Core Viewpoint - J&J Snack Foods Corp. is identified as a strong dividend stock with a potential upside of 21% based on average price targets, and up to 43% according to the highest estimates from analysts [1][2]. Financial Performance - For Q4 FY25, J&J Snack Foods reported net sales of $410.2 million, reflecting a year-over-year decline of 3.9%. The Frozen Beverage segment experienced a significant drop, contributing to over 50% of the sales decrease [2]. - The company's operating income for Q4 was $11.5 million, down from $39.8 million in the same quarter of the previous year. Diluted EPS was reported at $0.58, compared to $1.52 in the same quarter last year [2]. Dividend Announcement - On November 20, J&J Snack Foods announced a quarterly dividend of $0.80 per share, payable on January 6, 2026, to shareholders recorded by December 16, 2025 [3]. Strategic Initiatives - The company is launching several major commercial programs in fiscal 2026 and has a robust innovation pipeline focused on healthier product attributes. A comprehensive business transformation program is expected to generate at least $20 million in annualized operating income once fully implemented [3]. - The ongoing plant consolidation has led to approximately $24 million in non-recurring charges in Q4. The company maintains a strong balance sheet with $106 million in cash and no debt, positioning it well for sustainable growth [3]. Product Range - J&J Snack Foods manufactures and sells a variety of snacks and frozen drinks across the United States, Mexico, and Canada, including soft pretzels, frozen treats, churros, baked goods, handheld snacks, and ICEE beverages [3].

Core Insights - J&J Snack Foods reported a mixed Q4 earnings report, beating adjusted EPS but missing on revenue and EPS [2][3] - The company announced cost-cutting measures, including the consolidation of factories under Project Apollo, which has led to job losses [5][6][7] - Despite softer sales in some segments, the company expressed optimism about future growth and new product launches [4][10] Financial Performance - The company experienced softer sales compared to the previous year, particularly due to strong comparisons from blockbuster movies in July [3] - The pretzel segment showed strong performance, with an 8% increase in sales for the Super Pretzel brand in the last quarter [9] Strategic Initiatives - Project Apollo is a key transformational initiative involving the consolidation of three plants to improve efficiency and reduce costs [5][7] - The company has invested in new production lines and distribution systems to support this consolidation [7] Product Development - J&J Snack Foods is focusing on health-conscious products, including a protein-enriched pretzel and innovations in the Luigi's Italian Ice brand [10][11] - The company is responding to consumer trends by developing products that cater to health and wellness, such as bite-sized snacks [20] Market Conditions - The retail sector is a concern for the company, as consumers are feeling the effects of inflation and "shrinkflation" [16][18] - Tariffs on key ingredients like chocolate and palm oil are being monitored, with potential relief expected from the government [19][20]

Revenue Breakdown - Soft pretzel sales accounted for 18% of the Company's revenue in fiscal year 2025, 18% in fiscal year 2024, and 19% in fiscal year 2023[24]. - Frozen novelties sales represented 16% of the Company's revenue in fiscal year 2025, 17% in fiscal year 2024, and 17% in fiscal year 2023[28]. - Churro sales were 6% of the Company's sales in fiscal year 2025, 7% in fiscal year 2024, and 7% in fiscal year 2023[32]. - Bakery products sales amounted to 27% of the Company's sales in fiscal year 2025, 26% in fiscal year 2024, and 26% in fiscal year 2023[34]. - Frozen beverage sales constituted 14% of the Company's revenue in fiscal year 2025, 15% in fiscal year 2024, and 14% in fiscal year 2023[35]. - The top ten customers accounted for 46% of the Company's sales in fiscal year 2025, 45% in fiscal year 2024, and 43% in fiscal year 2023[40]. - Revenue from equipment sales and repair and maintenance services totaled 9% of the Company's sales in each of the fiscal years 2025, 2024, and 2023[36]. Business Segments and Operations - The Company operates in three business segments: Food Service, Retail Supermarkets, and Frozen Beverages[19]. - The Company has a significant trademark portfolio, including brands such as SUPERPRETZEL, DIPPIN' DOTS, and ICEE[48]. - The Company develops and introduces new products on a routine basis, evaluating success based on sales and profit levels[45]. - Sales from foreign operations were $69.6 million, $73.4 million, and $70.2 million in fiscal years 2025, 2024, and 2023, respectively, with total assets in foreign operations at $79.1 million or 5.7% of total assets as of September 27, 2025[56]. - The top ten customers accounted for 46% of sales in fiscal year 2025, 45% in 2024, and 43% in 2023, with the largest customer representing 10% of sales in 2025[77]. Workforce and Employment - Approximately 4,600 full and part-time employees and 600 staffing agency workers were employed as of September 27, 2025, with about 1,400 production and distribution employees covered by collective bargaining agreements[59]. Safety and Compliance - The Company’s Total Recordable Incident Rate (TRIR) and Days Away, Restricted or Transferred (DART) incident rates were lower than food manufacturing averages, indicating a strong safety performance[60]. - Compliance with government regulations did not materially affect capital expenditures or earnings in fiscal 2025 and is not expected to impact fiscal 2026 significantly[57]. - The Company’s facilities are Global Food Safety Initiative (GFSI) certified, ensuring adherence to stringent safety and quality standards[58]. Economic and Market Risks - The Company competes with larger manufacturers and distributors, which could lead to downward pressure on prices and a decline in market share[79]. - The Company faces risks from economic conditions that could negatively impact consumer demand and affect sales of higher-margin products[66]. - The company faces risks related to manufacturing capacity constraints, which could negatively affect customer service levels and demand for products[82]. - Increased health care costs due to rising health care expenses and legislative changes could adversely impact the company's financial position and results of operations[89]. Operational Changes and Initiatives - The company is pursuing cost productivity initiatives in procurement, manufacturing, and logistics to enhance operating efficiencies and manage costs effectively[99]. - The Company reported a significant increase in operational efficiency through Project Apollo, expected to generate at least $20 million in run-rate operating income by fiscal 2026[125]. - The Company closed three manufacturing facilities, incurring approximately $24 million in plant closure costs, primarily related to non-cash write-downs and severance[125]. - The Company has opened three regional distribution centers, projected to drive cost reductions in warehousing and distribution[126]. - The Company added six new production lines, significantly expanding capacity for core products such as pretzels, churros, and frozen novelties[126]. - The Company launched the Hola! Churro brand in fiscal year 2023 and expanded the SuperPretzel brand with Bavarian Sticks[126]. Financial Performance - Net sales increased by $8.5 million, or 1%, to $1,583.2 million in fiscal 2025, driven by growth in the foodservice segment[132]. - Gross profit decreased by $16.3 million, or 3%, to $469.8 million, with gross profit as a percentage of sales declining to 29.7% from 30.9%[133]. - Total operating expenses rose by $17.0 million, or 5%, to $385.6 million, increasing as a percentage of sales to 24.4%[135]. - Operating income fell by $33.2 million, or 28.3%, to $84.3 million, impacted by rising raw material costs and inflationary pressures[145]. - Net earnings decreased by $21.0 million, or 24%, to $65.6 million, translating to $3.36 per diluted share[139]. - Food service segment sales increased by $16.2 million, or 1.6%, to $1,001.4 million, with soft pretzel sales up 3.5%[147]. - Retail supermarket segment sales declined by $7.5 million, or 3.4%, to $213.8 million, with operating income down 30.6%[150]. - Investment income increased by $0.4 million, or 11%, to $3.6 million due to higher average cash balances[137]. - The effective tax rate decreased to 24.1% from 27.2% primarily due to a change in estimate on blended state tax rate[138]. - New product sales reached approximately $3.9 million in the first twelve months since introduction, mainly from churros added to a major fast-food customer's menu[148]. - Sales of products to retail supermarkets decreased by $7.5 million, or 3%, to $213.8 million in fiscal year 2025[152]. - Operating income in the Retail Supermarkets segment decreased by $5.9 million, or 31%, to $13.3 million in fiscal 2025[154]. - Total frozen beverage segment sales decreased slightly by $0.2 million, to $368.0 million in fiscal 2025[155]. - Beverage-related sales decreased by 5%, or $10.7 million, in fiscal 2025, primarily due to weakness in certain channels[155]. Acquisitions and Investments - The Company completed the acquisition of the Thinsters cookie business for approximately $7.0 million in cash on April 8, 2024[158]. Cash Flow and Financial Position - Cash flows from operating activities provided $165.1 million in fiscal 2025, compared to $173.1 million in fiscal 2024[160]. - As of September 27, 2025, the Company had $105.9 million in cash and cash equivalents[165]. - The Company had approximately $133 million in purchase commitments for raw materials as of September 27, 2025[171]. - As of September 27, 2025, the company had no debt outstanding, indicating a strong balance sheet[198]. Risk Management and Controls - The company minimizes purchasing risk through forward purchasing of raw materials for periods from 1 to 12 months[199]. - The company has not entered into any forward exchange contracts to hedge foreign currency risk, as it does not consider the exposure significant[200]. - Management identified a material weakness in internal controls related to information technology general controls as of September 28, 2024, but concluded that controls were effective as of September 27, 2025[208][211]. - The independent registered public accounting firm expressed an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of September 27, 2025[213].

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may be blocked from proceeding if an ad-blocker is enabled [1]

Core Insights - J & J Snack Foods Corp. (NASDAQ:JJSF) reported strong financial performance with an EPS of $1.58, surpassing the estimated $1.06 [1][5] - The company's revenue for Q4 was $410.2 million, slightly below the estimated $413 million, but it achieved an adjusted operating income of $37.7 million [2][5] Financial Metrics - JJSF has a price-to-earnings (P/E) ratio of approximately 19.73, indicating favorable market valuation of its earnings [3][5] - The price-to-sales ratio is about 1.03, suggesting investors are paying slightly over one dollar for every dollar of sales [3] - The enterprise value to sales ratio stands at 1.09, reflecting the company's total valuation relative to its sales [3] Financial Health - The enterprise value to operating cash flow ratio is approximately 12.02, indicating strong cash flow generation [4] - JJSF maintains a low debt-to-equity ratio of 0.17, suggesting a conservative approach to leveraging debt [4][5] - A current ratio of approximately 2.38 highlights the company's strong liquidity position, ensuring effective coverage of short-term liabilities [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 was $57.4 million on sales of $410.2 million, a 3.9% decline in sales compared to the previous year [5][18] - For the full year, adjusted EBITDA was $180.9 million, with net sales increasing by 0.5% to $1.58 billion [5][19] - Operating expenses increased by 24% to $118.8 million, which is 29% of sales, including $24.8 million of non-recurring charges related to Project Apollo [17] Business Line Data and Key Metrics Changes - Food service segment net sales declined by 1.1% to $259.3 million, while soft pretzel sales increased by 3.6% [14] - Retail segment net sales declined by 8.1%, primarily due to lower frozen novelty volumes, partially offset by higher pretzel volume [15] - Frozen beverage segment sales declined by 8.3%, attributed to lower beverage volume in the quarter [15] Market Data and Key Metrics Changes - Box office sales for the period aligned with fiscal 2025 were up 10% compared to the prior year, with projections for a 9% increase in North America box office sales for fiscal 2026 [12] - The theater industry is expected to continue its rebound in 2026, supported by a strong lineup of movies [12] Company Strategy and Development Direction - The company initiated Project Apollo, aimed at generating sustainable efficiencies and cost savings, with expected annualized operating income of at least $20 million once fully implemented [7][8] - The company is focusing on consolidating its manufacturing network and optimizing its distribution system to reduce expenses [8][9] - A robust innovation pipeline is planned for fiscal 2026, including new product launches and commercial activities [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding consumer sentiment and operational execution as they move into fiscal 2026 [31] - The company anticipates benefits from Project Apollo and expects to see improvements in both top-line growth and margins [32][66] - Management highlighted the importance of addressing challenges faced in fiscal 2025, including commodity cost inflation and foreign exchange impacts [32] Other Important Information - The company has approximately $106 million in cash and no long-term debt, maintaining a strong financial position [12][18] - Share repurchases totaled $3 million in the quarter, with plans to accelerate buybacks in the current quarter [13][38] Q&A Session Summary Question: Impact of portfolio optimization on sales - Management indicated that portfolio optimization could lead to a 1%-1.5% impact on overall sales growth, with expectations of mid-single-digit growth year over year [25][26] Question: Macro environment and 2026 outlook - Management noted cautious consumer sentiment but expressed positive momentum entering 2026, with expectations for improved performance [31][32] Question: Timeline for Project Apollo and automation - The second phase of Project Apollo focusing on automation and efficiencies is expected to be implemented in 2027, with initial benefits seen in 2026 [46] Question: Challenges in the frozen novelty business - Management acknowledged challenges in the frozen novelty segment but is optimistic about recovery through increased marketing and trade spend [49][51] Question: Gross margin potential post-Apollo - Management aims to improve gross margins above 30% toward the mid-30s, leveraging savings from Project Apollo [65][66]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 was $57.4 million on sales of $410.2 million, a 3.9% decline in sales compared to the previous year [5][21] - For the full year, adjusted EBITDA was $180.9 million, while net sales increased by 0.5% to $1.58 billion [6][22] - Operating expenses increased by 24% to $118.8 million, which included $24.8 million of non-recurring charges related to Project Apollo [19] Business Line Data and Key Metrics Changes - Food service segment net sales declined by 1.1% to $259.3 million, with soft pretzel sales increasing by 3.6% [16] - Retail segment net sales declined by 8.1%, primarily due to lower frozen novelty volumes, although higher pretzel volume partially offset this [17] - Frozen beverage segment sales declined by 8.3%, attributed to lower beverage volume in the quarter [17] Market Data and Key Metrics Changes - Box office sales for the period aligned with fiscal 2025 were up 10% compared to the prior year, with projections for a 9% increase in North America box office sales for fiscal 2026 [14] - The theater industry is expected to continue its rebound in 2026, supported by a strong lineup of movies [14] Company Strategy and Development Direction - The company initiated a business transformation program called Project Apollo, expected to generate at least $20 million of annualized operating income once fully implemented in 2026 [8][9] - The focus of Project Apollo includes the consolidation of manufacturing facilities, with three facilities announced for closure [9][10] - The company plans to increase share repurchase activity, with $3 million in repurchases during the quarter and intentions to accelerate this in the current quarter [15][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal 2026, citing operational execution improvements and a strong innovation pipeline [7][34] - The macro environment remains cautious, particularly in retail, but management is encouraged by early results in Q1 of fiscal 2026 [34] - Challenges faced in 2025 included consumer sentiment, foreign exchange impacts, and commodity cost inflation, but management is bullish about overcoming these in 2026 [35] Other Important Information - The company has approximately $106 million in cash and no long-term debt, maintaining a strong financial position [14][21] - Adjusted earnings per diluted share were $1.58, down from $1.60 in the prior year, with a significantly lower effective tax rate of 4.8% compared to 26.8% [21] Q&A Session Summary Question: Impact of portfolio optimization on sales - Management indicated that portfolio optimization could lead to a 1-1.5% impact on overall sales growth, with expectations of mid-single-digit growth year over year [28][29] Question: Macro environment and 2026 outlook - Management noted cautious consumer sentiment but expressed positive momentum entering 2026, with expectations for benefits from plant closures and innovation [34][35] Question: Timeline for Project Apollo and automation - The second phase of Project Apollo focusing on automation and efficiencies is expected to be implemented in 2027, with initial benefits from plant closures anticipated by Q2 of fiscal 2026 [50][68] Question: Gross margin potential post-Apollo - Management aims to improve gross margin above 30% toward the mid-30s, with savings from Project Apollo contributing to this goal [68] Question: Capital allocation and share repurchase plans - Management plans to accelerate stock buybacks, with $42 million remaining on the authorization and intentions to buy back stock in the current quarter [41][42]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $57.4 million on sales of $410.2 million, a 3.9% decline in sales compared to the previous year [5][18] - For the full year, adjusted EBITDA was $180.9 million, while net sales increased by 0.5% to $1.58 billion [5][19] - Consolidated gross profit was $130.2 million, with a gross margin of 31.7%, slightly down from 31.8% the previous year [16] - Adjusted earnings per diluted share were $1.58, compared to $1.60 in the prior year [18] Business Line Data and Key Metrics Changes - Food service segment net sales declined by 1.1% to $259.3 million, while soft pretzel sales increased by 3.6% [14] - Retail segment net sales fell by 8.1%, primarily due to lower frozen novelty volumes, although higher pretzel volume partially offset this decline [15] - Frozen beverage segment sales decreased by 8.3%, attributed to lower beverage volume in the quarter [15] Market Data and Key Metrics Changes - Box office sales for the period aligned with fiscal 2025 were up 10% compared to the prior year, with industry projections for a 9% increase in North America box office sales for fiscal 2026 [12] - The theater industry is expected to continue its rebound, supported by a strong lineup of movies [12][28] Company Strategy and Development Direction - The company initiated a business transformation program called Project Apollo, expected to generate at least $20 million in annualized operating income once fully implemented [7][8] - The focus of Project Apollo includes the consolidation of manufacturing facilities, with three facilities announced for closure [7][8] - The company plans to increase share repurchase activity, with $3 million in repurchases during the quarter and intentions to accelerate this in the current quarter [13][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal 2026, citing operational execution improvements and a strong innovation pipeline [6][27] - The macro environment remains cautious, particularly in the retail sector, but management is encouraged by early results in Q1 2026 [27][28] - Challenges faced in 2025 included a significant LTO for churros and unfavorable foreign exchange impacts, but management is bullish about 2026 [29] Other Important Information - The company has a strong financial position with approximately $106 million in cash and no long-term debt [12][18] - Marketing expenses increased by 4.8% year-over-year, driven by new sponsorships and promotional activities [17] Q&A Session Summary Question: Impact of portfolio optimization on sales - Management indicated that portfolio optimization could lead to a 1-1.5% impact on overall sales growth, with expectations of mid-single-digit growth year over year [22][24] Question: Macro environment and its impact on 2026 - Management noted cautious consumer sentiment but expressed positive momentum entering 2026, with expectations for theater industry recovery [27][28] Question: Timeline for Project Apollo and expected benefits - The full run rate for plant closure benefits is expected to be reached by Q2 2026, with additional savings anticipated in the latter half of the year [31] Question: Details on commercial opportunities for fiscal 2026 - Key opportunities include a churro LTO with a major customer and a frozen beverage rollout with a large convenience store operator [54] Question: Gross margin potential post-Apollo - Management aims to improve gross margins above 30% toward the mid-30s, with savings from Project Apollo contributing to this goal [56]

Financial Performance - Fourth quarter net sales were $410.2 million, a decrease of 4% compared to the prior year quarter, while full-year net sales increased by 1% to $1,583.2 million[2]. - Fourth quarter operating income was $11.5 million, down 71% year-over-year, and adjusted operating income was $37.7 million, a decrease of 10%[2][8]. - Fourth quarter net earnings were $11.4 million, a decline of 62% from the previous year, with adjusted EBITDA at $57.4 million, down 4%[2][3]. - The gross profit for the fourth quarter was $130.2 million, reflecting a gross margin of 31.7%, slightly down from 31.8% in the prior year[6]. - Net sales for the quarter ended September 27, 2025, were $410,243,000, a decrease of 3.6% compared to $426,756,000 for the same quarter in 2024[25]. - Gross profit for the fiscal year ended September 27, 2025, was $469,882,000, down from $486,125,000 in 2024, reflecting a decline of 3.3%[25]. - Operating income for the quarter was $11,467,000, significantly lower than $39,842,000 in the prior year, representing a decrease of 71.2%[25]. - Net earnings for the fiscal year ended September 27, 2025, were $65,595,000, down 24.2% from $86,551,000 in 2024[25]. - Earnings per diluted share for the quarter were $0.58, compared to $1.52 in the same quarter last year, a decline of 61.8%[25]. - The company reported a total operating income of $84,326,000 for the fiscal year 2025, down from $117,545,000 in 2024, a decrease of 28.3%[25]. - For the quarter ended September 27, 2025, net earnings were $11,381 thousand, a decrease from $29,641 thousand in the same quarter of the previous year, representing a decline of approximately 61.6%[34]. - Adjusted EBITDA for the fiscal year ended September 27, 2025, was $180,857 thousand, down from $200,085 thousand in the previous fiscal year, reflecting a decrease of about 9.6%[34]. - Adjusted operating income for the quarter ended September 27, 2025, was $37,740 thousand, compared to $42,010 thousand in the same quarter of the previous year, indicating a decline of approximately 10.8%[35]. - Earnings per diluted share for the quarter ended September 27, 2025, were $0.58, down from $1.52 in the same quarter of the previous year, a decrease of about 61.8%[36]. - Adjusted earnings per diluted share for the fiscal year ended September 27, 2025, were $4.27, compared to $4.93 in the previous fiscal year, reflecting a decline of approximately 13.4%[37]. Operational Highlights - The company initiated a comprehensive business transformation program expected to generate at least $20 million in annualized operating income once fully implemented[4]. - Frozen Beverage segment sales decreased by 8.3% to $99.6 million, primarily due to lower theater volumes following the success of the Inside Out 2 movie last year[15]. - Retail Supermarket segment sales decreased by 8.1% to $51.4 million, while pretzel sales increased by 3.6% driven by growth in Bavarian varieties[15]. - New product sales and added placements with new customers contributed approximately $7.6 million in the quarter, driven by frozen novelties and churro-related products[15]. - The company incurred plant closure expenses of $24,073,000 during the fiscal year, impacting overall profitability[25]. - Strategic business transformation costs were recorded as $4,848 thousand for the fiscal year ended September 27, 2024, indicating ongoing investment in operational improvements[35]. - Integration costs for the fiscal year ended September 27, 2025, amounted to $427 thousand, reflecting the company's efforts in mergers and acquisitions[35]. Financial Position - The company reported $106 million in cash and no debt, positioning it well for sustainable growth and shareholder value creation[4]. - Total current assets increased to $478,332,000 as of September 27, 2025, from $450,414,000 a year earlier, marking a growth of 6.2%[27]. - Cash and cash equivalents at the end of the period rose to $105,893,000, up from $73,394,000, an increase of 44.4%[29]. - Total liabilities increased to $414,806,000 as of September 27, 2025, compared to $414,073,000 in the previous year, reflecting a slight increase of 0.2%[27]. - Depreciation and amortization expenses for the quarter ended September 27, 2025, were $19,165 thousand, an increase from $18,216 thousand in the same quarter of the previous year, representing a rise of about 5.2%[34]. - The company reported a net gain on the sale or disposal of assets of $171 thousand for the quarter ended September 27, 2025, compared to a gain of $34 thousand in the same quarter of the previous year[34].

Core Insights - J & J Snack Foods Corp. reported a decline in net sales and earnings for the fourth quarter, with net sales at $410.2 million, down 4% year-over-year, and net earnings at $11.4 million, down 62% compared to the previous year [2][3][5]. Financial Performance - Fourth quarter operating income was $11.5 million, a significant decrease of 71% from the prior year quarter [2][9]. - Adjusted operating income for the fourth quarter was $37.7 million, down 10% year-over-year [2][9]. - Adjusted EBITDA for the fourth quarter was $57.4 million, reflecting a 4% decline compared to the same quarter last year [2][3]. - Earnings per diluted share for the fourth quarter were $0.58, down 62% from $1.52 in the prior year quarter [2][9]. Segment Performance - The Food Service segment saw a slight sales decrease of 1.1%, while the Retail Supermarket segment experienced an 8.1% decline in sales [7][14]. - The Frozen Beverage segment reported an 8.3% decrease in sales, primarily due to lower theater volumes following the success of the Inside Out 2 movie last year [7][14]. Cost and Expenses - Total operating expenses for the fourth quarter were $118.8 million, representing 29% of sales, compared to 22.4% in the prior year quarter [8][9]. - Marketing and selling expenses increased by 4.8% to $32.6 million, while distribution expenses decreased by 8.3% to $42.2 million [13]. Strategic Initiatives - The company is launching several major commercial programs in fiscal 2026 and has a robust innovation pipeline focused on healthier product attributes [4]. - A comprehensive business transformation program has been initiated, expected to generate at least $20 million in annualized operating income once fully implemented [4]. Balance Sheet and Cash Flow - The company reported a strong balance sheet with $106 million in cash and no debt, positioning it well for sustainable growth [4]. - Cash and cash equivalents at the end of the period were $105.9 million, up from $73.4 million at the end of the previous year [29].