FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in delivering
clean, innovative and affordable fuel cell solutions for the
supply, recovery and storage of energy, today reported financial
results for the three and nine-month periods ended July 31, 2018
and key business highlights.
Financial Results FuelCell Energy, Inc. (the
Company) reported total revenues for the third quarter of fiscal
2018 of $12.1 million, compared to $10.4 million for the third
quarter of fiscal 2017, including:
- Product sales totaled $1.3 million for the third quarter of
fiscal 2018, compared to $0.6 million for the third quarter of
fiscal 2017.
- Service and license revenue totaled $5.5 million for the third
quarter of fiscal 2018, compared to $4.8 million for the third
quarter of fiscal 2017. The difference between the periods is
primarily due to higher revenue from module replacements in the
third quarter of fiscal 2018.
- Generation revenue totaled $1.7 million for the third quarter
of fiscal 2018, unchanged when compared to the third quarter of
fiscal 2017.
- Advanced Technologies contract revenue totaled $3.5 million for
the third quarter of fiscal 2018, compared to $3.2 million for the
third quarter of fiscal 2017. Revenue was higher for the
third quarter of fiscal 2018 primarily due to the timing of project
activity under existing contracts.
The gross loss generated in the third quarter of
fiscal 2018 totaled $2.1 million and the gross margin was (17.0)
percent, compared to a gross loss of $2.6 million generated in the
third quarter of fiscal 2017 and a gross margin of (25.4) percent.
Both periods were impacted by the under-absorption of fixed
overhead costs due to low production volumes. Manufacturing
variances, primarily related to low production volumes, totaled
approximately $3.0 million for the three months ended July 31,
2018, compared to approximately $3.4 million for the three months
ended July 31, 2017. For the three months ended July 31, 2018, the
Company operated at an annualized production rate of approximately
25 megawatts (“MW”), compared to the rate of 13 MW in the three
months ended July 31, 2017. Service margins in the third
quarter of fiscal 2018 were impacted by $1.2 million of costs
related to the termination of a legacy sub MW service agreement in
the quarter. The Company announced on July 18, 2018 its
decision to increase its annualized production rate, with the goal
of reaching an annualized run-rate of 55 MW by April
2019.
Operating expenses for the third quarter of fiscal 2018 totaled
$12.4 million, compared to $11.7 million for the third quarter of
fiscal 2017. This increase is related to the timing of
professional related expenditures due to business activities in the
third quarter of fiscal 2018 and expenses related to increased
development efforts with respect to new products.
Net loss attributable to common stockholders for the third
quarter of fiscal 2018 totaled $17.6 million, or $0.20 per basic
and diluted share, compared to $17.8 million, or $0.31 per basic
and diluted share, for the third quarter of fiscal 2017. Net loss
attributable to common stockholders in the third quarter of fiscal
2018 includes a deemed dividend totaling $0.9 million on the
Company’s Series C Convertible Preferred Stock. Installment
conversions in which the conversion price was below the fixed
initial conversion price of $1.84 per share resulted in a variable
number of shares being issued to settle the installment amount and
were treated as a partial redemption of the shares of Series C
Convertible Preferred Stock.
Adjusted loss before interest, taxes, depreciation and
amortization (Adjusted EBITDA, a Non-GAAP measure) in the third
quarter of fiscal 2018 totaled ($11.3) million, compared to ($10.9)
million in the third quarter of fiscal 2017. Refer to the
discussion of Non-GAAP financial measures below regarding the
Company’s calculation of Adjusted EBITDA.
Backlog and Project Awards
The Company had a contract backlog totaling
approximately $793.2 million as of July 31, 2018. The Company also
had project awards totaling an additional $1.1 billion, resulting
in total backlog and awards of $1.9 billion, as of July 31,
2018.
Subsequent to the end of the third quarter of
fiscal 2018, on August 28, 2018, the Company sold a project asset
(Trinity College 1.4 MW) which had been previously classified as
generation backlog to AEP OnSite Partners, LLC and American
Electric Power Company, Inc. (together, “AEP OnSite
Partners”). As a result of this sale, this project was
removed from generation backlog and classified as product backlog
and services backlog. The product backlog will be recognized as
revenue in the fourth quarter of fiscal 2018. The services backlog
will be recognized as recurring revenue over the term of the
Company’s service agreement with AEP OnSite Partners, which is
fifteen years. Backlog by revenue category is as follows:
- Services backlog totaled $317.8 million as of July 31, 2018,
compared to $184.3 million as of July 31, 2017. Services backlog
includes future contracted revenue from routine maintenance and
scheduled module exchanges for power plants under service
agreements. During the three and nine months ended July 31, 2018, a
service agreement was added related to the Korean Southern Power
Co., Ltd. 20 MW project in South Korea and the Trinity College 1.4
MW project now owned by AEP OnSite Partners.
- Generation backlog totaled $430.0 million as of July 31, 2018,
compared to $202.3 million as of July 31, 2017. Generation backlog
represents future contracted energy sales under contracted power
purchase agreements between the Company and the end-user of the
power.
- Product sales backlog totaled $9.5 million as of July 31, 2018,
compared to $1.7 million as of July 31, 2017. Product sales backlog
primarily consists of remaining scope of work on the Trinity
College project that was sold to AEP OnSite Partners in August
2018.
- Advanced Technologies contracts backlog totaled $35.8 million
as of July 31, 2018, compared to $48.8 million as of July 31,
2017.
Backlog represents definitive agreements executed by the Company
and our customers. Projects with respect to which the Company
intends to retain ownership are included in generation backlog
which represents future revenue under long-term power purchase
agreements. Projects sold to customers (and not retained by the
Company) are included in product sales and service backlog. Project
awards referenced by the Company are notifications that the Company
has been selected, typically through a competitive bidding process,
to enter into definitive agreements. These awards have been
publicly disclosed. The Company is working to enter into
definitive agreements with respect to these project awards and,
upon execution of a definitive agreement with respect to a project
award, that project award will become backlog. Project awards that
were not included in backlog as of July 31, 2018 include the 39.8
MW Long Island Power Authority (“LIPA”) project awards and the 22.2
MW Connecticut RFP project awards (which, upon execution of a
definitive agreement, are expected to become generation backlog).
These awards in total represent approximately $1.1 billion of
future revenue potential over the life of the projects, assuming
the Company retains ownership of the LIPA and Connecticut
projects.
Cash, restricted cash and borrowing
abilityCash, cash equivalents, restricted cash and
borrowing availability under the revolving project financing
facility with NRG Energy, Inc. totaled $127.3 million as of July
31, 2018, including:
- Total cash of $87.3 million, including $48.7 million of
unrestricted cash and cash equivalents and $38.6 million of
restricted cash and cash equivalents; and
- $40.0 million of borrowing availability under the NRG Energy
revolving project financing facility.
Subsequent to the end of the third quarter of fiscal 2018, the
Company raised net proceeds of approximately $25.4 million from the
issuance and sale of its Series D Convertible Preferred
Stock. The Company expects to use these proceeds for working
capital, project financing and general corporate purposes.
Project Assets Long term project assets
consist of projects developed by the Company that are structured
with power purchase agreements (PPAs), which generate recurring
monthly generation revenue and cash flow, as well as projects the
Company is developing and expects to retain and operate. The
value of long term project assets totaled $89.7 million as of July
31, 2018, with such project assets consisting of five projects
totaling 11.2 MW plus costs incurred to date for an additional 84.5
MW of previously announced projects that are in various stages of
construction. These projects have commercial operation dates
(COD) between the fourth quarter of fiscal 2018 and second quarter
of fiscal 2021.
As a result of the sale of the Trinity College project asset,
this project was removed from long term project assets and
recognized as cost of product sales in the fourth quarter of fiscal
2018.
Business Highlights and Recent
Developments
- Entered into a 20 year service agreement for the recently
completed 20 MW Korean utility project owned by Korea Southern
Power Company (“KOSPO”).
- Sold 1.4 MW Trinity College project to AEP OnSite Partners
following the end of the third quarter of fiscal 2018.
- Awarded projects in Derby, CT and Hartford, CT totaling 22.2 MW
that were submitted under an RFP issued by the Connecticut
Department of Energy and Environmental Protection (“DEEP”).
- Announced on July 18, 2018 that it will begin the process of
increasing the annualized production rate with the goal of reaching
an annualized run-rate of 55 MW by April 2019.
- Continue to execute on 83.1 MW of projects in the generation
portfolio.
“We made progress this quarter in the execution of our strategy
in a number of key areas,” said Chip Bottone, President and Chief
Executive Officer, FuelCell Energy. “Commercially, we were awarded
projects from Connecticut DEEP that added another 22.2 MWs to our
growing backlog. Additionally, we formalized our service agreement
with KOSPO in South Korea. This long-term service agreement on the
recently completed 20 MW Korean utility plant will provide another
source of recurring revenue and profitability that is core to our
strategy. Operationally, we chose to begin the process of
increasing production, as we now have substantially improved
visibility of our ongoing volume demand. Each of these
accomplishments are examples that help illustrate the accelerating
momentum we see at FuelCell Energy.”
Conference Call InformationFuelCell Energy
management will host a conference call with investors beginning at
10:00 a.m. Eastern Time on Thursday, September 6, 2018 to discuss
the third quarter results for fiscal 2018. Participants can access
the live call via webcast on the Company website or by telephone as
follows:
- The live webcast of this call and supporting slide presentation
will be available at www.fuelcellenergy.com. To listen to the
call, select “Investors” on the home page, proceed to the “Events
& Presentations” page and then click on the “Webcast” link
listed under the September 6th earnings call event, or click
here.
- Alternatively, participants can dial 647-689-4106 and state
FuelCell Energy or the conference ID number 2084517.
The replay of the conference call will be available via webcast
on the Company’s Investors’ page at www.fuelcellenergy.com
approximately two hours after the conclusion of the call.
Cautionary Language This news release
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and business plans. All forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, changes
to projected deliveries and order flow, changes to production rate
and product costs, general risks associated with product
development, manufacturing, changes in the regulatory environment,
customer strategies, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans
and cost reduction targets, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact: |
FuelCell
Energy, Inc. |
|
ir@fce.com |
|
203.205.2491 |
|
Source:
FuelCell Energy |
FUELCELL ENERGY,
INC.Consolidated Balance
Sheets(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
|
July 31, 2018 |
|
|
October 31, 2017 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents, unrestricted |
$ |
48,663 |
|
|
$ |
49,294 |
|
Restricted cash
and cash equivalents – short-term |
|
5,303 |
|
|
|
4,628 |
|
Accounts
receivable, net |
|
39,430 |
|
|
|
68,521 |
|
Inventories |
|
60,114 |
|
|
|
74,496 |
|
Other current
assets |
|
9,041 |
|
|
|
6,571 |
|
Total
current assets |
|
162,551 |
|
|
|
203,510 |
|
|
|
|
|
|
|
Restricted cash and
cash equivalents – long-term |
|
33,289 |
|
|
|
33,526 |
|
Project assets |
|
89,694 |
|
|
|
73,001 |
|
Property, plant and
equipment, net |
|
46,176 |
|
|
|
43,565 |
|
Goodwill |
|
4,075 |
|
|
|
4,075 |
|
Intangible assets |
|
9,592 |
|
|
|
9,592 |
|
Other assets |
|
12,819 |
|
|
|
16,517 |
|
Total
assets |
$ |
358,196 |
|
|
$ |
383,786 |
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current portion
of long-term debt |
$ |
14,494 |
|
|
$ |
28,281 |
|
Accounts
payable |
|
44,133 |
|
|
|
42,616 |
|
Accrued
liabilities |
|
14,454 |
|
|
|
18,381 |
|
Deferred
revenue |
|
9,703 |
|
|
|
7,964 |
|
Preferred stock obligation of subsidiary |
|
825 |
|
|
|
836 |
|
Total
current liabilities |
|
83,609 |
|
|
|
98,078 |
|
|
|
|
|
|
|
Long-term deferred
revenue |
|
17,317 |
|
|
|
18,915 |
|
Long-term preferred
stock obligation of subsidiary |
|
14,909 |
|
|
|
14,221 |
|
Long-term debt and
other liabilities |
|
77,279 |
|
|
|
63,759 |
|
Total
liabilities |
|
193,114 |
|
|
|
194,973 |
|
Redeemable Series B preferred stock (liquidation preference of
$64,020 at July 31, 2018 and October 31, 2017) |
|
59,857 |
|
|
|
59,857 |
|
Redeemable Series C
preferred stock (liquidation preference of $11,681 and $33,300 as
of July 31, 2018 and October 31, 2017, respectively) |
|
9,717 |
|
|
|
27,700 |
|
Total
Equity: |
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
Common
stock ($0.0001 par value; 225,000,000 and 125,000,000 shares
authorized at July 31, 2018 and October 31, 2017, respectively;
92,280,169 and 69,492,816 shares issued and outstanding at July 31,
2018 and October 31, 2017, respectively) |
|
9 |
|
|
|
7 |
|
Additional
paid-in capital |
|
1,072,726 |
|
|
|
1,045,197 |
|
Accumulated
deficit |
|
(976,771 |
) |
|
|
(943,533 |
) |
Accumulated
other comprehensive loss |
|
(456 |
) |
|
|
(415 |
) |
Treasury stock,
Common, at cost (182,962 and 88,861 at July 31, 2018 and October
31, 2017, respectively) |
|
(447 |
) |
|
|
(280 |
) |
Deferred
compensation |
|
447 |
|
|
|
280 |
|
Total
stockholders’ equity |
|
95,508 |
|
|
|
101,256 |
|
Total
liabilities and stockholders’ equity |
$ |
358,196 |
|
|
$ |
383,786 |
|
|
|
|
|
|
|
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
Three Months EndedJuly
31, |
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
1,328 |
|
|
$ |
611 |
|
Service and
license |
|
5,549 |
|
|
|
4,809 |
|
Generation |
|
1,695 |
|
|
|
1,690 |
|
Advanced
Technologies |
|
3,538 |
|
|
|
3,248 |
|
Total
revenues |
|
12,110 |
|
|
|
10,358 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
4,099 |
|
|
|
4,266 |
|
Service and
license |
|
5,997 |
|
|
|
4,453 |
|
Generation |
|
1,375 |
|
|
|
1,500 |
|
Advanced
Technologies |
|
2,695 |
|
|
|
2,765 |
|
Total cost of
revenues |
|
14,166 |
|
|
|
12,984 |
|
|
|
|
|
|
|
Gross loss |
|
(2,056 |
) |
|
|
(2,626 |
) |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Administrative
and selling expenses |
|
6,100 |
|
|
|
6,310 |
|
Research and
development expense |
|
6,318 |
|
|
|
5,394 |
|
Total
costs and expenses |
|
12,418 |
|
|
|
11,704 |
|
|
|
|
|
|
|
Loss from
operations |
|
(14,474 |
) |
|
|
(14,330 |
) |
|
|
|
|
|
|
Interest
expense |
|
(2,434 |
) |
|
|
(2,279 |
) |
Other income
(expense), net |
|
1,042 |
|
|
|
(393 |
) |
|
|
|
|
|
|
Loss before (provision)
benefit for income taxes |
|
(15,866 |
) |
|
|
(17,002 |
) |
|
|
|
|
|
|
(Provision) benefit for income taxes |
|
(15 |
) |
|
|
1 |
|
|
|
|
|
|
|
Net loss |
|
(15,881 |
) |
|
|
(17,001 |
) |
|
|
|
|
|
|
Series C
preferred stock deemed dividend |
|
(939 |
) |
|
|
--- |
|
Series B
preferred stock dividends |
|
(800 |
) |
|
|
(800 |
) |
|
|
|
|
|
|
Net loss attributable
to common stockholders |
$ |
(17,620 |
) |
|
$ |
(17,801 |
) |
|
|
|
|
|
|
Loss per share basic
and diluted: |
|
|
|
|
|
Net loss
per share attributable to common stockholders |
$ |
(0.20 |
) |
|
$ |
(0.31 |
) |
Basic and
diluted weighted average shares outstanding |
|
86,297,481 |
|
|
|
57,420,050 |
|
FUELCELL ENERGY,
INC.Consolidated Statements of
Operations(Unaudited)(Amounts in thousands, except
share and per share amounts)
|
Nine Months EndedJuly
31, |
|
2018 |
|
|
2017 |
|
Revenues: |
|
|
|
|
|
Product |
$ |
43,058 |
|
|
$ |
3,155 |
|
Service and
license |
|
12,859 |
|
|
|
24,337 |
|
Generation |
|
5,329 |
|
|
|
5,409 |
|
Advanced
Technologies |
|
10,307 |
|
|
|
14,876 |
|
Total
revenues |
|
71,553 |
|
|
|
47,777 |
|
|
|
|
|
|
|
Costs of revenues: |
|
|
|
|
|
Product |
|
44,183 |
|
|
|
11,525 |
|
Service and
license |
|
11,934 |
|
|
|
22,878 |
|
Generation |
|
5,020 |
|
|
|
3,909 |
|
Advanced
Technologies |
|
8,466 |
|
|
|
9,895 |
|
Total cost of
revenues |
|
69,603 |
|
|
|
48,207 |
|
|
|
|
|
|
|
Gross profit
(loss) |
|
1,950 |
|
|
|
(430 |
) |
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Administrative
and selling expenses |
|
19,327 |
|
|
|
18,797 |
|
Research and
development expense |
|
15,385 |
|
|
|
16,172 |
|
Restructuring
expense |
|
- |
|
|
|
1,355 |
|
Total
costs and expenses |
|
34,712 |
|
|
|
36,324 |
|
|
|
|
|
|
|
Loss from
operations |
|
(32,762 |
) |
|
|
(36,754 |
) |
|
|
|
|
|
|
Interest
expense |
|
(6,634 |
) |
|
|
(6,856 |
) |
Other income
(expense), net |
|
3,138 |
|
|
|
(270 |
) |
|
|
|
|
|
|
Loss before benefit
(provision) for income taxes |
|
(36,258 |
) |
|
|
(43,880 |
) |
|
|
|
|
|
|
Benefit
(provision) for income taxes |
|
3,020 |
|
|
|
(44 |
) |
|
|
|
|
|
|
Net loss |
|
(33,238 |
) |
|
|
(43,924 |
) |
|
|
|
|
|
|
Series C
preferred stock deemed dividend |
|
(8,601 |
) |
|
|
--- |
|
Series B
preferred stock dividends |
|
(2,400 |
) |
|
|
(2,400 |
) |
|
|
|
|
|
|
Net loss attributable
to common stockholders |
$ |
(44,239 |
) |
|
$ |
(46,324 |
) |
|
|
|
|
|
|
Loss per share basic
and diluted: |
|
|
|
|
|
Net loss
per share attributable to common stockholders |
$ |
(0.56 |
) |
|
$ |
(1.01 |
) |
Basic and
diluted weighted average shares outstanding |
|
79,292,240 |
|
|
|
45,903,033 |
|
Non-GAAP Financial MeasuresFinancial Results
are presented in accordance with accounting principles generally
accepted in the United States (“GAAP”). Management also uses
non-GAAP measures to analyze and make operating decisions on the
business. Earnings before interest, taxes, depreciation and
amortization (EBITDA) and Adjusted EBITDA are alternate, non-GAAP
measures of cash utilization by the Company.
These supplemental non-GAAP measures are provided to assist
readers in determining operating performance. Management believes
EBITDA and Adjusted EBITDA are useful in assessing performance and
highlighting trends on an overall basis. Management also believes
these measures are used by companies in the fuel cell sector and by
securities analysts and investors when comparing the results of
FuelCell Energy with those of other companies. EBITDA differs from
the most comparable GAAP measure, net loss attributable to FuelCell
Energy, Inc., primarily because it does not include finance
expense, income taxes and depreciation of property, plant and
equipment and project assets. Adjusted EBITDA adjusts EBITDA for
stock-based compensation and restructuring charges, which are
considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures
provide useful supplemental information to investors, there are
limitations associated with the use of these measures. The measures
are not prepared in accordance with GAAP and may not be directly
comparable to similarly titled measures of other companies due to
potential differences in the exact method of calculation. The
Company's non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
financial measures, and should be read only in conjunction with the
Company's consolidated financial statements prepared in accordance
with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and
reconciles these figures to the GAAP financial statement measure
Net loss.
|
Three Months Ended July 31, |
|
Nine Months Ended July 31, |
(Amounts in
thousands) |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
2017 |
|
Net loss |
$ |
(15,881 |
) |
|
$ |
(17,001 |
) |
|
$ |
(33,238 |
) |
|
$ |
(43,924 |
) |
Depreciation |
|
2,223 |
|
|
|
2,206 |
|
|
|
6,525 |
|
|
|
6,502 |
|
(Benefit)/Provision for
income taxes |
|
15 |
|
|
|
(1 |
) |
|
|
(3,020 |
) |
|
|
44 |
|
Other (income) expense,
net(1) |
|
(1,042 |
) |
|
|
393 |
|
|
|
(3,138 |
) |
|
|
270 |
|
Interest expense |
|
2,434 |
|
|
|
2,279 |
|
|
|
6,634 |
|
|
|
6,856 |
|
EBITDA |
$ |
(12,251 |
) |
|
$ |
(12,124 |
) |
|
$ |
(26,237 |
) |
|
$ |
(30,252 |
) |
Stock-based
compensation expense |
|
931 |
|
|
|
1,206 |
|
|
|
2,309 |
|
|
|
3,432 |
|
Restructuring
expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,355 |
|
Adjusted
EBITDA |
$ |
(11,320 |
) |
|
$ |
(10,918 |
) |
|
$ |
(23,928 |
) |
|
$ |
(25,465 |
) |
- Other (income) expense, net includes gains and losses from
transactions denominated in foreign currencies, changes in fair
value of embedded derivatives, and other items incurred
periodically, which are not the result of the Company’s normal
business operations.
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