The next Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations must be learn along with the unaudited Condensed Consolidated Monetary Statements and the associated notes thereto included on this Quarterly Report on Type 10-Q and the audited Consolidated Monetary Statements and notes thereto and Administration's Dialogue and Evaluation of Monetary Situation and Outcomes of Operations for the yr endedDecember 31, 2021 included in our Annual Report on Type 10-Okay filed with theSEC onFebruary 25, 2022 . "We," "us," "our," "Myriad" and the "Firm" as used on this Quarterly Report on Type 10Q confer withMyriad Genetics, Inc. , aDelaware company, and its subsidiaries.
Cautionary assertion relating to forward-looking statements
TheSEC encourages firms to reveal forward-looking info in order that traders can higher perceive an organization's future prospects and make knowledgeable funding selections. This Quarterly Report on Type 10Q comprises such "forward-looking statements" throughout the which means of the Non-public Securities Litigation Reform Act of 1995. Phrases akin to "might," "anticipate," "estimate," "expects," "tasks," "intends," "plans," "believes," "search," "might," "proceed," "possible," "will," "technique" and "purpose" and phrases and phrases of comparable substance utilized in reference to any dialogue of future working or monetary efficiency determine forward-looking statements. All forward-looking statements are administration's current expectations of future occasions and are topic to plenty of recognized and unknown dangers and uncertainties that would trigger precise outcomes, circumstances, and occasions to vary materially and adversely from these anticipated. These dangers embrace, however are not restricted to: •uncertainties related to COVID-19, together with its attainable results on our operations and the demand for our services and on our potential to effectively and flexibly handle our enterprise; •the danger that gross sales and revenue margins of our present molecular diagnostic exams might decline or that we might not have the ability to function our enterprise on a worthwhile foundation; •dangers associated to our potential to generate adequate income from our present product portfolio or in launching and commercializing new exams; •dangers associated to modifications in governmental or non-public insurers' protection and reimbursement ranges for our exams or our potential to acquire reimbursement for our new exams at comparable ranges to our present exams; •dangers associated to elevated competitors and the event of latest competing exams and providers; •the danger that we could also be unable to develop or obtain industrial success for further molecular diagnostic exams in a well timed method, or in any respect; •the danger that we might not efficiently develop new markets for our molecular diagnostic exams, together with our potential to efficiently generate income exteriorthe USA ; •the danger that licenses to the know-how underlying our molecular diagnostic exams and any future exams are terminated or can't be maintained on passable phrases; •dangers associated to delays or different issues with working and setting up our laboratory testing amenities; •dangers associated to public concern over genetic testing usually or our exams in explicit; •dangers associated to regulatory necessities or enforcement inthe USA and international nations and modifications within the construction of the healthcare system or healthcare cost methods; •dangers associated to our potential to acquire new company collaborations or licenses and purchase or develop new applied sciences or companies on passable phrases, if in any respect; •dangers associated to our potential to efficiently combine and derive advantages from any applied sciences or companies that we license, purchase, or develop; •dangers associated to our projections concerning the potential market alternative for our present and future merchandise; •the danger that we or our licensors could also be unable to guard or that third events will infringe the proprietary applied sciences underlying our exams; •the danger of patent-infringement claims or challenges to the validity of our patents; •dangers associated to modifications in mental property legal guidelines overlaying our molecular diagnostic exams, or patents or enforcement, inthe USA and international nations; •dangers associated to safety breaches, lack of knowledge and different disruptions, together with from cyberattacks; •dangers of latest, altering and aggressive applied sciences and laws inthe United States and internationally; •the danger that we could also be unable to adjust to monetary working covenants below our credit score or lending agreements; •dangers associated to the fabric weak spot associated to our basic info know-how controls, together with the impression thereof and our remediation plan, and our incapacity to attain and keep efficient disclosure controls and procedures and inside management over monetary reporting; 24 -------------------------------------------------------------------------------- Desk of Contents •dangers associated to present and future lawsuits, together with product or skilled legal responsibility claims; and •different components mentioned below the heading "Danger Elements" contained in Merchandise 1A of our Annual Report on Type 10-Okay filed with theU.S. Securities and Alternate Fee onFebruary 25, 2022 . In mild of those assumptions, dangers and uncertainties, the outcomes and occasions mentioned within the forward-looking statements contained on this Quarterly Report, or in any doc included by reference may not happen. Stockholders are cautioned to not place undue reliance on the forward-looking statements, which converse solely as of the date of this Quarterly Report. We aren't below any obligation, and we expressly disclaim any obligation, to replace or alter any forward-looking statements, whether or not on account of new info, future occasions or in any other case besides as required by legislation. All forward-looking statements in this Quarterly Report attributable to us or to any individual appearing on our behalf are expressly certified of their entirety by the cautionary statements contained or referred to on this part.
basic
We're a number one genetic testing and precision drugs firm devoted to advancing well being and well-being for all. We offer insights that assist individuals take management of their well being and allow healthcare suppliers to raised detect, deal with, and stop illness. We develop and provide genetic exams that assist assess the danger of creating illness or illness development or information remedy selections throughout medical specialties the place crucial genetic insights can considerably enhance affected person care and decrease well being care prices. Customized genetic knowledge and digital and digital client tendencies are converging to vary conventional fashions of care. Vital progress alternatives exist to assist affected person populations with urgent well being care wants by way of revolutionary options and providers. We're presently executing a strategic transformation and progress plan that goals to capitalize on these tendencies by specializing in three strategic priorities: (1) innovation that improves scientific outcomes, ease of use, and entry, (2) enterprise capabilities to speed up progress and scale to market alternative; and (3) a deal with execution and supply of constant outcomes. In reference to these strategic priorities, we're focusing our efforts in three key areas the place we have now specialised merchandise, capabilities, and experience: Oncology,Girls's Well being , and Psychological Well being. In every of those areas, we intend to develop and improve best-in-class merchandise to help progress, enhance affected person and supplier expertise, and attain extra sufferers of all backgrounds. By investing in tech-enabled industrial instruments, we consider we'll have the ability to drive elevated engagement, enhance income cycle administration, and scale back complexity and price. We're dedicated to disciplined administration of a key set of initiatives to meet our mission and drive long-term progress and profitability. With a basis of monetary, industrial, operational and technological energy, we anticipate to speed up progress as we launch a brand new enterprise industrial mannequin, launch a unified ordering portal, put money into new sequencing applied sciences, additional develop direct-to-consumer channels, and construct industrial capabilities to help new merchandise and choices.
Enterprise Updates
Through the ending quarter
•on me
•on me
•OnJune 23, 2022 , we introduced a partnership withEpic Programs Company (Epic) to combine Myriad's full line of genetic exams with Epic's expansive community of 600,000 physicians and greater than 250 million sufferers.
•on me
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Outcomes of Operations for the Three Months Ended June 30, 2022 and 2021
The outcomes of operations for the three months ended June 30, 2022 and 2021 are
mentioned under.
Income
Three months ended June 30, Change % of complete income
(in thousands and thousands) 2022 2021 2022 2022 2021
Molecular diagnostic revenues:
Hereditary Most cancers $ 79.4 $ 86.0 $ (6.6) 44% 45%
Tumor Profiling 33.5 30.3 3.2 19% 16%
Prenatal 33.3 29.4 3.9 19% 16%
Pharmacogenomics 33.1 22.6 10.5 18% 12%
Autoimmune - 10.2 (10.2) -% 5%
Different - 0.2 (0.2) -% -%
Complete molecular diagnostic income 179.3 178.7 0.6
Pharmaceutical and scientific providers
income - 10.7 (10.7) -% 6%
Complete income $ 179.3 $ 189.4 $ (10.1) 100% 100%
Molecular diagnostic revenues elevated $0.6 million for the three months ended
June 30, 2022 in comparison with the identical interval within the prior yr. Revenues from
Pharmacogenomics elevated $10.5 million in comparison with the identical interval within the
prior yr due primarily to a 39% improve in quantity. Tumor profiling revenues
elevated $3.2 million in comparison with the identical interval within the prior yr due
primarily to a 7% improve in quantity and a 3% improve in common reimbursement
per check. Prenatal revenues elevated $3.9 million in comparison with the identical interval
within the prior yr due primarily to a 17% improve in common reimbursement per
check. Hereditary Most cancers revenues decreased $6.6 million in comparison with the identical
interval within the prior yr as a result of a 4% lower in quantity. Autoimmune revenues
decreased $10.2 million as a result of sale of the Myriad Autoimmune enterprise on
September 13, 2021 .
Pharmaceutical and scientific providers revenues had been $10.7 million within the prior
interval. Because of the sale of Myriad RBM, Inc. on July 1, 2021 , there have been
no Pharmaceutical and scientific providers revenues in the course of the present interval.
Price of Gross sales
Three months ended June 30,
(in thousands and thousands) 2022 2021 Change
Price of molecular diagnostic testing $ 49.7 $ 48.0 $ 1.7
Molecular diagnostic check price as a share of income 27.7%
26.9 % Price of pharmaceutical and scientific providers $ -$ 5.7 $ (5.7)
Price of pharmaceutical and scientific providers as a share of income
- % 53.3 % The price of molecular diagnostic testing as a share of income elevated from 26.9% to 27.7% in the course of the three months endedJune 30, 2022 in comparison with the identical interval within the prior yr. The rise was primarily pushed by the shift in the product combine for the present interval, a rise in compensation prices as a result of each a rise within the variety of staff and the associated fee per worker. The price of pharmaceutical and scientific providers as a share of income was 53.3% for the three months endedJune 30, 2021 . The sale ofMyriad RBM, Inc. was accomplished onJuly 1, 2021 , and consequently there have been no corresponding prices in the course of the present interval. 26
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Analysis and improvement expenditures
Three months ended June 30,
(in thousands and thousands) 2022 2021 Change
R&D expense $ 20.3 $ 19.5 $ 0.8
R&D expense as a % of complete income 11.3 %
10.3%
Analysis and improvement bills for the three months ended
Slight improve in comparison with the identical interval within the earlier yr primarily as a result of a rise in common compensation per worker.
Promoting, basic and administrative bills
Three months ended June 30,
(in thousands and thousands) 2022 2021 Change
Promoting, basic and administrative expense $ 127.1 $ 135.2 $ (8.1)
Promoting and basic and administrative bills as a share of complete income
70.9 % 71.4 % Promoting, basic and administrative expense decreased for the three months endedJune 30, 2022 in comparison with the identical interval within the prior yr primarily as a result of a$6.3 million lower usually authorized bills, a$3.7 million lower in amortization expense as a result of intangible belongings offered within the divestitures within the prior yr, a$2.7 million lower in prices incurred within the present interval as a part of the Firm's strategic transformation initiatives, and a$2.2 million lower in compensation-related bills as a result of decrease headcount on account of the divestitures within the prior yr, partially offset by a$5.4 million improve in advertising and marketing bills.
Three months ended June 30,
(in thousands and thousands) 2022 2021 Change
Goodwill and long-lived asset impairment expenses $ - $ 1.8 $ (1.8)
- %
1.0%
Goodwill and long-lived asset impairment expenses decreased for the three months endedJune 30, 2022 in comparison with the identical interval within the prior yr as a result of Firm recognizing a$1.8 million impairment to right-of-use belongings within the prior interval on account of the voluntary early termination of sure lease agreements. There have been no impairments acknowledged within the present interval. Different Earnings (Expense), Internet Three months ended June 30, (in thousands and thousands) 2022 2021 Change Different earnings (expense), web $ (0.1)$ 17.0 $ (17.1) Different earnings (expense), web decreased for the three months endedJune 30, 2022 in comparison with the identical interval within the prior yr due primarily to the$31.2 million web acquire acknowledged on the sale of the Myriad myPath, LLC laboratory within the prior interval, partially offset by expenses within the prior interval, together with losses of$5.9 million and$6.6 million for a non-cancelable buy dedication and stock, respectively, acknowledged in reference to the divestiture transactions. There have been no comparable objects within the present interval. 27
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Earnings Tax Expense (Profit)
Three months ended June 30,
(in thousands and thousands) 2022 2021 Change
Earnings tax expense (profit) $ (3.8) $ 0.9 $ (4.7)
Efficient tax fee 21.2 % (23.7) %
Our tax fee is the product of a blended U.S. federal efficient fee of 21.0%
and a blended state earnings tax fee of roughly 4.2%. Sure important
or uncommon objects are individually acknowledged in the course of the interval during which they happen
and generally is a supply of variability within the efficient tax charges from interval to
interval.
Earnings tax profit for the three months ended June 30, 2022 was $3.8 million ,
and our efficient tax fee was 21.2%. For the three months ended June 30, 2022 ,
our acknowledged efficient tax fee differs from the U.S. federal statutory fee
primarily as a result of disallowed govt compensation bills, disallowed meals
and leisure bills, inventory compensation bills and asset impairment
bills. For the three months ended June 30, 2021 , our acknowledged efficient tax
fee differs from the U.S. federal statutory fee primarily as a result of disallowed
govt compensation bills, disallowed meals and leisure bills,
the tax impression of the Coronavirus Assist, Reduction, and Financial Safety Act (CARES
Act), and launch of a valuation allowance.
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Operational outcomes for the six months ending
The outcomes of operations for the six months endedJune 30, 2022 and 2021 are mentioned under. Income Six months ended June 30, Change % of Complete Income (in thousands and thousands) 2022 2021 2022 2022 2021 Molecular diagnostic revenues: Hereditary Most cancers$ 150.3 $ 162.1 $ (11.8) 44% 45% Tumor Profiling 66.0 61.5 4.5 19% 17% Prenatal 65.2 53.1 12.1 19% 15% Pharmacogenomics 62.4 40.2 22.2 18% 11% Autoimmune 0.3 20.9 (20.6) -% 6% Different - 0.5 (0.5) -% -% Complete molecular diagnostic income 344.2 338.3
5.9
Pharmaceutical and scientific service income - 24.2 (24.2) -% 7% Complete income$ 344.2 $ 362.5 $ (18.3) 100% 100% Molecular diagnostic income for the six months endedJune 30, 2022 elevated$5.9 million in comparison with the identical interval within the prior yr. Income from Pharmacogenomics elevated$22.2 million in comparison with the identical interval within the prior yr due primarily to a 44% improve in quantity. Hereditary Most cancers revenues decreased$11.8 million in comparison with the identical interval within the prior yr due primarily to an 8% lower in quantity. Prenatal revenues elevated$12.1 million in comparison with the identical interval within the prior yr due primarily to a 26% improve in the common reimbursement per check. Tumor Profiling revenues elevated$4.5 million in comparison with the identical interval within the prior yr as a result of a 9% improve in quantity. Autoimmune revenues decreased$20.6 million as a result of sale of the Myriad Autoimmune enterprise onSeptember 13, 2021 . Pharmaceutical and scientific service revenues had been$24.2 million within the prior interval. Because of the sale ofMyriad RBM, Inc. onJuly 1, 2021 , there have been no Pharmaceutical and scientific providers revenues in the course of the present interval. Price of Gross sales Six months ended June 30, (in thousands and thousands) 2022 2021 Change Price of molecular diagnostic testing$ 97.7 $ 92.1 $ 5.6
Molecular diagnostic check price as a share of income 28.4%
27.2 % Price of pharmaceutical and scientific providers $ -$ 11.9 $ (11.9)
Price of pharmaceutical and scientific providers as a share of income
- %
49.2%
The price of molecular diagnostic testing as a share of income elevated from 27.2% to twenty-eight.4% in the course of the six months endedJune 30, 2022 in comparison with the identical interval within the prior yr. The rise was primarily pushed by the shift in the product combine for the present interval, a rise in compensation prices as a result of each a rise within the variety of staff and the associated fee per worker, and larger price per check as a result of inflationary pressures. The price of pharmaceutical and scientific providers as a share of income was 49.2% for the six months endedJune 30, 2021 . The sale ofMyriad RBM, Inc. was accomplished onJuly 1, 2021 , and consequently there have been no corresponding prices in the course of the present interval. 29
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Analysis and improvement expenditures
Six months ended June 30,
(in thousands and thousands) 2022 2021 Change
R&D expense $ 41.5 $ 42.6 $ (1.1)
R&D expense as a % of complete income 12.1 % 11.8
%
Analysis and improvement expense for the six months endedJune 30, 2022 decreased in comparison with the identical interval within the prior yr primarily as a result of a lower in prices incurred within the present interval of$3.4 million on account of sure prices associated to the Firm's strategic transformation initiatives in comparison with the identical interval within the prior yr, partially offset by a rise in compensation expense.
Promoting, basic and administrative bills
Six months ended June 30,
(in thousands and thousands) 2022 2021 Change
Promoting, basic and administrative expense $ 237.7 $ 281.6 $ (43.9)
Promoting and basic and administrative bills as a share of complete income
69.1 %
77.7%
Promoting, basic and administrative expense decreased for the six months endedJune 30, 2022 in comparison with the identical interval within the prior yr primarily as a result of a$14.1 million lower in prices incurred within the present interval as a part of the Firm's strategic transformation initiative, a$13.1 million lower in compensation-related bills as a result of much less headcount on account of the divestitures within the prior yr, the receipt of$11.4 million from insurers to offset the beforehand accrued Abelli settlement and different authorized bills, a$9.0 million lower in authorized bills, and an$8.8 million lower in amortization expense as a result of intangible belongings offered within the divestitures within the prior yr, partially offset by an$8.4 million improve in gross sales and advertising and marketing bills due to extra in-person gross sales and advertising and marketing occasions and travel-related bills within the present interval and a$1.7 million improve in stock-based compensation.
Six months ended June 30,
(in thousands and thousands) 2022 2021 Change
$ 1.8 $ 8.9
3.1 %
0.5%
Goodwill and long-lived asset impairment expenses elevated for the six months endedJune 30, 2022 in comparison with the identical interval within the prior yr primarily due to the Firm recognizing an$8.6 million impairment to right-of-use belongings and a$2.1 million impairment to the associated leasehold enhancements within the present interval on account of its choice to not use one in every of its amenities in order to consolidate house. Through the prior interval, the Firm acknowledged a$1.8 million impairment to right-of-use belongings on account of the voluntary early termination of sure lease agreements to consolidate house. 30
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Different Earnings (Expense), Internet
Six months ended June 30,
(in thousands and thousands) 2022 2021 Change
Different earnings (expense), web $ (0.9) $ 14.1 $ (15.0)
Different earnings (expense), web decreased for the six months ended June 30, 2022
in comparison with the identical interval within the prior yr due primarily to the $31.2 million
web acquire acknowledged within the prior interval on the sale of the Myriad myPath, LLC
laboratory and losses of $5.9 million and $6.6 million for a non-cancelable
buy dedication and stock, respectively, acknowledged in reference to
the divestiture transactions, in addition to a $3.5 million lower in curiosity
expense within the present interval. The curiosity expense within the prior interval is
associated to the debt excellent at the moment with no corresponding debt
excellent within the present interval, because the debt was repaid in full on July 30,
2021 .
Earnings Tax Profit
Six months ended June 30,
(in thousands and thousands) 2022 2021 Change
Earnings tax profit $ (9.7) $ (9.2) $ (0.5)
Efficient tax fee 21.9 % 17.2 %
Our tax fee is the product of a blended U.S. federal efficient fee of 21.0%
and a blended state earnings tax fee of roughly 4.2%. Sure important
or uncommon objects are individually acknowledged in the course of the interval during which they happen
and generally is a supply of variability within the efficient tax charges from interval to
interval.
Earnings tax profit for the six months ended June 30, 2022 was $9.7 million , and
our efficient tax fee was 21.9%. For the six months ended June 30, 2022 , our
acknowledged efficient tax fee differs from the U.S. federal statutory fee
primarily as a result of disallowed govt compensation bills, disallowed meals
and leisure bills, inventory compensation bills and asset impairment
bills. For the six months ended June 30, 2021 , our acknowledged efficient tax
fee differs from the U.S. federal statutory fee primarily as a result of disallowed
govt compensation bills, disallowed meals and leisure bills,
the tax impression of the Coronavirus Assist, Reduction, and Financial Safety Act (CARES
Act), and launch of a valuation allowance.
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Liquidity and capital assets
Our main sources of liquidity are our money, money equivalents and marketable funding securities, our anticipated future money flows from operations, and, in sure circumstances, as mentioned under, quantities out there for borrowing below our Amended Facility. Our capital deployment technique focuses on use of assets in the important thing areas of analysis and improvement, know-how and acquisitions. We consider that investing organically by way of analysis and improvement or acquisitively to help enterprise technique supplies the very best return on invested capital. We consider that our present capital assets might be adequate to satisfy our projected working necessities for the foreseeable future. As well as, our capital assets and money available could also be used for acquisitions or different strategic investments. All beforehand excellent borrowings below our Amended Facility, which matures onJuly 31, 2023 , had been repaid onJuly 30, 2021 utilizing money generated from divestitures and as such, we have now no excellent borrowings as ofJune 30, 2022 . Our out there capital assets, nevertheless, could also be consumed extra quickly than presently anticipated, or could also be inadequate, and we may have or wish to elevate further financing. We might not have the ability to safe such financing in a well timed method or on favorable phrases, if in any respect, and the present rising rate of interest setting might make any potential financing tougher or costly to get hold of. As well as, we have now a decreased borrowing restrict and are topic to monetary covenants below our Amended Facility, which might restrict our potential to incur adequate further indebtedness or impression our choice to pursue different financing. With out further funds, we could also be pressured to delay, cut back or get rid of a few of our gross sales and advertising and marketing efforts, analysis and improvement actions, or different operations, and doubtlessly delay improvement of our diagnostic exams in an effort to offer adequate funds to proceed our operations. If any of those occasions happens, our potential to attain our improvement and commercialization objectives may very well be adversely affected. The Amended Facility restricts our potential to make future borrowings if unrestricted money, money equivalents and marketable securities exceed$150.0 million , until such borrowings are utilized in reference to sure permitted acquisitions. Unrestricted money, money equivalents and marketable securities totaled$283.6 million as ofJune 30, 2022 . Our revolving dedication quantity is$200.0 million as ofJuly 26, 2022 , with an additional discount to$150.0 million byDecember 31, 2022 . Because the Firm's complete unrestricted money, money equivalents, and marketable securities exceeded$150.0 million as ofJune 30, 2022 , we're unable to make future borrowings until associated to a permitted acquisition. As well as, we're topic to a minimal liquidity covenant, which requires us to take care of liquidity-defined because the sum of the Firm's unrestricted money, money equivalents and marketable funding securities plus the combination undrawn and out there quantity of the revolving commitments-of$150.0 million . Once in a while, we enter into buy commitments or different agreements that might materially impression our liquidity place in future durations. InFebruary 2022 , we entered right into a non-cancelable working lease for about 230,000 sq. ft in westSalt Lake Metropolis, Utah . The lease has a time period of 15 years, which, together with lease funds, are anticipated to start within the third quarter of 2023. Complete future lease funds below the lease is roughly$77.8 million . As well as, inApril 2022 , we paid$48.0 million for the settlement of the qui tam lawsuit in opposition toCrescendo Bioscience, LLC and the Firm. As a result of regularly evolving international state of affairs from the COVID-19 pandemic, it just isn't attainable to foretell whether or not ongoing penalties of the pandemic are fairly prone to materially have an effect on our liquidity and capital assets in the long run. Due to the technical nature of our enterprise and our deal with science, analysis and improvement, we're extremely dependent upon our potential to entice and retain extremely certified and skilled administration, scientific, and technical personnel. Competitors and compensation for such personnel and different certified personnel elevated as employment vacancies surged in the course of the yr endedDecember 31, 2021 and into the quarter endedJune 30, 2022 , which has elevated the issue and price of hiring and retaining certified personnel. Lack of the providers of or failure to recruit further key administration, scientific and technical personnel and different certified personnel who're essential to function our enterprise would adversely have an effect on our enterprise, and it might have a cloth adversarial impact on our enterprise as a complete. Moreover, disruptions to our provide chain might trigger shortages of crucial supplies required to conduct our enterprise, which can have a cloth adversarial impact on our enterprise as a complete. As well as, inflation has had, and we anticipate it's going to proceed to have, an impression on the prices we incur to draw and retain certified personnel, prices to generate gross sales and produce diagnostic testing outcomes, and prices of lab provides. 32
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The next desk represents money and money equal balances and tradable investments in securities:
June 30, December 31,
(in thousands and thousands) 2022 2021 Change
Money and money equivalents $ 105.2 $ 258.4 $ (153.2)
Marketable funding securities 99.9 81.4 18.5
Lengthy-term marketable funding securities 78.5 59.0 19.5
Money, money equivalents and marketable funding
securities $ 283.6
The lower in money, money equivalents, and marketable funding securities was primarily pushed by$96.8 million in money utilized by operations,$13.0 million used for capital expenditures, and$2.3 million used for the cost of withholding tax for the issuance of frequent inventory, web of proceeds from the issuance of frequent inventory.
The next desk represents the condensed consolidated assertion of money flows:
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