The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q. Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue, or other financial items; any statements regarding the adequacy, availability, and sources of capital, any statements of the plans, strategies, and objectives of management for future operations; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "plan," "project," or "anticipate," and other similar words. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in the forward-looking statements include those factors set forth in the "Risk Factors" section included in our Annual Report on Form 10-K for the fiscal year endedMarch 31, 2022 and in subsequent reports that we file with theU.S. Securities and Exchange Commission (the "SEC"). Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed in this Quarterly Report. We do not intend, and undertake no obligation, to update any forward-looking statement, except as required by law. The information included in this Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our unaudited condensed consolidated financial statements and the notes included in this Quarterly Report, and the audited consolidated financial statements and notes and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year endedMarch 31, 2022 , filed with theSEC onJune 27, 2022 . References to fiscal 2023 and fiscal 2022 in this Management's Discussion and Analysis of Financial Condition and Results of Operations refer to our fiscal year endingMarch 31, 2023 , and fiscal year endedMarch 31, 2022 , respectively. 24 Results of Operations
Three months ended
The following table summarizes the results of our operations during the
three-month periods ended
(All amounts, other than percentages, in thousands ofU.S. dollars) Three Months Ended Three Months Ended Period over Period December 31, 2022 December 31, 2021 Increase (Decrease)
Statement of Income As % As % Data: Amount of Sales Amount of Sales Amount % Revenue$ 43,027 100 %$ 36,815 100 %$ 6,212 17 % Cost of goods sold 37,230 87 % 29,905 81 % 7,325 24 % Gross profit 5,797 13 % 6,910 19 % (1,113 ) (16 )% Selling, general and administrative expenses 4,470 10 % 4,185 12 % 285 7 %
Stock-based
compensation expenses - - % 319 1 % (319 ) - Other expenses, net 112 - % 80 - % 32 40 % Net income before taxation$ 1,215 3 %$ 2,326 6 %$ (1,111 ) (48 )% Income tax expenses 324 1 % 651 1 % (327 ) (50 )% Net income$ 891 2 %$ 1,675 5 %$ (784 ) (47 )%
Revenue. Revenue increased by approximately$6.2 million , or 17%, to$43.0 million , for the three months endedDecember 31, 2022 , from approximately$36.8 million for the same period in fiscal 2022. The increase was mainly due to substantial increases in local sales inJordan and sales toHong Kong customers that more than offset slight decreases in our two majorU.S. customers.
The following table outlines the dollar amount and percentage of total sales to
our customers for the three months ended
(All amounts, other than percentages, in thousands ofU.S. dollars) Three Months Ended Three Months Ended December 31, 2022 December 31, 2021 Sales Sales Amount % Amount %
VF Corporation (1)$ 18,642 43 %$ 19,624 53 % New Balance 8,667 20 % 9,905 27 %Jiangsu Guotai Huasheng Industrial Co (HK)., Ltd 8,273 19 % 3,245 9 % Dynamic Design Enterprise, Inc 4,103 10 %
2,013 5 % G-III 1,007 2 % 1,422 4 % Others 2,335 6 % 606 2 % Total$ 43,027 100 %$ 36,815 100 %
(1) A large portion of our products are sold under The North Face brand that is
owned by VF Corporation. Revenue by Geographic Area (All amounts, other than percentages, in thousands ofU.S. dollars) Three Months Ended Three Months Ended
Period over Period
December 31, 2022 December 31, 2021 Increase (Decrease) Region Amount % Amount % Amount % United States$ 33,091 77 %$ 32,964 90 %$ 127 0 % Hong Kong 8,278 19 %$ 3,245 9 % 5,033 155 % Jordan 1,642 4 % 268 0 % 1,374 513 % Others 16 0 % 338 1 % (322 ) (95 )% Total$ 43,027 100 %$ 36,815 100 %$ 6,212 17 % SinceJanuary 2010 , all apparel manufactured inJordan can be exported to theU.S. without customs duty being imposed, pursuant tothe United States -Jordan Free Trade Agreement entered into inDecember 2001 . This free trade agreement provides us with substantial competitiveness and benefit that allowed us to expand our garment export business in theU.S. 25 The slight increase of approximately$0.1 million in sales to theU.S. during the three months endedDecember 31, 2022 , was mainly attributable to the diversification of customer base in the market with expansion in sales to an existing customer and introduction of a new customer. During the three months endedDecember 31, 2022 , aggregate sales toHong Kong ,Jordan , and other locations, increased by 158% from approximately$3.9 million to$9.9 million from the same period last year as more domestic orders were received to fill up capacity released from lower demands fromU.S. customers. Cost of goods sold. Following the increase in sales revenue, our cost of goods sold increased by approximately$7.3 million , or 24%, to approximately$37.2 million , for the three months endedDecember 31, 2022 , from approximately$29.9 million for the same period in fiscal 2022. As a percentage of revenue, the cost of goods sold increased by approximately 6% points to 87% for the three months endedDecember 31, 2022 from 81% for the same period in fiscal 2022. The increase in cost of goods sold as a percentage of revenue was primarily attributable to the higher proportion of non-U.S. orders that typically generate lower margin.
For the three months ended
Gross profit margin. Gross profit margin was approximately 13% for the three months endedDecember 31, 2022 , which decreased by 6% points from 19% for the same period in fiscal 2022. The decrease in gross profit margin was primarily driven by the lower proportion of export orders to theU.S. that typically generate higher margin. Operating expenses. Operating expenses maintained to approximately$4.5 million for the three months endedDecember 31, 2022 , as compared for the same period of 2021.
Other expenses, net. Other expenses, net was approximately
Income tax expenses. Income tax expenses for the three months endedDecember 31, 2022 were approximately$0.3 million compared to income tax expenses of approximately$0.7 million for the same period in fiscal 2022. The decrease in the effective tax rate mainly resulted from the decrease of net loss inChina , offsetting the increase of corporate income tax rate inJordan from a combined rate of 17% to 19% or 21% sinceJanuary 1, 2022 , and the increase in valuation allowance provided on deferred tax assets related to increased operating losses in ourU.S. entities. The effective tax rate was 26.7% for the three months endedDecember 31, 2022 , as compared to 28.0% for the three months endedDecember 31, 2021 .
Net income. Net income for the three months ended
Nine months ended
The following table summarizes the results of our operations during the
nine-month periods ended
(All amounts, other than percentages, in thousands ofU.S. dollars) Nine Months Ended Nine Months Ended Period over Period December 31, 2022 December 31, 2021 Increase (Decrease)
Statement of Income As % As % Data: Amount of Sales Amount of Sales Amount % Revenue$ 114,289 100 %$ 112,415 100 %$ 1,874 2 % Cost of goods sold 94,952 83 % 89,769 80 % 5,183 6 % Gross profit 19,337 17 % 22,646 20 % (3,309 ) (15 )% Selling, general, and administrative expenses 12,797 12 % 11,648 10 % 1,149 10 % Stock-based compensation expenses 295 0 % 635 1 % (340 ) (54 )% Other expenses, net 245 0 % 193 0 % 52 27 % Net income before taxation$ 6,000 5 %$ 10,170 9 %$ (4,170 ) (41 )% Income tax expenses 1,596 1 % 2,119 2 % (523 ) (25 )% Net income$ 4,404 4 %$ 8,051 7 %$ (3,647 ) (45 )% 26
Revenue. Revenue increased by approximately$1.9 million , or 2%, to$114.3 million , for the nine months endedDecember 31, 2022 , from approximately$112.4 million for the same period in fiscal 2022. The increase was mainly due to an increase of total sales to customers inHong Kong ,Jordan and other locations offsetting the decrease in sales to two of our major customers in theU.S.
The following table outlines the dollar amount and percentage of total sales to
our customers for the nine months ended
(All amounts, other than percentages, in thousands ofU.S. dollars) Nine Months Ended Nine Months Ended December 31, 2022 December 31, 2021 Sales Sales Amount % Amount % VF Corporation(1)$ 65,001 57 %$ 76,308 68 % New Balance 20,145 18 % 25,589 23 %Jiangsu Guotai Huasheng Industrial Co (HK)., Ltd 9,002 8 % 3,245 3 % Dynamic Design Enterprise, Inc 8,175 7 %
2,207 2 % G-III 4,959 4 % 2,434 2 % Classic 1,581 1 % - - % Soriana 954 1 % 1,487 1 % Others 4,472 4 % 1,145 1 % Total$ 114,289 100 %$ 112,415 100 %
(1) A large portion of our products are sold under The North Face brand that is
owned by VF Corporation. Revenue by Geographic Area (All amounts, other than percentages, in thousands ofU.S. dollars) Nine Months Ended Nine Months Ended
Period over Period
December 31, 2022 December 31, 2021 Increase (Decrease) Region Amount % Amount % Amount % United States$ 99,599 87 %$ 106,657 95 %$ (7,058 ) (7 )% Hong Kong 9,021 8 % 3,252 3 % 5,769 177 % Jordan 4,398 4 % 569 0 % 3,829 673 % Others 1,271 1 % 1,937 2 % (666 ) (34 )% Total$ 114,289 100 %$ 112,415 100 %$ 1,874 2 % SinceJanuary 2010 , all apparel manufactured inJordan can be exported to theU.S. without customs duty being imposed, pursuant tothe United States -Jordan Free Trade Agreement entered into inDecember 2001 . This free trade agreement provides us with substantial competitiveness and benefit that allowed us to expand our garment export business in theU.S. The decrease of approximately 7% in sales to theU.S. during the nine months endedDecember 31, 2022 was mainly attributable to the decrease in sales to our two major customers in theU.S. due to higher inflation and general inventory levels. During the nine months endedDecember 31, 2022 , aggregate sales toHong Kong ,Jordan , and other locations, increased by 155% from approximately$5.8 million to$14.7 million from the same period last year as our factories took up more domestic orders to fill up the production capacity released from lower demands from theU.S. Cost of goods sold. Following the increase in sales revenue, our cost of goods sold increased by approximately$5.2 million , or 6%, to approximately$95.0 million for the nine months endedDecember 31, 2022 from approximately$89.8 million for the same period in fiscal 2022. As a percentage of revenue, the cost of goods sold increased by approximately 3% points to 83% for the nine months endedDecember 31, 2022 from 80% for the same period in fiscal 2022. The increase in cost of goods sold as a percentage of revenue was primarily attributable to a higher proportion of sales to domestic and non-U.S. customers that typically generate lower margin. 27 For the nine months endedDecember 31, 2022 , we purchased 13% and 10% of our garments and raw materials from two major suppliers, respectively. For the nine months endedDecember 31, 2021 , we purchased 20% and 10% of our garments and raw materials from two major suppliers, respectively. Gross profit margin. Gross profit margin was approximately 17% for the nine months endedDecember 31, 2022 , which decreased by 3% points from 20% for the same period in fiscal 2022. The decrease in gross profit margin was primarily driven by a lower proportion of export orders to theU.S. that typically generate higher gross margin. Operating expenses. Operating expenses increased by approximately 6.6% from approximately$12.3 million for the nine months endedDecember 31, 2021 , to approximately$13.1 million for the nine months endedDecember 31, 2022 . The increase was primarily due to an increase in headcounts from the acquisition of MK Garments, and an increase in expenses in relation to foreign worker travelling expenses for the expansion in total group workforce to 5,600 as
ofDecember 31, 2022 .
Other expenses net. Other expenses, net was approximately$245,000 for the nine months endedDecember 31, 2022 , as compared to other expenses, net of approximately$193,000 for the same period in fiscal 2022. The increase in other expenses was primarily due to the increase in net interest expenses. Income tax expenses. Income tax expenses for the nine months endedDecember 31, 2022 were approximately$1.6 million compared to income tax expenses of approximately$2.1 million for the same period in fiscal 2022. The increase in the effective tax rate mainly resulted from the increase of corporate income tax rate inJordan from a combined rate of 17% to 19% or 21% sinceJanuary 1, 2022 , and the increase in valuation allowance provided on deferred tax assets related to increased operating losses in ourU.S. entities. The effective tax rate was up to 26.6% for the nine months endedDecember 31, 2022 , compared to 20.8% for the nine months endedDecember 31, 2021 .
Net income. Net income for the nine months ended
Liquidity and Capital Resources
Jerash Holdings (US), Inc. is a holding company incorporated inDelaware . As a holding company, we rely on dividends and other distributions from our Jordanian andHong Kong subsidiaries to satisfy our liquidity requirements. Current Jordanian regulations permit our Jordanian subsidiaries to pay dividends to us only out of their accumulated profits, if any, determined in accordance with Jordanian accounting standards and regulations. In addition, our Jordanian subsidiaries are required to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds. These reserves are not distributable as cash dividends. We have relied on direct payments of expenses by our subsidiaries (which generate revenue) to meet our obligations to date. To the extent payments are due inU.S. dollars, we have occasionally paid such amounts in JOD to an entity controlled by our management capable of paying such amounts inU.S. dollars. Such transactions have been made at prevailing exchange rates and have resulted in immaterial losses or gains on currency exchange but no other profit. As ofDecember 31, 2022 , we had cash of approximately$24.6 million and restricted cash of approximately$1.6 million compared to cash of approximately$25.2 million and restricted cash of approximately$1.4 million as ofMarch 31, 2022 . The slight decrease in total cash was mainly a result of the payments of dividends and investment in capital expenditures in this period. Our current assets as ofDecember 31, 2022 were approximately$66.0 million and our current liabilities were approximately$18.9 million , which resulted in a ratio of approximately 3.5 to 1. As ofMarch 31, 2022 , our current assets were approximately$69.9 million and our current liabilities were$14.1 million , resulting in a ratio of 4.9 to 1.
The primary drivers in the decrease in current assets were the decrease in accounts receivables, inventory, cash for capital investments and dividend payments in this period.
28 The primary driver in the increase in current liabilities was an increase in outstanding under credit facilities financing the purchases of raw materials for our orders.
Total equity as of
We had net working capital of$47.1 million and$55.7 million as ofDecember 31, 2022 andMarch 31, 2022 , respectively. Based on our current operating plan, we believe that cash on hand and cash generated from operating activities will be sufficient to support our working capital needs for the next 12 months from the date of this Quarterly Report is released. Since May andOctober 2021 , we have participated in supply chain financing programs of two of our major customers, respectively. The programs allow us to receive early payments for approved sales invoices submitted by us through the bank the customer cooperates with. For any early payments received, we are subject to an early payment charge imposed by the customer's bank, for which the rate is LIBOR plus a spread. The arrangement allows us to have better liquidity without the need to incur administrative charges and handling fees as in bank financing.
We have funded our working capital needs from our operations. Our working capital requirements are influenced by the level of our operations, the numerical and dollar volume of our sales contracts, the progress of execution on our customer contracts, and the timing of accounts receivable collections.
Credit Facilities DBSHK Facility Letter Pursuant to the DBSHK facility letter datedJanuary 12, 2022 , DBSHK provided a bank facility of up to$5.0 million to Treasure Success. Pursuant to the agreement, DBSHK agreed to finance cargo receipt, trust receipt, account payable financing, and certain type of import invoice financing up to an aggregate of$5.0 million . The DBSHK facility bears interest at 1.5% per annum overHong Kong Interbank Offered Rate for HKD bills and 1.3% per annum over DBSHK's cost of funds for foreign currency bills. The facility is guaranteed byJerash Holdings and became available to the Company onJune 17, 2022 . As ofDecember 31, 2022 andMarch 31, 2022 , we had approximately$4.4 million and $nil outstanding under this DBSHK facility, respectively.
Nine months ended
The following table sets forth a summary of our cash flows for the periods indicated: (All amounts in thousands of U.S. dollars) Nine months ended December 31, 2022 2021 Net cash provided by operating activities$ 9,858 $
14,574
Net cash used in investing activities (11,372 ) (7,062 ) Net cash provided by financing activities 1,469
3,907
Effect of exchange rate changes on cash (296 )
122
Net (decrease) increase in cash and restricted cash (341 ) 11,541 Cash and restricted cash, beginning of period
26,583
22,861
Cash and restricted cash, end of period$ 26,242 $ 34,402 29 Operating Activities
Net cash provided by operating activities decreased by$4.7 million to$9.9 million for the nine months endedDecember 31, 2022 , compared with$14.6 million for the nine months endedDecember 31, 2021 . It was primarily due to lower net income of$3.6 million , less reduction in inventory of$2.0 million , an increase in advance to suppliers of$5.9 million , partially offset by more reduction in receivables of$1.8 million , and more increases in payables and accruals of
$4.9 million . Investing Activities Net cash used in investing activities was approximately$11.4 million for the nine months endedDecember 31, 2022 , compared to approximately$7.1 million in the same period in fiscal 2022. The net cash used in investing activities in the nine months endedDecember 31, 2022 was mainly used in investment in property, plant, and machinery including the ongoing construction of a dormitory and factory expansion, and considerations paid to acquire Ever Winland andKawkab Venus . Financing Activities Net cash provided by financing activities was approximately$1.5 million for the nine months endedDecember 31, 2022 , including dividend payments of approximately$1.9 million , payments for share repurchase of approximately$0.8 million , and settlement to a related party of approximately$0.3 million , offsetting by net proceeds from short-term loans of approximately$4.4 million . There was a net cash inflow of approximately$3.9 million in the same period in fiscal 2022, resulting from dividend payments and repayment of short-term loans that were offset by a net proceed of$6.3 million from an issuance of common stock. Statutory Reserves
In accordance with the corporate law inJordan , our subsidiaries inJordan are required to make appropriations to certain reserve funds, based on net income determined in accordance with generally accepted accounting principles ofJordan . Appropriations to the statutory reserve are required to be 10% of net income until the reserve is equal to 100% of the entity's share capital. Jiangmen Treasure Success is required to set aside 10% of its net income as a statutory surplus reserve until such reserve is equal to 50% of its registered capital, in accordance with corporate laws inChina . These reserves are not available for dividend distribution. The statutory reserve was approximately$0.4 million and approximately$0.3 million as ofDecember 31, 2022 and 2021, respectively. The following table provides the amount of our statutory reserves, the amount of restricted net assets, consolidated net assets, and the amount of restricted net assets as a percentage of consolidated net assets, as ofDecember 31, 2022 and 2021. (All amounts, other than percentages, in thousands ofU.S. dollars) As of December 31, 2022 2021 Statutory Reserves$ 379 $ 346 Total Restricted Net Assets$ 379 $ 346 Consolidated Net Assets$ 71,070
Total restricted net assets accounted for approximately 0.53% of our consolidated net assets as ofDecember 31, 2022 . As our subsidiaries inJordan are only required to set aside 10% of net profits to fund the statutory reserves, we believe the potential impact of such restricted net assets on
our liquidity is limited. 30 Capital Expenditures We had capital expenditures of approximately$11.3 million and approximately$5.0 million for the nine months endedDecember 31, 2022 and 2021, for plant and machinery, the construction of a dormitory and factory expansion, and the acquisitions of Ever Winland andKawkab Venus , respectively. For the nine months endedDecember 31, 2022 , payments for additional plant and machinery, construction of a dormitory and factory expansion, the acquisition ofKawkab Venus , and the acquisition of Ever Winland amounted to approximately$0.5 million ,$3.4 million ,$2.7 million , and$5.1 million , respectively. For the nine months endedDecember 31, 2021 , payments for additional plant and machinery, and payments to additional properties and leasehold improvements amounted to approximately$1.9 million and$2.3 million , respectively. OnAugust 7, 2019 , we completed a transaction to acquire 12,340 square meters (approximately three acres) of land in Al Tajamouat Industrial City,Jordan , from a third party to construct a dormitory for our employees with aggregate purchase price JOD 863,800 (approximately$1,218,303 ). Management has revised the plan to construct both dormitory and production facilities on the land in order to capture the increasing demand for our capacity. We are conducting engineering design and study on this project and we plan to begin construction after a thorough and complete assessment of the impact of the current inflation on customer demands. OnFebruary 6, 2020 , we completed a transaction to acquire 4,516 square meters (approximately 48,608 square feet) of land in Al Tajamouat Industrial City,Jordan , from a third party to construct a dormitory for our employee with aggregate purchase price JOD 313,501 (approximately$442,162 ). We expect to spend approximately$8.2 million in capital expenditures to build the dormitory. Due to the ongoing COVID-19 pandemic, management decided to put on hold the construction project in fiscal 2021 to retain financial resources to support our operations, and also to wait and see how the global economy and customer demand recover after the outbreak. The preparation work resumed in early 2021 and construction work commenced inApril 2021 . As ofDecember 31, 2022 , we have spent approximately$4.5 million on construction. The dormitory is expected to be completed and ready for use in fiscal 2024. OnJuly 14, 2021 , we, through our wholly owned subsidiary Jerash Garments, entered into a Sale and Purchase Contract (the "Kawkab Agreement") with Kawkab Venus Dowalyah Lisenaet Albesah (the "Kawkab Seller"). Pursuant to the Kawkab Agreement, the Kawkab Seller agreed to sell, and Jerash Garments agreed to purchase, 100% of the ownership interests inKawkab Venus for a consideration of$2.7 million .Kawkab Venus holds land with factory premises only, which are leased to MK Garments.Kawkab Venus had no other significant assets or liabilities and no operation activities or employees at the time of acquisition. We completed this acquisition inAugust 2022 . InJanuary 2022 , we commenced a construction project of an expansion of our own premises in Al Tajamouat Industrial City,Jordan . ThroughDecember 31, 2022 , we had paid approximately JOD 728,000 (approximately$1,027,000 ) and the entire balance was recorded as construction in progress. The estimated construction cost is approximately JOD 870,000 (approximately$1.2 million ). We expect the project to be completed and ready to use in fiscal 2023. OnJune 22, 2022 , Treasure Success entered into a Sale and Purchase Agreement withWong Bing Lun andChow Lai Ming (the "Sellers"). Pursuant to the agreement, the Sellers agreed to sell, and Treasure Success agreed to purchase, 100% of the ownership interests and the Sellers' benefit of the shareholder/director loans in Ever Winland for a consideration ofHKD39.6 million (approximately$5.1 million ). Ever Winland holds office premises, which are leased to Treasure Success. Ever Winland had no other significant assets or liabilities and no operation activities or employees at the time of acquisition. The acquisition was completed onAugust 29, 2022 . We project that there will be an aggregate of approximately$14 million and$3 million of capital expenditures in the fiscal years endingMarch 31, 2023 and 2024, respectively, for further enhancement of production capacity to meet future sales growth. We expect that our capital expenditures will increase in the future as our business continues to develop and expand. We have used cash generated from operations of our subsidiaries to fund our capital commitments in the past and anticipate using such funds to fund capital expenditure commitments in the future.
Off-balance Sheet Commitments and Arrangements
We have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. In addition, we have not entered into any derivative contracts that are indexed to our own shares and classified as shareholders' equity, or that are not reflected in our consolidated financial statements. 31 Critical Accounting Policies We prepare our financial statements in conformity with accounting principles generally accepted bythe United States of America ("U.S. GAAP"), which require us to make judgments, estimates, and assumptions that affect our reported amount of assets, liabilities, revenue, costs and expenses, and any related disclosures. We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. We believe that our accounting policies involve a higher degree of judgment and complexity in their application and require us to make significant accounting estimates. Accordingly, the policies we believe are the most critical to understanding and evaluating our consolidated financial condition and results of operations are summarized in "Note 2-Summary of Significant Accounting Policies" in the notes to our unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements
See "Note 3-Recent Accounting Pronouncements" in the notes to our unaudited condensed consolidated financial statements for a discussion of recent accounting pronouncements.
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