ST. PAUL, Minn.--(BUSINESS WIRE)--Patterson Companies, Inc. (Nasdaq:PDCO) today reported consolidated sales of $1.5 billion (see attached Sales Summary for further details) in its fiscal fourth quarter ended April 30, 2016, up 41 percent over the same period last year. Sales in this fiscal 2016 period include results from the acquisition of Animal Health International, Inc.
Reported net income from continuing operations was $65.6 million, or $0.68 per diluted share, compared to $53.5 million, or $0.54 per diluted share, in last year’s fiscal fourth quarter. Adjusted net income from continuing operations1, which excludes certain non-recurring and deal amortization costs, totaled $74.1 million for the fourth quarter of fiscal 2016, a 32 percent gain over $56.3 million in the same quarter last year. Adjusted earnings per diluted share from continuing operations1 was $0.77 in the 2016 fourth quarter, a 35 percent year-over-year improvement.
“Patterson Companies completed fiscal 2016 with solid bottom-line performance that reflects the additional operational discipline that we will continue to build into our businesses,” said Scott Anderson, chairman, president and chief executive officer. “In our Animal Health segment, integration initiatives remained on pace during the quarter and our realized synergies were on plan. Although we were pleased with bottom-line results within our Dental segment, we did not meet our revenue expectations and intend to capitalize on opportunities to improve segment results to better reflect the industry leadership we have built.”
Anderson continued, “Overall, in fiscal 2016, we achieved multiple milestones that will move us significantly closer to transforming into two highly focused and efficient business segments with strong growth prospects.”
Patterson Dental
Sales for Patterson Dental, which represent
approximately 46 percent of total company sales, were $662.1 million,
slightly down on a constant currency basis from the same quarter last
year. On that same basis, year-over-year sales by category were as
follows:
- Consumable dental supplies rose 3.3 percent
- Equipment sales declined 6.9 percent, primarily reflecting lower digital equipment sales, partially offset by improved CEREC sales, which reached a record level in the quarter
- Other services and products, primarily composed of technical service, parts and labor, software support services and office supplies, climbed 3.6 percent
Anderson said, “During the fourth quarter, we delivered record CEREC sales and an increase in consumable sales that was ahead of the growth in the end markets that we serve. Sales of digital equipment, which faced a tough year-over-year comparison, underperformed our expectations. We continue to shape our approach to meet the changing needs of our markets and customers and to enhance our performance.”
Patterson Animal Health
Sales for Patterson Animal Health,
which comprise approximately 54 percent of the company’s total sales,
more than doubled to $780.8 million. Sales from Animal Health
International, Inc. contributed $403.6 million to the segment during the
quarter. Excluding the contribution from Animal Health International,
Inc., sales improved 8.2 percent on a constant currency basis, largely
driven by a 10.5 percent increase in the U.S. and a 5.0 percent
improvement in the U.K. Changes in selling arrangement for certain
products benefited consolidated Animal Health segment sales by 2 to 3
percent.
Anderson added, “The solid performance in our industry-leading Animal Health segment this quarter was again led by our U.S. companion animal business, as well as a strong contribution from our U.K. operations. As forecasted, livestock end-market conditions continued to create headwinds for our production animal business during the period. However, we are pleased with our integration progress and the synergies we are achieving, and we remain focused on sales execution.”
Discontinued Operations
On August 28, 2015, Patterson
Companies completed the sale of Patterson Medical to Madison Dearborn
Partners for approximately $715 million. As a result of the sale,
results of Patterson Medical are classified and reported as discontinued
operations for all periods presented.
Share Repurchases and Dividends
For the full fiscal year,
Patterson repurchased approximately 4.4 million shares of its
outstanding common stock, with a value of $200 million, leaving
approximately 16 million shares for repurchase under the current
authorization. Patterson did not repurchase shares during the fiscal
2016 fourth quarter. The company also paid $23.6 million in cash
dividends to shareholders in the fourth quarter and $90.6 million in
fiscal 2016.
Year-to-Date Results1
Consolidated sales
for fiscal 2016 totaled $5.4 billion, a 38 percent year-over-year
increase. Reported net income from continuing operations was $185.7
million, or $1.90 per diluted share, compared to reported net income
from continuing operations of $180.1 million, or $1.81 per diluted
share, in the year-ago period. Adjusted net income from continuing
operations was $241.4 million, or $2.47 per diluted share, compared to
adjusted net income from continuing operations of $188.7 million, or
$1.89 per diluted share, in the year-ago period, as outlined in the
Fourth-Quarter and Full-Year Reconciliation table1. Fiscal
2016 also includes the impact of an extra week.
Business Outlook
Anderson concluded, “With the portfolio
changes we made in fiscal 2016, we have taken the initial steps toward
repositioning Patterson Companies for more sustainable and profitable
growth in the future. In fiscal 2017, we will deploy our enterprise
resource planning initiative, further shape our approach in the Dental
segment, capture additional synergies within the Animal Health segment,
intensify our focus on sales execution and seek strategic acquisitions.
These are the key milestones toward achieving our larger growth goals
ahead and I am confident in our ability to meet them. With this in mind,
we are establishing our adjusted earnings guidance for fiscal 2017 of
$2.60 to $2.70 per diluted share.”
The fiscal 2017 annual financial outlook and adjusted earnings guidance:
- Assumes stable North American and international markets
- Excludes the impact of additional share repurchases
- Excludes new acquisitions
- Excludes transaction-related costs, integration and business restructuring expenses and deal amortization (See Fourth-Quarter and Full-Year Reconciliation table below)
- Includes $25 million step up in operating expense associated with the ERP implementation
1Fourth-Quarter and Full-Year Reconciliation
The
following non-GAAP table is provided to adjust reported net income and
diluted earnings per share for the impact of tax affected one-time
costs, current and prior-year deal amortization costs and tax costs
related to cash repatriation. Management believes that the adjusted net
income and diluted earnings per share amounts may provide a helpful
representation of the company’s current quarter performance.
(Dollars in thousands, except EPS) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
April 30, | April 25, | April 30, | April 25, | |||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income from continuing operations - reported | $ | 65,620 | $ | 53,459 | $ | 185,684 | $ | 180,083 | ||||||||
Transaction-related costs | 353 | 928 | 10,360 | 928 | ||||||||||||
Deal amortization | 6,910 | 1,954 | 25,417 | 7,721 | ||||||||||||
Integration expense | 863 | - | 3,842 | - | ||||||||||||
Accelerated debt issuance costs | - | - | 3,205 | - | ||||||||||||
Non-recurring IT training costs | 349 | - | 601 | - | ||||||||||||
Tax impact of repatriation of cash | - | - | 12,300 | - | ||||||||||||
Net income from continuing operations - adjusted | $ | 74,095 | $ | 56,341 | $ | 241,409 | $ | 188,732 | ||||||||
Diluted earnings per share from continuing operations - reported | $ | 0.68 | $ | 0.54 | $ | 1.90 | $ | 1.81 | ||||||||
Transaction-related costs | - | 0.01 | 0.11 | 0.01 | ||||||||||||
Deal amortization | 0.07 | 0.02 | 0.26 | 0.08 | ||||||||||||
Integration expense | 0.01 | - | 0.04 | - | ||||||||||||
Accelerated debt issuance costs | - | - | 0.03 | - | ||||||||||||
Non-recurring IT training costs | - | - | 0.01 | - | ||||||||||||
Tax impact of repatriation of cash | - | - | 0.13 | - | ||||||||||||
Diluted earnings per share from continuing operations - adjusted* | $ | 0.77 | $ | 0.57 | $ | 2.47 | $ | 1.89 | ||||||||
*May not foot due to rounding | ||||||||||||||||
Fourth-Quarter Conference Call and Replay
Patterson’s
fourth-quarter earnings conference call will start at 10 a.m. Eastern
today. Investors can listen to a live webcast of the conference call at www.pattersoncompanies.com.
The conference call will be archived on Patterson’s website. A replay of
the fourth-quarter conference call can be heard for one week at
888-510-1786 and by providing the Conference ID 4390254, when prompted.
About Patterson Companies, Inc.
Patterson Companies, Inc. is
a value-added distributor serving the dental and animal health markets.
Dental Market
Patterson's Dental
segment provides a virtually complete range of consumable dental
products, equipment and software, turnkey digital solutions and
value-added services to dentists and dental laboratories throughout
North America.
Animal Health Market
Patterson's
Animal Health segment is a leading distributor of products, services and
technologies to both the production and companion animal health markets
in North America and the U.K.
This press release contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond Patterson's ability to control. Forward-looking statements generally can be identified by words such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Patterson or the price of Patterson stock. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to the other risks and important factors contained and identified in Patterson's filings with the Securities and Exchange Commission, such as its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, any of which could cause actual results to differ materially from the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, Patterson does not intend to update or revise the forward-looking statements.
PATTERSON COMPANIES, INC. | |||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
April 30, | April 25, | April 30, | April 25, | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Net sales | $ | 1,453,770 | $ | 1,035,061 | $ | 5,386,703 | $ | 3,910,865 | |||||||||||||
Gross profit | 363,741 | 288,203 | 1,322,748 | 1,060,549 | |||||||||||||||||
Operating expenses | 257,397 | 199,130 | 975,035 | 755,963 | |||||||||||||||||
Operating income from continuing operations | 106,344 | 89,073 | 347,713 | 304,586 | |||||||||||||||||
Other expense, net | (8,543 | ) | (7,132 | ) | (46,020 | ) | (30,268 | ) | |||||||||||||
Income from continuing operations before taxes | 97,801 | 81,941 | 301,693 | 274,318 | |||||||||||||||||
Income taxes | 32,181 | 28,482 | 116,009 | 94,235 | |||||||||||||||||
Net income from continuing operations | 65,620 | 53,459 | 185,684 | 180,083 | |||||||||||||||||
Net income (loss) from discontinued operations | - | 11,059 | 1,500 | 43,178 | |||||||||||||||||
Net income | $ | 65,620 | $ | 64,518 | $ | 187,184 | $ | 223,261 | |||||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | 0.69 | $ | 0.54 | $ | 1.91 | $ | 1.82 | |||||||||||||
Discontinued operations | - | 0.11 | 0.02 | 0.44 | |||||||||||||||||
Net basic earnings per share | $ | 0.69 | $ | 0.65 | $ | 1.93 | $ | 2.26 | |||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||
Continuing operations | $ | 0.68 | $ | 0.54 | $ | 1.90 | $ | 1.81 | |||||||||||||
Discontinued operations | - | 0.11 | 0.01 | 0.43 | |||||||||||||||||
Net diluted earnings per share | $ | 0.68 | $ | 0.65 | $ | 1.91 | $ | 2.24 | |||||||||||||
Shares: | |||||||||||||||||||||
Basic | 95,460 | 98,981 | 97,222 | 98,989 | |||||||||||||||||
Diluted | 96,121 | 99,677 | 97,902 | 99,694 | |||||||||||||||||
Dividends declared per common share | $ | 0.24 | $ | 0.22 | $ | 0.90 | $ | 0.82 | |||||||||||||
Gross margin - reported | 25.0 | % | 27.8 | % | 24.6 | % | 27.1 | % | |||||||||||||
Operating expenses as a % of net sales - adjusted | 16.8 | % | 18.8 | % | 17.0 | % | 19.0 | % | |||||||||||||
Adjustments1 | 0.9 | 0.4 | 1.1 | 0.3 | |||||||||||||||||
Operating expenses as a % of net sales - reported | 17.7 | % | 19.2 | % | 18.1 | % | 19.3 | % | |||||||||||||
Operating income as a % of net sales - adjusted | 8.2 | % | 9.0 | % | 7.6 | % | 8.1 | % | |||||||||||||
Adjustments1 | (0.9 | ) | (0.4 | ) | (1.1 | ) | (0.3 | ) | |||||||||||||
Operating income as a % of net sales - reported | 7.3 | % | 8.6 | % | 6.5 | % | 7.8 | % | |||||||||||||
Effective tax rate - adjusted | 33.3 | % | 34.7 | % | 34.2 | % | 34.2 | % | |||||||||||||
Adjustments1 | (0.4 | ) | 0.1 | 4.3 | 0.2 | ||||||||||||||||
Effective tax rate - reported | 32.9 | % | 34.8 | % | 38.5 | % | 34.4 | % | |||||||||||||
1 Refer to the press release for the definition of adjustments to reported results | |||||||||||||||||||||
PATTERSON COMPANIES, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
April 30, |
April 25, |
|||||||
2016 | 2015 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and short-term investments | $ | 137,453 | $ | 400,632 | ||||
Receivables | 796,693 | 586,263 | ||||||
Inventory | 722,140 | 408,422 | ||||||
Prepaid expenses and other current assets | 91,255 | 59,561 | ||||||
Current assets held for sale | - | 118,347 | ||||||
Total current assets | 1,747,541 | 1,573,225 | ||||||
Property and equipment, net | 293,315 | 204,133 | ||||||
Goodwill and other intangible assets | 1,325,889 | 424,949 | ||||||
Long-term receivables, net and other | 154,059 | 107,147 | ||||||
Long-term assets held for sale | - | 635,794 | ||||||
Total assets | $ | 3,520,804 | $ | 2,945,248 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 566,253 | $ | 323,294 | ||||
Other accrued liabilities | 226,582 | 215,075 | ||||||
Current maturities of long-term debt | 16,500 | - | ||||||
Borrowings on revolving credit | 20,000 | - | ||||||
Current liabilities held for sale | - | 39,316 | ||||||
Total current liabilities | 829,335 | 577,685 | ||||||
Long-term debt | 1,022,155 | 722,542 | ||||||
Other non-current liabilities | 227,568 | 81,484 | ||||||
Long-term liabilities held for sale | - | 49,414 | ||||||
Total liabilities | 2,079,058 | 1,431,125 | ||||||
Stockholders' equity | 1,441,746 | 1,514,123 | ||||||
Total liabilities and stockholders' equity | $ | 3,520,804 | $ | 2,945,248 | ||||
PATTERSON COMPANIES, INC. | |||||||||||||||||||||||||
SALES SUMMARY | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Total | Foreign | Animal Health | |||||||||||||||||||||||
April 30, | April 25, | Sales | Exchange | International | Internal | ||||||||||||||||||||
2016 | 2015 | Growth | Impact | Impact | Growth | ||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||
Consolidated net sales | |||||||||||||||||||||||||
Consumable1 | $ | 1,111,287 | $ | 677,236 | 64.1 | % | (1.4 | ) | % | 59.6 | % | 5.9 | % | ||||||||||||
Equipment and software | 246,930 | 268,363 | (8.0 | ) | (0.5 | ) | - | (7.5 | ) | ||||||||||||||||
Other1 | 95,553 | 89,462 | 6.8 | (0.6 | ) | 0.2 | 7.2 | ||||||||||||||||||
Total | $ | 1,453,770 | $ | 1,035,061 | 40.5 | % | (1.1 | ) | % | 39.0 | % | 2.6 | % | ||||||||||||
Dental | |||||||||||||||||||||||||
Consumable1 | $ | 354,563 | $ | 344,873 | 2.8 | % | (0.5 | ) | % | - | % | 3.3 | % | ||||||||||||
Equipment and software | 234,222 | 252,859 | (7.4 | ) | (0.5 | ) | - | (6.9 | ) | ||||||||||||||||
Other1 | 73,359 | 71,106 | 3.2 | (0.4 | ) | - | 3.6 | ||||||||||||||||||
Total | $ | 662,144 | $ | 668,838 | (1.0 | ) | % | (0.5 | ) | % | - | % | (0.5 | ) | % | ||||||||||
Animal Health | |||||||||||||||||||||||||
Consumable1 | $ | 756,724 | $ | 332,363 | 127.7 | % | (2.3 | ) | % | 121.4 | % | 8.6 | % | ||||||||||||
Equipment and software | 12,708 | 15,504 | (18.0 | ) | (0.1 | ) | - | (17.9 | ) | ||||||||||||||||
Other1 | 11,354 | 8,114 | 39.9 | (3.2 | ) | 2.1 | 41.0 | ||||||||||||||||||
Total | $ | 780,786 | $ | 355,981 | 119.3 | % | (2.3 | ) | % | 113.4 | % | 8.2 | % | ||||||||||||
Corporate | |||||||||||||||||||||||||
Other1 | $ | 10,840 | $ | 10,242 | 5.8 | % | - | % | - | % | 5.8 | % | |||||||||||||
Total | $ | 10,840 | $ | 10,242 | 5.8 | % | - | % | - | % | 5.8 | % | |||||||||||||
Twelve Months Ended |
|||||||||||||||||||||||||
Consolidated net sales | |||||||||||||||||||||||||
Consumable1 | $ | 4,153,921 | $ | 2,697,581 | 54.0 | % | (2.0 | ) | % | 51.8 | % | 4.2 | % | ||||||||||||
Equipment and software | 857,001 | 865,013 | (0.9 | ) | (1.2 | ) | - | 0.3 | |||||||||||||||||
Other1 | 375,781 | 348,271 | 7.9 | (1.2 | ) | (0.3 | ) | 9.4 | |||||||||||||||||
Total | $ | 5,386,703 | $ | 3,910,865 | 37.7 | % | (1.8 | ) | % | 35.7 | % | 3.8 | % | ||||||||||||
Dental | |||||||||||||||||||||||||
Consumable1 | $ | 1,378,886 | $ | 1,319,407 | 4.5 | % | (1.3 | ) | % | - | % | 5.8 | % | ||||||||||||
Equipment and software | 806,993 | 818,342 | (1.4 | ) | (1.3 | ) | - | (0.1 | ) | ||||||||||||||||
Other1 | 290,355 | 277,254 | 4.7 | (1.1 | ) | - | 5.8 | ||||||||||||||||||
Total | $ | 2,476,234 | $ | 2,415,003 | 2.5 | % | (1.3 | ) | % | - | % | 3.8 | % | ||||||||||||
Animal Health | |||||||||||||||||||||||||
Consumable1 | $ | 2,775,035 | $ | 1,378,174 | 101.4 | % | (2.8 | ) | % | 101.4 | % | 2.8 | % | ||||||||||||
Equipment and software | 50,008 | 46,671 | 7.2 | (0.1 | ) | - | 7.3 | ||||||||||||||||||
Other1 | 37,206 | 31,725 | 17.3 | (3.8 | ) | (3.4 | ) | 24.5 | |||||||||||||||||
Total | $ | 2,862,249 | $ | 1,456,570 | 96.5 | % | (2.7 | ) | % | 95.8 | % | 3.4 | % | ||||||||||||
Corporate | |||||||||||||||||||||||||
Other1 | $ | 48,220 | $ | 39,292 | 22.7 | % | - | % | - | % | 22.7 | % | |||||||||||||
Total | $ | 48,220 | $ | 39,292 | 22.7 | % | - | % | - | % | 22.7 | % | |||||||||||||
1 Certain sales were reclassified from consumable to other in current and prior periods. |
|||||||||||||||||||||||||
PATTERSON COMPANIES, INC. | ||||||||||||||||||||
SUPPLEMENTARY FINANCIAL DATA | ||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
April 30, | April 25, | April 30, | April 25, | |||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Operating income (loss) | ||||||||||||||||||||
Dental | $ | 88,722 | $ | 86,333 | $ | 312,176 | $ | 300,357 | ||||||||||||
Animal Health | 30,210 | 16,483 | 94,318 | 56,670 | ||||||||||||||||
Corporate | (12,588 | ) | (13,743 | ) | (58,781 | ) | (52,441 | ) | ||||||||||||
Total | $ | 106,344 | $ | 89,073 | $ | 347,713 | $ | 304,586 | ||||||||||||
Other (expense) income, net | ||||||||||||||||||||
Interest income | $ | 916 | $ | 970 | $ | 2,830 | $ | 4,026 | ||||||||||||
Interest expense | (10,134 | ) | (7,869 | ) | (50,065 | ) | (33,693 | ) | ||||||||||||
Other | 675 | (233 | ) | 1,215 | (601 | ) | ||||||||||||||
Total | $ | (8,543 | ) | $ | (7,132 | ) | $ | (46,020 | ) | $ | (30,268 | ) | ||||||||
PATTERSON COMPANIES, INC. | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||
(In thousands) | ||||||||||
(Unaudited) | ||||||||||
Twelve Months Ended | ||||||||||
April 30, | April 25, | |||||||||
2016 | 2015 | |||||||||
Operating activities: | ||||||||||
Net income | $ | 187,184 | $ | 223,261 | ||||||
Net income from discontinued operations | 1,500 | 43,178 | ||||||||
Net income from continuing operations | 185,684 | 180,083 | ||||||||
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities: |
||||||||||
Depreciation & amortization | 82,383 | 44,523 | ||||||||
Non-cash employee compensation | 28,851 | 23,070 | ||||||||
Change in assets and liabilities, net of acquired | (102,045 | ) | (42,612 | ) | ||||||
Net cash provided by operating activities- continuing operations | 194,873 | 205,064 | ||||||||
Net cash (used in) provided by operating activities- discontinued operations | (38,544 | ) | 57,627 | |||||||
Net cash provided by operating activities | 156,329 | 262,691 | ||||||||
Investing activities: | ||||||||||
Additions to property and equipment, net of disposals | (79,354 | ) | (60,662 | ) | ||||||
Acquisitions and equity investments | (1,106,583 | ) | (10,515 | ) | ||||||
Proceeds from sale of securities | 48,744 | 40,775 | ||||||||
Other investing activities | 22,320 | 17,492 | ||||||||
Net cash used in investing activities- continuing operations | (1,114,873 | ) |
|
(12,910 | ) | |||||
Net cash provided by investing activities- discontinued operations | 714,239 |
|
3,311 | |||||||
Net cash used in investing activities | (400,634 | ) |
|
(9,599 | ) | |||||
Financing activities: | ||||||||||
Dividends paid | (90,597 | ) | (81,760 | ) | ||||||
Share repurchases | (200,000 | ) | (47,539 | ) | ||||||
Proceeds from issuance of long-term debt, net | 988,400 | 250,000 | ||||||||
Retirement of long-term debt | (682,375 | ) | (250,000 | ) | ||||||
Settlement of swap | - | (29,003 | ) | |||||||
Draw on revolver | 20,000 | - | ||||||||
Other financing activities | 7,441 | 7,367 | ||||||||
Net cash provided by (used in) financing activities | 42,869 | (150,935 | ) | |||||||
Effect of exchange rate changes on cash | (8,371 | ) | (19,805 | ) | ||||||
Net change in cash and cash equivalents | $ | (209,807 | ) | $ | 82,352 | |||||