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UFP Industries Announces Second Quarter Results

UFPI

UFP Industries, Inc. (Nasdaq: UFPI) today announced second quarter 2024 results including net sales of $1.9 billion, net earnings attributable to controlling interest of $126 million, and earnings per diluted share of $2.05.

“Our second quarter results were in line with expectations in a more challenging business cycle, and I am grateful for the efforts of all of our UFP teammates to adapt to this environment and adjust capacity to meet demand,” said Chairman and CEO Matthew J. Missad. “The weaker environment and expected near-term softness in demand have enabled us to more aggressively pursue our long-term expansion plans and improvement strategies. These efforts include investments in automation and consolidating operations to eliminate redundancies, lower costs and enhance the profitability of each of our facilities. Additionally, we are using our strong balance sheet to stay on offense by investing in acquisitions, new ventures, new value-added products, and organic expansion, while returning capital to shareholders through our recently increased dividend and share repurchase program. Our long-term outlook for growth remains strong.”

Second Quarter 2024 Highlights (comparisons on a year-over-year basis except where noted):

  • Net sales of $1.9 billion decreased 7 percent due to a 6 percent decrease in selling prices and a 1 percent decrease in organic unit sales. Quarter over quarter, the price of Southern Yellow Pine (SYP) decreased 19 percent, which contributed to our decrease in selling prices.
  • New product sales of $134 million were 7.0 percent of total sales compared to 7.4 percent in the second quarter of 2023. Many products that were considered new products in 2023 were sunset and not included in 2024 totals.
  • Net earnings attributable to controlling interests of $126 million represents a 16 percent decrease from last year.
  • Adjusted EBITDA1 of $204 million represents a decrease of 13 percent while adjusted EBITDA margin1 declined 80 basis points to 10.7 percent.
________________________

1 Represents a non-GAAP measurement; see the reconciliation of non-GAAP financial measures and related explanations below.

Capital Allocation

UFP Industries maintains a strong balance sheet with $1.04 billion in cash on June 29, 2024, compared to $702 million in cash at the end of the second quarter of 2023. The company had approximately $2.3 billion of liquidity as of June 29, 2024. The company’s return-focused approach to capital allocation includes the following:

- Acquisitions and Organic Growth. The company continues to pursue strategic acquisitions and will invest in organic growth opportunities when acquisition targets are not available at valuations that will allow us to meet or exceed targeted return rates. The company is targeting capital investments in 2024 of up to $300 million for automation, technology upgrades, geographic expansion and increased capacity at existing facilities, specifically for its Deckorators, Site Built, metal packaging, and machine-built pallet businesses. Approximately $200 million of projects have been approved in 2024 and another $96 million in projects are pending approval. Longer lead times for equipment and site selection in the case of new locations may delay some investments until 2025.

- Dividend payments. On July 24, 2024, the UFP Industries Board of Directors approved a quarterly dividend payment of $0.33 per share, a 10 percent increase over the quarterly dividend of $0.30 per share paid in September 2023. The dividend is payable on September 16, 2024, to shareholders of record on September 2, 2024.

- Share repurchases. The company was authorized to purchase up to $200 million of outstanding stock through July 31, 2024. From July 26, 2023, through the end of the second quarter of 2024, the company repurchased approximately 1,477,000 shares at an average price of $110.96 (a total of $163.9 million). On July 24, 2024, the Board of Directors for UFP Industries authorized the company to repurchase up to $200 million of shares through July 31, 2025.

By business segment, the company reported the following second quarter 2024 results:

UFP Retail Solutions

Net sales of $809 million, down 14 percent compared to the second quarter of 2023, while gross profit increased 3 percent. Sales performance was attributable to a 7 percent decline in selling prices, a 5 percent decline in organic unit sales, and a 2 percent decline due to the transfer of certain product sales to the Packaging and Construction segments. Organic unit sales decreased 2 percent for Deckorators, 6 percent for ProWood and 4 percent for UFP-Edge. Overall, unit sales decreased 5 percent with big box customers, a decline that largely correlates with an easing in repair and remodel activity, and were flat with independent retailers. Gross profit for the retail segment increased 3 percent to $127 million, primarily due to operational improvements, SKU rationalization, and better inventory positioning and utilization of our managed inventory programs.

UFP Packaging

Net sales of $435 million were down 11 percent compared to the second quarter of 2023, due to an 8 percent decrease in selling prices and a 6 percent decline in organic unit sales, offset by a 3 percent increase from the transfer of certain product sales from the Retail segment. A 10 percent increase in organic unit sales for PalletOne, due to market share gains, partially offset an 11 percent decline in organic unit sales for Protective Packaging and a 12 percent decline in organic unit sales for Structural Packaging, attributable to weaker demand. Gross profit for the packaging segment decreased 29 percent to $84 million due to competitive price pressure and lower sales volumes.

UFP Construction

Net sales of $575 million increased 4 percent compared to the second quarter of 2023 as a 4 percent decrease in selling prices was offset by a 7 percent increase in organic unit sales and a 1 percent increase from the transfer of certain product sales from the Retail segment. Organic unit sales increased in Factory Built, up 19 percent due to an increase in industry production, and Site Built, up 4 percent, we believe due to market share gains in both existing and new product categories. Gross profit for the construction segment decreased 8 percent to $126 million due to competitive price pressure.

Short-Term Outlook

Lumber Market: We continue to anticipate lumber prices will remain at lower levels in 2024 based on current supply and demand dynamics.

End Market Demand: We continue to follow key indicators and forecasts in the markets we serve and have revised our outlook for the balance of 2024. We anticipate demand will decrease in Retail by mid-single digits, decrease in Packaging by mid- to high-single digits, and increase in Construction by low- to mid-single digits, reflecting continued strength in our Factory Built business. Generally, we expect the soft demand and competitive price environment will continue for the remainder of the year, resulting in more challenging year-over-year unit sales and profitability comparisons. We believe market share gains will help offset lower demand in each of our segments for the balance of the year.

CONFERENCE CALL

UFP Industries will conduct a conference call to discuss its outlook and information included in this news release at 9 a.m. ET on Tuesday, July 30, 2024. The call will be hosted by Chairman and CEO Matthew J. Missad and CFO Michael Cole and will be available simultaneously and in its entirety to all interested investors and news media through a webcast at https://www.ufpinvestor.com/news-filings-reports#events---presentations. A replay of the call will be available through the website.

UFP Industries, Inc.

UFP Industries, Inc. is a holding company whose operating subsidiaries – UFP Packaging, UFP Construction and UFP Retail Solutions – manufacture, distribute and sell a wide variety of value-added products used in residential and commercial construction, packaging and other industrial applications worldwide. Founded in 1955, the company is headquartered in Grand Rapids, Mich., with affiliates in North America, Europe, Asia and Australia. UFP Industries is ranked #493 on the Fortune 500 and #128 on Industry Week’s list of America’s Largest Manufacturers. For more about UFP Industries, go to www.ufpi.com.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the markets we serve, the economy and the Company itself. Words like “anticipates,” “believes,” “confident,” “estimates,” “expects,” “forecasts,” “likely,” “plans,” “projects,” “should,” variations of such words, and similar expressions identify such forward-looking statements. These statements do not guarantee future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. The Company does not undertake to update forward-looking statements to reflect facts, circumstances, events, or assumptions that occur after the date the forward-looking statements are made. Actual results could differ materially from those included in such forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainty. Among the factors that could cause actual results to differ materially from forward-looking statements are the following: fluctuations in the price of lumber; adverse or unusual weather conditions; adverse economic conditions in the markets we serve; government regulations, particularly involving environmental and safety regulations; and our ability to make successful business acquisitions. Certain of these risk factors as well as other risk factors and additional information are included in the Company's reports on Form 10-K and 10-Q on file with the Securities and Exchange Commission.

Non-GAAP Financial Information

This release includes certain financial information not prepared in accordance with U.S. GAAP. Because not all companies calculate non-GAAP financial information identically (or at all), the presentations herein may not be comparable to other similarly titled measures used by other companies. Management uses Adjusted EBITDA, a non-GAAP financial measure, in order to evaluate historical and ongoing operations. Management believes that this non-GAAP financial measure is useful in order to enable investors to perform meaningful comparisons of historical and current performance. Adjusted EBITDA is intended to supplement and should be read together with the financial results. Adjusted EBITDA should not be considered an alternative or substitute for, and should not be considered superior to, the reported financial results. Accordingly, users of this financial information should not place undue reliance on the non-GAAP financial measure.

Net earnings

Net earnings refers to net earnings attributable to controlling interest unless specifically noted.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED

JUNE 2024/2022

Quarter Period

Year to Date

(In thousands, except per share data)

2024

2023

2024

2023

NET SALES

$

1,901,959

100.0

%

$

2,043,918

100.0

%

$

3,540,925

100.0

%

$

3,866,394

100.0

%

COST OF GOODS SOLD

1,539,216

80.9

1,643,851

80.4

2,852,104

80.5

3,107,998

80.4

GROSS PROFIT

362,743

19.1

400,067

19.6

688,821

19.5

758,396

19.6

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

203,155

10.7

204,703

10.0

395,214

11.2

399,386

10.3

OTHER LOSSES (GAINS), NET

554

1,867

0.1

750

3,805

0.1

EARNINGS FROM OPERATIONS

159,034

8.4

193,497

9.5

292,857

8.3

355,205

9.2

INTEREST AND OTHER

(9,406

)

(0.5

)

(4,025

)

(0.2

)

(22,169

)

(0.6

)

(6,866

)

(0.2

)

EARNINGS BEFORE INCOME TAXES

168,440

8.9

197,522

9.7

315,026

8.9

362,071

9.4

INCOME TAXES

42,208

2.2

46,734

2.3

67,695

1.9

85,705

2.2

NET EARNINGS

126,232

6.6

150,788

7.4

247,331

7.0

276,366

7.1

LESS NET (EARNINGS) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

(302

)

(27

)

(610

)

464

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

$

125,930

6.6

$

150,761

7.4

$

246,721

7.0

$

276,830

7.2

EARNINGS PER SHARE - BASIC

$

2.05

$

2.40

$

4.01

$

4.41

EARNINGS PER SHARE - DILUTED

$

2.05

$

2.36

$

4.00

$

4.35

COMPREHENSIVE INCOME

$

118,252

$

155,266

$

238,221

$

287,096

LESS COMPREHENSIVE (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST

2,020

(1,721

)

1,429

(3,481

)

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

$

120,272

$

153,545

$

239,650

$

283,615

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE THREE MONTHS ENDED

JUNE 2024/2023

Quarter Period 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

809,067

$

435,204

$

574,547

$

81,470

$

1,671

$

1,901,959

COST OF GOODS SOLD

682,307

351,518

448,992

61,564

(5,165

)

1,539,216

GROSS PROFIT

126,760

83,686

125,555

19,906

6,836

362,743

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

65,291

52,996

73,307

14,576

(3,015

)

203,155

OTHER

1,686

1,174

237

(2,166

)

(377

)

554

EARNINGS FROM OPERATIONS

59,783

29,516

52,011

7,496

10,228

159,034

INTEREST AND OTHER

(178

)

645

(14

)

(1,202

)

(8,657

)

(9,406

)

EARNINGS BEFORE INCOME TAXES

59,961

28,871

52,025

8,698

18,885

168,440

INCOME TAXES

15,025

7,234

13,036

2,180

4,733

42,208

NET EARNINGS

$

44,936

$

21,637

$

38,989

$

6,518

$

14,152

$

126,232

INTEREST AND OTHER

(178

)

645

(14

)

(1,202

)

(8,657

)

(9,406

)

INCOME TAXES

15,025

7,234

13,036

2,180

4,733

42,208

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

1,124

1,587

1,811

170

3,307

7,999

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

1,158

1,174

287

23

(420

)

2,222

GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY

(1,818

)

(1,818

)

DEPRECIATION EXPENSE

7,124

8,467

5,621

828

8,584

30,624

AMORTIZATION OF INTANGIBLES

998

2,216

703

1,503

433

5,853

ADJUSTED EBITDA

$

70,187

$

42,960

$

58,615

$

10,020

$

22,132

$

203,914

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

8.7

%

9.9

%

10.2

%

12.3

%

*

10.7

%

* Not meaningful

Quarter Period 2023

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

938,630

$

488,100

$

550,464

$

67,592

$

(868

)

$

2,043,918

COST OF GOODS SOLD

815,808

369,865

413,260

47,337

(2,419

)

1,643,851

GROSS PROFIT

122,822

118,235

137,204

20,255

1,551

400,067

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

61,699

61,377

74,083

13,099

(5,555

)

204,703

OTHER

912

(6

)

1,162

370

(571

)

1,867

EARNINGS FROM OPERATIONS

60,211

56,864

61,959

6,786

7,677

193,497

INTEREST AND OTHER

20

419

(1

)

(2,260

)

(2,203

)

(4,025

)

EARNINGS BEFORE INCOME TAXES

60,191

56,445

61,960

9,046

9,880

197,522

INCOME TAXES

14,243

13,355

14,660

2,138

2,338

46,734

NET EARNINGS

$

45,948

$

43,090

$

47,300

$

6,908

$

7,542

$

150,788

INTEREST AND OTHER

20

419

(1

)

(2,260

)

(2,203

)

(4,025

)

INCOME TAXES

14,243

13,355

14,660

2,138

2,338

46,734

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

1,315

1,703

1,686

225

3,309

8,238

NET (GAIN) LOSS ON DISPOSITION AND IMPAIRMENT OF ASSETS

(10

)

(7

)

16

70

(87

)

(18

)

DEPRECIATION EXPENSE

6,396

7,995

4,634

562

7,425

27,012

AMORTIZATION OF INTANGIBLES

1,277

2,236

702

751

396

5,362

ADJUSTED EBITDA

$

69,189

$

68,791

$

68,997

$

8,394

$

18,720

$

234,091

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

7.4

%

14.1

%

12.5

%

12.4

%

*

11.5

%

* Not meaningful

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND

RECONCILIATION TO ADJUSTED EBITDA BY SEGMENT (UNAUDITED)

FOR THE SIX MONTHS ENDED

JUNE 2024/2023

Year to Date 2024

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

1,437,832

$

859,622

$

1,092,443

$

148,417

$

2,611

$

3,540,925

COST OF GOODS SOLD

1,209,948

690,496

852,553

110,566

(11,459

)

2,852,104

GROSS PROFIT

227,884

169,126

239,890

37,851

14,070

688,821

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

120,901

106,937

142,457

27,967

(3,048

)

395,214

OTHER

1,220

1,427

80

(1,485

)

(492

)

750

EARNINGS FROM OPERATIONS

105,763

60,762

97,353

11,369

17,610

292,857

INTEREST AND OTHER

(272

)

1,233

(25

)

(4,793

)

(18,312

)

(22,169

)

EARNINGS BEFORE INCOME TAXES

106,035

59,529

97,378

16,162

35,922

315,026

INCOME TAXES

23,036

12,564

20,921

3,478

7,696

67,695

NET EARNINGS

$

82,999

$

46,965

$

76,457

$

12,684

$

28,226

$

247,331

INTEREST AND OTHER

(272

)

1,233

(25

)

(4,793

)

(18,312

)

(22,169

)

INCOME TAXES

23,036

12,564

20,921

3,478

7,696

67,695

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

2,812

3,776

4,276

469

7,943

19,276

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

886

1,427

286

14

(622

)

1,991

GAIN FROM REDUCTION OF ESTIMATED EARNOUT LIABILITY

(37

)

(1,818

)

(1,855

)

DEPRECIATION EXPENSE

14,089

16,936

11,005

1,617

16,996

60,643

AMORTIZATION OF INTANGIBLES

1,996

4,408

1,405

3,037

889

11,735

ADJUSTED EBITDA

$

125,546

$

87,272

$

112,507

$

16,506

$

42,816

$

384,647

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

8.7

%

10.2

%

10.3

%

11.1

%

*

10.9

%

* Not meaningful

Year to Date 2023

(In thousands)

Retail

Packaging

Construction

All Other

Corporate

Total

NET SALES

$

1,699,924

$

974,661

$

1,066,057

$

123,387

$

2,365

$

3,866,394

COST OF GOODS SOLD

1,481,798

735,528

807,194

84,362

(884

)

3,107,998

GROSS PROFIT

218,126

239,133

258,863

39,025

3,249

758,396

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

115,612

127,629

141,421

26,063

(11,339

)

399,386

OTHER

2,045

(92

)

1,235

1,344

(727

)

3,805

EARNINGS FROM OPERATIONS

100,469

111,596

116,207

11,618

15,315

355,205

INTEREST AND OTHER

41

1,002

(6

)

(4,369

)

(3,534

)

(6,866

)

EARNINGS BEFORE INCOME TAXES

100,428

110,594

116,213

15,987

18,849

362,071

INCOME TAXES

23,740

26,179

27,509

3,815

4,462

85,705

NET EARNINGS

$

76,688

$

84,415

$

88,704

$

12,172

$

14,387

$

276,366

INTEREST AND OTHER

41

1,002

(6

)

(4,369

)

(3,534

)

(6,866

)

INCOME TAXES

23,740

26,179

27,509

3,815

4,462

85,705

EXPENSES ASSOCIATED WITH SHARE-BASED COMPENSATION ARRANGEMENTS

2,930

3,799

3,807

503

6,836

17,875

NET LOSS (GAIN) ON DISPOSITION AND IMPAIRMENT OF ASSETS

26

(93

)

(31

)

60

(144

)

(182

)

DEPRECIATION EXPENSE

12,230

15,677

9,262

961

14,656

52,786

AMORTIZATION OF INTANGIBLES

2,332

4,482

1,499

1,283

775

10,371

ADJUSTED EBITDA

$

117,987

$

135,461

$

130,744

$

14,425

$

37,438

$

436,055

ADJUSTED EBITDA AS A PERCENTAGE OF NET SALES

6.9

%

13.9

%

12.3

%

11.7

%

*

11.3

%

* Not meaningful

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

JUNE 2024/2023

(In thousands)

ASSETS

2024

2023

LIABILITIES AND EQUITY

2024

2023

CURRENT ASSETS

CURRENT LIABILITIES

Cash and cash equivalents

$

1,041,341

$

702,148

Accounts payable

$

263,318

$

264,408

Restricted cash

761

761

Accrued liabilities and other

281,316

289,211

Investments

36,740

38,459

Current portion of debt

43,754

2,385

Accounts receivable

724,921

802,300

Inventories

684,813

821,187

Other current assets

65,453

50,203

TOTAL CURRENT ASSETS

2,554,029

2,415,058

TOTAL CURRENT LIABILITIES

588,388

556,004

OTHER ASSETS

259,830

228,929

LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

232,979

274,821

INTANGIBLE ASSETS, NET

505,138

481,942

OTHER LIABILITIES

180,686

171,349

TEMPORARY EQUITY

18,931

6,772

PROPERTY, PLANT AND EQUIPMENT, NET

819,497

718,014

SHAREHOLDERS' EQUITY

3,117,510

2,834,997

TOTAL ASSETS

$

4,138,494

$

3,843,943

TOTAL LIABILITIES AND EQUITY

$

4,138,494

$

3,843,943

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED

JUNE 2024/2023

(In thousands)

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net earnings

$

247,331

$

276,366

Adjustments to reconcile net earnings to net cash used in operating activities:

Depreciation

60,643

52,786

Amortization of intangibles

11,735

10,371

Expense associated with share-based and grant compensation arrangements

19,276

17,875

Deferred income taxes

299

(319

)

Unrealized gain on investment and other

(1,825

)

(1,291

)

Equity in loss of investee

1,236

1,005

Net loss (gain) on sale, disposition and impairment of assets

1,991

(182

)

Gain from reduction of estimated earnout liability

(1,855

)

Changes in:

Accounts receivable

(176,839

)

(183,717

)

Inventories

41,684

154,413

Accounts payable and cash overdraft

61,125

56,899

Accrued liabilities and other

(25,723

)

(63,142

)

NET CASH FROM OPERATING ACTIVITIES

239,078

321,064

CASH FLOWS USED IN INVESTING ACTIVITIES:

Purchases of property, plant, and equipment

(106,585

)

(84,981

)

Proceeds from sale of property, plant and equipment

2,353

789

Acquisitions, net of cash received and purchase of equity method investment

67

Purchases of investments

(16,416

)

(14,747

)

Proceeds from sale of investments

9,284

11,486

Other

(7,674

)

2,076

NET CASH USED IN INVESTING ACTIVITIES

(119,038

)

(85,310

)

CASH FLOWS USED IN FINANCING ACTIVITIES:

Borrowings under revolving credit facilities

12,354

11,026

Repayments under revolving credit facilities

(11,988

)

(11,869

)

Repayments of debt

(29

)

Repayment of debt on behalf of investee

(6,303

)

Contingent consideration payments and other

(4,779

)

(6,179

)

Proceeds from issuance of common stock

1,470

1,448

Dividends paid to shareholders

(40,660

)

(31,149

)

Distributions to noncontrolling interest

(9,400

)

(4,859

)

Payments to taxing authorities in connection with shares directly withheld from employees

(17,838

)

Repurchase of common stock

(119,362

)

(55,484

)

Other

38

48

NET CASH USED IN FINANCING ACTIVITIES

(196,468

)

(97,047

)

Effect of exchange rate changes on cash

(3,726

)

4,579

NET CHANGE IN CASH AND CASH EQUIVALENTS

(80,154

)

143,286

ALL CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

1,122,256

559,623

ALL CASH AND CASH EQUIVALENTS, END OF PERIOD

$

1,042,102

$

702,909

Reconciliation of cash and cash equivalents and restricted cash:

Cash and cash equivalents, beginning of period

$

1,118,329

$

559,397

Restricted cash, beginning of period

3,927

226

All cash and cash equivalents, beginning of period

$

1,122,256

$

559,623

Cash and cash equivalents, end of period

$

1,041,341

$

702,148

Restricted cash, end of period

761

761

All cash and cash equivalents, end of period

$

1,042,102

$

702,909

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