[April 26, 2018] |
|
Power Integrations Reports First-Quarter Financial Results
Power Integrations (Nasdaq: POWI)
today announced financial results for the quarter ended March 31, 2018.
Net revenues for the first quarter were $103.1 million, a decrease of
five percent from the prior quarter and a decrease of two percent from
the first quarter of 2017. Net income for the quarter was $14.2 million
or $0.46 per diluted share, compared to a net loss of $0.57 per share in
the prior quarter and net income of $0.47 per diluted share in the first
quarter of 2017. Cash flow from operations was $15.7 million for the
quarter.
In addition to its GAAP results, the company provided certain non-GAAP
financial measures that exclude stock-based compensation expenses,
amortization of intangible assets, the tax effects of these items, and a
charge incurred in the fourth quarter of 2017 in connection with the Tax
Cuts and Jobs Act. Non-GAAP net income for the first quarter of 2018 was
$20.4 million or $0.67 per diluted share, compared with $0.74 per
diluted share in the prior quarter and $0.63 per diluted share in the
first quarter of 2017.
Commented Balu Balakrishnan, president and CEO of Power Integrations:
"First-quarter revenues were consistent with our expectations, while
gross margins exceeded our projections due mainly to a favorable
end-market mix. Bookings strengthened compared with the prior quarter,
and we expect healthy sequential revenue growth in the second quarter."
Additional Highlights
-
Power Integrations repurchased approximately 498,000 shares of its
common stock during the first quarter, utilizing $33.3 million. The
company had $41.1 million remaining on its repurchase authorization at
quarter-end.
-
The company paid a dividend of $0.16/share on March 30, 2018. A
dividend of $0.16/ share is scheduled for June 29, 2018, to
stockholders of record as of May 31, 2018.
-
Power Integrations was issued 10 U.S. patents during the first quarter
of 2018.
Financial Outlook
The company issued the following forecast for the second quarter of 2018:
-
Revenues are expected to be $109 million plus or minus $3 million.
-
GAAP gross margin is expected to be approximately 51 percent; non-GAAP
gross margin is expected to be approximately 52 percent. (The
difference between the expected GAAP and non-GAAP gross margins is
composed of approximately 0.7 percentage points from amortization of
acquisition-related intangible assets and 0.3 percentage points from
stock-based compensation.)
-
GAAP operating expenses are expected to be approximately $41.5
million; non-GAAP operating expenses are expected to be approximately
$35 million. (Non-GAAP expenses are expected to exclude approximately
$6 million of stock-based compensation and $0.5 million of
amortization of acquisition-related intangible assets.)
Conference Call Today at 1:30 p.m. Pacific Time
Power Integrations management will hold a conference call today at 1:30
p.m. Pacific time. Members of the investment community can join the call
by dialing 1-647-689-4187. The call will also be available on the
investor section of the company's website, http://investors.power.com.
About Power Integrations
Power
Integrations, Inc. is a leading innovator in semiconductor
technologies for high-voltage power conversion. The company's products
are key building blocks in the clean-power ecosystem, enabling the
generation of renewable energy as well as the efficient transmission and
consumption of power in applications ranging from milliwatts to
megawatts. For more information please visit www.power.com.
Note Regarding Use of Non-GAAP Financial Measures
In addition to the company's consolidated financial statements, which
are presented according to GAAP, the company provides certain non-GAAP
financial information that excludes stock-based compensation expenses
recorded under ASC 718-10, amortization of acquisition-related
intangible assets (including in-place lease intangible assets), the tax
effects of these items, and a charge related to the 2017 tax
legislation. The company uses these measures in its financial and
operational decision-making and, with respect to one measure, in setting
performance targets for compensation purposes. The company believes that
these non-GAAP measures offer important analytical tools to help
investors understand its operating results, and to facilitate
comparability with the results of companies that provide similar
measures. These non-GAAP measures have limitations as analytical tools
and are not meant to be considered in isolation or as a substitute for
GAAP financial information. For example, stock-based compensation is an
important component of the company's compensation mix, and will continue
to result in significant expenses in the company's GAAP results for the
foreseeable future, but is not reflected in the non-GAAP measures. Also,
other companies, including companies in Power Integrations' industry,
may calculate non-GAAP measures differently, limiting their usefulness
as comparative measures. Reconciliations of non-GAAP measures to GAAP
measures are attached to this press release.
Note Regarding Forward-Looking Statements
The statements in this press release regarding the company's
expectations and forecast for its second-quarter financial performance
are forward-looking statements reflecting management's current
expectations and beliefs. These forward-looking statements are based on
current information that is, by its nature, subject to rapid and even
abrupt change. Due to risks and uncertainties associated with the
company's business, actual results could differ materially from those
projected or implied by these statements. These risks and uncertainties
include, but are not limited to: changes in global macroeconomic
conditions, which may impact the level of demand for the company's
products; potential changes and shifts in customer demand away from end
products that utilize the company's integrated circuits to end products
that do not incorporate the company's products; the effects of
competition, which may cause the company's revenues to decrease or cause
the company to decrease its selling prices for its products; the outcome
and cost of patent litigation, which may affect sales of the company's
products or could result in higher expenses and charges than currently
expected; unforeseen costs and expenses; and unfavorable fluctuations in
component costs or operating expenses resulting from changes in
commodity prices and/or exchange rates. In addition, new product
introductions and design wins are subject to the risks and uncertainties
that typically accompany development and delivery of complex
technologies to the marketplace, including product development delays
and defects and market acceptance of the new products. These and other
risk factors that may cause actual results to differ are more fully
explained under the caption "Risk Factors" in the company's most recent
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (SEC) on February 14, 2018. The company is under no
obligation (and expressly disclaims any obligation) to update or alter
its forward-looking statements, whether as a result of new information,
future events or otherwise, except as otherwise required by the rules
and regulations of the SEC.
Power Integrations and the Power Integrations logo are trademarks or
registered trademarks of Power Integrations, Inc.
|
POWER INTEGRATIONS, INC. CONSOLIDATED STATEMENTS OF
INCOME (in thousands, except per-share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
NET REVENUES
|
|
$
|
103,081
|
|
|
$
|
108,249
|
|
|
$
|
104,688
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
49,537
|
|
|
|
54,221
|
|
|
|
54,212
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
|
53,544
|
|
|
|
54,028
|
|
|
|
50,476
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
Research and development
|
|
|
17,481
|
|
|
|
17,180
|
|
|
|
16,640
|
|
Sales and marketing
|
|
|
12,574
|
|
|
|
12,743
|
|
|
|
11,633
|
|
General and administrative
|
|
|
9,014
|
|
|
|
9,127
|
|
|
|
8,704
|
|
Amortization of acquisition-related intangible assets
|
|
|
514
|
|
|
|
513
|
|
|
|
583
|
|
Total operating expenses
|
|
|
39,583
|
|
|
|
39,563
|
|
|
|
37,560
|
|
|
|
|
|
|
|
|
INCOME FROM OPERATIONS
|
|
|
13,961
|
|
|
|
14,465
|
|
|
|
12,916
|
|
|
|
|
|
|
|
|
Other income, net
|
|
|
836
|
|
|
|
796
|
|
|
|
506
|
|
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
|
|
14,797
|
|
|
|
15,261
|
|
|
|
13,422
|
|
|
|
|
|
|
|
|
PROVISION (BENEFIT) FOR INCOME TAXES
|
|
|
597
|
|
|
|
32,159
|
|
|
|
(677
|
)
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
|
|
$
|
14,200
|
|
|
$
|
(16,898
|
)
|
|
$
|
14,099
|
|
|
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE:
|
|
|
|
|
|
|
Basic
|
|
$
|
0.48
|
|
|
$
|
(0.57
|
)
|
|
$
|
0.48
|
|
Diluted
|
|
$
|
0.46
|
|
|
$
|
(0.57
|
)
|
|
$
|
0.47
|
|
|
|
|
|
|
|
|
SHARES USED IN PER-SHARE CALCULATION:
|
|
|
|
|
|
|
Basic
|
|
|
29,799
|
|
|
|
29,759
|
|
|
|
29,456
|
|
Diluted
|
|
|
30,552
|
|
|
|
29,759
|
|
|
|
30,248
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expenses included in:
|
|
|
|
|
|
|
Cost of revenues
|
|
$
|
249
|
|
|
$
|
436
|
|
|
$
|
143
|
|
Research and development
|
|
|
1,839
|
|
|
|
2,338
|
|
|
|
1,634
|
|
Sales and marketing
|
|
|
1,276
|
|
|
|
1,470
|
|
|
|
1,097
|
|
General and administrative
|
|
|
2,261
|
|
|
|
2,611
|
|
|
|
2,095
|
|
Total stock-based compensation expense
|
|
$
|
5,625
|
|
|
$
|
6,855
|
|
|
$
|
4,969
|
|
|
|
|
|
|
|
|
Cost of revenues includes:
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets
|
|
$
|
813
|
|
|
$
|
939
|
|
|
$
|
939
|
|
|
|
|
|
|
|
|
General & administrative expenses include:
|
|
|
|
|
|
|
Patent-litigation expenses
|
|
$
|
1,897
|
|
|
$
|
1,914
|
|
|
$
|
1,844
|
|
|
|
|
|
|
|
|
Other income, net includes:
|
|
|
|
|
|
|
Amortization of in-place lease intangible assets
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
90
|
|
|
|
|
|
|
|
|
REVENUE MIX BY END MARKET
|
|
|
|
|
|
|
Communications
|
|
|
19
|
%
|
|
|
25
|
%
|
|
|
28
|
%
|
Computer
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
4
|
%
|
Consumer
|
|
|
40
|
%
|
|
|
37
|
%
|
|
|
37
|
%
|
Industrial
|
|
|
36
|
%
|
|
|
33
|
%
|
|
|
31
|
%
|
|
POWER INTEGRATIONS, INC. RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES TO GAAP RESULTS (in thousands, except
per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
RECONCILIATION OF GROSS PROFIT
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
53,544
|
|
|
$
|
54,028
|
|
|
$
|
50,476
|
|
|
GAAP gross margin
|
|
|
51.9
|
%
|
|
|
49.9
|
%
|
|
|
48.2
|
%
|
|
|
|
|
|
|
|
|
Stock-based compensation included in cost of revenues
|
|
|
249
|
|
|
|
436
|
|
|
|
143
|
|
Amortization of acquisition-related intangible assets
|
|
|
813
|
|
|
|
939
|
|
|
|
939
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
|
|
$
|
54,606
|
|
|
$
|
55,403
|
|
|
$
|
51,558
|
|
|
Non-GAAP gross margin
|
|
|
53.0
|
%
|
|
|
51.2
|
%
|
|
|
49.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF OPERATING EXPENSES
|
|
|
|
|
|
|
GAAP operating expenses
|
|
$
|
39,583
|
|
|
$
|
39,563
|
|
|
$
|
37,560
|
|
|
|
|
|
|
|
|
|
Less:
|
Stock-based compensation expense included in operating expenses
|
|
|
|
|
|
|
|
Research and development
|
|
|
1,839
|
|
|
|
2,338
|
|
|
|
1,634
|
|
|
Sales and marketing
|
|
|
1,276
|
|
|
|
1,470
|
|
|
|
1,097
|
|
|
General and administrative
|
|
|
2,261
|
|
|
|
2,611
|
|
|
|
2,095
|
|
|
Total
|
|
|
5,376
|
|
|
|
6,419
|
|
|
|
4,826
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
514
|
|
|
|
513
|
|
|
|
583
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating expenses
|
|
$
|
33,693
|
|
|
$
|
32,631
|
|
|
$
|
32,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF INCOME FROM OPERATIONS
|
|
|
|
|
|
|
GAAP income from operations
|
|
$
|
13,961
|
|
|
$
|
14,465
|
|
|
$
|
12,916
|
|
|
GAAP operating margin
|
|
|
13.5
|
%
|
|
|
13.4
|
%
|
|
|
12.3
|
%
|
|
|
|
|
|
|
|
|
Add:
|
Total stock-based compensation
|
|
|
5,625
|
|
|
|
6,855
|
|
|
|
4,969
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,327
|
|
|
|
1,452
|
|
|
|
1,522
|
|
|
|
|
|
|
|
|
|
Non-GAAP income from operations
|
|
$
|
20,913
|
|
|
$
|
22,772
|
|
|
$
|
19,407
|
|
|
Non-GAAP operating margin
|
|
|
20.3
|
%
|
|
|
21.0
|
%
|
|
|
18.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF PROVISION (BENEFIT) FOR INCOME TAXES
|
|
|
|
|
|
|
GAAP provision (benefit) for income taxes
|
|
$
|
597
|
|
|
$
|
32,159
|
|
|
$
|
(677
|
)
|
|
GAAP effective tax rate
|
|
|
4.0
|
%
|
|
|
210.7
|
%
|
|
|
-5.0
|
%
|
|
|
|
|
|
|
|
|
Impact of enactment of U.S. tax legislation
|
|
|
-
|
|
|
|
37,524
|
|
|
|
-
|
|
Tax effect of adjustments to GAAP results
|
|
|
(789
|
)
|
|
|
(6,267
|
)
|
|
|
(1,533
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP provision for income taxes
|
|
$
|
1,386
|
|
|
$
|
902
|
|
|
$
|
856
|
|
|
Non-GAAP effective tax rate
|
|
|
6.4
|
%
|
|
|
3.8
|
%
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME (LOSS) PER SHARE (DILUTED)
|
|
|
|
|
|
|
GAAP net income (loss)
|
|
$
|
14,200
|
|
|
$
|
(16,898
|
)
|
|
$
|
14,099
|
|
|
|
|
|
|
|
|
|
Adjustments to GAAP net income (loss)
|
|
|
|
|
|
|
|
Stock-based compensation
|
|
|
5,625
|
|
|
|
6,855
|
|
|
|
4,969
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,327
|
|
|
|
1,452
|
|
|
|
1,522
|
|
|
Amortization of in-place lease intangible assets
|
|
|
-
|
|
|
|
-
|
|
|
|
90
|
|
|
Impact of enactment of U.S. tax legislation
|
|
|
-
|
|
|
|
37,524
|
|
|
|
-
|
|
|
Tax effect of items excluded from non-GAAP results
|
|
|
(789
|
)
|
|
|
(6,267
|
)
|
|
|
(1,533
|
)
|
|
|
|
|
|
|
|
|
Non-GAAP net income
|
|
$
|
20,363
|
|
|
$
|
22,666
|
|
|
$
|
19,147
|
|
|
|
|
|
|
|
|
|
Average shares outstanding for calculation of non-GAAP income per
share (diluted)
|
|
|
30,552
|
|
|
|
30,692
|
|
|
|
30,248
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share (diluted)
|
|
$
|
0.67
|
|
|
$
|
0.74
|
|
|
$
|
0.63
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) per share
|
|
$
|
0.46
|
|
|
$
|
(0.57
|
)
|
|
$
|
0.47
|
|
|
POWER INTEGRATIONS, INC. CONSOLIDATED BALANCE SHEETS (in
thousands)
|
|
|
|
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
ASSETS
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
121,327
|
|
|
$
|
93,655
|
|
Short-term marketable securities
|
|
|
136,370
|
|
|
|
189,236
|
|
Accounts receivable, net
|
|
|
17,727
|
|
|
|
16,798
|
|
Inventories
|
|
|
63,208
|
|
|
|
57,087
|
|
Prepaid expenses and other current assets
|
|
|
11,003
|
|
|
|
7,758
|
|
Total current assets
|
|
|
349,635
|
|
|
|
364,534
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT, net
|
|
|
109,871
|
|
|
|
111,705
|
|
INTANGIBLE ASSETS, net
|
|
|
25,071
|
|
|
|
25,419
|
|
GOODWILL
|
|
|
91,849
|
|
|
|
91,849
|
|
DEFERRED TAX ASSETS
|
|
|
2,506
|
|
|
|
2,364
|
|
OTHER ASSETS
|
|
|
25,502
|
|
|
|
25,203
|
|
Total assets
|
|
$
|
604,434
|
|
|
$
|
621,074
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
Accounts payable
|
|
$
|
30,991
|
|
|
$
|
33,211
|
|
Accrued payroll and related expenses
|
|
|
10,564
|
|
|
|
12,064
|
|
Taxes payable
|
|
|
2,183
|
|
|
|
1,767
|
|
Other accrued liabilities
|
|
|
4,427
|
|
|
|
4,009
|
|
Total current liabilities
|
|
|
48,165
|
|
|
|
51,051
|
|
|
|
|
|
|
LONG-TERM LIABILITIES:
|
|
|
|
|
Income taxes payable
|
|
|
18,138
|
|
|
|
18,259
|
|
Deferred tax liabilities
|
|
|
140
|
|
|
|
138
|
|
Other liabilities
|
|
|
4,159
|
|
|
|
3,944
|
|
Total liabilities
|
|
|
70,602
|
|
|
|
73,392
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY:
|
|
|
|
|
Common stock
|
|
|
29
|
|
|
|
29
|
|
Additional paid-in capital
|
|
|
175,352
|
|
|
|
198,384
|
|
Accumulated other comprehensive loss
|
|
|
(2,382
|
)
|
|
|
(2,139
|
)
|
Retained earnings
|
|
|
360,833
|
|
|
|
351,408
|
|
Total stockholders' equity
|
|
|
533,832
|
|
|
|
547,682
|
|
Total liabilities and stockholders' equity
|
|
$
|
604,434
|
|
|
$
|
621,074
|
|
|
POWER INTEGRATIONS, INC. CONSOLIDATED STATEMENTS OF
CASH FLOWS (in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
March 31, 2017
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
14,200
|
|
|
$
|
(16,898
|
)
|
|
$
|
14,099
|
|
Adjustments to reconcile net income (loss) to cash provided by
operating activities
|
|
|
|
|
|
|
Depreciation
|
|
|
4,931
|
|
|
|
5,051
|
|
|
|
4,112
|
|
Amortization of intangible assets
|
|
|
1,348
|
|
|
|
1,452
|
|
|
|
1,612
|
|
Loss on disposal of property and equipment
|
|
|
38
|
|
|
|
36
|
|
|
|
38
|
|
Stock-based compensation expense
|
|
|
5,625
|
|
|
|
6,855
|
|
|
|
4,969
|
|
Amortization of premium on marketable securities
|
|
|
262
|
|
|
|
297
|
|
|
|
251
|
|
Deferred income taxes
|
|
|
(140
|
)
|
|
|
16,323
|
|
|
|
(1,105
|
)
|
Increase in accounts receivable allowances
|
|
|
5
|
|
|
|
-
|
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(934
|
)
|
|
|
394
|
|
|
|
(8,518
|
)
|
Inventories
|
|
|
(6,121
|
)
|
|
|
(1,929
|
)
|
|
|
1,415
|
|
Prepaid expenses and other assets
|
|
|
(3,141
|
)
|
|
|
3,402
|
|
|
|
(8,234
|
)
|
Accounts payable
|
|
|
233
|
|
|
|
(4,903
|
)
|
|
|
(2,377
|
)
|
Taxes payable and other accrued liabilities
|
|
|
(577
|
)
|
|
|
17,362
|
|
|
|
(315
|
)
|
Net cash provided by operating activities
|
|
|
15,729
|
|
|
|
27,442
|
|
|
|
5,947
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(6,491
|
)
|
|
|
(2,929
|
)
|
|
|
(6,403
|
)
|
Acquisition of technology licenses
|
|
|
(500
|
)
|
|
|
-
|
|
|
|
-
|
|
Purchases of marketable securities
|
|
|
-
|
|
|
|
(5,590
|
)
|
|
|
(61,938
|
)
|
Proceeds from sales and maturities of marketable securities
|
|
|
52,366
|
|
|
|
28,748
|
|
|
|
46,340
|
|
Net cash provided by (used in) investing activities
|
|
|
45,375
|
|
|
|
20,229
|
|
|
|
(22,001
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
Net proceeds from issuance of common stock
|
|
|
4,657
|
|
|
|
1,909
|
|
|
|
4,392
|
|
Repurchase of common stock
|
|
|
(33,314
|
)
|
|
|
(2,454
|
)
|
|
|
-
|
|
Payments of dividends to stockholders
|
|
|
(4,775
|
)
|
|
|
(4,171
|
)
|
|
|
(4,137
|
)
|
Proceeds from draw on line of credit
|
|
|
8,000
|
|
|
|
-
|
|
|
|
-
|
|
Payments on line of credit
|
|
|
(8,000
|
)
|
|
|
-
|
|
|
|
-
|
|
Net cash provided by (used in) financing activities
|
|
|
(33,432
|
)
|
|
|
(4,716
|
)
|
|
|
255
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
|
27,672
|
|
|
|
42,955
|
|
|
|
(15,799
|
)
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
|
93,655
|
|
|
|
50,700
|
|
|
|
62,134
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
121,327
|
|
|
$
|
93,655
|
|
|
$
|
46,335
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180426006663/en/
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