ENERPAC TOOL: Dialogue and evaluation by administration of the monetary place and working outcomes (Kind 10-Q)

Enerpac Instrument Group Corp. is a premier industrial instruments and companies firm
serving a broad and various set of consumers in additional than 100 international locations. The
Firm is a worldwide chief within the engineering and manufacturing of excessive strain
hydraulic instruments, managed pressure merchandise and options for exact positioning
of heavy hundreds that assist prospects safely and reliably deal with among the most
difficult jobs all over the world. The Firm was based in 1910 and is
headquartered in Menomonee Falls, Wisconsin. The Firm has one reportable
phase, IT&S. This phase is primarily engaged within the design, manufacture and
distribution of branded hydraulic and mechanical instruments, in addition to offering
companies and power rental to the commercial, upkeep, infrastructure, oil &
fuel, vitality and different markets. Monetary info associated to the Firm's
reportable phase is included in   Observe 13, "Section Data"   within the
notes to the condensed consolidated monetary statements.
Our companies present an array of services throughout a number of markets
and geographies, which ends up in vital diversification. The IT&S phase
and the Firm are well-positioned to drive shareholder worth by a
sustainable enterprise technique constructed on well-established manufacturers, broad international
distribution and end-markets, clear deal with the core instruments and companies
enterprise and disciplined capital deployment.
COVID-19 Replace
Throughout largely the second half of fiscal 2020 and thru the primary two quarters
of fiscal 2021, our enterprise, like many others all over the world, skilled
vital destructive monetary impacts from the COVID-19 pandemic. Within the third
quarter of fiscal 2021, we returned to year-over-year core progress in all
areas. We noticed sturdy progress within the Americas and Europe, nonetheless, there are
nonetheless parts of our Center East and Asia Pacific areas wherein we function
that stay challenged by pandemic-related lockdowns or the lingering financial
results of the pandemic. Our key manufacturing services proceed to function
with further precautions in place to make sure the protection of our workers and
stop manufacturing disruptions, and we have now been capable of meet our prospects'
demand for the services they require. The Firm is properly
positioned to execute our strategic progress initiatives because the markets we serve
proceed to get well throughout the globe. With our sturdy steadiness sheet, we stay
centered on new product growth, driving natural progress and pursuing
disciplined acquisition alternatives.
Normal Enterprise Replace
On October 31, 2019, the Firm accomplished the beforehand introduced sale of its
former EC&S phase to wholly owned subsidiaries of BRWS Mum or dad LLC, a Delaware
restricted legal responsibility firm and affiliate of One Rock Capital Companions II, LP, for
a purchase order value of roughly $216 million (inclusive of working capital
changes that have been finalized within the third quarter of fiscal 2020), with
roughly $3 million which was due in 4 equal quarterly installments, the
final of which was obtained within the first fiscal quarter of 2021.
On March 21, 2019, the Firm introduced a restructuring plan centered on (i) the
integration of the Enerpac and Hydratight companies (IT&S phase), (ii) the
strategic exit of sure commodity-type companies in our North America Providers
operations (IT&S phase) and (iii) driving efficiencies inside the general
company construction. Within the third quarter of fiscal 2020, the Firm introduced
the growth and revision of this plan, which additional simplifies and flattens
the company construction by elimination of redundancies between the phase
and company capabilities, whereas enhancing our business and advertising and marketing processes
to develop into even nearer to our prospects. Complete restructuring costs related
with this restructuring plan have been $1.5 million and $2.2 million within the three and
9 months ended Could 31, 2021, respectively, and $2.5 million and $5.6 million
within the three and 9 months ended Could 31, 2020, respectively, associated primarily
to headcount reductions and facility consolidations. We anticipate reaching
annual financial savings of
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$12 million to $15 million from the primary part of the plan and anticipate an
further annual financial savings of $12 million to $15 million from the growth and
revision of the plan. The annual profit of those gross value financial savings could also be
impacted by quite a lot of components, together with annual incentive compensation
differentials.
Given our international footprint, modifications in international forex alternate charges may
have a big affect on our monetary outcomes, monetary place and money
move. Modifications in international forex alternate charges will proceed so as to add volatility
as over one-half of our gross sales are generated exterior of the USA in
currencies apart from the U.S. greenback. The weakening of the U.S. greenback
favorably impacts our gross sales and money move given the interpretation of our
worldwide outcomes into U.S. {dollars}. This additionally ends in decrease prices for
sure worldwide operations, which incur prices or buy elements in
U.S. {dollars}, and will increase the greenback worth of belongings (together with money) and
liabilities of our worldwide operations. A strengthening of the U.S. greenback
has the alternative impact on our gross sales, money move, earnings and monetary
place.
Outcomes of Operations
The next desk units forth our outcomes of continuous operations (in
thousands and thousands, besides per share quantities):
                                                                 Three Months Ended Could 31,                                        9 Months Ended Could 31,
                                                      2021                             2020                             2021                            2020
Web gross sales                                        $       143           100  %       $   102           100  %       $       383           100  %       $  382           100  %
Value of merchandise bought                                     76            53  %            60            59  %               206            54  %          209            55  %
Gross revenue                                              67            47  %            42            41  %               177            46  %          173            45  %
Promoting, basic and administrative bills              40            28  %            41            40  %               130            34  %          143            37  %
Amortization of intangible belongings                          2             1  %             2             2  %                 6             2  %            6             2  %
Restructuring costs                                      2             1  %             2             2  %                 2             1  %            6             2  %
Impairment & divestiture costs (advantages)                0             0  %            (1)           (1) %                 1             0  %           (4)           (1) %
Working revenue (loss)                                   23            16  %            (2)           (2) %                38            10  %           21             5  %
Financing prices, web                                       1             1  %             4             4  %                 4             1  %           16             4  %
Different expense (earnings), web                                1             1  %            (1)           (1) %                 2             1  %           (2)           (1) %
Earnings (loss) earlier than earnings tax (profit)
expense                                                   21            15  %            (5)           (5) %                32             8  %            7             2  %
Earnings tax (profit) expense                              (4)           (3) %             -             -  %                (2)           (1) %            1             -  %
Web earnings (loss) from persevering with operations            25            17  %            (5)           (5) %                34             9  %            5             1  %

Diluted earnings (loss) per share from
persevering with operations                            $      0.42$ (0.08)$      0.56$ 0.09


Consolidated web gross sales for the third quarter of fiscal 2021 have been $143 million,
a rise of $41 million (41%) from the prior-year comparable interval. Core
gross sales elevated $38 million (36%) and divested product strains and the strategic
exits of sure service choices web of gross sales from acquisitions decreased web
gross sales $1 million (1%), whereas the affect from international forex charges benefited
web gross sales by 6%. The rise in core gross sales was as a result of substantial enhance
in gross sales quantity as we noticed economies get well and enterprise actions normalize
from the COVID-19 pandemic throughout many components of the world, however there are nonetheless
some areas that stay challenged by pandemic associated lockdowns and financial
impacts. Core merchandise gross sales have been up 40% and core service gross sales have been up 23% as
in comparison with the identical interval within the prior yr. Gross revenue margins elevated 6%
because of the upper absorption of mounted prices from greater gross sales volumes.
Working revenue was $25 million greater within the third quarter of fiscal 2021 as
in comparison with the third quarter of fiscal 2020 because of the rise in
gross revenue. Though Promoting, basic, and administrative (SG&A) bills have been
comparatively constant interval to interval, the financial savings from short-term COVID-19
actions generated within the third quarter of fiscal 2020 have been roughly equal
to the acquire on the sale of our manufacturing facility in China, web of
transaction prices and value-added taxes related to the transaction within the
third quarter of fiscal 2021.
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Consolidated web gross sales for the 9 months ended Could 31, 2021 elevated $1
million (lower than 1%) from the prior-year comparable interval. Core gross sales
decreased $4 million (1%) and divested product strains and the strategic exits of
sure service choices web of gross sales from acquisitions decreased web gross sales $3
million (1%), whereas the affect of international forex charges benefited web gross sales by
2%. Core gross sales volumes have been considerably depressed within the first two quarters of
fiscal 2021 as in comparison with the prior yr as a result of lingering impacts of the
COVID-19 pandemic which first considerably impacted core gross sales within the third
quarter of fiscal 2020; nonetheless, we noticed a big enhance in gross sales volumes
within the third quarter of fiscal 2021 as in comparison with the third quarter of fiscal
2020 as economies recovered from the pandemic which led to core gross sales reducing
1% for the 9 months ended Could 31, 2021. Core merchandise gross sales elevated 1% and
core service gross sales decreased 8%. Gross revenue margins elevated 1% in consequence
of the combination of product and repair. Working revenue was $17 million greater in
the 9 months ended Could 31, 2021 as in comparison with the prior-year comparable
interval as a result of $4 million of further gross revenue and SG&A financial savings realized
by each quick and long-term value financial savings actions, together with the belief
of financial savings from restructuring actions, decrease journey and leisure bills,
and different discretionary spending initiatives mixed with the acquire on the sale
of our manufacturing facility in China.
Section Outcomes
IT&S Section
The IT&S phase is a worldwide provider of branded hydraulic and mechanical instruments
and companies to a broad array of finish markets, together with industrial, vitality,
mining and manufacturing automation markets. Its main merchandise embrace pumps,
cylinders, hydraulic torque wrenches, extremely engineered heavy lifting expertise
options and different instruments (Product product line). On the service and rental
aspect, the phase supplies upkeep and manpower companies to fulfill
customer-specific wants and rental capabilities for sure of our merchandise
(Service & Rental product line). The next desk units forth the outcomes of
operations for the IT&S phase (in thousands and thousands):
                                              Three Months Ended Could 31,                   9 Months Ended Could 31,
                                               2021                  2020                  2021                  2020
Web gross sales                               $         133            $       93$        358$      352
Working revenue                                   24                     8                    55                    54
Working revenue %                               17.9    %              8.2  %               15.3    %             15.4  %


IT&S phase web gross sales for the third quarter of fiscal 2021 elevated by $40
million (44%). Core gross sales elevated $37 million yr over yr (39%) in consequence
of the substantial enhance in gross sales quantity as we noticed economies get well and
enterprise actions normalize from the COVID-19 pandemic throughout many components of
the world, however there are nonetheless some areas that stay challenged by pandemic
associated lockdowns. Strategic exits and divestitures of non-core product strains
web of gross sales from acquisitions decreased web gross sales by $1 million (1%), whereas the
affect of international forex charges benefited web gross sales by 6%.
Working revenue share elevated 9.7% from the prior-year quarter as a result of
the substantial enhance in gross sales volumes.
Yr-to-date IT&S phase web gross sales elevated by $6 million (2%). Core gross sales
elevated $1 million yr over yr (lower than 1%). The primary two quarters of
fiscal 2021 have been depressed because of the pandemic as in comparison with the
comparable interval within the prior yr which operated beneath regular working
circumstances. Nevertheless, we noticed a return to close pre-pandemic quantity ranges within the
third quarter of fiscal 2021 as in comparison with the third quarter of fiscal 2020
which was the interval the place web gross sales volumes have been most negatively impacted by
the pandemic, therefore the general lower than 1% enhance in core gross sales when
evaluating year-to-date fiscal 2021 to fiscal 2020. Strategic exits and
divestitures of non-core product strains web of gross sales from acquisitions accounted
for a $3 million (1%) lower, whereas the affect of international forex charges
benefited web gross sales by 3%.
Working revenue share decreased 0.1% from the prior-year nine-month
interval.
Company
Company bills have been $1 million and $9 million within the three months ended Could
31, 2021 and 2020, respectively, and $14 million and $31 million within the 9
months ended Could 31, 2021 and 2020, respectively. This represents a lower of
$8 million and $17 million for the three and 9 months ended Could 31, 2021,
respectively. The lower for the three months ended Could 31, 2021 was a end result
of the acquire, web of transaction prices and value-added taxes, ensuing from the
sale of our manufacturing facility in China. Along with the acquire from the
sale, the lower within the 9 month interval additionally benefited from the belief
of financial savings from restructuring actions and reductions in discretionary spend,
together with consulting companies. Company growth and Board search prices
incurred in fiscal 2021 have been additionally decrease than acquisition due diligence and different
acquisition associated prices incurred in fiscal 2020 related to the
acquisition of HTL Group in January 2020.
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Financing Prices, web
Web financing prices have been $1 million and $5 million for the three months ended
Could 31, 2021 and 2020, respectively. For the 9 months ended Could 31, 2021 and
2020 web financing prices have been $4 million and $16 million, respectively.
Financing prices decreased because of the money repay of our excellent
time period mortgage in November 2019 and, within the fourth quarter of fiscal 2020, the
retirement of our 5.625% Senior Notes by drawing on our revolving line of
credit score, which maintains a decrease rate of interest within the present rate of interest
atmosphere. We've got additionally lowered the principal on our excellent credit score
facility by $60 million in fiscal 2021 by utilization of money from
operations.
Earnings Tax Expense
The Firm's international operations, acquisition exercise and particular tax
attributes present alternatives for steady international tax planning initiatives
to maximise tax credit and deductions. Comparative earnings (loss) earlier than
earnings taxes, earnings tax (profit) expense and efficient earnings tax charges from
persevering with operations are as follows (in 1000's):
                                            Three Months Ended Could 31,                     9 Months Ended Could 31,
                                             2021                   2020                   2021                   2020
Earnings (loss) from persevering with
operations earlier than earnings tax
(profit) expense                     $          21            $        (5)         $          32            $          7
Earnings tax (profit) expense                     (4)                     -                     (2)                      1
Efficient earnings tax fee                     (21.0)   %               7.6  %                (6.8)   %               20.1  %


The Firm's earnings (loss) from persevering with operations earlier than earnings taxes
embrace earnings from international jurisdictions of roughly 75% of the
consolidated complete for every of the estimated full-year fiscal 2021 and full-year
2020. Although most international tax charges at the moment are according to the U.S. tax fee of
21%, the annual efficient tax fee is impacted by withholding taxes, losses in
jurisdictions the place no profit might be realized, and varied features of the U.S.
Tax Cuts and Jobs Act, such because the International Intangible Low-Taxed Earnings,
Overseas-Derived Intangible Earnings and Base Erosion and Anti-Abuse Tax
provisions.
The efficient tax fee for the three months ended Could 31, 2021 was (21.0)%,
in comparison with 7.6% for the comparable prior-year interval. The efficient tax fee
for the current-year interval was impacted by a $5 million profit pushed by tax
planning methods and the carryback of web losses that offset earnings from
taxable years the place the speed was 35%. As well as, an $8 million profit was
pushed by unsure tax place releases as a result of audit closures. These advantages
have been offset by a $3 million tax expense associated to the acquire on sale of our
manufacturing facility in China. The prior-year interval was impacted by decreased
profitability as a result of COVID-19 pandemic, the affect of advantages associated to
unsure tax place releases as a result of expirations of statute of limitations,
and valuation allowance releases related to the power to make use of tax
attributes earlier than expiration. Each the present and prior-year efficient earnings
tax charges have been impacted by tax advantages which can be non-recurring and never
anticipated to affect future years.
Money Flows and Liquidity
At Could 31, 2021, we had $136 million of money and money equivalents of which $124
million was held by our international subsidiaries and $12 million was held
domestically. The next desk summarizes our money flows offered by (used
in) working, investing and financing actions (in thousands and thousands):
                                                                     9 

Ended months Could thirty first,

                                                                   2021                     2020
Web money offered by (utilized in) working actions         $             25          $          (16)
Web money offered by investing actions                                 16                     176
Web money utilized in financing actions                                    (62)                   (206)
Impact of alternate charges on money                                           5                      (2)
Web lower in money and money equivalents                   $            

(16) $ (48)


Web money offered by working actions was $25 million for the 9 months
ended Could 31, 2021 as in comparison with $16 million web money utilized in working
actions for the 9 months ended Could 31, 2020. The change yr over yr is
predominantly a results of the divestiture of the EC&S phase, which generated a
use of money of $19 million within the first quarter of fiscal 2020 previous to its
divestiture, the discount in our curiosity value which has generated money
curiosity financial savings of $12 million yr over yr, the termination of our fiscal
2020 bonus program in response to the COVID-19 pandemic, which resulted in no
bonus cost within the first quarter of fiscal 2021 ($6 million paid within the first
quarter of fiscal 2020 related to the fiscal 2019 bonus program), and a
lower in money taxes paid of $6 million yr over yr.
Web money offered by investing actions was $16 million for the 9 months
ended Could 31, 2021 as in comparison with $176 million web money offered by investing
actions for the 9 months ended Could 31, 2020. The money offered by
investing actions within the
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prior-year interval was generated from the sale of our EC&S phase in addition to our
Connectors and UNI-LIFT product strains, barely offset by money used for capital
expenditures. In fiscal 2021, we bought our manufacturing facility in China for
roughly $22 million and obtained roughly $3 million in proceeds
related to the loss of life profit for all times insurance coverage on legacy officers of the
Firm, which was offset by roughly $10 million of capital expenditures
within the fiscal yr.
Web money utilized in financing actions was $62 million for the 9 months ended
Could 31, 2021 in comparison with $206 million for the 9 months ended Could 31, 2020.
The money utilized in financing actions in fiscal 2020 consisted primarily of the
early repay of the excellent principal steadiness on the time period mortgage of $175
million, $18 million of share repurchases, and $2 million for the cost of our
annual dividend. Web fiscal 2021 money move utilized in financing actions resulted
primarily from the $60 million in web principal funds on our excellent
credit score facility with extra money readily available to scale back curiosity prices, in addition to $2
million for our annual dividend.
The Firm's Senior Credit score Facility is comprised of a $400 million revolving
line of credit score and beforehand offered for a $200 million time period mortgage, each
scheduled to mature in March 2024 (see   Observe 8, "Debt"   within the notes to the
condensed consolidated monetary statements for additional particulars of the Senior
Credit score Facility). As beforehand famous, the Firm paid off the excellent
principal steadiness on the time period mortgage in November 2019. Additional, as famous in   Observe
8, "Debt"  , on June 15, 2020, the Firm borrowed $295 million beneath the
Senior Credit score Facility revolving line of credit score to fund the redemption of all of
the excellent Senior Notes at par, plus the remaining accrued and unpaid
curiosity. Excellent borrowings beneath the Senior Credit score Facility revolving line
of credit score have been $195 million as of Could 31, 2021. The unused credit score line and
quantity obtainable for borrowing beneath the revolving line of credit score was $201
million at Could 31, 2021.
We imagine that the revolving credit score line, mixed with our present money on
hand and anticipated working money flows, will likely be sufficient to fulfill working,
debt service, acquisition and capital expenditure funding necessities for the
foreseeable future.
Major Working Capital Administration
We use main working capital as a share of gross sales (PWC %) as a key metric
of working capital administration. We outline this metric because the sum of web accounts
receivable and web stock much less accounts payable, divided by the previous three
months gross sales annualized. The next desk reveals a comparability of main
working capital (in thousands and thousands):
                                      Could 31, 2021       PWC%       August 

31 2020 PWC%

       Accounts receivable, web      $         113        20  %    $            84        19  %
       Stock, web                           75        13  %                 69        16  %
       Accounts payable                        (60)      (11) %                (45)      (10) %
       Web main working capital   $         128        22  %    $           108        25  %


Commitments and Contingencies
We're contingently answerable for sure lease funds beneath leases inside
companies we beforehand divested or spun-off. If any of those companies don't
fulfill their future lease cost obligations beneath a lease, we could possibly be liable
for such obligations, nonetheless, the Firm doesn't imagine it's possible that
it is going to be required to fulfill these obligations. Future minimal lease funds
for these leases at Could 31, 2021 have been $6 million with month-to-month funds extending
to fiscal 2025.
We had excellent letters of credit score totaling $16 million and $12 million at
Could 31, 2021 and August 31, 2020, respectively, nearly all of which relate to
business contracts and self-insured employees' compensation packages.
We're additionally topic to sure contingencies with respect to authorized proceedings
and regulatory issues that are described in   Observe 14, "Commitments and
Contingencies"   within the notes to the condensed consolidated monetary
statements. Whereas there might be no assurance of the final word consequence of those
issues, the Firm believes that there will likely be no materials antagonistic impact on
the Firm's outcomes of operations, monetary place or money flows.
Contractual Obligations
Our contractual obligations haven't materially modified in fiscal 2021 from what
was beforehand disclosed in Half 1, Merchandise 7, "Administration's Dialogue and
Evaluation of Monetary Situation and Outcomes of Operations" beneath the heading
"Contractual Obligations" in our Annual Report on Kind 10-Okay for the yr ended
August 31, 2020.
Important Accounting Estimates
Administration has evaluated the accounting estimates used within the preparation of the
Firm's condensed consolidated monetary statements and associated notes and
imagine these estimates to be cheap and acceptable. Sure of those
accounting estimates are thought-about by administration to be probably the most crucial in
understanding judgments concerned within the preparation of our condensed
consolidated monetary statements and uncertainties that might affect our
outcomes of operations, monetary place and money move. For
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details about extra of the Firm's insurance policies, methodology and assumptions
associated to crucial accounting insurance policies confer with the Important Accounting
Insurance policies in Half 1, Merchandise 7, "Administration's Dialogue and Evaluation of Monetary
Situation and Outcomes of Operations," included within the Annual Report on Kind 10-Okay
for the yr ended August 31, 2020.
Merchandise 3 - Quantitative and Qualitative Disclosures about Market Danger
The varied nature of our enterprise actions necessitates the administration of
varied monetary and market dangers, together with these associated to modifications in
rates of interest, international forex alternate charges and commodity prices.
Curiosity Price Danger: Within the present financial atmosphere, we handle curiosity
expense utilizing a mix of variable-rate debt and fixed-interest-rate swaps. As
of Could 31, 2021, long run debt consisted of $195 million of borrowing beneath the
revolving line of credit score (variable fee debt). We're the mounted fee payor on an
interest-rate swap that successfully fixes the LIBOR-based index on $100 million
of borrowings beneath our revolving line of credit score.
Overseas Forex Danger: We keep operations within the U.S. and varied international
international locations. Our extra vital non-U.S. operations are situated in Australia,
the Netherlands, the United Kingdom, United Arab Emirates and China, and we have now
international forex threat referring to receipts from prospects, funds to suppliers
and intercompany transactions denominated in foreign currency. Below sure
circumstances, we enter into hedging transactions (primarily international forex
alternate contracts) that allow us to mitigate the potential antagonistic affect of
international forex alternate fee threat (see   Observe 10, "Derivatives"   for additional
info). We don't interact in buying and selling or different speculative actions with
these transactions, as established insurance policies require that these hedging
transactions relate to particular forex exposures.
The strengthening of the U.S. greenback in opposition to most currencies can have an
unfavorable affect on our outcomes of operations and monetary place as
international denominated working outcomes are translated into U.S. {dollars}. To
illustrate the potential affect of modifications in international forex alternate charges on
the interpretation of our outcomes of operations, quarterly gross sales and working
revenue have been remeasured assuming a ten p.c lower in all international alternate
charges in contrast with the U.S. greenback. Utilizing this assumption, quarterly gross sales
would have been decrease by $7 million and working revenue would have been decrease
by $1 million, respectively, for the three months ended Could 31, 2021. This
sensitivity evaluation assumes that every alternate fee would change in the identical
course relative to the U.S. greenback and excludes the potential results that
modifications in international forex alternate charges could have on gross sales ranges or native
forex costs. Equally, a ten p.c decline in international forex alternate
charges versus the U.S. greenback would end in a $36 million discount to fairness
(gathered different complete loss) as of Could 31, 2021, because of
non-U.S. greenback denominated belongings and liabilities being translated into U.S.
{dollars}, our reporting forex.
Commodity Value Danger: We supply all kinds of supplies and elements from a
community of world suppliers. Whereas such supplies are sometimes obtainable from
quite a few suppliers, commodity uncooked supplies, equivalent to metal and plastic resin,
are topic to cost fluctuations, which may have a destructive affect on our
outcomes. We attempt to move alongside such commodity value will increase to prospects to
keep away from revenue margin erosion.
Merchandise 4 - Controls and Procedures
Analysis of Disclosure Controls and Procedures.
Below the supervision and with the participation of our senior administration,
together with our chief govt officer and chief monetary officer, we performed
an analysis of the effectiveness of the design and operation of our disclosure
controls and procedures, as outlined in Guidelines 13a-15(e) and 15d-15(e) beneath the
Securities Alternate Act of 1934, as amended (the "Alternate Act"), as of the top
of the interval lined by this quarterly report (the "Analysis Date"). Primarily based on
this analysis, our chief govt officer and chief monetary officer
concluded as of the Analysis Date that our disclosure controls and procedures
have been efficient such that the data referring to the Firm, together with
consolidated subsidiaries, required to be disclosed in our Securities and
Alternate Fee ("SEC") reviews (i) is recorded, processed, summarized and
reported inside the time intervals laid out in SEC guidelines and types, and (ii) is
gathered and communicated to the Firm's administration, together with our chief
govt officer and chief monetary officer, as acceptable to permit well timed
selections concerning required disclosure.
Modifications in Inside Management Over Monetary Reporting.
Our administration is answerable for establishing and sustaining sufficient inside
management over monetary reporting, as such time period is outlined in Alternate Act Rule
13a-15(f). There have been no modifications in our inside management over monetary
reporting that occurred in the course of the quarter ended Could 31, 2021 which have
materially affected or are fairly prone to materially have an effect on our inside
management over monetary reporting.
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