Amtech Systems, Inc. (NASDAQ: ASYS), a manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power chips, electronic assemblies and light-emitting diodes (LEDs), today reported results for its second quarter ended March 31, 2020.
Second Quarter Fiscal 2020 Financial and Operational Highlights from Continuing Operations:
- Net revenue of $14.5 million
- Operating loss of $1.0 million
- Loss from continuing operations, net of tax, of $0.5 million
- Loss per diluted share from continuing operations of $0.04
- Customer orders of $20.6 million
- Unrestricted cash of $49.3 million
- Cash provided by operations of $1.3 million
- Repurchase of 366,000 shares of common stock at a total cost of approximately $2.0 million
Mr. Michael Whang, Chief Executive Officer of Amtech, commented, “As COVID-19 developed into a global pandemic throughout the second fiscal quarter, we faced disruptions both to our manufacturing facilities and supply chain. However, due to the extraordinary efforts of our employees and partners, we were able to continue to serve our customers, resulting in revenue for the quarter that was above the high end of our guidance.
“Despite ongoing uncertainties related to near-term demand, we are fortunate to have entered this period with both a resilient business model and strong balance sheet which will allow us to navigate the challenges likely to rise in these uncertain times while supporting the execution of our power semi growth strategy,” concluded Mr. Whang.
GAAP Financial Results
|
(in millions, except per share amounts) |
Q2 |
|
Q1 |
|
Q2 |
|
6 Months |
|
6 Months |
|
|||||
|
|
FY 2020 |
|
FY 2020 |
|
FY 2019 |
|
2020 |
|
2019 |
|
|||||
|
Net revenues |
$ |
14.5 |
|
$ |
20.7 |
|
$ |
20.6 |
|
$ |
35.2 |
|
$ |
43.9 |
|
|
Gross profit |
$ |
5.4 |
|
$ |
8.2 |
|
$ |
7.9 |
|
$ |
13.5 |
|
$ |
16.9 |
|
|
Gross margin |
|
37 |
% |
|
40 |
% |
|
38 |
% |
|
38 |
% |
|
39 |
% |
|
Operating (loss) income |
$ |
(1.0 |
) |
$ |
1.6 |
|
$ |
1.2 |
|
$ |
0.7 |
|
$ |
1.9 |
|
|
Operating margin |
|
-6.7 |
% |
|
7.9 |
% |
|
6.0 |
% |
|
1.9 |
% |
|
4.4 |
% |
|
(Loss) income from continuing operations, net of tax |
$ |
(0.5 |
) |
$ |
(1.3 |
) |
$ |
1.0 |
|
$ |
(1.8 |
) |
$ |
1.3 |
|
|
Diluted (loss) income per share from continuing operations |
$ |
(0.04 |
) |
$ |
(0.09 |
) |
$ |
0.07 |
|
$ |
(0.13 |
) |
$ |
0.09 |
|
Net revenues decreased 30% both sequentially and from the second quarter of fiscal 2019. Semiconductor revenue in fiscal Q2 2020 decreased primarily due to COVID-19 impacts within China, where our Shanghai facility was affected by the extended Chinese New Year and the phased return to work process and associated production ramp up. Silicon carbide/LED revenue decreased compared to the same prior year period primarily due to delayed shipments at the end of the quarter resulting from COVID-19 state-wide shutdown orders in Pennsylvania.
Gross margin decreased in the second quarter of fiscal 2020 both sequentially and compared to the same prior year period, primarily due to the lower revenue level in the quarter and product mix. Operating loss was $1.0 million, primarily from lower revenue in the quarter, compared to operating income of $1.6 million in the first quarter of fiscal 2020 and $1.2 million of operating income in the same prior year period. Loss from continuing operations, net of tax, for the second quarter of fiscal 2020 was $0.5 million, or 4 cents per share. This compares to income from continuing operations of $1.0 million, or 7 cents per share, for the second quarter of fiscal 2019 and loss of $1.3 million, or 9 cents per share, in the preceding quarter. The Company recognized a pre-tax loss from the sale of our solar subsidiary, Tempress, of $10.9 million, of which approximately $7.2 million was the recognition of previously recorded accumulated foreign currency translation losses.
Outlook
Our outlook reflects the anticipated ongoing impacts from the COVID-19 pandemic as we understand them today; however, given how fluid the situation is both for our own business as well as for that of our customers and supply chain, we would like to remind investors that actual results may differ materially in the weeks and months ahead. Additionally, the semiconductor equipment industries can be cyclical and inherently impacted by changes in market demand. Operating results can be significantly impacted, positively or negatively, by the timing of orders, system shipments, and the financial results of semiconductor manufacturers.
For our third fiscal quarter ending June 30, 2020, revenues are expected to be in the range of $13.0 to $16.0 million. Gross margin for the quarter ending June 30, 2020 is expected to be in the mid to upper 30% range, with negative operating margin, primarily due to one-time moving costs for PR Hoffman to relocate into their new building and an increase in R&D related to new product development.
A portion of Amtech’s results are denominated in Renminbis, a Chinese currency. The outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Renminbi. Changes in the value of the Renminbi in relation to the United States Dollar could cause actual results to differ from expectations.
Conference Call
Amtech Systems will host a conference call today at 5:00 p.m. ET to discuss our fiscal second quarter financial results. The call will be available to interested parties by dialing 800-967-7164 or +1 323-794-2094. The Conference ID number is 3182188. The call will be webcast and available in the Investor Relations section of Amtech’s website at: http://www.amtechsystems.com/conference.htm.
A replay of the webcast will be available in the Investor Relations section of the company’s web site at http://www.amtechsystems.com/conference.htm shortly after the conclusion of the call and will remain available for approximately 30 calendar days.
About Amtech Systems, Inc.
Amtech Systems, Inc. is a leading, global manufacturer of capital equipment, including thermal processing and wafer polishing, and related consumables used in fabricating semiconductor devices, such as silicon carbide (SiC) and silicon power chips, electronic assemblies and light-emitting diodes (LEDs). We sell these products to semiconductor and automotive component manufacturers worldwide, particularly in Asia, North America and Europe. Our strategic focus is on semiconductor growth opportunities in power electronics, leveraging our strength in our core competencies in thermal and substrate processing. We are a market leader in the high-end power chip market (SiC and 300mm silicon horizontal thermal reactor), developing and supplying essential equipment and consumables used in the semiconductor industry. Amtech’s products are recognized under the leading brand names BTU International, Bruce TechnologiesTM, and PR HoffmanTM.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this press release is forward-looking in nature. All statements in this press release, or made by management of Amtech Systems, Inc. and its subsidiaries (“Amtech”), other than statements of historical fact, are hereby identified as “forward-looking statements” (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995). The forward-looking statements in this press release relate only to events or information as of the date on which the statements are made in this press release. Examples of forward-looking statements include statements regarding Amtech’s future financial results, operating results, business strategies, projected costs, products under development, competitive positions, plans and objectives of Amtech and its management for future operations, efforts to improve operational efficiencies and effectiveness and profitably grow our revenue, the planned divestiture of our solar business, and enhancements to our technologies and expansion of our product portfolio. In some cases, forward-looking statements can be identified by terminology such as “may,” “plan,” “anticipate,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” “predict,” “potential,” “project,” “should,” “would,” “could”, “likely,” “future,” “target,” “forecast,” “goal,” “observe,” and “strategy” or the negative of these terms or other comparable terminology used in this press release or by our management, which are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. The Form 10-K that Amtech filed with the Securities and Exchange Commission (the “SEC”) for the year-ended September 30, 2019, listed various important factors that could affect the Company’s future operating results and financial condition and could cause actual results to differ materially from historical results and expectations based on forward-looking statements made in this document or elsewhere by Amtech or on its behalf. These factors can be found under the heading “Risk Factors” in the Form 10-K and investors should refer to them. Because it is not possible to predict or identify all such factors, any such list cannot be considered a complete set of all potential risks or uncertainties. Except as required by law, we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise.
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) May 7, 2020 (Unaudited)
Summary Financial Information for Continuing Operations (in thousands, except percentages and ratios) |
|||||||||||||||||||||
|
|
|
Three Months Ended |
|
|
|
Six Months Ended March 31, |
|
||||||||||||||
|
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
March 31, 2019 |
|
|
|
2020 |
|
|
2019 |
|
|||||
|
Amtech Systems, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net of returns and allowances |
|
$ |
14,460 |
|
|
$ |
20,692 |
|
|
$ |
20,633 |
|
|
|
$ |
35,152 |
|
|
$ |
43,858 |
|
|
Gross profit |
|
$ |
5,358 |
|
|
$ |
8,174 |
|
|
$ |
7,927 |
|
|
|
$ |
13,532 |
|
|
$ |
16,947 |
|
|
Gross margin |
|
|
37 |
% |
|
|
40 |
% |
|
|
38 |
% |
|
|
|
38 |
% |
|
|
39 |
% |
|
Operating (loss) income |
|
$ |
(972 |
) |
|
$ |
1,637 |
|
|
$ |
1,248 |
|
|
|
$ |
665 |
|
|
$ |
1,912 |
|
|
New orders |
|
$ |
20,626 |
|
|
$ |
17,625 |
|
|
$ |
19,325 |
|
|
|
$ |
38,251 |
|
|
$ |
39,938 |
|
|
Backlog |
|
$ |
19,618 |
|
|
$ |
13,444 |
|
|
$ |
21,991 |
|
|
|
$ |
19,618 |
|
|
$ |
21,991 |
|
|
Semiconductor Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net of returns and allowances |
|
$ |
11,992 |
|
|
$ |
17,232 |
|
|
$ |
16,053 |
|
|
|
$ |
29,224 |
|
|
$ |
35,013 |
|
|
Gross profit |
|
$ |
4,413 |
|
|
$ |
7,186 |
|
|
$ |
6,443 |
|
|
|
$ |
11,599 |
|
|
$ |
13,933 |
|
|
Gross margin |
|
|
37 |
% |
|
|
42 |
% |
|
|
40 |
% |
|
|
|
40 |
% |
|
|
40 |
% |
|
Operating (loss) income |
|
$ |
(18 |
) |
|
$ |
2,722 |
|
|
$ |
1,732 |
|
|
|
$ |
2,704 |
|
|
$ |
4,477 |
|
|
New orders |
|
$ |
17,019 |
|
|
$ |
15,094 |
|
|
$ |
15,469 |
|
|
|
$ |
32,113 |
|
|
$ |
31,563 |
|
|
Backlog |
|
$ |
17,799 |
|
|
$ |
12,764 |
|
|
$ |
17,286 |
|
|
|
$ |
17,799 |
|
|
$ |
17,286 |
|
|
SiC/LED Segment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net of returns and allowances |
|
$ |
2,468 |
|
|
$ |
2,817 |
|
|
$ |
3,273 |
|
|
|
$ |
5,285 |
|
|
$ |
6,256 |
|
|
Gross profit |
|
$ |
945 |
|
|
$ |
979 |
|
|
$ |
1,262 |
|
|
|
$ |
1,924 |
|
|
$ |
2,486 |
|
|
Gross margin |
|
|
38 |
% |
|
|
35 |
% |
|
|
39 |
% |
|
|
|
36 |
% |
|
|
40 |
% |
|
Operating income |
|
$ |
421 |
|
|
$ |
534 |
|
|
$ |
877 |
|
|
|
$ |
955 |
|
|
$ |
1,646 |
|
|
New orders |
|
$ |
3,607 |
|
|
$ |
2,531 |
|
|
$ |
3,133 |
|
|
|
$ |
6,138 |
|
|
$ |
6,877 |
|
|
Backlog |
|
$ |
1,819 |
|
|
$ |
680 |
|
|
$ |
3,311 |
|
|
|
$ |
1,819 |
|
|
$ |
3,311 |
|
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) May 7, 2020 (Unaudited)
Condensed Consolidated Statements of Operations (in thousands, except per share data) |
||||||||||||||||
|
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
||||||||
|
Revenues, net of returns and allowances |
|
$ |
14,460 |
|
|
$ |
20,633 |
|
|
$ |
35,152 |
|
|
$ |
43,858 |
|
|
Cost of sales |
|
|
9,102 |
|
|
|
12,706 |
|
|
|
21,620 |
|
|
|
26,911 |
|
|
Gross profit |
|
|
5,358 |
|
|
|
7,927 |
|
|
|
13,532 |
|
|
|
16,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative |
|
|
5,415 |
|
|
|
5,793 |
|
|
|
11,330 |
|
|
|
12,419 |
|
|
Research, development and engineering |
|
|
915 |
|
|
|
713 |
|
|
|
1,537 |
|
|
|
1,579 |
|
|
Restructuring charges |
|
|
— |
|
|
|
173 |
|
|
|
— |
|
|
|
1,037 |
|
|
Operating (loss) income |
|
|
(972 |
) |
|
|
1,248 |
|
|
|
665 |
|
|
|
1,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss on sale of subsidiary |
|
|
— |
|
|
|
— |
|
|
|
(2,793 |
) |
|
|
— |
|
|
Interest income and other, net |
|
|
595 |
|
|
|
96 |
|
|
|
525 |
|
|
|
262 |
|
|
(Loss) income from continuing operations before income taxes |
|
|
(377 |
) |
|
|
1,344 |
|
|
|
(1,603 |
) |
|
|
2,174 |
|
|
Income tax provision |
|
|
166 |
|
|
|
332 |
|
|
|
207 |
|
|
|
914 |
|
|
(Loss) income from continuing operations, net of tax |
|
|
(543 |
) |
|
|
1,012 |
|
|
|
(1,810 |
) |
|
|
1,260 |
|
|
Loss from discontinued operations, net of tax |
|
|
(11,151 |
) |
|
|
(6,647 |
) |
|
|
(11,816 |
) |
|
|
(9,267 |
) |
|
Net loss |
|
$ |
(11,694 |
) |
|
$ |
(5,635 |
) |
|
$ |
(13,626 |
) |
|
$ |
(8,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) Income Per Basic Share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic (loss) income per share from continuing operations |
|
$ |
(0.04 |
) |
|
$ |
0.07 |
|
|
$ |
(0.13 |
) |
|
$ |
0.09 |
|
|
Basic loss per share from discontinued operations |
|
$ |
(0.79 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.83 |
) |
|
$ |
(0.65 |
) |
|
Net loss per basic share |
|
$ |
(0.83 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.96 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
(Loss) Income Per Diluted Share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diluted (loss) income per share from continuing operations |
|
$ |
(0.04 |
) |
|
$ |
0.07 |
|
|
$ |
(0.13 |
) |
|
$ |
0.09 |
|
|
Diluted loss per share from discontinued operations |
|
$ |
(0.79 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.83 |
) |
|
$ |
(0.65 |
) |
|
Net loss per diluted share |
|
$ |
(0.83 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.96 |
) |
|
$ |
(0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average shares outstanding – basic |
|
|
14,150 |
|
|
|
14,228 |
|
|
|
14,193 |
|
|
|
14,224 |
|
|
Weighted average shares outstanding – diluted |
|
|
14,150 |
|
|
|
14,258 |
|
|
|
14,193 |
|
|
|
14,255 |
|
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) May 7, 2020 (Unaudited)
Condensed Consolidated Balance Sheets (in thousands, except share data) |
||||||||
|
|
|
March 31, 2020 |
|
September 30, 2019 |
||||
|
Assets |
|
|
|
|
|
|
||
|
Current Assets |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
49,268 |
|
|
$ |
52,982 |
|
|
Restricted cash |
|
|
— |
|
|
|
101 |
|
|
Accounts receivable (less allowance for doubtful accounts of $151 and $172 at March 31, 2020, and September 30, 2019, respectively) |
|
|
11,285 |
|
|
|
12,873 |
|
|
Inventories |
|
|
17,332 |
|
|
|
17,532 |
|
|
Notes and other receivables |
|
|
1,250 |
|
|
|
— |
|
|
Income taxes receivable |
|
|
240 |
|
|
|
— |
|
|
Held-for-sale assets |
|
|
— |
|
|
|
22,755 |
|
|
Other current assets |
|
|
2,192 |
|
|
|
2,027 |
|
|
Total current assets |
|
|
81,567 |
|
|
|
108,270 |
|
|
Property, Plant and Equipment – Net |
|
|
10,100 |
|
|
|
10,217 |
|
|
Intangible Assets – Net |
|
|
739 |
|
|
|
870 |
|
|
Goodwill – Net |
|
|
6,633 |
|
|
|
6,633 |
|
|
Other Assets |
|
|
559 |
|
|
|
487 |
|
|
Total Assets |
|
$ |
99,598 |
|
|
$ |
126,477 |
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
||
|
Current Liabilities |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
4,447 |
|
|
$ |
4,371 |
|
|
Accrued compensation and related taxes |
|
|
1,525 |
|
|
|
2,717 |
|
|
Accrued warranty expense |
|
|
398 |
|
|
|
556 |
|
|
Other accrued liabilities |
|
|
1,423 |
|
|
|
1,274 |
|
|
Current maturities of long-term debt |
|
|
372 |
|
|
|
371 |
|
|
Contract liabilities |
|
|
1,532 |
|
|
|
1,378 |
|
|
Income taxes payable |
|
|
— |
|
|
|
1,434 |
|
|
Held-for-sale liabilities |
|
|
— |
|
|
|
18,547 |
|
|
Total current liabilities |
|
|
9,697 |
|
|
|
30,648 |
|
|
Long-Term Debt |
|
|
4,989 |
|
|
|
5,178 |
|
|
Long-Term Lease Liability |
|
|
29 |
|
|
|
— |
|
|
Income Taxes Payable |
|
|
2,726 |
|
|
|
3,199 |
|
|
Total Liabilities |
|
|
17,441 |
|
|
|
39,025 |
|
|
Commitments and Contingencies |
|
|
|
|
|
|
||
|
Shareholders’ Equity |
|
|
|
|
|
|
||
|
Preferred stock; 100,000,000 shares authorized; none issued |
|
|
— |
|
|
|
— |
|
|
Common stock; $0.01 par value; 100,000,000 shares authorized; shares issued and outstanding: 14,041,322 and 14,268,797 at March 31, 2020 and September 30, 2019, respectively |
|
|
140 |
|
|
|
143 |
|
|
Additional paid-in capital |
|
|
124,145 |
|
|
|
125,098 |
|
|
Accumulated other comprehensive loss |
|
|
(1,814 |
) |
|
|
(11,233 |
) |
|
Retained deficit |
|
|
(40,314 |
) |
|
|
(26,556 |
) |
|
Total shareholders’ equity |
|
|
82,157 |
|
|
|
87,452 |
|
|
Total Liabilities and Shareholders’ Equity |
|
$ |
99,598 |
|
|
$ |
126,477 |
|
|
AMTECH SYSTEMS, INC. (NASDAQ: ASYS) May 7, 2020 (Unaudited)
Condensed Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
|
|
Six Months Ended March 31, |
||||||
|
|
|
2020 |
|
2019 |
||||
|
Operating Activities |
|
|
|
|
|
|
||
|
Net loss |
|
$ |
(13,626 |
) |
|
$ |
(8,007 |
) |
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
|
Depreciation and amortization |
|
|
694 |
|
|
|
888 |
|
|
Write-down of inventory |
|
|
330 |
|
|
|
2,794 |
|
|
Deferred income taxes |
|
|
784 |
|
|
|
7 |
|
|
Non-cash share-based compensation expense |
|
|
133 |
|
|
|
363 |
|
|
Loss on sales of subsidiaries |
|
|
13,709 |
|
|
|
— |
|
|
(Reversal of) provision for allowance for doubtful accounts, net |
|
|
(32 |
) |
|
|
1,141 |
|
|
Other, net |
|
|
4 |
|
|
|
115 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
|
Accounts receivable |
|
|
1,374 |
|
|
|
(1,533 |
) |
|
Inventories |
|
|
(527 |
) |
|
|
(650 |
) |
|
Other assets |
|
|
3,667 |
|
|
|
10,143 |
|
|
Accounts payable |
|
|
(1,849 |
) |
|
|
(650 |
) |
|
Accrued income taxes |
|
|
(2,094 |
) |
|
|
216 |
|
|
Accrued and other liabilities |
|
|
(228 |
) |
|
|
(378 |
) |
|
Contract liabilities |
|
|
(1,063 |
) |
|
|
(7,516 |
) |
|
Net cash provided by (used in) operating activities |
|
|
1,276 |
|
|
|
(3,067 |
) |
|
Investing Activities |
|
|
|
|
|
|
||
|
Purchases of property, plant and equipment |
|
|
(345 |
) |
|
|
(238 |
) |
|
Net cash disposed of in sales of subsidiaries |
|
|
(9,940 |
) |
|
|
— |
|
|
Net cash used in investing activities |
|
|
(10,285 |
) |
|
|
(238 |
) |
|
Financing Activities |
|
|
|
|
|
|
||
|
Proceeds from the exercise of stock options |
|
|
779 |
|
|
|
37 |
|
|
Repurchase of common stock |
|
|
(2,000 |
) |
|
|
— |
|
|
Payments on long-term debt |
|
|
(194 |
) |
|
|
(186 |
) |
|
Net cash used in financing activities |
|
|
(1,415 |
) |
|
|
(149 |
) |
|
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash |
|
|
558 |
|
|
|
(903 |
) |
|
Net Decrease in Cash, Cash Equivalents and Restricted Cash |
|
|
(9,866 |
) |
|
|
(4,357 |
) |
|
Cash, Cash Equivalents and Restricted Cash, Beginning of Period* |
|
|
59,134 |
|
|
|
62,496 |
|
|
Cash, Cash Equivalents and Restricted Cash, End of Period* |
|
$ |
49,268 |
|
|
$ |
58,139 |
|
|
* |
Includes Cash, Cash Equivalents and Restricted Cash that are included in Held-For-Sale Assets on the Condensed Consolidated Balance Sheets for periods prior to January 22, 2020. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200507005964/en/