MOTORCAR PARTS AMERICA INC Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

The following discussion and analysis presents factors that Motorcar Parts of
America, Inc. and its subsidiaries ("our," "we" or "us") believe are relevant to
an assessment and understanding of our consolidated financial position and
results of operations. This financial and business analysis should be read in
conjunction with our March 31, 2021 audited consolidated financial statements
included in our Annual Report on Form 10-K filed with the SEC on June 14, 2021.

Disclosure Regarding the Private Securities Litigation Reform Act of 1995

This report may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to our future
performance that involve risks and uncertainties. Various factors could cause
actual results to differ materially from those expressed or implied by such
statements. These factors include, but are not limited to: the current and
future impacts of the COVID-19 public health crisis; concentration of sales to a
small number of customers; changes in the financial condition of or our
relationship with any of our major customers; increases in the average accounts
receivable collection period; the loss of sales to customers; delays in payments
by customers; the increasing customer pressure for lower prices and more
favorable payment and other terms; lower revenues than anticipated from new and
existing contracts; the increasing demands on our working capital; the
significant strain on working capital associated with large inventory purchases
from customers; lower efficiency or production due to stay at home orders or
other restrictions issued by governments due to COVID-19 concerns; any
meaningful difference between expected production needs and ultimate sales to
our customers; investments in operational changes or acquisitions; our ability
to obtain any additional financing we may seek or require; our ability to
maintain positive cash flows from operations; our failure to meet the financial
covenants or the other obligations set forth in our credit agreement and the
lenders' refusal to waive any such defaults; increases in interest rates; the
impact of high gasoline prices; consumer preferences and general economic
conditions; increased competition in the automotive parts industry including
increased competition from Chinese and other offshore manufacturers; difficulty
in obtaining Used Cores and component parts or increases in the costs of those
parts; supply chain delays or stoppages due to shipping delays; political,
criminal or economic instability in any of the foreign countries where we
conduct operations; currency exchange fluctuations; potential tariffs,
unforeseen increases in operating costs; risks associated with cyber-attacks;
risks associated with conflict minerals; the impact of new tax laws and
interpretations thereof; uncertainties affecting our ability to estimate our tax
rate and other factors discussed herein and in our other filings with the
Securities and Exchange Commission (the "SEC"). These and other risks and
uncertainties may cause our actual results to differ materially and adversely
from those expected in any forward-looking statements. Readers are directed to
risks and uncertainties identified below under "Risk Factors" and elsewhere in
this report for additional detail regarding factors that may cause actual
results to be different than those expressed in our forward-looking statements.
Except as required by law, we undertake no obligation to revise or update
publicly any forward-looking statements for any reason.

Management Overview

We have a multi-pronged platform for growth within the automotive aftermarket
for non-discretionary replacement hard parts and test solutions. In addition, we
offer diagnostic equipment applications focused on the fast evolving electric
mobility markets. Our investments in infrastructure and human resources during
the past few years reflects the significant expansion of manufacturing capacity
to support multiple product lines and continues to be transformative and
scalable. These investments included (i) the opening of a 410,000 square foot
distribution center, (ii) two buildings totaling 372,000 square feet for
remanufacturing and core sorting of brake calipers, and (iii) the realignment of
production at our initial 312,000 square foot facility in Mexico.

Our products include (i) rotating electrical products such as alternators and
starters, (ii) wheel hub assemblies and bearings, (iii) brake-related products,
which include brake calipers, brake boosters, brake rotors, brake pads, and
brake master cylinders, and (iv) other products, which include turbochargers and
test solutions and diagnostic equipment used for electric vehicle powertrain
development and manufacturing including electric motor test systems, e-axle test
systems, advanced power emulators, charging unit test systems, test systems for
alternators, starters, belt starter generators and bench-top testers used by the
automotive retail segment.

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Pursuant to the guidance provided under the Financial Accounting Standards Board
("FASB") Accounting Standards Codification ("ASC") for segment reporting, we
have identified our chief operating decision maker ("CODM"), reviewed the
documents used by the CODM, and understand how such documents are used by the
CODM to make financial and operating decisions. We have determined through this
review process that our business comprises three separate operating segments.
Two of the operating segments meet all the aggregation criteria and are
aggregated. The remaining operating segment does not meet the quantitative
thresholds for individual disclosure and we have combined our operating segments
into a single reportable segment.

Impact of the Novel Coronavirus (“COVID-19”)

The COVID-19 pandemic has spread globally and created significant volatility,
uncertainty and economic disruption in many countries, including the countries
in which we operate. National, state and local governments in these countries
continue to implement a variety of measures in response that have the effect of
restricting or limiting, among other activities, the operations of certain
businesses.

We continue to experience disruptions with worldwide supply chain and logistics
services. We are unable to predict accurately the ultimate long-term impact that
COVID-19 will have on our business and financial condition. While the near-term
outlook appears positive, any additional government shutdowns or the emergence
and spread of new variants of the virus, including the Delta or Omicron variant,
the likelihood of a resurgence of positive cases, the development, availability
and public acceptance of effective treatments and vaccines, the speed at which
such vaccines are administered, the efficacy of current vaccines against
evolving strains or variants of the virus, could negatively impact our business
and financial condition.

There have been no serious outbreaks in any of our production facilities;
however, a serious outbreak could affect our production capabilities. We
experienced inefficiencies in operations due to the implementation of additional
personnel safety measures throughout our facilities. These personnel safety
measures include adding an additional shift in conjunction with reducing the
number of hours in the existing shift, greater spacing (less personnel) in
production areas and sanitizing procedures between shifts. High-risk employees
at all of our facilities have been required to remain at home; however, they
continue to receive their compensation. We also implemented safe work practices
across all of our facilities, including work from home rules, staggered shifts,
Plexiglas barriers, and many other safety precautions. Our employees have
embraced the challenges of working remotely, continuing to operate through
constant communication with team members.

Improved levels of communication at all levels of the organization are key to dealing with the ever-changing landscape brought about by COVID-19, especially with most of our office staff continuing to work from home. These efforts have included additional check-in meetings of the Board of Directors and Executive Committee meetings, as required, and regular town hall-type communications with all employees.

We continue to incur costs as a result of COVID-19, including employee costs,
such as expanded benefits and frontline incentives, and other operating costs
associated with the provision of personal protective equipment, which have
negatively impacted our profitability. These expanded benefits, supply costs and
other COVID-19 related costs resulted in total expense, included in cost of
goods sold and operating expenses in the condensed consolidated statements of
income, of $764,000 and $1,610,000 during the three months ended December 31,
2021 and 2020, respectively, and $2,573,000 and $5,953,000 during the nine
months ended December 31, 2021 and 2020, respectively. Our Asian subsidiaries
received $0 and $24,000 from their local assistance programs during the three
months ended December 31, 2021 and 2020, respectively, and $71,000 and $161,000
during the nine months ended December 31, 2021 and 2020, respectively. We
received payments from the Canadian Government under the Canadian Emergency Wage
Subsidy program of $281,000 and $1,130,000 during the three and nine months
ended December 31, 2020, respectively. These payments are recorded as a
reduction of cost of goods sold and operating expenses in the condensed
consolidated statements of income.

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Results of Operations for the Three Months Ended December 31, 2021 and 2020

The following discussion and analysis should be read in conjunction with the financial statements and accompanying notes contained elsewhere in this document.

Here is a summary of some key operational data:

                                                Three Months Ended
                                                   December 31,
                                              2021             2020
Cash flow provided by operations           $ 2,165,000     $ 33,154,000
Finished goods turnover (annualized) (1)           4.0              4.0



————————————————– ——————————

(1) Annualized finished product sales for the fiscal quarter are calculated by

multiply the cost of goods sold for the quarter by 4 and divide the result

by the average between the beginning and the end of the inventories of non-essential finished products

     values for the fiscal quarter. Annualized finished goods turnover for the
     three months ended December 31, 2020 has been updated to conform to the

presentation of the current year for the turnover of non-essential finished products. We believe

this provides a useful measure of our ability to turn our inventory into

     revenues.



Net Sales and Gross Profit

Here is a summary of net sales and gross margin:

                                Three Months Ended
                                   December 31,
                              2021              2020
Net sales                 $ 161,810,000     $ 122,568,000
Cost of goods sold          129,235,000        98,327,000
Gross profit                 32,575,000        24,241,000
Gross profit percentage            20.1 %            19.8 %



Net Sales. Our net sales for the three months ended December 31, 2021 were
$161,810,000, which represents an increase of $39,242,000, or 32.0%, from the
three months ended December 31, 2020 of $122,568,000. While our net sales for
the quarter increased across all product lines due to strong demand for our
products, we experienced a number of challenges related to the global COVID-19
pandemic, including disruptions with worldwide supply chain and logistics
services during both periods.

Gross Profit. Our gross profit was $32,575,000, or 20.1% of net sales, for the
three months ended December 31, 2021 compared with $24,241,000, or 19.8% of net
sales, for the three months ended December 31, 2020. The increase in our gross
profit was primarily due to: (i) growth initiatives in connection with the
expansion of our new product lines, in addition to the transition costs incurred
in the prior year as discussed below and (ii) inflationary costs related to the
global pandemic, including disruptions with worldwide supply chain, logistics
services, and related higher freight costs. During the three months ended
December 31, 2021 and 2020, higher freight costs, net of certain price increases
that went into effect during the current year quarter, impacted gross profit by
approximately $1,338,000 and $323,000, respectively.  During the three months
ended December 31, 2021, we also incurred additional expenses of $3,006,000 due
to COVID-19 related costs for disruptions in the supply chain, increased
salaries associated with COVID-19 vulnerable employee pay, and personal
protective equipment. During the three months ended December 31, 2020, we
incurred additional expenses of $1,052,000 due to increased salaries associated
with COVID-19 bonuses, vulnerable employee pay, and personal protective
equipment in connection with the COVID-19 pandemic.

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Our gross profit for the three months ended December 31, 2021 and 2020 was also
impacted by amortization of core and finished good premiums paid to customers
related to new business of $3,146,000 and $1,528,000, respectively.  During the
three months ended December 31, 2020, gross profit was impacted by $4,217,000
associated with transition and ramp-up expenses in connection with the expansion
of our brake-related operations in Mexico.

In addition, gross profit was impacted by (i) non-cash quarterly revaluation of
cores that are part of the finished goods on the customers' shelves (which are
included in contract assets) to the lower of cost or net realizable value, which
resulted in a write-down of $846,000 for the three months ended December 31,
2021 compared with  $1,304,000 for the three months ended December 31, 2020, and
(ii) a $688,000 benefit for revised tariff costs recorded during the three
months ended December 31, 2020.

Functionnary costs

Here is a summary of operating expenses:

                                                                           Three Months Ended
                                                                              December 31,
                                                                         2021             2020
General and administrative                                           $ 14,605,000     $  14,005,000
Sales and marketing                                                     6,274,000         4,698,000
Research and development                                                2,635,000         2,100,000
Foreign exchange impact of lease liabilities and forward contracts        385,000       (12,455,000 )

Percent of net sales

General and administrative                                                    9.0 %            11.4 %
Sales and marketing                                                           3.9 %             3.8 %
Research and development                                                      1.6 %             1.7 %

Currency impact of lease liabilities and forward contracts

   0.2 %           (10.2 )%



General and Administrative. Our general and administrative expenses for the
three months ended December 31, 2021 were $14,605,000, which represents an
increase of $600,000, or 4.3%, from the three months ended December 31, 2020 of
$14,005,000. The increase in general and administrative expense was primarily
due to (i) $532,000 of increased share-based compensation due to equity grants
made to employees in fiscal 2022, (ii) $486,000 of decreased gain resulting from
foreign currency transactions, and (iii) $303,000 of increased professional
services. These increases were partially offset by $933,000 of decreased costs
at our offshore locations resulting from our expansion in Mexico and other
COVID-19 related costs, such as supply costs and expanded benefits to employees
in the prior year.

Sales and Marketing. Our sales and marketing expenses for the three months ended
December 31, 2021 were $6,274,000, which represents an increase of $1,576,000,
or 33.5%, from the three months ended December 31, 2020 of $4,698,000. These
increases in sales and marketing expense during the three months ended December
31, 2021 were primarily due to (i) $501,000 of increased commissions due to
higher sales, (ii) $399,000 of increased marketing in connection with new
business and advertising expense, (iii) $223,000 of increased employee-related
expenses, primarily due to increased headcount, (iv) $192,000 of increased trade
shows expense as normal business operations resume, and (v) $160,000 of
increased travel as normal business operations resume.

Research and Development. Our research and development expenses for the three
months ended December 31, 2021 were $2,635,000, which represents an increase of
$535,000, or 25.5%, from the three months ended December 31, 2020 of $2,100,000.
These increases in research and development expenses during the three months
ended December 31, 2021 were primarily due to (i) $323,000 of increased
employee-related expenses, primarily due to increased headcount for our
diagnostic business and (ii) $115,000 of increased samples for our core library
and other research and development supplies.

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Foreign Exchange Impact of Lease Liabilities and Forward Contracts. Our foreign
exchange impact of lease liabilities and forward contracts for the three months
ended December 31, 2021 was a non-cash loss of $385,000, which represents an
increase in expense of $12,840,000, or 103.1%, from the non-cash gain for three
months ended December 31, 2020 of $12,455,000. This increase was primarily due
to (i) the remeasurement of our foreign currency-denominated lease liabilities,
which resulted in a non-cash loss of $985,000 compared with a non-cash gain of
$8,638,000 for the three months ended December 31, 2021 and 2020, respectively,
due to fluctuations in the foreign exchange rates and (ii) the forward foreign
currency exchange contracts, which resulted in non-cash gains of $600,000 and
$3,817,000 for the three months ended December 31, 2021 and 2020, respectively,
due to the changes in their fair values.

Interest charges

Interest Expense, net. Our interest expense for the three months ended December
31, 2021 was $3,949,000, which represents a decrease of $102,000, or 2.5%, from
interest expense for the three months ended December 31, 2020 of $4,051,000.
This decrease was primarily due to lower interest rates on our accounts
receivable discount programs.

Provision for income taxes

Income Tax. We recorded income tax expense of $1,588,000, or an effective tax
rate of 33.6%, and $3,373,000, or an effective tax rate of 28.5%, for the three
months ended December 31, 2021 and 2020, respectively. Effective tax rates are
based on current projections and any changes in future periods could result in
an effective tax rate that is materially different from the current estimate.
The effective tax rate for the three months ended December 31, 2021 was
primarily impacted by (i) non-deductible executive compensation under Internal
Revenue Code Section 162(m) and (ii) foreign income taxed at rates that are
different from the federal statutory rate.

Results of operations for the nine months ended December 31, 2021 and 2020

The following discussion and analysis should be read in conjunction with the financial statements and accompanying notes contained elsewhere in this document.

Here is a summary of some key operational data:

                                                   Nine Months Ended
                                                      December 31,
                                                 2021              2020

Cash flow (used in) provided by operations ($22,174,000) $72,484,000
Sales of finished products (annualised) (1)

               4.2              3.8



————————————————– ——————————

(1) Annualized finished product sales for the year are calculated by

multiply the cost of goods sold for the period by 1.33 and divide the result

by the average between the beginning and the end of the inventories of non-essential finished products

values ​​for the fiscal period. Annualized finished product sales for the nine

months ended December 31, 2020 has been updated to conform to the current version

presentation of the year for the turnover of non-essential finished products. We believe that

provides a useful measure of our ability to turn inventory into revenue.



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Net Sales and Gross Profit

Here is a summary of net sales and gross margin:

                                 Nine Months Ended
                                   December 31,
                              2021              2020
Net sales                 $ 486,392,000     $ 372,654,000
Cost of goods sold          394,295,000       295,300,000
Gross profit                 92,097,000        77,354,000
Gross profit percentage            18.9 %            20.8 %



Net Sales. Our net sales for the nine months ended December 31, 2021 were
$486,392,000, which represents an increase of $113,738,000, or 30.5%, from the
nine months ended December 31, 2020 of $372,654,000. While our net sales
increased across all product lines due to strong demand for our products, we
continued to experience a number of challenges related to the global COVID-19
pandemic, including disruptions with worldwide supply chain and logistics
services during both periods. Net sales for the nine months ended December 31,
2021 and 2020 include $13,327,000 and $12,779,000, respectively, in core revenue
due to a realignment of inventory at certain customer distribution centers. We
expect this realignment will benefit our future sales as product mix changes.

Gross Profit. Our gross profit was $92,097,000, or 18.9% of net sales, for the
nine months ended December 31, 2021 compared with $77,354,000, or 20.8% of net
sales, for the nine months ended December 31, 2020. The decrease in our gross
profit was primarily due to: (i) growth initiatives in connection with the
expansion of our new product lines, in addition to the transition costs
discussed below and (ii) inflationary costs related to the global pandemic,
including disruptions with worldwide supply chain, logistics services, and
related higher freight costs. During the nine months ended December 31, 2021 and
2020, higher freight costs, net of certain price increases that went into effect
during the current year period, impacted gross profit by approximately
$7,413,000, and $323,000, respectively.  During the nine months ended December
31, 2021, we also incurred additional expenses of $7,144,000 due to COVID-19
related costs for disruptions in the supply chain, increased salaries associated
with COVID-19 vulnerable employee pay, and personal protective equipment. During
the nine months ended December 31, 2020, we incurred additional expenses of
$4,425,000 due to increased salaries associated with COVID-19 bonuses,
vulnerable employee pay, and personal protective equipment in connection with
the COVID-19 pandemic.

Our gross profit for the nine months ended December 31, 2021 and 2020 was also
impacted by (i) transition expenses in connection with the expansion of our
brake-related operations in Mexico of $2,744,000 and $11,572,000, respectively,
and (ii) amortization of core and finished goods premiums paid to customers
related to new business of $9,013,000 and $4,269,000, respectively.

In addition, gross profit was impacted by (i) non-cash quarterly revaluation of
cores that are part of the finished goods on the customers' shelves (which are
included in contract assets) to the lower of cost or net realizable value and
gain due to realignment of inventory at customer distribution centers, which
resulted in a net gains of $1,229,000 and $811,000 for the nine months ended
December 31, 2021 and 2020, respectively, (ii) customer allowances and return
accruals related to new business of $307,000 recorded during the nine months
ended December 31, 2020, and (iii) a $3,535,000 benefit for revised tariff costs
recorded during the nine months ended December 31, 2020.

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Operating Expenses

Here is a summary of operating expenses:

                                                                           Nine Months Ended
                                                                              December 31,
                                                                         2021             2020

General and administrative                                           $ 41,556,000     $  38,210,000
Sales and marketing                                                    17,162,000        13,224,000
Research and development                                                7,631,000         6,014,000
Foreign exchange impact of lease liabilities and forward contracts      1,769,000       (21,257,000 )

Percent of net sales

General and administrative                                                    8.5 %            10.3 %
Sales and marketing                                                           3.5 %             3.5 %
Research and development                                                      1.6 %             1.6 %

Currency impact of lease liabilities and forward contracts

   0.4 %            (5.7 )%



General and Administrative. Our general and administrative expenses for the nine
months ended December 31, 2021 were $41,556,000, which represents an increase of
$3,346,000, or 8.8%, from the nine months ended December 31, 2020 of
$38,210,000, however, general and administrative expenses as a percentage of net
sales decreased to 8.5% for the nine months ended December 31, 2021 from 10.3%
for the prior year. The increase in general and administrative expense was
primarily due to (i) $1,698,000 of increased share-based compensation due to
equity grants made to employees in fiscal 2022, (ii) $1,323,000 of increased
employee-related expenses, primarily due to the reinstatement of salary
reductions in the prior year in response to the COVID-19 pandemic, (iii)
$878,000 of decreased gain resulting from foreign currency transactions, and
(iv) $454,000 of increased costs at our offshore locations. These increases in
general and administrative expenses were partially offset by $1,662,000 of
decreased professional services.

Sales and Marketing. Our sales and marketing expenses for the nine months ended
December 31, 2021 were $17,162,000, which represents an increase of $3,938,000,
or 29.8%, from the nine months ended December 31, 2020 of $13,224,000. This
increase in sales and marketing expense during the nine months ended December
31, 2021 was primarily due to (i) $1,132,000 of increased commissions due to
higher sales, (ii) $1,063,000 of increased marketing in connection with new
business and advertising expense, (iii)  $971,000 of increased employee-related
expenses, primarily due to the reinstatement of salary reductions in the prior
year in response to the COVID-19 pandemic and increased headcount in the current
year, (iv) $382,000 of increased travel as normal business operations resume,
and (v) $193,000 of increased trade shows expense as normal business operations
resume.

Research and Development. Our research and development expenses for the nine
months ended December 31, 2021 were $7,631,000, which represents an increase of
$1,617,000, or 26.9%, from the nine months ended December 31, 2020 of
$6,014,000. This increase in research and development expenses during the nine
months ended December 31, 2021 was primarily due to (i) $1,104,000 of increased
employee-related expenses, primarily due to the reinstatement of salary
reductions in the prior year in response to the COVID-19 pandemic and increased
headcount during the current year, (ii) $300,000 of increased samples for our
core library and other research and development supplies, and (iii) $159,000 of
increased outside services.

Foreign Exchange Impact of Lease Liabilities and Forward Contracts. Our foreign
exchange impact of lease liabilities and forward contracts for the nine months
ended December 31, 2021 was a non-cash loss of $1,769,000, which represents an
increase in expense of $23,026,000, or 108.3%, from the non-cash gain for nine
months ended December 31, 2020 of $21,257,000. This increase was primarily due
to (i) the remeasurement of our foreign currency-denominated lease liabilities
which resulted in non-cash gains of $64,000 compared with $12,241,000 for the
nine months ended December 31, 2021 and 2020, respectively, due to movements in
foreign exchange rates and (ii) the forward foreign currency exchange contracts
which resulted in a non-cash loss of $1,833,000 compared with a non-cash gain of
$9,016,000 for the nine months ended December 31, 2021 and 2020, respectively,
due to the changes in their fair values.

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Interest Expense

Interest Expense, net. Our interest expense, net, for the nine months ended
December 31, 2021 was $11,510,000, which represents a decrease of $564,000, or
4.7%, from the nine months ended December 31, 2020 of $12,074,000. The decrease
in interest expense was primarily due to lower interest rates on both our
accounts receivable discount programs and credit facility.

Provision for income taxes

Income Tax. We recorded income tax expense of $4,786,000, or an effective tax
rate of 38.4%, and $8,448,000, or an effective tax rate of 29.0%, for the nine
months ended December 31, 2021 and 2020, respectively. Effective tax rates are
based on current projections and any changes in future periods could result in
an effective tax rate that is materially different from the current estimate.
The effective tax rate for the nine months ended December 31, 2021 was primarily
impacted by (i) non-deductible executive compensation under Internal Revenue
Code Section 162(m), (ii) foreign income taxed at rates that are different from
the federal statutory rate, and (iii) specific jurisdictions that we do not
expect to recognize the benefit of losses.

Cash and capital resources

Overview

We had working capital (current assets minus current liabilities) of
$108,103,000 compared with $96,725,000, a ratio of current assets to current
liabilities of 1.3:1.0, at December 31, 2021 and March 31, 2021, respectively.
The increase in working capital was due primarily to the buildup of our
inventory to meet anticipated future demand.

We generated cash during the nine months ended December 31, 2021 from the use of
our receivable discount programs and credit facility. As we manage through the
impacts of the COVID-19 pandemic, we have access to our existing cash, as well
as our available credit facilities to meet short-term liquidity needs. We
believe our cash and cash equivalents, short-term investments, use of receivable
discount programs, amounts available under our credit facility, and other
sources are sufficient to satisfy our expected future working capital needs,
repayment of the current portion of our term loans, and lease and capital
expenditure obligations over the next 12 months.

Share buyback program

In August 2018, our board of directors approved an increase in our share
repurchase program from $20,000,000 to $37,000,000 of our common stock. As of
December 31, 2021, $18,745,000 was utilized and $18,255,000 remains available to
repurchase shares under the authorized share repurchase program, subject to the
limit in our credit facility. We retired the 837,007 shares repurchased under
this program through December 31, 2021. Our share repurchase program does not
obligate us to acquire any specific number of shares and shares may be
repurchased in privately negotiated and/or open market transactions.

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