qtnt-10q_20191231.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number 001-36415

 

QUOTIENT LIMITED

(Exact name of registrant as specified in its charter)

 

 

Jersey, Channel Islands

 

Not Applicable

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

B1, Business Park Terre Bonne,

Route de Crassier 13,

1262 Eysins, Switzerland

 

Not Applicable

(Address of principal executive offices)

 

(Zip Code)

011-41-22-716-9800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Ordinary Shares, nil par value

 

QTNT

 

The Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  

As of January 31, 2020, there were 80,311,796 Ordinary Shares, nil par value, of Quotient Limited outstanding.

 

 

 


 

TABLE OF CONTENTS

 

 

  

Page

 

PART I – FINANCIAL INFORMATION

  

 

3

 

 

Item 1. Financial Statements

  

 

3

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 

26

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  

 

41

 

 

Item 4. Controls and Procedures

  

 

42

 

 

PART II – OTHER INFORMATION

  

 

43

 

 

Item 1. Legal Proceedings

  

 

43

 

 

Item 1A. Risk Factors

  

 

43

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  

 

44

 

 

Item 3. Defaults Upon Senior Securities

  

 

44

 

 

Item 4. Mine Safety Disclosures

  

 

44

 

 

Item 5. Other Information

  

 

44

 

 

Item 6. Exhibits

  

 

45

 

 

Signatures

 

 

46

 

 

 

 

- i -


 

Cautionary note regarding forward-looking statements

This Quarterly Report on Form 10-Q, and exhibits thereto, contains estimates, predictions, opinions, projections and other statements that may be interpreted as “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. The forward-looking statements are contained principally in Part I, Item 2: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and are also contained elsewhere in this Quarterly Report. Forward-looking statements can be identified by words such as “strategy,” “objective,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate,” “might,” “design” and other similar expressions, although not all forward-looking statements contain these identifying words. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Quarterly Report, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain, and are subject to numerous known and unknown risks and uncertainties.

Forward-looking statements include statements about:

 

the continuing development, regulatory approval and commercialization of MosaiQTM ;

 

the design of blood grouping and disease screening capabilities of MosaiQ, the potential for the expansion of our MosaiQ technology into the larger clinical diagnostics market and the benefits of MosaiQ for both customers and patients;

 

future demand for and customer adoption of MosaiQ, the factors that we believe will drive such demand and our ability to address such demand;

 

our expected profit margins for MosaiQ;

 

the size of the market for MosaiQ;

 

the regulation of MosaiQ by the U.S. Food and Drug Administration, or the FDA, or other regulatory bodies, or any unanticipated regulatory changes or scrutiny by such regulators;

 

future plans for our conventional reagent products;

 

the status of our future relationships with customers, suppliers, and regulators relating to our products;

 

future demand for our conventional reagent products and our ability to meet such demand;

 

our ability to manage the risks associated with international operations;

 

anticipated changes, trends and challenges in our business and the transfusion diagnostics market;

 

the effects of competition;

 

the expected outcome or impact of pending or threatened arbitration or litigation, including our ongoing dispute with Ortho-Clinical Diagnostics Inc., or Ortho;

 

our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others;

 

the status of our business relationship with Ortho;

 

our anticipated cash needs, including the adequacy of our available cash and short-term investment balances relative to our forecasted cash requirements for the next twelve months, our expected sources of funding, and our estimates regarding our capital requirements and capital expenditures; and

 

our plans for executive and director compensation for the future.

You should also refer to the various factors identified in this and other reports filed by us with the Securities and Exchange Commission, or SEC, including but not limited to those discussed in the section entitled “Risk Factors” in this Quarterly Report and in our Annual Report on Form 10-K for the year ended March 31, 2019 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, for a discussion of other important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate. Further, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this Quarterly Report represent our views only as of the date of this Quarterly Report. Subsequent events and developments may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we undertake no obligation to publicly update any forward-looking statements, except as required by law.

- 1 -


 

You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report.

Available Information

Access to our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to these reports filed with or furnished to the SEC, may be obtained through the investor section of our website at www.quotientbd.com as soon as reasonably practical after we electronically file or furnish these reports. We do not charge for access to and viewing of these reports. Information on our website, including in the investor section, is not part of this Quarterly Report on Form 10-Q or any of our other securities filings unless specifically incorporated herein by reference. In addition, our filings with the SEC may be accessed through the SEC’s website at www.sec.gov. All statements made in any of our securities filings, including all forward-looking statements or information, are made as of the date of the document in which the statement is included, and we do not assume or undertake any obligation to update any of those statements or documents unless we are required to do so by law.

 

 

- 2 -


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data and per share data)

 

 

 

December 31,

2019

 

 

March 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,664

 

 

$

4,096

 

Short-term investments

 

 

133,371

 

 

 

90,729

 

Trade accounts receivable, net

 

 

5,037

 

 

 

3,348

 

Inventories

 

 

19,791

 

 

 

15,551

 

Prepaid expenses and other current assets

 

 

3,856

 

 

 

3,202

 

Total current assets

 

 

166,719

 

 

 

116,926

 

Restricted cash

 

 

9,015

 

 

 

7,507

 

Property and equipment, net

 

 

43,425

 

 

 

47,293

 

Operating lease right-of-use assets

 

 

22,798

 

 

 

 

Intangible assets, net

 

 

687

 

 

 

751

 

Deferred income taxes

 

 

564

 

 

 

605

 

Other non-current assets

 

 

4,747

 

 

 

4,688

 

Total assets

 

$

247,955

 

 

$

177,770

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,513

 

 

$

5,936

 

Accrued compensation and benefits

 

 

5,899

 

 

 

6,149

 

Accrued expenses and other current liabilities

 

 

12,839

 

 

 

12,458

 

Current portion of operating lease liability

 

 

3,157

 

 

 

 

Current portion of deferred lease rental benefit

 

 

 

 

 

435

 

Current portion of finance lease obligation

 

 

522

 

 

 

471

 

Total current liabilities

 

 

25,930

 

 

 

25,449

 

Long-term debt, less current portion

 

 

153,717

 

 

 

121,855

 

Operating lease liability, less current portion

 

 

21,139

 

 

 

 

Deferred lease rental benefit, less current portion

 

 

 

 

 

1,144

 

Finance lease obligation, less current portion

 

 

950

 

 

 

865

 

Defined benefit pension plan obligation

 

 

7,998

 

 

 

7,368

 

7% Cumulative redeemable preference shares

 

 

20,163

 

 

 

19,375

 

Total liabilities

 

 

229,897

 

 

 

176,056

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Ordinary shares (nil par value) 80,256,946 and 65,900,447 issued and outstanding at

December 31, 2019 and March 31, 2019 respectively

 

 

459,686

 

 

 

368,958

 

Additional paid in capital

 

 

32,040

 

 

 

28,665

 

Accumulated other comprehensive loss

 

 

(14,960

)

 

 

(14,884

)

Accumulated deficit

 

 

(458,708

)

 

 

(381,025

)

Total shareholders' equity

 

 

18,058

 

 

 

1,714

 

Total liabilities and shareholders' equity

 

$

247,955

 

 

$

177,770

 

 

 

The accompanying notes form an integral part of these consolidated financial statements.

 

- 3 -


 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data and per share data)

 

 

 

 

Quarter ended

 

 

Nine months ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$

7,636

 

 

$

6,723

 

 

$

22,901

 

 

$

20,834

 

Other revenues

 

 

305

 

 

 

 

 

 

1,055

 

 

 

19

 

Total revenue

 

 

7,941

 

 

 

6,723

 

 

 

23,956

 

 

 

20,853

 

Cost of revenue

 

 

(4,532

)

 

 

(4,186

)

 

 

(13,067

)

 

 

(12,803

)

Gross profit

 

 

3,409

 

 

 

2,537

 

 

 

10,889

 

 

 

8,050

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

(2,290

)

 

 

(2,233

)

 

 

(7,123

)

 

 

(6,359

)

Research and development, net of government grants

 

 

(14,160

)

 

 

(11,788

)

 

 

(38,895

)

 

 

(37,356

)

General and administrative expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense in respect of share options and

   management equity incentives

 

 

(1,196

)

 

 

(1,073

)

 

 

(3,375

)

 

 

(3,576

)

Other general and administrative expenses

 

 

(8,120

)

 

 

(6,471

)

 

 

(20,717

)

 

 

(19,388

)

Total general and administrative expense

 

 

(9,316

)

 

 

(7,544

)

 

 

(24,092

)

 

 

(22,964

)

Total operating expense

 

 

(25,766

)

 

 

(21,565

)

 

 

(70,110

)

 

 

(66,679

)

Operating loss

 

 

(22,357

)

 

 

(19,028

)

 

 

(59,221

)

 

 

(58,629

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(7,008

)

 

 

(5,679

)

 

 

(20,384

)

 

 

(14,614

)

Other, net

 

 

1,894

 

 

 

(1,536

)

 

 

1,600

 

 

 

(5,516

)

Other expense, net

 

 

(5,114

)

 

 

(7,215

)

 

 

(18,784

)

 

 

(20,130

)

Loss before income taxes

 

 

(27,471

)

 

 

(26,243

)

 

 

(78,005

)

 

 

(78,759

)

Provision for income taxes

 

 

(14

)

 

 

(11

)

 

 

(41

)

 

 

(33

)

Net loss

 

$

(27,485

)

 

$

(26,254

)

 

$

(78,046

)

 

$

(78,792

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of foreign currency

   cash flow hedges

 

$

487

 

 

$

41

 

 

$

209

 

 

$

(320

)

Change in unrealized gain on short-term investments

 

 

148

 

 

 

169

 

 

 

342

 

 

 

416

 

Foreign currency gain (loss)

 

 

254

 

 

 

(176

)

 

 

(771

)

 

 

554

 

Provision for pension benefit obligation

 

 

48

 

 

 

35

 

 

 

144

 

 

 

107

 

Other comprehensive income (loss), net

 

 

937

 

 

 

69

 

 

 

(76

)

 

 

757

 

Comprehensive loss

 

$

(26,548

)

 

$

(26,185

)

 

$

(78,122

)

 

$

(78,035

)

Net loss available to ordinary shareholders - basic and diluted

 

$

(27,485

)

 

$

(26,254

)

 

$

(78,046

)

 

$

(78,792

)

Loss per share - basic and diluted

 

$

(0.37

)

 

$

(0.46

)

 

$

(1.14

)

 

$

(1.53

)

Weighted-average shares outstanding - basic and diluted

 

 

73,768,845

 

 

 

56,619,356

 

 

 

68,722,475

 

 

 

51,512,352

 

 

The accompanying notes form an integral part of these consolidated financial statements.

 

 

- 4 -


 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data)

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

September 30, 2019

 

 

66,366,706

 

 

$

369,335

 

 

$

30,844

 

 

$

(15,897

)

 

$

(431,223

)

 

$

(46,941

)

Issue of shares, net of issue costs of $6,227

 

 

13,800,000

 

 

$

90,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,373

 

Issue of shares upon exercise of

   incentive share options and

   vesting of RSUs

 

 

90,240

 

 

 

(22

)

 

 

 

 

 

 

 

 

 

 

 

(22

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,485

)

 

 

(27,485

)

Change in the fair value of foreign

   currency cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

487

 

 

 

 

 

 

487

 

Change in unrealized gain on short-

   term investments

 

 

 

 

 

 

 

 

 

 

 

148

 

 

 

 

 

 

148

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature

   intra-entity balances

 

 

 

 

 

 

 

 

 

 

 

(7,435

)

 

 

 

 

 

(7,435

)

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

7,689

 

 

 

 

 

 

7,689

 

Provision for pension benefit

   obligation

 

 

 

 

 

 

 

 

 

 

 

48

 

 

 

 

 

 

48

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

937

 

 

 

 

 

 

937

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,196

 

 

 

 

 

 

 

 

 

1,196

 

December 31, 2019

 

 

80,256,946

 

 

$

459,686

 

 

$

32,040

 

 

$

(14,960

)

 

$

(458,708

)

 

$

18,058

 

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

March 31, 2019

 

 

65,900,447

 

 

$

368,958

 

 

$

28,665

 

 

$

(14,884

)

 

$

(381,025

)

 

$

1,714

 

Issue of shares, net of issue costs of $6,227

 

 

13,800,000

 

 

 

90,373

 

 

 

 

 

 

 

 

 

 

 

 

90,373

 

Issue of shares upon exercise of

   incentive share options and

   vesting of RSUs

 

 

556,499

 

 

 

355

 

 

 

 

 

 

 

 

 

 

 

 

355

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,046

)

 

 

(78,046

)

Change in the fair value of foreign

   currency cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

209

 

 

 

 

 

 

209

 

Change in unrealized gain on short-

   term investments

 

 

 

 

 

 

 

 

 

 

 

342

 

 

 

 

 

 

342

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature

   intra-entity balances

 

 

 

 

 

 

 

 

 

 

 

2,972

 

 

 

 

 

 

2,972

 

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

(3,743

)

 

 

 

 

 

(3,743

)

Provision for pension benefit

   obligation

 

 

 

 

 

 

 

 

 

 

 

144

 

 

 

 

 

 

144

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(76

)

 

 

 

 

 

(76

)

Stock-based compensation

 

 

 

 

 

 

 

 

3,375

 

 

 

 

 

 

 

 

 

3,375

 

Cumulative effect of accounting

   changes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

363

 

 

 

363

 

December 31, 2019

 

 

80,256,946

 

 

$

459,686

 

 

$

32,040

 

 

$

(14,960

)

 

$

(458,708

)

 

$

18,058

 

 

The accompanying notes form an integral part of these consolidated financial statements.


- 5 -


 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT) (unaudited)

(Expressed in thousands of U.S. Dollars — except for share data)

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

September 30, 2018

 

 

54,229,503

 

 

$

303,176

 

 

$

26,211

 

 

$

(15,946

)

 

$

(328,177

)

 

$

(14,736

)

Issue of shares, net of issue costs of $4,497

 

 

10,615,385

 

 

 

64,503

 

 

 

 

 

 

 

 

 

 

 

 

64,503

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

127,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,254

)

 

 

(26,254

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

41

 

 

 

 

 

 

41

 

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

169

 

 

 

 

 

 

169

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

3,399

 

 

 

 

 

 

3,399

 

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

(3,575

)

 

 

 

 

 

(3,575

)

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

35

 

 

 

 

 

 

35

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

69

 

Stock-based compensation

 

 

 

 

 

 

 

 

1,073

 

 

 

 

 

 

 

 

 

1,073

 

December 31, 2018

 

 

64,972,552

 

 

$

367,679

 

 

$

27,284

 

 

$

(15,877

)

 

$

(354,431

)

 

$

24,655

 

 

 

 

Ordinary shares

 

 

Additional paid in

 

 

Accumulated

Other Comprehensive

 

 

Accumulated

 

 

Total Shareholders'

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

Loss

 

 

Deficit

 

 

Equity (Deficit)

 

March 31, 2018

 

 

45,646,424

 

 

$

253,934

 

 

$

23,708

 

 

$

(16,634

)

 

$

(275,639

)

 

$

(14,631

)

Issue of shares, net of issue costs of $4,497

 

 

19,085,068

 

 

 

113,723

 

 

 

 

 

 

 

 

 

 

 

 

113,723

 

Issue of shares upon exercise of incentive

   share options and vesting of RSUs

 

 

241,060

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,792

)

 

 

(78,792

)

Change in the fair value of the effective

   portion of foreign currency cash

   flow hedges

 

 

 

 

 

 

 

 

 

 

 

(320

)

 

 

 

 

 

(320

)

Unrealized gain on short-term investments

 

 

 

 

 

 

 

 

 

 

 

416

 

 

 

 

 

 

416

 

Foreign currency gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term investment nature intra-

   entity balances

 

 

 

 

 

 

 

 

 

 

 

10,848

 

 

 

 

 

 

10,848

 

Retranslation of foreign entities

 

 

 

 

 

 

 

 

 

 

 

(10,294

)

 

 

 

 

 

(10,294

)

Provision for pension benefit obligation

 

 

 

 

 

 

 

 

 

 

 

107

 

 

 

 

 

 

107

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

757

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,576