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leisure properties for sale overseas
News and Information Article
- Record net sales were $620.1 million for the second quarter of 2006. Net
sales increased 1 percent (3 percent excluding the impact of foreign
currency translation) for the second quarter of 2006 from the second
quarter of 2005.
- Operating profit before special items, as defined below, rose 23 percent
to $52.6 million in the second quarter of 2006 compared to $42.7 million in
the second quarter of 2005. Operating profit based on accounting principles
generally accepted in the United States (GAAP) was $51.6 million in the
second quarter of 2006 compared to $35.4 million in the second quarter of
2005.
- Diluted earnings per Class A share increased 27 percent in the second
quarter of 2006 to $1.03 before special items compared to $0.81 before
special items in the second quarter of 2005. GAAP diluted earnings per
Class A share were $0.97 in the second quarter of 2006 and $0.57 in the
second quarter of 2005.
DELAWARE, Ohio, May 31 /-FirstCall/ -- Greif, Inc. (NYSE:
GEF; GEF.B), a global leader in industrial packaging with niche businesses
in containerboard, corrugated packaging and timber, today announced results
for its second quarter of 2006, which ended on April 30, 2006.
Michael J. Gasser, Chairman and Chief Executive Officer, commented,
"Our second quarter results reflect improving volumes and margin expansion
on sequential quarter and year-over-year comparisons. These solid results
were driven by contributions from the disciplined Greif Business System and
improving industry fundamentals in all of our business segments. At the
midpoint of fiscal 2006, we are ahead of our original plan and anticipate
building upon these achievements during the remainder of the year."
Special Items and GAAP to Non-GAAP Reconciliation
Special items are as follows: (i) for the second quarter of 2006,
restructuring charges of $10.3 million ($7.2 million net of tax) and
timberland gains of $9.2 million ($5.5 million net of tax); and (ii) for
the second quarter of 2005, restructuring charges of $10.6 million ($7.5
million net of tax), timberland gains of $3.4 million ($2.4 million net of
tax) and debt extinguishment charge of $2.8 million ($2.0 million net of
tax). A reconciliation of the differences between all non-GAAP financial
measures used in this release with the most directly comparable GAAP
financial measures is included in the financial schedules that are a part
of this release.
Consolidated Results
Net Sales
Net sales were $620.1 million in the second quarter of 2006 compared to
$613.0 million in the second quarter of 2005. The $7.1 million increase was
primarily due to the Paper, Packaging & Services segment. As stated
previously, net sales increased 3 percent, after excluding the impact of
foreign currency translation, for the second quarter of 2006 from the same
quarter last year. This increase is primarily due to generally higher sales
volumes in all three of the Companys business segments. Net sales changes
for each of the Companys business segments are discussed in more detail
below. The Company has previously announced and implemented price increases
since the first quarter of 2006 for certain of its products due to higher
raw material costs.
Gross Profit
Gross profit was $109.4 million, or 17.6 percent of net sales, in the
second quarter of 2006 compared to $97.9 million, or 16.0 percent of net
sales, in the second quarter of 2005. Gross profit margin benefited from
positive contributions due to the Greif Business System and generally lower
raw material costs compared to the second quarter of 2005. These benefits
were partially offset by higher energy and transportation costs compared to
the second quarter of 2005.
Selling, General & Administrative (SG&A) Expenses
SG&A expenses were $62.4 million, or 10.1 percent of net sales, in the
second quarter of 2006 compared to $56.1 million, or 9.1 percent of net
sales, in the second quarter of 2005. The increase was primarily due to
higher accruals for performance-based incentive plans resulting from
improvements in the Companys current and planned results. On a full-year
basis, management expects SG&A expenses to be less than the 10 percent of
net sales target for fiscal 2006.
Operating Profit
Operating profit before special items was $52.6 million in the second
quarter of 2006 compared to $42.7 million in the second quarter of 2005.
The $9.9 million increase was due to the Industrial Packaging & Services
segment ($4.8 million), the Paper, Packaging & Services segment ($4.1
million) and the Timber segment ($1.1 million). There were $10.3 million
and $10.6 million of restructuring charges and $9.2 million and $3.4
million of timberland gains during the second quarter of 2006 and 2005,
respectively. GAAP operating profit was $51.6 million in the second quarter
of 2006 compared to $35.4 million in the second quarter of 2005.
Net Income and Diluted Earnings Per Share
Net income before special items was $30.4 million for the second
quarter of 2006 compared to $23.9 million in the second quarter of 2005.
Diluted earnings per share before special items were $1.03 per Class A
share compared to $0.81 per Class A share and $1.58 per Class B share
compared to $1.25 per Class B share for the second quarter of 2006 and
2005, respectively.
The Company had GAAP net income of $28.7 million, or $0.97 per diluted
Class A share and $1.49 per diluted Class B share, in the second quarter of
2006 compared to GAAP net income of $16.8 million, or $0.57 per diluted
Class A share and $0.88 per diluted Class B share, in the second quarter of
2005.
Business Group Results
Industrial Packaging & Services
The Industrial Packaging & Services segment offers a comprehensive line
of industrial packaging products, such as steel, fibre and plastic drums,
intermediate bulk containers, closure systems for industrial packaging
products and polycarbonate water bottles throughout the world. The key
factors influencing profitability in the Industrial Packaging & Services
segment are:
- Selling prices and sales volumes;
- Raw material costs, primarily steel, resin and containerboard;
- Benefits from the Greif Business System;
- Restructuring charges; and
- Impact of foreign currency translation.
In this segment, net sales were $459.0 million in the second quarter of
2006 compared to $458.4 million in the second quarter of 2005. Net sales
rose 2 percent excluding the impact of foreign currency translation. The
improvement in net sales was primarily due to organic growth in steel drums
and increased volume in fibre and plastic drums, which benefited from two
tuck-in acquisitions in the fourth quarter of 2005. This improvement was
partially offset by lower steel drum selling prices resulting from lower
steel costs on a year-over-year comparison.
The Industrial Packaging & Services segments gross profit margin
improved to 17.6 percent in the second quarter of 2006 from 15.6 percent in
the second quarter of 2005. This improvement was due to lower raw material
costs, primarily steel, and the Greif Business System compared to the same
period last year.
Operating profit before restructuring charges rose to $34.2 million in
the second quarter of 2006 from $29.4 million in the second quarter of
2005. Restructuring charges were $8.3 million in the second quarter of 2006
compared with $8.8 million a year ago. GAAP operating profit was $25.9
million in the second quarter of 2006 compared to $20.6 million in the
second quarter of 2005.
Paper, Packaging & Services
The Paper, Packaging & Services segment sells containerboard,
corrugated sheets and other corrugated products and multiwall bags in North
America. The key factors influencing profitability in the Paper, Packaging
& Services segment are:
- Selling prices and sales volumes;
- Raw material costs, primarily OCC;
- Energy and transportation costs;
- Benefits from the Greif Business System; and
- Restructuring charges.
In this segment, net sales were $156.5 million in the second quarter of
2006 compared to $150.0 million in the second quarter of 2005. The increase
in net sales was primarily due to improved sales volumes of containerboard
and corrugated sheets and higher containerboard selling prices.
Operating profit before restructuring charges was $14.4 million in the
second quarter of 2006 compared to $10.4 million in the second quarter of
2005. Restructuring charges were $2.0 million in the second quarter of 2006
compared to $1.8 million in the second quarter of 2005. The increase in
operating profit was primarily due to the improvement in net sales, lower
OCC costs and gain on sale of a warehouse ($2.0 million), partially offset
by higher energy and transportation costs ($5.3 million) as compared to the
second quarter of 2005. GAAP operating profit was $12.4 million in the
second quarter of 2006 compared to $8.6 million in the second quarter of
2005.
Timber
The Timber segment consists of approximately 251,500 acres of timber
properties in southeastern United States, which are actively harvested and
regenerated, and approximately 37,000 acres in Canada. The key factors
influencing profitability in the Timber segment are:
- Planned level of timber sales;
- Gains on sale of timberland; and
- Gains on sale of special use properties (surplus, higher and better
use, and development properties).
Net sales were $4.6 million in the second quarter of 2006 compared to
$4.5 million in the second quarter of 2005. Operating profit before special
items was $4.0 million (including $1.5 million resulting from the sale of
surplus as well as higher and better use properties) in the second quarter
of 2006 compared to $2.9 million in the second quarter of 2005. Special
items included insignificant restructuring charges in both periods and
timberland gains of $9.2 million in the second quarter of 2006 and $3.4
million in the second quarter of 2005. GAAP operating profit was $13.2
million in the second quarter of 2006 compared to $6.2 million in the
second quarter of 2005.
The Company completed the final phase of its previously reported $90
million sale of timberland, timber and associated assets in the second
quarter of 2006. In this phase, the Company sold 5,700 acres of timberland
holdings in Florida for $9.7 million, resulting in a gain of $9.0 million.
Greif Business System Update
The Greif Business System generates productivity improvements and
achieves permanent cost reductions. The opportunities continue to include,
but are not limited to, improved labor productivity, material yield and
other manufacturing efficiencies, coupled with further footprint
rationalization. Annualized benefits of approximately $125 million were
achieved through the end of fiscal 2005. The Company is implementing a
strategic sourcing initiative as part of the Greif Business System to more
effectively leverage its global spend and lay the foundation for a
world-class sourcing and supply chain capability. The Company expects
incremental benefits of approximately $30 million, primarily from the
strategic sourcing initiative, during fiscal 2006. Incremental benefits
from the Greif Business System totaled approximately $23 million for the
six months ended April 30, 2006.
Restructuring Charges
The Company had $10.3 million of restructuring charges during the
second quarter of 2006. These charges were primarily the result of closing
two industrial packaging facilities in the United Kingdom, an impairment
charge in connection with closing an industrial packaging facility in
France and the consolidation of corrugated sheet operations in the United
States. In addition, severance costs were incurred due to the elimination
of certain operating and administrative positions throughout the world. For
the second quarter of 2005, restructuring charges were $10.6 million.
Financing Arrangements
Net debt outstanding was $333.6 million at April 30, 2006 versus $437.7
million on the same date last year and $325.2 million at Oct. 31, 2005. Net
debt is long-term debt plus short-term borrowings less cash and cash
equivalents. GAAP long-term debt was $459.2 million at April 30, 2006
compared to $466.2 million at April 30, 2005 and $430.4 million at Oct. 31,
2005.
Interest expense was $9.8 million and $10.3 million in the second
quarter of 2006 and 2005, respectively. The decrease was due to lower
average debt outstanding as well as lower average interest rates during the
second quarter of 2006 compared to the second quarter of 2005.
Capital Expenditures
Capital expenditures were $35.6 million, excluding timberland purchases
of $1.2 million, in the second quarter of 2006 compared with capital
expenditures of $16.2 million, excluding timberland purchases of $1.3
million, during the second quarter of 2005.
For fiscal 2006, capital expenditures are expected to be approximately
$75 million, excluding timberland purchases, which would be approximately
$25 million below the Companys anticipated depreciation expense of
approximately $100 million.
Stock Repurchases and Cash Dividends
During the second quarter of 2006, the Company repurchased 41,200
shares of Class A and Class B Common Stock pursuant to its stock repurchase
program. The Board of Directors has authorized the Company to purchase up
to two million shares of the Companys Class A or Class B Common Stock or
any combination thereof. As of April 30, 2006, the Company had repurchased
1,068,424 shares, including 650,276 shares of Class A Common Stock and
418,148 shares of Class B Common Stock, under this program.
The Company paid $6.9 million of cash dividends to its Class A and
Class B stockholders in the second quarter of 2006 compared to $4.6 million
for the second quarter of 2005. This represents an increase of
approximately 50 percent per share for both classes of the Companys common
stock compared to the second quarter of 2005.
On May 30, 2006, the Board of Directors declared quarterly cash
dividends of $0.36 per share of Class A Common Stock and $0.54 per share of
Class B Common Stock, which marks the second consecutive year the Company
has increased quarterly cash dividends by 50 percent. These dividends are
payable on July 1, 2006 to shareholders of record at close of business on
June 16, 2006.
Company Outlook
The Company enters the second half of fiscal 2006 with positive
momentum based on higher sales volumes and improved margins during the
first half of fiscal 2006. Profitability has benefited from ongoing
initiatives to further embed the Greif Business Systems throughout the
Company, including recent contributions from strategic sourcing, coupled
with improving industry fundamentals.
The Companys guidance, which excludes special items, is being raised
$0.30 for its Class A common stock for fiscal 2006 to a range of $3.85 to
$3.95 per share. This range is approximately 18 percent to 21 percent above
fiscal 2005 on a similar basis.
Conference Call
The Company will host a conference call to discuss its second quarter
of 2006 results on June 1, 2006, at 10 a.m. ET. To participate, domestic
callers should call 800-218-0713 and ask for the Greif conference call. The
number for international callers is +1 303 262 2140. Phone lines will open
at 9:50 a.m. ET.
The conference call will also be available through a live webcast,
including slides, which can be accessed at http://www.greif.com. A replay of the
conference call will be available on the Companys website approximately
one hour following the call.
About Greif
Greif is a world leader in industrial packaging products and services.
The Company provides extensive expertise in steel, plastic, fibre,
corrugated and multiwall containers for a wide range of industries. Greif
also produces containerboard and manages timber properties in the United
States. Greif is strategically positioned in more than 40 countries to
serve multinational as well as regional customers. Additional information
is on the Companys website at http://www.greif.com.
Forward-Looking Statements
All statements other than statements of historical facts included in
this news release, including, without limitation, statements regarding the
Companys future financial position, business strategy, budgets, projected
costs, goals and plans and objectives of management for future operations,
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may," "will,"
"expect," "intend," "estimate," "anticipate," "project," "believe,"
"continue" or "target" or the negative thereof or variations thereon or
similar terminology. All forward-looking statements made in this news
release are based on information currently available to management.
Although the Company believes that the expectations reflected in
forward-looking statements have a reasonable basis, the Company can give no
assurance that these expectations will prove to be correct. Forward-looking
statements are subject to risks and uncertainties that could cause actual
events or results to differ materially from those expressed in or implied
by the statements. Such risks and uncertainties that might cause a
difference include, but are not limited to: general economic and business
conditions, including a prolonged or substantial economic downturn;
changing trends and demands in the industries in which the Company
competes, including industry over-capacity; industry competition; the
continuing consolidation of the Companys customer base for its industrial
packaging, containerboard and corrugated products; political instability in
those foreign countries where the Company manufactures and sells its
products; foreign currency fluctuations and devaluations; availability and
costs of raw materials for the manufacture of the Companys products,
particularly steel, resin and old corrugated containers; price fluctuations
in energy costs; costs associated with litigation or claims against the
Company pertaining to environmental, safety and health, product liability
and other matters; work stoppages and other labor relations matters;
property loss resulting from wars, acts of terrorism or natural disasters;
the Companys ability to integrate its newly acquired operations
effectively with its existing business; the Companys ability to achieve
improved operating efficiencies and capabilities; the Companys ability to
effectively embed and realize improvements from the Greif Business System;
the frequency and volume of sales of the Companys timber, timberland and
special use timberland; and the deviation of actual results from the
estimates and/or assumptions used by the Company in the application of its
significant accounting policies. These and other risks and uncertainties
that could materially affect the Companys consolidated financial results
are further discussed in its filings with the Securities and Exchange
Commission, including its Form 10-K for the year ended Oct. 31, 2005. The
Company assumes no obligation to update any forward-looking statements.
GREIF, INC. AND SUBSIDIARY COMPANIES
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
(Dollars in thousands, except per share amounts)
Three months ended Six months ended
April 30, April 30,
2006 2005 2006 2005
Net sales $620,107 $612,960 $1,202,423 $1,195,524
Cost of products sold 510,664 515,042 1,003,308 1,008,880
Gross profit 109,443 97,918 199,115 186,644
Selling, general and
administrative expenses 62,378 56,068 121,832 115,789
Restructuring charges 10,287 10,621 15,755 17,807
Gain on sale of assets 14,786 4,194 47,997 14,538
Operating profit 51,564 35,423 109,525 67,586
Interest expense, net 9,794 10,296 18,967 19,954
Debt extinguishment
charge -- 2,828 -- 2,828
Other income (loss), net 288 1,469 (194) 65
Income before income
tax expense 42,058 23,768 90,364 44,869
Income tax expense 13,365 7,001 28,319 12,966
Net income $28,693 $16,767 $62,045 $31,903
Basic earnings per share:
Class A Common Stock $0.99 $0.58 $2.15 $1.12
Class B Common Stock $1.49 $0.88 $3.22 $1.67
Diluted earnings per share:
Class A Common Stock $0.97 $0.57 $2.11 $1.09
Class B Common Stock $1.49 $0.88 $3.22 $1.67
Earnings per share were
calculated using the
following number of
shares:
Basic earnings per share:
Class A Common Stock 11,543,093 11,377,891 11,542,626 11,248,592
Class B Common Stock 11,530,487 11,561,189 11,534,566 11,600,974
Diluted earnings per share:
Class A Common Stock 11,858,020 11,813,749 11,852,643 11,636,293
Class B Common Stock 11,530,487 11,561,189 11,534,566 11,600,974
GREIF, INC. AND SUBSIDIARY COMPANIES
SEGMENT DATA
UNAUDITED
(Dollars in thousands)
Three months ended Six months ended
April 30, April 30,
2006 2005 2006 2005
Net sales
Industrial Packaging &
Services $459,008 $458,404 $888,728 $887,446
Paper, Packaging & Services 156,483 150,034 303,522 298,239
Timber 4,616 4,522 10,173 9,839
Total $620,107 $612,960 $1,202,423 $1,195,524
Operating profit
Operating profit before
restructuring charges and
timberland gains:
Industrial Packaging &
Services $34,205 $29,411 $58,445 $47,090
Paper, Packaging & Services 14,425 10,372 18,682 19,963
Timber 3,983 2,868 7,346 6,875
Operating profit before
restructuring charges
and timberland gains 52,613 42,651 84,473 73,928
Restructuring charges:
Industrial Packaging &
Services 8,265 8,809 12,487 15,607
Paper, Packaging & Services 2,022 1,764 3,258 2,141
Timber -- 48 10 59
Restructuring charges 10,287 10,621 15,755 17,807
Timberland gains:
Timber 9,238 3,393 40,807 11,465
Total $51,564 $35,423 $109,525 $67,586
Depreciation, depletion and
amortization expense
Industrial Packaging &
Services $15,143 $16,176 $30,225 $32,312
Paper, Packaging & Services 7,201 8,322 15,210 16,774
Timber 981 694 2,564 1,088
Total $23,325 $25,192 $47,999 $50,174
GREIF, INC. AND SUBSIDIARY COMPANIES
GEOGRAPHIC DATA
UNAUDITED
(Dollars in thousands)
Three months ended Six months ended
April 30, April 30,
2006 2005 2006 2005
Net sales
North America $366,338 $332,515 $705,479 $649,691
Europe 167,079 191,316 323,108 367,486
Other 86,690 89,129 173,836 178,347
Total $620,107 $612,960 $1,202,423 $1,195,524
Operating profit
Operating profit before
restructuring charges and
timberland gains:
North America $28,354 $19,303 $39,788 $36,940
Europe 14,288 13,883 26,955 19,923
Other 9,971 9,465 17,730 17,065
Operating profit before
restructuring charges and
timberland gains 52,613 42,651 84,473 73,928
Restructuring charges 10,287 10,621 15,755 17,807
Timberland gains 9,238 3,393 40,807 11,465
Total $51,564 $35,423 $109,525 $67,586
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(Dollars in thousands)
April 30, 2006 October 31, 2005
ASSETS
CURRENT ASSETS
Cash and cash equivalents $152,030 $122,411
Trade accounts receivable 283,496 258,636
Inventories 170,958 170,533
Other current assets 98,699 74,372
705,183 625,952
LONG-TERM ASSETS
Goodwill 249,505 263,703
Intangible assets 35,975 25,015
Assets held by special purpose
entities 50,891 50,891
Other long-term assets 53,483 55,706
389,854 395,315
PROPERTIES, PLANTS AND EQUIPMENT 882,647 862,056
$1,977,684 $1,883,323
LIABILITIES AND SHAREHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable $225,423 $234,672
Short-term borrowings 26,459 17,173
Other current liabilities 130,501 131,139
382,383 382,984
LONG-TERM LIABILITIES
Long-term debt 459,190 430,400
Liabilities held by special purpose
entities 43,250 43,250
Other long-term liabilities 316,851 294,105
819,291 767,755
MINORITY INTEREST 4,027 1,696
SHAREHOLDERS EQUITY 771,983 730,888
$1,977,684 $1,883,323
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION
UNAUDITED
(Dollars in thousands, except per share amounts)
Three months ended Three months ended
April 30, 2006 April 30, 2005
Diluted per share Diluted per share
amounts amounts
Class A Class B Class A Class B
GAAP - operating
profit $51,564 $35,423
Restructuring
charges 10,287 10,621
Timberland gains (9,238) (3,393)
Non-GAAP -
operating
profit before
restructuring
charges and
timberland gains $52,613 $42,651
GAAP - net
income $28,693 $0.97 $1.49 $16,767 $0.57 $0.88
Restructuring
charges, net of
tax 7,249 0.25 0.38 7,506 0.25 0.40
Timberland gains,
net of tax (5,529) (0.19) (0.29) (2,398) (0.08) (0.13)
Debt
extinguishment
charge, net of
tax -- -- -- 1,999 0.07 0.10
Non-GAAP - net
income before
restructuring
charges, debt
extinguishment
charge and
timberland
gains $30,413 $1.03 $1.58 $23,874 $0.81 $1.25
Six months ended Six months ended
April 30, 2006 April 30, 2005
Diluted per share amounts Diluted per share amounts
Class A Class B Class A Class B
GAAP - operating
profit $109,525 $67,586
Restructuring
charges 15,755 17,807
Timberland
gains (40,807) (11,465)
Non-GAAP -
operating
profit before
restructuring
charges and
timberland
gains $84,473 $73,928
GAAP - net
income $62,045 $2.11 $3.22 $31,903 $1.09 $1.67
Restructuring
charges, net of
tax 11,536 0.39 0.60 12,696 0.43 0.66
Timberland gains,
net of tax (25,758) (0.87) (1.34) (8,175) (0.28) (0.43)
Debt
extinguishment
charge, net of
tax -- -- -- 2,016 0.07 0.11
Non-GAAP - net
income before
restructuring
charges, debt
extinguishment
charge and
timberland
gains $47,823 $1.63 $2.48 $38,440 $1.31 $2.01
NOTE:
During the first half of 2006, the Company sold 21,000 acres of
timberland holdings in Florida. The tax effect of the gain for this
transaction is calculated using a 38.1 percent tax rate. The other
adjustments to reconcile the GAAP to non-GAAP amounts are tax effected
using the consolidated effective tax rate excluding the impact of this
timberland sale.
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION (CONTINUED)
UNAUDITED
(Dollars in thousands)
Three months ended Six months ended
April 30, April 30,
2006 2005 2006 2005
Industrial Packaging & Services
GAAP - operating profit $25,940 $20,602 $45,958 $31,483
Restructuring charges 8,265 8,809 12,487 15,607
Non-GAAP - operating profit before
restructuring charges $34,205 $29,411 $58,445 $47,090
Paper, Packaging & Services
GAAP - operating profit $12,403 $8,608 $15,424 $17,822
Restructuring charges 2,022 1,764 3,258 2,141
Non-GAAP - operating profit before
restructuring charges $14,425 $10,372 $18,682 $19,963
Timber
GAAP - operating profit $13,221 $6,213 $48,143 $18,281
Restructuring charges -- 48 10 59
Timberland gains (9,238) (3,393) (40,807) (11,465)
Non-GAAP - operating profit before
restructuring charges and
timberland gains $3,983 $2,868 $7,346 $6,875
GREIF, INC. AND SUBSIDIARY COMPANIES
GAAP TO NON-GAAP RECONCILIATION (CONTINUED)
UNAUDITED
(Dollars in thousands)
April 30, October 31, April 30,
2006 2005 2005
GAAP - long-term debt $459,190 $430,400 $466,215
Short-term borrowings 26,459 17,173 23,506
Cash and cash equivalents (152,030) (122,411) (52,029)
Non-GAAP net debt $333,619 $325,162 $437,692
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