Form 20-F ☒ Form 40-F ☐
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SILICOM LTD.
(Registrant) |
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Date: October 27, 2016
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By
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/s/ Eran Gilad
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Eran Gilad
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Chief Financial Officer
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Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
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Investor Relations Contact:
Ehud Helft
GK Investor Relations
Tel: +1 646 201 9246
E-mail: silicom@gkir.com
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September 30,
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December 31,
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|||||||
2016
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2015
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$
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13,797
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$
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18,178
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||||
Marketable securities
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18,768
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8,636
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||||||
Accounts receivables: Trade, net
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18,105
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23,768
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||||||
Accounts receivables: Other
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4,441
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1,380
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||||||
Inventories
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45,059
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26,321
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||||||
Deferred tax assets
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-
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950
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||||||
Total current assets
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100,170
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79,233
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||||||
Marketable securities
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7,773
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24,246
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||||||
Assets held for employees’ severance benefits
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1,471
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1,374
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||||||
Deferred tax assets
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1,510
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595
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Property, plant and equipment, net
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3,931
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3,825
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Intangible assets, net
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3,834
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5,164
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||||||
Goodwill
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25,561
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25,561
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Total assets
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$
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144,250
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$
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139,998
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||||
Liabilities and shareholders' equity
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||||||||
Current liabilities
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||||||||
Trade accounts payable
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$
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13,195
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$
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8,556
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||||
Other accounts payable and accrued expenses
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6,946
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11,147
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||||||
Deferred tax liabilities
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-
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111
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||||||
Total current liabilities
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20,141
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19,814
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||||||
Contingent consideration
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5,054
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4,942
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||||||
Liability for employees’ severance benefits
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2,517
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2,251
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||||||
Deferred tax liabilities
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52
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157
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||||||
Total liabilities
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27,764
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27,164
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Shareholders' equity
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||||||||
Ordinary shares and additional paid-in capital
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46,449
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44,122
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||||||
Treasury shares
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(38
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)
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(38
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)
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||||
Retained earnings
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70,075
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68,750
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||||||
Total shareholders' equity
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116,486
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112,834
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||||||
Total liabilities and shareholders' equity
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$
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144,250
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$
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139,998
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Three-month period
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Nine-month period
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|||||||||||||||
ended September 30,
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ended September 30,
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|||||||||||||||
2016
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2015
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2016
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2015
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Sales
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$
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24,661
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$
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19,413
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$
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72,019
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$
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55,297
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||||||||
Cost of sales
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15,119
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11,298
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44,694
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32,265
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Gross profit
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9,542
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8,115
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27,325
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23,032
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Research and development expenses
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3,137
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2,181
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9,034
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6,762
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Selling and marketing expenses
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1,622
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1,338
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4,797
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4,027
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||||||||||||
General and administrative expenses
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1,069
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(2,916
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)
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3,085
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(1,007
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)
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Total operating expenses
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5,828
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603
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16,916
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9,782
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||||||||||||
Operating income
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3,714
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7,512
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10,409
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13,250
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Financial income (expenses), net
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(60
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)
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39
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(35
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)
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152
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||||||||||
Income before income taxes
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3,654
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7,551
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10,374
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13,402
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Income taxes
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458
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492
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1,737
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1,302
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Net income
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$
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3,196
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$
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7,059
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$
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8,637
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$
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12,100
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||||||||
Basic income per ordinary share (US$)
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$
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0.43
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$
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0.97
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$
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1.18
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$
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1.67
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||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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7,362
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7,275
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7,332
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7,265
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Diluted income per ordinary share (US$)
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$
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0.43
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$
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0.96
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$
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1.16
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$
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1.64
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Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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7,455
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7,352
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7,420
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7,366
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Three-month period
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Nine-month period
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|||||||||||||||
ended September 30,
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ended September 30,
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|||||||||||||||
2016
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2015
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2016
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2015
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GAAP gross profit
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$
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9,542
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$
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8,115
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$
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27,325
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$
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23,032
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||||||||
(1) Share-based compensation (*)
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52
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37
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129
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90
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||||||||||||
(2) Adjustment of inventory step up related to acquisition
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-
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174
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-
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442
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||||||||||||
(3) Acquisition-related expenses
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93
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-
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93
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-
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(4)Amortization of acquired intangible assets
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-
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-
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274
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-
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Non-GAAP gross profit
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$
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9,687
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$
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8,326
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$
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27,821
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$
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23,564
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GAAP operating income
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$
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3,714
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$
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7,512
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$
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10,409
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$
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13,250
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||||||||
Gross profit adjustments
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145
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211
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496
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532
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||||||||||||
(1) Share-based compensation (*)
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287
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393
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1,074
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1,074
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||||||||||||
(3) Acquisition-related expenses
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-
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42
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-
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172
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(4) Amortization of acquired intangible assets
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493
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180
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1,480
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541
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(5) Changes in the fair value of contingent consideration
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63
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(3,634
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)
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78
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(3,230
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)
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Non-GAAP operating income
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$
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4,702
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$
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4,704
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$
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13,537
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$
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12,339
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GAAP net income
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$
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3,196
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$
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7,059
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$
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8,637
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$
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12,100
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||||||||
Operating income adjustments
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988
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(2,808
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)
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3,128
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(911
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)
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(6) Taxes on amortization of acquired intangible assets
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(212
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)
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(80
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)
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(77
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)
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(221
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)
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||||||||
Non-GAAP net income
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$
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3,972
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$
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4,171
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$
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11,688
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$
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10,968
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||||||||
GAAP net income
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$
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3,196
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$
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7,059
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$
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8,637
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$
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12,100
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||||||||
Adjustments for Non-GAAP cost of sales
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145
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211
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496
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532
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||||||||||||
Adjustments for Non-GAAP Research and development expenses
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432
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284
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1,392
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855
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||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
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237
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177
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774
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505
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||||||||||||
Adjustments for Non-GAAP General and administrative expenses
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174
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(3,480
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)
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466
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(2,803
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)
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||||||||||
Adjustments for Non-GAAP Income taxes
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(212
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)
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(80
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)
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(77
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)
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(221
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)
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Non-GAAP net income
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$
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3,972
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$
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4,171
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$
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11,688
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$
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10,968
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||||||||
GAAP basic income per ordinary share (US$)
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$
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0.43
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$
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0.97
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$
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1.18
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$
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1.67
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||||||||
(1) Share-based compensation (*)
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0.05
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0.06
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0.16
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0.16
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||||||||||||
(2-6) Acquisition-related adjustments
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0.06
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(0.46
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)
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0.25
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(0.32
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)
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||||||||||
Non-GAAP basic income per ordinary share (US$)
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$
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0.54
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$
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0.57
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$
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1.59
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$
|
1.51
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||||||||
GAAP diluted income per ordinary share (US$)
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$
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0.43
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$
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0.96
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$
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1.16
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$
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1.64
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||||||||
(1) Share-based compensation (*)
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0.05
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0.06
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0.16
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0.16
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||||||||||||
(2-6) Acquisition-related adjustments
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0.05
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(0.45
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)
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0.26
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(0.31
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)
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||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
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0.53
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$
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0.57
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$
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1.58
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$
|
1.49
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