(3) | $ | 6,660 | $ | 1,473 | $ | 105 | $ | 139 | $ | 8,377 | ||||||||||
Year Ended December 31, 2018 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||
Sales(2) | $ | 124,058 | $ | 66,808 | $ | 17,404 | $ | — | $ | 208,270 | ||||||||||
Less: Freight costs | 17,682 | 19,370 | — | — | 37,052 | |||||||||||||||
Warehousing and handling costs | 5,046 | 4,225 | 10 | — | 9,281 | |||||||||||||||
Cost of goods sold | 72,322 | 45,284 | 4,349 | — | 121,955 | |||||||||||||||
Lower of cost or net realizable value inventory adjustments | — | 1,711 | — | — | 1,711 | |||||||||||||||
Gross Margin (Deficit) | $ | 29,008 | $ | (3,782 | ) | $ | 13,045 | $ | — | $ | 38,271 | |||||||||
Depreciation and depletion incurred(3) | $ | 25,134 | $ | 6,343 | $ | 343 | $ | 395 | $ | 32,215 | ||||||||||
Three Months Ended December 31, 2017 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||
Sales(2) | $ | 23,515 | $ | 16,144 | $ | 2,923 | $ | — | $ | 42,582 | ||||||||||
Less: Freight costs | 3,066 | 5,180 | — | — | 8,246 | |||||||||||||||
Warehousing and handling costs | 1,504 | 1,152 | — | — | 2,656 | |||||||||||||||
Cost of goods sold | 14,243 | 12,043 | 195 | — | 26,481 | |||||||||||||||
Lower of cost or net realizable value inventory adjustments | 405 | 1,166 | — | — | 1,571 | |||||||||||||||
Gross Margin (Deficit) | $ | 4,297 | $ | (3,397 | ) | $ | 2,728 | $ | — | $ | 3,628 | |||||||||
Depreciation and depletion incurred(3) | $ | 6,812 | $ | 1,641 | $ | 19 | $ | 16 | $ | 8,488 | ||||||||||
Year Ended December 31, 2017 | Potash | Trio® | Oilfield Solutions | Other | Consolidated | |||||||||||||||
Sales(2) | $ | 107,917 | $ | 63,686 | $ | 6,312 | $ | — | $ | 177,915 | ||||||||||
Less: Freight costs | 13,912 | 18,104 | — | — | 32,016 | |||||||||||||||
Warehousing and handling costs | 5,556 | 4,114 | — | — | 9,670 | |||||||||||||||
Cost of goods sold | 72,229 | 45,187 | 546 | — | 117,962 | |||||||||||||||
Lower of cost or net realizable value inventory adjustments | 550 | 5,829 | — | — | 6,379 | |||||||||||||||
Gross Margin (Deficit) | $ | 15,670 | $ | (9,548 | ) | $ | 5,766 | $ | — | $ | 11,888 | |||||||||
Depreciation and depletion incurred(3) | $ | 26,485 | $ | 6,576 | $ | 19 | $ | 129 | $ | 33,209 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net Income (Loss) | $ | 7,634 | $ | (1,636 | ) | $ | 11,783 | $ | (22,567 | ) | |||||
Adjustments | |||||||||||||||
Restructuring expense(1) | — | — | — | 266 | |||||||||||
Write-off of deferred financing fees(2) | 72 | — | 72 | 819 | |||||||||||
Make-whole payment(3) | 402 | — | 402 | 3,001 | |||||||||||
AMT Carryback(4) | — | (2,653 | ) | — | (2,653 | ) | |||||||||
Total adjustments | 474 | (2,653 | ) | 474 | 1,433 | ||||||||||
Adjusted Net Income (Loss) | $ | 8,108 | $ | (4,289 | ) | $ | 12,257 | $ | (21,134 | ) |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net Income (Loss) Per Diluted Share | $ | 0.06 | $ | (0.01 | ) | $ | 0.09 | $ | (0.20 | ) | |||||
Adjustments | |||||||||||||||
Restructuring expense(1) | — | — | — | — | |||||||||||
Write-off of deferred financing fees(2) | — | — | — | 0.01 | |||||||||||
Make-whole payment(3) | — | — | — | 0.03 | |||||||||||
AMT Carryback(4) | — | (0.02 | ) | — | (0.02 | ) | |||||||||
Total adjustments | — | (0.02 | ) | — | 0.02 | ||||||||||
Adjusted Net Income (Loss) Per Diluted Share | $ | 0.06 | $ | (0.03 | ) | $ | 0.09 | $ | (0.18 | ) |
Potash Segment | ||||||||
Three Months Ended December 31, | ||||||||
2018 | 2017 | |||||||
Total Segment Sales | $ | 34,884 | $ | 23,515 | ||||
Less: Segment byproduct sales | 4,834 | 3,720 | ||||||
Potash freight costs | 4,400 | 2,417 | ||||||
Subtotal | $ | 25,650 | $ | 17,378 | ||||
Divided by: | ||||||||
Potash tons sold (in thousands) | 95 | 70 | ||||||
Average net realized sales price per ton | $ | 270 | $ | 248 |
Potash Segment | ||||||||
2018 | 2017 | |||||||
Total Segment Sales | $ | 124,058 | $ | 107,917 | ||||
Less: Segment byproduct sales | 16,586 | 12,377 | ||||||
Potash freight costs | 14,194 | 11,818 | ||||||
Subtotal | $ | 93,278 | $ | 83,722 | ||||
Divided by: | ||||||||
Potash tons sold (in thousands) | 364 | 352 | ||||||
Average net realized sales price per ton | $ | 256 | $ | 238 |
Trio® Segment | ||||||||
Three Months Ended December 31, | ||||||||
2018 | 2017 | |||||||
Total Segment Sales | $ | 14,994 | $ | 16,144 | ||||
Less: Segment byproduct sales | 1,251 | 298 | ||||||
Trio® freight costs | 4,300 | 5,180 | ||||||
Subtotal | $ | 9,443 | $ | 10,666 | ||||
Divided by: | ||||||||
Trio® tons sold (in thousands) | 44 | 65 | ||||||
Average net realized sales price per ton | $ | 215 | $ | 164 |
Trio® Segment | ||||||||
2018 | 2017 | |||||||
Total Segment Sales | $ | 66,808 | $ | 63,686 | ||||
Less: Segment byproduct sales | 2,669 | 348 | ||||||
Trio® freight costs | 19,367 | 18,104 | ||||||
Subtotal | $ | 44,772 | $ | 45,235 | ||||
Divided by: | ||||||||
Trio® tons sold (in thousands) | 225 | 237 | ||||||
Average net realized sales price per ton | $ | 199 | $ | 191 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net Income (Loss) | $ | 7,634 | $ | (1,636 | ) | $ | 11,783 | $ | (22,567 | ) | |||||
Restructuring expense(1) | — | — | — | 266 | |||||||||||
Interest expense | 1,235 | 1,061 | 3,855 | 11,692 | |||||||||||
Income tax expense (benefit) | 62 | (2,666 | ) | 108 | (2,783 | ) | |||||||||
Depreciation and depletion | 8,377 | 8,488 | 32,215 | 33,209 | |||||||||||
Accretion of asset retirement obligation | 417 | 390 | 1,668 | 1,558 | |||||||||||
Total adjustments | 10,091 | 7,273 | 37,846 | 43,942 | |||||||||||
Adjusted Earnings Before Interest, Taxes, Depreciation, | |||||||||||||||
and Amortization | $ | 17,725 | $ | 5,637 | $ | 49,629 | $ | 21,375 |
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