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STMicroelectronics Studies 2021 First Quarter Monetary Outcomes

STMicroelectronics Studies 2021 First Quarter Monetary Outcomes

  • Q1 internet revenues $3.02 billion; gross margin 39.0%; working margin 14.6%; internet earnings $364 million

  • Q1 free money move(1) $261 million after internet capital expenditure funds of $405 million

  • Enterprise outlook on the mid-point: Q2 internet revenues of $2.9 billion and gross margin of 39.5%

Geneva, April 29, 2021 – STMicroelectronics (NYSE: STM), a world semiconductor chief serving prospects throughout the spectrum of electronics purposes, reported U.S. GAAP monetary outcomes for the primary quarter ended April 3, 2021. This press launch additionally comprises non-U.S. GAAP measures (see Appendix for added data).

ST reported first quarter internet revenues of $3.02 billion, gross margin of 39.0%, working margin of 14.6%, and internet earnings of $364 million or $0.39 diluted earnings per share.

Jean-Marc Chery, STMicroelectronics President & CEO, commented:

  • “Within the first quarter of 2021, internet revenues elevated 35.2% year-over-year. All product teams contributed to this progress, on continued acceleration of demand globally. Working margin improved 420 foundation factors to 14.6% and internet earnings elevated 89.6% to $364 million.

  • “On a sequential foundation, internet revenues decreased 6.8%, 270 foundation factors above the mid-point of our outlook. Automotive and Energy Discrete merchandise and Microcontrollers elevated sequentially, partially offset by Private Electronics merchandise.

  • “ST’s second quarter outlook, on the mid-point, is for internet revenues of $2.9 billion, growing year-over-year by 39%, and lowering sequentially by 3.8% resulting from typical seasonality in Private Electronics; gross margin is predicted to be about 39.5%.

  • “We are going to drive the Firm based mostly on a plan for FY21 revenues of $12.1 billion, plus or minus $150 million, a year-over-year enhance of 18.4% on the mid-point. This progress is predicted to be pushed by robust dynamics in all finish markets we deal with and our engaged buyer applications.

  • “For 2021, we now plan to speculate about $2.0 billion in CAPEX to help the robust market demand and our strategic initiatives.”

Quarterly Monetary Abstract (U.S. GAAP)

(US$ m, besides per share information)

Q1 2021

This fall 2020

Q1 2020

Q/Q

Y/Y

Internet Revenues

$3,016

$3,235

$2,231

-6.8%

35.2%

Gross Revenue

$1,175

$1,254

$846

-6.3%

38.9%

Gross Margin

39.0%

38.8%

37.9%

20 bps

110 bps

Working Revenue

$440

$657

$231

-33.0%

90.3%

Working Margin

14.6%

20.3%

10.4%

– 570 bps

420 bps

Internet Revenue

$364

$582

$192

-37.4%

89.6%

Diluted Earnings Per Share

$0.39

$0.63

$0.21

-38.1%

85.7%

(1) Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and data explaining why the Firm believes these measures are necessary.

First Quarter 2021 Abstract Evaluate

Internet Revenues By Product Group (US$ m)

Q1 2021

This fall 2020

Q1 2020

Q/Q

Y/Y

Automotive and Discrete Group (ADG)

1,043

953

753

9.4%

38.4%

Analog, MEMS and Sensors Group (AMS)

1,083

1,419

852

-23.7%

27.1%

Microcontrollers and Digital ICs Group (MDG)

886

859

623

3.2%

42.2%

Others

4

4

3

Complete Internet Revenues

3,016

3,235

2,231

-6.8%

35.2%

Internet revenues totaled $3.02 billion, a year-over-year enhance of 35.2%. On a year-over-year foundation, the Firm recorded greater internet gross sales in all product teams besides the RF Communications (former “Digital”) sub-group. Yr-over-year internet gross sales to OEMs and Distribution elevated 21.4% and 76.2%, respectively. On a sequential foundation, internet revenues decreased 6.8%, 270 foundation factors above the mid-point of the Firm’s steering. ADG and MDG reported will increase in internet revenues on a sequential foundation whereas AMS decreased.

Gross revenue totaled $1.18 billion, a year-over-year enhance of 38.9%. Gross margin of 39.0% elevated 110 foundation factors year-over-year, primarily resulting from decrease unloading prices, manufacturing efficiencies and improved combine partially offset by destructive foreign money results, internet of hedging. First quarter gross margin was 50 foundation factors above the mid-point of the Firm’s steering primarily resulting from higher product combine.

Working earnings elevated 90.3% to $440 million, in comparison with $231 million within the year-ago quarter. The Firm’s working margin elevated 420 foundation factors on a year-over-year foundation to 14.6% of internet revenues, in comparison with 10.4% within the 2020 first quarter.

By product group, in contrast with the year-ago quarter:

Automotive and Discrete Group (ADG):

Analog, MEMS and Sensors Group (AMS):

  • Income elevated in Analog, MEMS and Imaging.

  • Working revenue elevated by 5.4% to $187 million. Working margin was 17.2% in comparison with 20.8%.

Microcontrollers and Digital ICs Group (MDG):

Internet earnings and diluted earnings per share elevated to $364 million and $0.39, respectively, in comparison with $192 million and $0.21, respectively, within the year-ago quarter.

Money Stream and Steadiness Sheet Highlights

Trailing 12 Months

(US$ m)

Q1 2021

This fall 2020

Q1 2020

Q1 2021

Q1 2020

TTM Change

Internet money from working actions

682

922

399

2,376

1,927

23.3%

Free money move (non-U.S. GAAP)

261

512

113

776

677

14.6%

Capital expenditure funds, internet of proceeds from gross sales, had been $405 million within the first quarter. Within the year-ago quarter, capital expenditures, internet, had been $266 million.

Stock on the finish of the primary quarter was $1.84 billion, in comparison with $1.77 billion within the year-ago quarter. Day gross sales of stock at quarter-end was 91 days in comparison with 118 days within the year-ago quarter.

Free money move (non-U.S. GAAP) was $261 million within the first quarter, up from $113 million within the year-ago quarter.

Within the first quarter, the Firm paid money dividends to its shareholders totaling $38 million and executed a $156 million share buy-back as a part of its beforehand introduced share repurchase program.

ST’s internet monetary place (non-U.S. GAAP) was $1.19 billion at April 3, 2021 in comparison with $1.10 billion at December 31, 2020 and mirrored complete liquidity of $4.16 billion and complete monetary debt of $2.97 billion.

Enterprise Outlook

The Firm’s steering, on the mid-point, for the 2021 second quarter is:

  • Internet revenues are anticipated to be $2.9 billion, a lower of three.8% sequentially, plus or minus 350 foundation factors;

  • Gross margin of about 39.5%, plus or minus 200 foundation factors;

  • This outlook is predicated on an assumed efficient foreign money trade fee of roughly $1.18 = €1.00 for the 2021 second quarter and consists of the affect of present hedging contracts.

  • The second quarter will shut on July 3, 2021.

The Firm expects its 2021 CAPEX to be about $2 billion.

Convention Name and Webcast Info

STMicroelectronics will conduct a convention name with analysts, buyers and reporters to debate its first quarter 2021 monetary outcomes and present enterprise outlook at this time at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Jap Time (ET). A stay webcast (listen-only mode) of the convention name might be accessible at ST’s web site, http://investors.st.com, and might be obtainable for replay till Could 14, 2021.

Use of Supplemental Non-U.S. GAAP Monetary Info

This press launch comprises supplemental non-U.S. GAAP monetary data.

Readers are cautioned that these measures are unaudited and never ready in accordance with U.S. GAAP and shouldn’t be thought of as an alternative choice to U.S. GAAP monetary measures. As well as, such non-U.S. GAAP monetary measures is probably not akin to equally titled data from different firms. To compensate for these limitations, the supplemental non-U.S. GAAP monetary data shouldn’t be learn in isolation, however solely at the side of the Firm’s consolidated monetary statements ready in accordance with U.S. GAAP.

See the Appendix of this press launch for a reconciliation of the Firm’s non-U.S. GAAP monetary measures to their corresponding U.S. GAAP monetary measures.

Ahead-looking Info

A number of the statements contained on this launch that aren’t historic info are statements of future expectations and different forward-looking statements (throughout the which means of Part 27A of the Securities Act of 1933 or Part 21E of the Securities Change Act of 1934, every as amended) which might be based mostly on administration’s present views and assumptions, and are conditioned upon and likewise contain recognized and unknown dangers and uncertainties that might trigger precise outcomes, efficiency, or occasions to vary materially from these anticipated by such statements, resulting from, amongst different components:

  • adjustments in international commerce insurance policies, together with the adoption and growth of tariffs and commerce limitations, that might have an effect on the macro-economic atmosphere and adversely affect the demand for our merchandise;

  • unsure macro-economic and business traits, which can affect end-market demand for our merchandise;

  • buyer demand that differs from projections;

  • the flexibility to design, manufacture and promote modern merchandise in a quickly altering technological atmosphere;

  • adjustments in financial, social, public well being, labor, political, or infrastructure circumstances within the places the place we, our prospects, or our suppliers function, together with on account of macroeconomic or regional occasions, army conflicts, social unrest, labor actions, or terrorist actions;

  • unanticipated occasions or circumstances, which can affect our skill to execute our plans and/or meet the goals of our R&D and manufacturing applications, which profit from public funding;

  • authorized, political and financial uncertainty surrounding Brexit could also be a continued supply of instability in worldwide markets and foreign money trade fee volatility and should adversely have an effect on enterprise exercise, political stability and financial circumstances and whereas we don’t have materials operations within the U.Okay. and haven’t skilled any materials affect from Brexit on our underlying enterprise so far, we can not predict its future implications;

  • monetary difficulties with any of our main distributors or important curtailment of purchases by key prospects;

  • the loading, product combine, and manufacturing efficiency of our manufacturing services and/or our required quantity to satisfy capability reserved with suppliers or third social gathering manufacturing suppliers;

  • availability and prices of kit, uncooked supplies, utilities, third-party manufacturing providers and expertise, or different provides required by our operations;

  • the functionalities and efficiency of our IT programs, that are topic to cybersecurity threats and which help our vital operational actions together with manufacturing, finance and gross sales, and any breaches of our IT programs or these of our prospects or suppliers;

  • theft, loss, or misuse of non-public information about our staff, prospects, or different third events, and breaches of world and native privateness laws, together with the EU’s Common Information Safety Regulation (“GDPR”);

  • the affect of mental property (“IP”) claims by our opponents or different third events, and our skill to acquire required licenses on cheap phrases and circumstances;

  • adjustments in our general tax place on account of adjustments in tax guidelines, new or revised laws, the end result of tax audits or adjustments in worldwide tax treaties which can affect our outcomes of operations in addition to our skill to precisely estimate tax credit, advantages, deductions and provisions and to comprehend deferred tax belongings;

  • variations within the international trade markets and, extra significantly, the U.S. greenback trade fee as in comparison with the Euro and the opposite main currencies we use for our operations;

  • the end result of ongoing litigation in addition to the affect of any new litigation to which we could turn into a defendant;

  • product legal responsibility or guarantee claims, claims based mostly on epidemic or supply failure, or different claims referring to our merchandise, or recollects by our prospects for merchandise containing our elements;

  • pure occasions corresponding to extreme climate, earthquakes, tsunamis, volcano eruptions or different acts of nature, the consequences of local weather change, well being dangers and epidemics such because the COVID-19 in places the place we, our prospects or our suppliers function;

  • the length and the severity of the worldwide outbreak of COVID-19 could proceed to negatively affect the worldwide financial system in a major method for an prolonged time period, and likewise might materially adversely have an effect on our enterprise and working outcomes;

  • business adjustments ensuing from vertical and horizontal consolidation amongst our suppliers, opponents, and prospects; and

  • the flexibility to efficiently ramp up new applications that might be impacted by components past our management, together with the provision of vital third social gathering elements and efficiency of subcontractors consistent with our expectations.

Such forward-looking statements are topic to numerous dangers and uncertainties, which can trigger precise outcomes and efficiency of our enterprise to vary materially and adversely from the forward-looking statements. Sure forward-looking statements might be recognized by means of ahead wanting terminology, corresponding to “believes,” “expects,” “could,” “are anticipated to,” “ought to,” “can be,” “seeks” or “anticipates” or comparable expressions or the destructive thereof or different variations thereof or comparable terminology, or by discussions of technique, plans or intentions.

A few of these threat components are set forth and are mentioned in additional element in “Merchandise 3. Key Info — Threat Components” included in our Annual Report on Kind 20-F for the yr ended December 31, 2020, as filed with the SEC on February 24, 2021. Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could fluctuate materially from these described on this launch as anticipated, believed, or anticipated. We don’t intend, and don’t assume any obligation, to replace any business data or forward-looking statements set forth on this launch to mirror subsequent occasions or circumstances.

About STMicroelectronics

At ST, we’re 46,000 creators and makers of semiconductor applied sciences mastering the semiconductor provide chain with state-of-the-art manufacturing services. An unbiased gadget producer, we work with greater than 100,000 prospects and 1000’s of companions to design and construct merchandise, options, and ecosystems that deal with their challenges and alternatives, and the necessity to help a extra sustainable world. Our applied sciences allow smarter mobility, extra environment friendly energy and power administration, and the wide-scale deployment of the Web of Issues and 5G expertise. Additional data might be discovered at www.st.com.

For additional data, please contact:

INVESTOR RELATIONS:
Céline Berthier
Group VP, Investor Relations
Tel: +41 22 929 58 12
celine.berthier@st.com

MEDIA RELATIONS:
Alexis Breton
Head of Company Exterior Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.

CONSOLIDATED STATEMENTS OF INCOME

(in hundreds of thousands of U.S. {dollars}, besides per share information ($))

Three months ended

April 3,

March 28,

2021

2020

(Unaudited)

(Unaudited)

Internet gross sales

3,011

2,228

Different revenues

5

3

NET REVENUES

3,016

2,231

Price of gross sales

(1,841)

(1,385)

GROSS PROFIT

1,175

846

Promoting, common and administrative

(325)

(270)

Analysis and growth

(444)

(375)

Different earnings and bills, internet

34

35

Impairment, restructuring prices and different associated closure prices

(5)

Complete working bills

(735)

(615)

OPERATING INCOME

440

231

Curiosity earnings (expense), internet

(9)

1

Different elements of pension profit prices

(2)

(3)

Acquire on monetary devices, internet

2

INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST

431

229

Revenue tax expense

(66)

(39)

NET INCOME

365

190

Internet earnings attributable to noncontrolling curiosity

(1)

2

NET INCOME ATTRIBUTABLE TO PARENT COMPANY

364

192

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS

0.40

0.22

EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS

0.39

0.21

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS

931.5

916.7

CONSOLIDATED BALANCE SHEETS

As at

April 3,

December 31,

March 28,

In hundreds of thousands of U.S. {dollars}

2021

2020

2020

(Unaudited)

(Audited)

(Unaudited)

ASSETS

Present belongings:

Money and money equivalents

3,454

3,006

2,028

Restricted money

10

Brief-term deposits

573

581

537

Marketable securities

132

133

135

Commerce accounts receivable, internet

1,418

1,465

1,294

Inventories

1,843

1,841

1,772

Different present belongings

550

584

500

Complete present belongings

7,970

7,610

6,276

Goodwill

320

330

175

Different intangible belongings, internet

434

445

298

Property, plant and gear, internet

4,743

4,596

4,022

Non-current deferred tax belongings

717

739

694

Lengthy-term investments

10

10

11

Different non-current belongings

784

724

454

7,008

6,844

5,654

Complete belongings

14,978

14,454

11,930

LIABILITIES AND EQUITY

Present liabilities:

Brief-term debt

837

795

171

Commerce accounts payable

1,281

1,166

960

Different payables and accrued liabilities

1,003

966

856

Dividends payable to stockholders

4

42

6

Accrued earnings tax

75

84

63

Complete present liabilities

3,200

3,053

2,056

Lengthy-term debt

2,137

1,826

1,871

Submit-employment profit obligations

490

506

436

Lengthy-term deferred tax liabilities

74

75

36

Different long-term liabilities

461

488

321

3,162

2,895

2,664

Complete liabilities

6,362

5,948

4,720

Dedication and contingencies

Fairness

Dad or mum firm stockholders’ fairness

Widespread inventory (most popular inventory: 540,000,000 shares licensed, not issued; widespread inventory: Euro 1.04 nominal worth, 1,200,000,000 shares licensed, 911,256,920 shares issued, 901,446,386 shares excellent)

1,157

1,157

1,157

Further Paid-in Capital

3,127

3,062

3,029

Retained earnings

3,963

3,599

2,938

Amassed different complete earnings

559

723

410

Treasury inventory

(249)

(93)

(390)

Complete mother or father firm stockholders’ fairness

8,557

8,448

7,144

Noncontrolling curiosity

59

58

66

Complete fairness

8,616

8,506

7,210

Complete liabilities and fairness

14,978

14,454

11,930

STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Money Stream Information (in US$ hundreds of thousands)

Q1 2021

This fall 2020

Q1 2020

Internet Money from working actions

682

922

399

Internet Money utilized in investing actions

(413)

(312)

(821)

Internet Money from (utilized in) financing actions

182

(321)

(143)

Internet Money enhance (lower)

448

292

(569)

Chosen Money Stream Information (in US$ hundreds of thousands)

Q1 2021

This fall 2020

Q1 2020

Depreciation & amortization

256

255

211

Internet cost for Capital expenditures

(405)

(381)

(266)

Dividends paid to stockholders

(38)

(40)

(53)

Change in inventories, internet

(32)

127

(96)

Appendix
STMicroelectronics
Supplemental Monetary Info

Q1 2021

This fall 2020

Q3 2020

Q2 2020

Q1 2020

Internet Revenues By Market Channel (%)

Complete OEM

67%

74%

74%

66%

75%

Distribution

33%

26%

26%

34%

25%

€/$ Efficient Fee

1.19

1.16

1.13

1.10

1.11

Product Group Information (US$ m)

Automotive & Discrete Group (ADG)

– Internet Revenues

1,043

953

851

727

753

– Working Revenue

85

94

49

16

23

Analog, MEMS & Sensors Group (AMS)

– Internet Revenues

1,083

1,419

997

624

852

– Working Revenue

187

402

175

56

177

Microcontrollers & Digital ICs Group (MDG)

– Internet Revenues

886

859

815

733

623

– Working Revenue

172

174

142

117

71

Others (a)

– Internet Revenues

4

4

3

3

3

– Working Revenue (Loss)

(4)

(13)

(37)

(83)

(40)

Complete

– Internet Revenues

3,016

3,235

2,666

2,087

2,231

– Working Revenue

440

657

329

106

231

a. Internet revenues of Others consists of revenues from gross sales meeting providers and different income. Working earnings (loss) of Others consists of objects corresponding to unused capability prices, together with lowered manufacturing exercise resulting from COVID-19, impairment, restructuring prices and different associated closure prices, administration reorganization prices, section out and start-up prices of sure manufacturing services, and different unallocated bills corresponding to: strategic or particular analysis and growth applications, sure corporate-level working bills, patent claims and litigations, and different prices that aren’t allotted to product teams, in addition to working earnings of different merchandise. Others consists of:

(US$ m)

Q1 2021

This fall 2020

Q3 2020

Q2 2020

Q1 2020

Unused Capability Expenses

2

17

38

64

34

Impairment & Restructuring Expenses

(1)

2

4

5


(Appendix – continued)

STMicroelectronics
Supplemental Non-U.S. GAAP Monetary Info
U. S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP data offered on this press launch is unaudited and topic to inherent limitations. Such non-U.S. GAAP data just isn’t based mostly on any complete set of accounting guidelines or ideas and shouldn’t be thought of as an alternative choice to U.S. GAAP measurements. Additionally, our supplemental non-U.S. GAAP monetary data is probably not akin to equally titled non-U.S. GAAP measures utilized by different firms. Additional, particular limitations for particular person non-U.S. GAAP measures, and the explanations for presenting non-U.S. GAAP monetary data, are set forth within the paragraphs beneath. To compensate for these limitations, the supplemental non-U.S. GAAP monetary data shouldn’t be learn in isolation, however solely at the side of our consolidated monetary statements ready in accordance with U.S. GAAP.

The Firm believes that these non-U.S. GAAP monetary measures present helpful data for buyers and administration as a result of they provide, when learn at the side of the Firm’s U.S. GAAP financials, (i) the flexibility to make extra significant period-to-period comparisons of the Firm’s on-going working outcomes, (ii) the flexibility to higher determine traits within the Firm’s enterprise and carry out associated development evaluation, and (iii) to facilitate a comparability of the Firm’s outcomes of operations towards investor and analyst monetary fashions and valuations, which can exclude this stuff.

Internet Monetary Place (non-U.S. GAAP measure)

Internet Monetary Place, a non-U.S. GAAP measure, represents the distinction between our complete liquidity and our complete monetary debt. Our complete liquidity consists of money and money equivalents, restricted money, short-term deposits, and marketable securities, and our complete monetary debt consists of short-term debt and long-term debt, as represented in our Consolidated Steadiness Sheets.

We imagine our Internet Monetary Place supplies helpful data for buyers and administration as a result of it provides proof of our international place both by way of internet indebtedness or internet money by measuring our capital assets based mostly on money and money equivalents, restricted money, short-term deposits and marketable securities and the whole stage of our monetary indebtedness. Our definition of Internet Monetary Place could differ from definitions utilized by different firms and subsequently comparability could also be restricted.

(US$ m)

Apr 3 2021

Dec 31 2020

Sep 26 2020

Jun 27 2020

Mar 28 2020

Money and money equivalents

3,454

3,006

2,714

1,800

2,028

Restricted money

10

Brief time period deposits

573

581

679

687

537

Marketable securities

132

133

134

134

135

Complete liquidity

4,159

3,720

3,527

2,621

2,710

Brief-term debt

(837)

(795)

(983)(2)

(879)(1)

(171)

Lengthy-term debt(3)

(2,137)

(1,826)

(1,882)

(1,172)

(1,871)

Complete monetary debt

(2,974)

(2,621)

(2,865)

(2,051)

(2,042)

Internet Monetary Place

1,185

1,099

662

570

668

(1) 2022 Tranche A of the convertible bond issued in 2017 was reclassified to short-term debt consistent with contractual phrases.
(2) 2024 Tranche B of the convertible bond issued in 2017 was reclassified to short-term debt consistent with contractual phrases.
(3) Lengthy-term debt comprises customary circumstances however doesn’t impose minimal monetary ratios. Additionally, dedicated credit score services for $0.8 billion equal, are at the moment undrawn.

(Appendix – continued)
STMicroelectronics

Free Money Stream (non-U.S. GAAP measure)

Free Money Stream, which is a non-U.S. GAAP measure, is outlined as (i) internet money from working actions plus (ii) internet money utilized in investing actions, excluding cost for purchases of (and proceeds from matured) marketable securities and internet funding in short-term deposits, that are thought of as momentary monetary investments. The results of this definition is finally internet money from working actions plus cost for buy and proceeds from sale of tangible, intangible and monetary belongings and internet money paid for enterprise acquisitions.

We imagine Free Money Stream supplies helpful data for buyers and administration as a result of it measures our capability to generate money from our working and investing actions to maintain our operations. Free Money Stream doesn’t signify complete money move because it doesn’t embody the money flows generated by or utilized in financing actions.

Free Money Stream reconciles with the whole money move and the web money enhance (lower) by together with the cost for purchases of (and proceeds from matured) marketable securities and internet funding in short-term deposits, the web money from (utilized in) financing actions and the impact of adjustments in trade charges. Our definition of Free Money Stream could differ from definitions utilized by different firms.

(US$ m)

Q1 2021

This fall 2020

Q3 2020

Q2 2020

Q1 2020

Internet money from working actions

682

922

385

387

399

Internet money utilized in investing actions

(413)

(312)

(400)

(509)

(821)

Fee for buy of (and proceeds from matured) marketable securities and internet funding in short-term deposits

(8)

(98)

(10)

150

535

Free Money Stream

261

512

(25)

28

113

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