|
|
|
|
|
Delaware
(State or Other Jurisdiction
of Incorporation)
|
|
001-33155
(Commission File No.)
|
|
04-3444218
(IRS Employer
Identification No.)
|
|
|
|
o
|
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
|
o
|
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
|
o
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
|
o
|
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
10.1
|
|
|
Credit Facility Agreement between IPG Laser GmbH and Deutsche Bank AG dated July 31, 2017
|
10.2
|
|
|
Annex 1 to Corporate Guarantee to Deutsche Bank AG dated July 31, 2017
|
10.3
|
|
|
Guarantee of the Registrant to Deutsche Bank AG dated July 31, 2017
|
99.1
|
|
|
Press Release issued by IPG Photonics Corporation on August 1, 2017
|
|
|
|
|
|
|
|
IPG PHOTONICS CORPORATION
|
||
|
|
|
||
August 1, 2017
|
|
By:
|
|
/s/ Timothy P.V. Mammen
|
|
|
|
|
Timothy P.V. Mammen
|
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
|
EXHIBIT
NUMBER
|
|
DESCRIPTION
|
|
|
|
||
10.1
|
|
|
|
10.2
|
|
|
|
10.3
|
|
|
|
99.1
|
|
|
Borrower:
|
IPG Laser GmbH
|
Bank:
|
Deutsche Bank AG Filiale Deutschlandgeschäft, Cologne
|
(1)
|
Aggregate Facility Amount
|
(a)
|
Facility 1: revolving cash credit facility in the amount of up to
Euro 38,000,000.00
|
(b)
|
(in words:
Euro Thirty - eight Million
)
(“Facility 1”)
.
|
(c)
|
Facility 2: revolving guarantee facility in the amount of up to
Euro 5,000,000.00
|
(d)
|
(in words:
Euro Five Million
)
(“Facility 2”)
.
|
(e)
|
Facility 3: revolving margin line in the amount of up to
Euro 7,000,000.00
(in words:
Euro Seven Million
)
(“Facility 3”)
.
|
(3)
|
Purpose
|
(a)
|
The proceeds of Facility 1 shall be applied towards general corporate purposes including working capital requirements of the Borrower as well as - pursuant to § 4 - of companies of which a Borrower directly or indirectly owns a majority interest according to § 16 of the German Stock Companies Act (
Aktiengesetz
)
(“Subsidiaries”)
. For purposes of this Credit Facility Agreement only the IPG (Beijing) Fiber Laser Technology Company Limited, Beijing, China is deemed to be a Subsidiary (irrespective of § 16 of the German Stock Companies Act).
|
(b)
|
the proceeds of Facility 2 shall be applied towards the issuance of Guarantees upon instruction of the Borrower as well as - pursuant to § 4 - of its respective Subsidiaries.
|
(c)
|
Facility 3 may only be utilized by entering into financial derivatives transactions with the Borrower as well as - subject to the provisions of § 4 its Subsidiaries.
|
(4)
|
Definitions
|
(1)
|
Cash Credit Facility
|
(a)
|
Cash Credit
|
(b)
|
EURIBOR-Fixed Interest Loan
|
(c)
|
Utilization in foreign currency
|
(2)
|
Guarantee Facility
|
(a)
|
Guarantees
|
(b)
|
Special Conditions for Guarantee Business
|
(c)
|
Conditional Acceptance
|
(d)
|
Duration of Guarantees
|
(e)
|
Guarantees in foreign currency
|
(3)
|
Revolving Margin Line
|
(1)
|
Utilization by Subsidiaries
|
(2)
|
Allocation of Subsidiary Facilities
|
(3)
|
Exemption from Banking Secrecy
|
(1)
|
The Borrower will repay all amounts outstanding in full at the latest at the end of the Term of the respective Facilities unless otherwise agreed.
|
(2)
|
If after the termination of Facility 2 Guarantees are outstanding - also under Subsidiary Facilities, as the case may be - and the collateral provided to the Bank or Lending Office (taking into account the Corporate Guarantee to be provided according to § 4) does not cover the full amount of any risk resulting from such Guarantees the Borrower shall procure that the Bank be released within a reasonable period of time from its obligations under such Guarantees and
|
(3)
|
If, at the time the Facility 3 is being terminated, there are still Transactions outstanding also under Subsidiary Facilities, and the Bank, or the Lending Office (taking into account the Corporate Guarantee to be provided according to § 4), as the case may be does not hold collateral sufficient to cover the resulting potential future exposure, the Borrower shall - within a reasonable period of time - take appropriate measures in order to eliminate the Bank’s or Lending Office’s potential future exposure, e.g. by entering into Close-Out Transactions or by early terminating Transactions by way of mutual agreement.
|
(1)
|
General
|
(a)
|
Authorization for debiting
|
(c)
|
Arrangement Fee
|
(a)
|
Interest rate for current account cash advances
|
(b)
|
Interest for EURIBOR-Fixed Interest Loans
|
(c)
|
Utilization in foreign currency
|
(3)
|
Facility 2
|
(a)
|
Commission on Guarantees
|
i)
|
0.35% p.a. for guarantees with a term of up to 12 months
|
ii)
|
0.5% p.a. for guarantees with a term longer than 12 months and up to 24 months
|
iii)
|
0.65% p.a. for guarantees longer than 24 months
|
(c)
|
Remuneration for special services in connection with Guarantees
|
(1)
|
The Bank has received all documents and evidence listed below in form and content satisfactory to the Bank and none of these turned out to be wrong:
|
(a)
|
All information required by law (§ 1 subpara. 6 of the German Money-Laundering Act (GwG)) regarding the beneficial owner/s and the Declaration of the Borrower according to the GWG with regard to this Credit Facility Agreement.
|
(2)
|
The Borrower is not in default with any obligation vis-à-vis the Bank set out in §9 GENERAL UNDERTAKINGS or other material obligation under this Credit Facility Agreement.
|
(1)
|
Information
|
-
|
an original of its audited financial statement, at least with the content required by law and including appendix and management report;
|
-
|
the audited consolidated financial statement (consolidated balance sheet, consolidated statement of income and explanatory notes to consolidated financial statement) together with the group management report of the Borrower’s group of companies including the respective auditor’s reports;
|
(2)
|
Purpose
|
(5)
|
Credit agreements with other financial institutions
|
(1)
|
the Borrower does not comply with the General Undertakings set out in §9 or other material obligations under this Credit Facility Agreement or under any collateral agreement entered into in connection with this Credit Facility Agreement, or
|
(2)
|
a Change of Control occurs and the parties do not reach an agreement on the continuation of the Credit Facility Agreement on changed terms and conditions, e.g. in respect of interest rate, collateral, or other agreements, in due time, or
|
(3)
|
any other Financial Indebtedness of the Borrower is not paid when due or is declared, or capable of being declared, due and payable by any creditor(s) thereof prior to its agreed maturity by reasons of the occurrence of an event of default (howsoever described) and the aggregate of all such Financial Indebtedness exceeds an amount of EURO 5,000,000.00 (in words: Euro three million) or the equivalent thereof in any other currency or currencies (“Cross Default”).
|
(1)
|
Hedges
|
(2)
|
Foreign exchange risk
|
(3)
|
Disclosure of Information
|
(4)
|
Withholding Tax
|
(5)
|
Expenses and Indemnity
|
(6)
|
Judgment Currency
|
(7)
|
Choice of Law and Jurisdiction
|
(a)
|
The offer of the Bank to enter into this Credit Facility Agreement expires on
July
31
st
, 2017 (“Expiration Date”)
.
|
(b)
|
This Credit Facility Agreement becomes effective upon receipt by the Bank of this Credit Facility Agreement duly signed by all parties but not before July 31
st
, 2017 and not before effectiveness of the Individual Corporate Guarantee in the amount of EUR 50,000,000.00 according to § 7.
|
(c)
|
Upon its effectiveness this Credit Facility Agreement amends the credit agreement of 07.08.2014 regarding an Umbrella Facility in the amount of EUR 30,000,000.00 including Amendments 1-4 dated 01/10/2015, 18/04/2016, 21/09/2016 and 16/12/2016. Utilizations under such credit agreement of 07.08.2014 regarding an Umbrella Facility in the amount of EUR 30.000.000,00 including Amendment 1 -4 will be accounted as utilization of the Facilities or of the relevant Facility 1, 2 or 3, respectively.
|
(10)
|
Severability Clause
|
Deutsche Bank AG
|
|
|
Filiale Deutschlandgeschäft
|
|
|
|
|
|
Cologne, July 27, 2017
|
|
/s/ Joachim Gartz /s/ Maike Kordes
|
Place, Date
|
|
|
|
|
|
IPG Laser GmbH
|
|
|
|
|
|
Burbach, July 31, 2017
|
|
/s/ Eugene Scherbakov
|
Place, Date
|
|
|
|
|
|
|
|
|
Noted and agreed especially regarding § 7 and § 11 (7):
|
||
|
|
|
IPG Photonics Corporation
|
|
|
|
|
|
Oxford, July 31, 2017
|
|
/s/ Timothy P.V. Mammen
|
Place, Date
|
|
|
|
|
|
|
|
Oxford, MA, July 31, 2017
|
|
/s/ Timothy P.V. Mammen
|
||
Place and date
|
|
legally binding signature Name(s) and title(s) of the authorized signatory(ies)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
|
|
Six Months Ended June 30,
|
|
|
||||||||||||||
(In millions, except per share data)
|
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||||||
Revenue
|
|
$
|
369.4
|
|
|
$
|
252.8
|
|
|
46
|
%
|
|
$
|
655.2
|
|
|
$
|
460.0
|
|
|
42
|
%
|
Gross margin
|
|
55.9
|
%
|
|
54.5
|
%
|
|
|
|
55.5
|
%
|
|
54.8
|
%
|
|
|
||||||
Operating income
|
|
$
|
141.1
|
|
|
$
|
95.0
|
|
|
49
|
%
|
|
$
|
242.6
|
|
|
$
|
165.0
|
|
|
47
|
%
|
Operating margin
|
|
38.2
|
%
|
|
37.6
|
%
|
|
|
|
37.0
|
%
|
|
35.9
|
%
|
|
|
||||||
Net income attributable to IPG Photonics Corporation
|
|
$
|
104.1
|
|
|
$
|
67.1
|
|
|
55
|
%
|
|
$
|
179.1
|
|
|
$
|
116.4
|
|
|
54
|
%
|
Earnings per diluted share
|
|
$
|
1.91
|
|
|
$
|
1.25
|
|
|
53
|
%
|
|
$
|
3.29
|
|
|
$
|
2.17
|
|
|
52
|
%
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(in thousands, except per share data)
|
||||||||||||||
NET SALES
|
|
$
|
369,373
|
|
|
$
|
252,787
|
|
|
$
|
655,219
|
|
|
$
|
460,035
|
|
COST OF SALES
|
|
163,077
|
|
|
115,084
|
|
|
291,656
|
|
|
207,921
|
|
||||
GROSS PROFIT
|
|
206,296
|
|
|
137,703
|
|
|
363,563
|
|
|
252,114
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
|
12,136
|
|
|
9,689
|
|
|
22,963
|
|
|
17,723
|
|
||||
Research and development
|
|
25,960
|
|
|
18,412
|
|
|
48,740
|
|
|
35,901
|
|
||||
General and administrative
|
|
19,875
|
|
|
16,151
|
|
|
37,601
|
|
|
30,052
|
|
||||
Loss (gain) on foreign exchange
|
|
7,183
|
|
|
(1,556
|
)
|
|
11,636
|
|
|
3,411
|
|
||||
Total operating expenses
|
|
65,154
|
|
|
42,696
|
|
|
120,940
|
|
|
87,087
|
|
||||
OPERATING INCOME
|
|
141,142
|
|
|
95,007
|
|
|
242,623
|
|
|
165,027
|
|
||||
OTHER INCOME (EXPENSE), Net:
|
|
|
|
|
|
|
|
|
||||||||
Interest income, net
|
|
468
|
|
|
270
|
|
|
776
|
|
|
462
|
|
||||
Other income (expense), net
|
|
23
|
|
|
141
|
|
|
(506
|
)
|
|
148
|
|
||||
Total other income (expense)
|
|
491
|
|
|
411
|
|
|
270
|
|
|
610
|
|
||||
INCOME BEFORE PROVISION FOR INCOME TAXES
|
|
141,633
|
|
|
95,418
|
|
|
242,893
|
|
|
165,637
|
|
||||
PROVISION FOR INCOME TAXES
|
|
(37,530
|
)
|
|
(28,387
|
)
|
|
(63,858
|
)
|
|
(49,277
|
)
|
||||
NET INCOME
|
|
104,103
|
|
|
67,031
|
|
|
179,035
|
|
|
116,360
|
|
||||
LESS: NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
(13
|
)
|
|
(27
|
)
|
|
(26
|
)
|
|
(25
|
)
|
||||
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION
|
|
$
|
104,116
|
|
|
$
|
67,058
|
|
|
$
|
179,061
|
|
|
$
|
116,385
|
|
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER SHARE:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
1.95
|
|
|
$
|
1.26
|
|
|
$
|
3.35
|
|
|
$
|
2.20
|
|
Diluted
|
|
$
|
1.91
|
|
|
$
|
1.25
|
|
|
$
|
3.29
|
|
|
$
|
2.17
|
|
WEIGHTED AVERAGE SHARES OUTSTANDING:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
53,380
|
|
|
53,065
|
|
|
53,403
|
|
|
52,981
|
|
||||
Diluted
|
|
54,471
|
|
|
53,788
|
|
|
54,450
|
|
|
53,705
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Cost of sales
|
|
$
|
1,462
|
|
|
$
|
1,545
|
|
|
$
|
2,853
|
|
|
$
|
2,964
|
|
Sales and marketing
|
|
516
|
|
|
497
|
|
|
968
|
|
|
912
|
|
||||
Research and development
|
|
1,232
|
|
|
1,220
|
|
|
2,437
|
|
|
2,313
|
|
||||
General and administrative
|
|
2,498
|
|
|
2,215
|
|
|
4,801
|
|
|
4,247
|
|
||||
Total stock-based compensation
|
|
5,708
|
|
|
5,477
|
|
|
11,059
|
|
|
10,436
|
|
||||
Tax benefit recognized
|
|
(1,853
|
)
|
|
(1,765
|
)
|
|
(3,573
|
)
|
|
(3,349
|
)
|
||||
Net stock-based compensation
|
|
$
|
3,855
|
|
|
$
|
3,712
|
|
|
$
|
7,486
|
|
|
$
|
7,087
|
|
(In thousands, except share and per share data)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Excess tax benefit on exercise of stock options included in net income
|
|
$
|
3,394
|
|
|
$
|
—
|
|
|
$
|
7,524
|
|
|
$
|
—
|
|
Increase in weighted-average diluted shares outstanding
|
|
238,917
|
|
|
—
|
|
|
210,776
|
|
|
—
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Step-up of inventory (1)
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
$
|
10
|
|
|
$
|
374
|
|
|
$
|
10
|
|
|
$
|
374
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
|
$
|
592
|
|
|
$
|
579
|
|
|
$1,337
|
|
$924
|
||||
Sales and marketing
|
|
416
|
|
|
162
|
|
|
576
|
|
|
200
|
|
||||
Research and development
|
|
160
|
|
|
160
|
|
|
320
|
|
|
320
|
|
||||
Impairment charge related to long-lived asset
|
|
|
|
|
|
|
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
162
|
|
|
—
|
|
||||
Total acquisition related costs and other charges
|
|
$
|
1,178
|
|
|
$
|
1,275
|
|
|
$
|
2,405
|
|
|
$
|
1,818
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands, except share and per
share data) |
||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
808,111
|
|
|
$
|
623,855
|
|
Short-term investments
|
|
122,304
|
|
|
206,779
|
|
||
Accounts receivable, net
|
|
237,332
|
|
|
155,901
|
|
||
Inventories
|
|
260,661
|
|
|
239,010
|
|
||
Prepaid income taxes
|
|
37,912
|
|
|
34,128
|
|
||
Prepaid expenses and other current assets
|
|
44,454
|
|
|
41,289
|
|
||
Total current assets
|
|
1,510,774
|
|
|
1,300,962
|
|
||
DEFERRED INCOME TAXES, NET
|
|
47,843
|
|
|
42,442
|
|
||
GOODWILL
|
|
28,728
|
|
|
19,828
|
|
||
INTANGIBLE ASSETS, NET
|
|
32,294
|
|
|
28,789
|
|
||
PROPERTY, PLANT AND EQUIPMENT, NET
|
|
389,853
|
|
|
379,375
|
|
||
OTHER ASSETS
|
|
21,050
|
|
|
18,603
|
|
||
TOTAL
|
|
$
|
2,030,542
|
|
|
$
|
1,789,999
|
|
LIABILITIES AND EQUITY
|
||||||||
CURRENT LIABILITIES:
|
|
|
|
|
||||
Current portion of long-term debt
|
|
$
|
1,188
|
|
|
$
|
3,188
|
|
Accounts payable
|
|
28,996
|
|
|
28,048
|
|
||
Accrued expenses and other liabilities
|
|
116,499
|
|
|
102,485
|
|
||
Income taxes payable
|
|
10,102
|
|
|
24,554
|
|
||
Total current liabilities
|
|
156,785
|
|
|
158,275
|
|
||
DEFERRED INCOME TAXES AND OTHER LONG-TERM LIABILITIES
|
|
48,025
|
|
|
36,365
|
|
||
LONG-TERM DEBT, NET OF CURRENT PORTION
|
|
21,375
|
|
|
37,635
|
|
||
Total liabilities
|
|
226,185
|
|
|
232,275
|
|
||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
||||
IPG PHOTONICS CORPORATION STOCKHOLDERS' EQUITY:
|
|
|
|
|
||||
Common stock, $0.0001 par value, 175,000,000 shares authorized; 53,793,622 and 53,492,316 shares issued and outstanding, respectively, at June 30, 2017; 53,354,579 and 53,251,805 shares issued and outstanding, respectively, at December 31, 2016
|
|
5
|
|
|
5
|
|
||
Treasury stock, at cost (301,306 and 102,774 shares held)
|
|
(33,058
|
)
|
|
(8,946
|
)
|
||
Additional paid-in capital
|
|
681,263
|
|
|
650,974
|
|
||
Retained earnings
|
|
1,275,314
|
|
|
1,094,108
|
|
||
Accumulated other comprehensive loss
|
|
(119,167
|
)
|
|
(178,583
|
)
|
||
Total IPG Photonics Corporation stockholders' equity
|
|
1,804,357
|
|
|
1,557,558
|
|
||
NONCONTROLLING INTERESTS
|
|
—
|
|
|
166
|
|
||
Total equity
|
|
$
|
1,804,357
|
|
|
$
|
1,557,724
|
|
TOTAL
|
|
$
|
2,030,542
|
|
|
$
|
1,789,999
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2017
|
|
2016
|
||||
|
|
(In thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net income
|
|
$
|
179,035
|
|
|
$
|
116,360
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
29,714
|
|
|
23,653
|
|
||
Provisions for inventory, warranty & bad debt
|
|
22,754
|
|
|
20,459
|
|
||
Other
|
|
21,818
|
|
|
3,702
|
|
||
Changes in assets and liabilities that used cash:
|
|
|
|
|
||||
Accounts receivable/payable
|
|
(71,720
|
)
|
|
(5,556
|
)
|
||
Inventories
|
|
(25,820
|
)
|
|
(34,668
|
)
|
||
Other
|
|
(22,679
|
)
|
|
(15,646
|
)
|
||
Net cash provided by operating activities
|
|
133,102
|
|
|
108,304
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(43,632
|
)
|
|
(70,863
|
)
|
||
Proceeds from sales of property, plant and equipment
|
|
15,284
|
|
|
184
|
|
||
Purchases of short-term investments
|
|
(71,244
|
)
|
|
(62,211
|
)
|
||
Proceeds from short-term investments
|
|
156,171
|
|
|
41,720
|
|
||
Acquisition of businesses, net of cash acquired
|
|
(11,307
|
)
|
|
(46,527
|
)
|
||
Other
|
|
(568
|
)
|
|
72
|
|
||
Net cash provided by (used in) investing activities
|
|
44,704
|
|
|
(137,625
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
||||
Purchase of noncontrolling interests
|
|
(197
|
)
|
|
(950
|
)
|
||
Proceeds on long-term borrowings
|
|
—
|
|
|
23,750
|
|
||
Principal payments on long-term borrowings
|
|
(18,260
|
)
|
|
(1,000
|
)
|
||
Proceeds from issuance of common stock under employee stock option and purchase plans less payments for taxes related to net share settlement of equity awards
|
|
17,152
|
|
|
8,579
|
|
||
Purchase of Treasury Stock, at cost
|
|
(24,112
|
)
|
|
—
|
|
||
Net cash (used in) provided by financing activities
|
|
(25,417
|
)
|
|
30,379
|
|
||
EFFECT OF CHANGES IN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS
|
|
31,867
|
|
|
3,696
|
|
||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
|
184,256
|
|
|
4,754
|
|
||
CASH AND CASH EQUIVALENTS — Beginning of period
|
|
623,855
|
|
|
582,532
|
|
||
CASH AND CASH EQUIVALENTS — End of period
|
|
$
|
808,111
|
|
|
$
|
587,286
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
975
|
|
|
$
|
349
|
|
Cash paid for income taxes
|
|
$
|
80,956
|
|
|
$
|
66,478
|
|