AngioDynamics(ANGO) - 2022 Q3 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements AngioDynamics' unaudited consolidated financial statements for periods ended February 28, 2022, are presented with detailed explanatory notes Consolidated Statements of Operations (unaudited) Consolidated Statements of Operations (in thousands, except per share data) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net sales | $73,970 | $71,182 | $229,221 | $214,168 | | Cost of sales | $35,387 | $32,652 | $109,944 | $99,700 | | Gross profit | $38,583 | $38,530 | $119,277 | $114,468 | | Operating loss | $(3,738) | $(3,738) | $(22,074) | $(13,696) | | Net loss | $(4,958) | $(3,544) | $(20,281) | $(12,080) | | Basic Loss per share | $(0.13) | $(0.09) | $(0.52) | $(0.32) | | Diluted Loss per share| $(0.13) | $(0.09) | $(0.52) | $(0.32) | Consolidated Statements of Comprehensive Loss (unaudited) Consolidated Statements of Comprehensive Loss (in thousands) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net loss | $(4,958) | $(3,544) | $(20,281) | $(12,080) | | Foreign currency translation | $(1,036) | $12 | $373 | $3,287 | | Total comprehensive loss, net of tax | $(5,994) | $(3,532) | $(19,908) | $(8,793) | Consolidated Balance Sheets (unaudited) Consolidated Balance Sheets (in thousands) | Metric | Feb 28, 2022 | May 31, 2021 | | :------------------------- | :----------- | :----------- | | Cash and cash equivalents | $23,890 | $48,161 | | Accounts receivable, net | $41,810 | $35,405 | | Inventories | $48,039 | $48,614 | | Total current assets | $127,686 | $140,879 | | Property, plant and equipment, net | $43,594 | $37,073 | | Intangible assets, net | $159,105 | $168,977 | | Goodwill | $201,484 | $201,316 | | Total assets | $543,178 | $561,438 | | Accounts payable | $21,570 | $19,630 | | Accrued liabilities | $25,196 | $35,459 | | Total current liabilities | $49,368 | $57,584 | | Long-term debt | $25,000 | $20,000 | | Total liabilities | $113,486 | $121,981 | | Total Stockholders' Equity | $429,692 | $439,457 | | Total Liabilities and Stockholders' Equity | $543,178 | $561,438 | Consolidated Statements of Cash Flows (unaudited) Consolidated Statements of Cash Flows (in thousands) | Metric | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :------------------------------------------------- | :-------------------------- | :-------------------------- | | Net cash (used in) provided by operating activities | $(15,754) | $11,894 | | Net cash used in investing activities | $(15,534) | $(4,567) | | Net cash provided by (used in) financing activities | $7,354 | $(7,541) | | Effect of exchange rate changes on cash and cash equivalents | $(337) | $248 | | (Decrease) increase in cash and cash equivalents | $(24,271) | $34 | | Cash and cash equivalents at end of period | $23,890 | $54,469 | Consolidated Statements of Stockholders' Equity (unaudited) - Total Stockholders' Equity decreased from $439.457 million at May 31, 2021, to $429.692 million at February 28, 2022, primarily due to net losses[16][21] - Additional paid-in capital increased from $573.507 million to $583.647 million, driven by stock option exercises and stock-based compensation[16][21] - Accumulated deficit increased from $(131.866) million to $(152.147) million, reflecting the net losses incurred during the period[16][21] Notes to Consolidated Financial Statements (unaudited) Note 1. CONSOLIDATED FINANCIAL STATEMENTS - The interim consolidated financial statements are unaudited but prepared with all necessary adjustments for fair presentation[25] - The statements consolidate AngioDynamics, Inc. and its wholly-owned subsidiaries, with all intercompany balances and transactions eliminated[26] Note 2. ACQUISITIONS - On July 27, 2021, AngioDynamics acquired the Camaro support catheter (rebranded as Syntrax) from QX Medical, LLC[27] - The aggregate purchase price was $4.0 million, including an upfront payment of $3.6 million and $1.0 million in potential future contingent consideration related to revenue milestones[27] - The acquisition was accounted for as an asset purchase, recording $0.1 million in inventory and fixed assets, and $3.9 million in intangible asset product technology, amortized over 15 years[27] Note 3. REVENUE FROM CONTRACTS WITH CUSTOMERS - Revenue is recognized when a customer obtains control of promised goods or services, primarily from the sales of products[28][36] - The company is strategically shifting its portfolio to focus on high-technology Med Tech products (Auryon, Thrombectomy, NanoKnife) for growth, moving away from mature Med Device products[32] Net Sales by Global Business Unit and Geography (in thousands) | Net Sales | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :----------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | By Global Business Unit: | | | | | | Endovascular Therapies | $38,083 | $33,251 | $115,799 | $97,008 | | Vascular Access | $23,431 | $24,813 | $73,459 | $76,848 | | Oncology | $12,456 | $13,118 | $39,963 | $40,312 | | Total | $73,970 | $71,182 | $229,221 | $214,168 | | By Geography: | | | | | | United States | $62,445 | $58,654 | $192,259 | $173,446 | | International | $11,525 | $12,528 | $36,962 | $40,722 | | Total | $73,970 | $71,182 | $229,221 | $214,168 | Net Sales by Med Tech and Med Device (in thousands) | Net Sales | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | % Change (3M) | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | % Change (9M) | | :----------------------- | :-------------------------- | :-------------------------- | :------------ | :-------------------------- | :-------------------------- | :------------ | | Med Tech | $19,612 | $15,246 | 28.6% | $56,117 | $39,581 | 41.8% | | Med Device | $54,358 | $55,936 | (2.8)% | $173,104 | $174,587 | (0.8)% | | Total | $73,970 | $71,182 | 3.9% | $229,221 | $214,168 | 7.0% | Note 4. INVENTORIES Inventories (in thousands) | Inventory Category | Feb 28, 2022 | May 31, 2021 | | :----------------- | :----------- | :----------- | | Raw materials | $28,086 | $22,925 | | Work in process | $6,804 | $8,022 | | Finished goods | $13,149 | $17,667 | | Total Inventories | $48,039 | $48,614 | - The total inventory reserve for obsolescence, expiring, and slow-moving inventory increased from $3.8 million at May 31, 2021, to $4.1 million at February 28, 2022[46] Note 5. GOODWILL AND INTANGIBLE ASSETS - Goodwill is not amortized and was tested for impairment as of December 31, 2021, with no impairment found[47][48] Intangible Assets, Net (in thousands) | Intangible Asset Category | Feb 28, 2022 (Net carrying value) | May 31, 2021 (Net carrying value) | | :------------------------ | :-------------------------------- | :-------------------------------- | | Product technologies | $132,962 | $139,564 | | Customer relationships | $23,115 | $26,127 | | Trademarks | $2,835 | $3,045 | | Licenses | $193 | $241 | | Total Intangible Assets, net | $159,105 | $168,977 | Amortization Expense (in thousands) | Period | Amortization Expense | | :-------------------------- | :------------------- | | 3 Months Ended Feb 28, 2022 | $4,900 | | 3 Months Ended Feb 28, 2021 | $4,300 | | 9 Months Ended Feb 28, 2022 | $14,600 | | 9 Months Ended Feb 28, 2021 | $13,800 | Expected Future Amortization Expense (in thousands) | Fiscal Year | Amount | | :------------ | :----- | | Remainder of 2022 | $4,878 | | 2023 | $19,032 | | 2024 | $16,823 | | 2025 | $16,804 | | 2026 | $16,624 | | 2027 and thereafter | $84,944 | | Total | $159,105 | Note 6. ACCRUED LIABILITIES Accrued Liabilities (in thousands) | Accrued Liability Category | Feb 28, 2022 | May 31, 2021 | | :------------------------- | :----------- | :----------- | | Payroll and related expenses | $13,307 | $20,408 | | Royalties | $2,153 | $2,663 | | Outside services | $1,983 | $4,256 | | Research and Development | $1,730 | $1,223 | | Sales and franchise taxes | $908 | $631 | | Litigation Matters | $0 | $975 | | Rebates | $472 | $544 | | Other | $4,643 | $4,759 | | Total Accrued Liabilities | $25,196 | $35,459 | Note 7. LONG-TERM DEBT - The company has a $125.0 million secured revolving credit facility with a five-year maturity, which includes an uncommitted expansion feature up to $75.0 million[54] - As of February 28, 2022, $25.0 million was outstanding on the Revolving Facility, with an interest rate of 1.36%[57][144] - The Credit Agreement includes financial covenants requiring a maximum leverage ratio of 3.00 to 1.00 and a fixed charge coverage ratio of not less than 1.25 to 1.00[56] Note 8. INCOME TAXES - The estimated annual effective tax rate prior to discrete items was 12.7% for the third quarter of fiscal year 2022, compared to 15.6% for the same period in fiscal year 2021[58] - The company has provided a valuation allowance on its federal and state net operating loss carryforwards and other deferred tax assets due to not yet attaining a sustained level of profitability[60] - A benefit of $4.2 million from the employee retention credit (CARES Act) was recorded in the third quarter of fiscal year 2022, compared to $1.9 million in the prior year period[61] Note 9. SHARE-BASED COMPENSATION Share-Based Compensation Expense (in thousands) | Period | Share-based Compensation Expense | | :-------------------------- | :------------------------------- | | 3 Months Ended Feb 28, 2022 | $2,400 | | 3 Months Ended Feb 28, 2021 | $2,100 | | 9 Months Ended Feb 28, 2022 | $7,800 | | 9 Months Ended Feb 28, 2021 | $6,400 | - As of February 28, 2022, there were 1.6 million shares available for future grant under the 2020 Stock and Incentive Award Plan and 2.3 million shares under the employee stock purchase plan[62][63] - Unrecognized compensation expense related to share-based payment arrangements was $19.1 million as of February 28, 2022, expected to be recognized over approximately three years[65] Note 10. EARNINGS PER SHARE Weighted Average Shares Outstanding (in thousands) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :------------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic | 39,092 | 38,360 | 38,959 | 38,281 | | Diluted | 39,092 | 38,360 | 38,959 | 38,281 | - Securities totaling 3.457 million for the three and nine months ended February 28, 2022, were excluded from diluted EPS calculation because their inclusion would be anti-dilutive due to the net loss[66][67] Note 11. SEGMENT AND GEOGRAPHIC INFORMATION - The company operates as a single operating segment, engaged in the development, manufacture, and sale of medical devices for vascular access, peripheral vascular disease, and oncology on a global basis[68][69] - The CEO evaluates performance on a consolidated global basis, utilizing various breakouts of net sales data including Global Business Unit, Med Tech versus Med Device, and geography[69] Note 12. FAIR VALUE - The company measures certain financial assets and liabilities at fair value, primarily contingent consideration liabilities, which are categorized as Level 3 due to significant unobservable inputs[74][79] Contingent Consideration Liabilities (in thousands) | Metric | Feb 28, 2022 | May 31, 2021 | | :------------------------ | :----------- | :----------- | | Contingent consideration liabilities | $16,741 | $15,741 | - The change in fair value of contingent consideration for the nine months ended February 28, 2022, was a gain of $1.005 million, primarily from changes in estimated earn-out payments and amortization of the present value discount[77][78] - The amount of undiscounted future contingent consideration expected to be paid is approximately $20.0 million, with milestones ranging from fiscal years 2022 to 2029[80] Note 13. LEASES Lease Information (in thousands) | Metric | Feb 28, 2022 | May 31, 2021 | | :-------------------------------- | :----------- | :----------- | | Operating lease ROU asset | $7,594 | $9,382 | | Current operating lease liabilities | $2,526 | $2,415 | | Non-current operating lease liabilities | $5,378 | $7,319 | | Total lease liabilities | $7,904 | $9,734 | - The weighted average remaining lease term is 3.46 years, and the weighted average discount rate is 3.8% as of February 28, 2022[83] - Total future lease payments are $8.423 million, with $2.526 million classified as the current portion of lease obligations[85] Note 14. COMMITMENTS AND CONTINGENCIES - The company is involved in various legal proceedings, including commercial, intellectual property, product liability, and regulatory matters, considered normal for its business[88] - Multiple patent infringement lawsuits with C.R. Bard, Inc. are ongoing, with some cases stayed pending appeals or scheduled for trial[89][91][92] - The company has not recorded an expense related to the outcome of these litigations because it is not yet possible to determine if a potential loss is probable or reasonably estimable[90][91][92] - AngioDynamics has also commenced an antitrust action against C.R. Bard, Inc. alleging illegal tying of sales, with trial scheduled to commence on July 5, 2022[93] Note 15. ACQUISITION, RESTRUCTURING, AND OTHER ITEMS, NET Acquisition, Restructuring and Other Items, Net (in thousands) | Item | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :-------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Legal | $1,681 | $967 | $5,837 | $2,947 | | Mergers and acquisitions | $0 | $0 | $59 | $1 | | Transition service agreement | $0 | $(323) | $0 | $(1,032) | | Divestiture | $0 | $8 | $0 | $393 | | Manufacturing relocation | $396 | $0 | $455 | $0 | | Other | $282 | $(42) | $701 | $748 | | Total | $2,359 | $610 | $7,052 | $3,057 | - The increase in these items was primarily driven by higher legal expenses related to litigation outside the normal course of business and manufacturing relocation expenses to Costa Rica[96][129] Note 16. ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated Other Comprehensive Income (in thousands) | Metric | Balance at Nov 30, 2021 | 3 Months Ended Feb 28, 2022 | Balance at Feb 28, 2022 | | :---------------------------------------------------- | :---------------------- | :-------------------------- | :---------------------- | | Foreign currency translation income (loss) | $4,562 | $(1,036) | $3,526 | - Accumulated other comprehensive income decreased to $3.526 million as of February 28, 2022, primarily due to a foreign currency translation loss of $1.036 million in the three-month period[98] Note 17. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS - The company plans to adopt ASU 2021-10 (Government Assistance disclosures) in the first quarter of fiscal year 2023, with no material impact expected[100] - The company plans to adopt ASU 2021-08 (Business Combinations - Contract Assets and Contract Liabilities) in the first quarter of fiscal year 2024, with no material impact expected[100] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations AngioDynamics' strategic shift to high-tech Med Tech products drove sales growth, despite increased net losses from operational challenges, with sufficient liquidity Executive Overview - AngioDynamics designs, manufactures, and sells medical devices for vascular access, peripheral vascular disease, and oncology, primarily used in minimally invasive, image-guided procedures[106] - The company is transforming into a focused medical technology company, investing in high-technology products like Auryon, Thrombectomy, and NanoKnife, to access larger and faster-growing markets[32][110] - COVID-19 continues to impact business operations, including consumer demand, hospital procedures, supply chain reliability, labor shortages, backlog, and inflation[109] Results of Operations Key Financial Metrics (in millions, except per share data) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Sales | $74.0 | $71.2 | $229.2 | $214.2 | | Net Loss | $(5.0) | $(3.5) | $(20.3) | $(12.1) | | Loss per diluted share| $(0.13) | $(0.09) | $(0.52) | $(0.32) | - Med Tech business growth was 28.6% for the three months and 41.8% for the nine months, while Med Device declined 2.8% and 0.8% respectively[113] - Gross profit decreased by 190 basis points to 52.2% for the three months and 140 basis points to 52.0% for the nine months[113] Net Sales Net Sales Performance (in thousands) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | % Change (3M) | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | % Change (9M) | | :----------------------- | :-------------------------- | :-------------------------- | :------------ | :-------------------------- | :-------------------------- | :------------ | | Total Net Sales | $73,970 | $71,182 | 3.9% | $229,221 | $214,168 | 7.0% | - The company had a backlog of $9.6 million at February 28, 2022, primarily impacting sales of Core, Venous, and Vascular Access products[115][117] - Med Tech net sales increased by $4.4 million (28.6%) for the three months and $16.5 million (41.8%) for the nine months, driven by Auryon and the thrombectomy platform[116] - Med Device net sales decreased by $1.6 million (2.8%) for the three months and $1.5 million (0.8%) for the nine months, primarily due to the backlog and decreased sales in several product categories[117][119] Gross Profit, Operating Expenses, and Other Income (expense) Gross Profit and Operating Expenses (in thousands) | Metric | 3 Months Ended Feb 28, 2022 | 3 Months Ended Feb 28, 2021 | % Change (3M) | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | % Change (9M) | | :-------------------------- | :-------------------------- | :-------------------------- | :------------ | :-------------------------- | :-------------------------- | :------------ | | Gross profit | $38,583 | $38,530 | 0.1% | $119,277 | $114,468 | 4.2% | | Gross profit % of sales | 52.2% | 54.1% | (1.9)pp | 52.0% | 53.4% | (1.4)pp | | Research and development | $7,280 | $8,565 | (15.0)% | $22,873 | $27,286 | (16.2)% | | Sales and marketing | $20,416 | $19,607 | 4.1% | $68,468 | $57,486 | 19.1% | | General and administrative | $8,727 | $9,011 | (3.2)% | $27,348 | $26,787 | 2.1% | | Amortization of intangibles | $4,895 | $4,292 | 14.0% | $14,605 | $13,838 | 5.5% | | Change in fair value of contingent consideration | $201 | $183 | 9.8% | $1,005 | $(290) | 446.6% | | Acquisition, restructuring and other items, net | $2,359 | $610 | 286.7% | $7,052 | $3,057 | 130.7% | | Other expense, net | $(462) | $(389) | 18.8% | $(1,154) | $(417) | 176.7% | | Income tax benefit | $(800) | $(600) | 33.3% | $(2,900) | $(2,000) | 45.0% | - Gross profit was negatively impacted by $1.7 million (3M) and $2.7 million (9M) due to labor shortages, inflationary costs on raw materials, and production volume[121] - R&D expense decreased due to the timing of projects and decreased compensation from open R&D positions[123] - S&M expense increased due to additional headcount for the Auryon sales and marketing teams and increased travel, meeting, and tradeshow expenses[124] Liquidity and Capital Resources Cash Flow Summary (in thousands) | Cash Flow Category | 9 Months Ended Feb 28, 2022 | 9 Months Ended Feb 28, 2021 | | :----------------------- | :-------------------------- | :-------------------------- | | Operating activities | $(15,754) | $11,894 | | Investing activities | $(15,534) | $(4,567) | | Financing activities | $7,354 | $(7,541) | | Net change in cash and cash equivalents | $(24,271) | $34 | - Cash and cash equivalents decreased significantly from $48.2 million at May 31, 2021, to $23.9 million at February 28, 2022[132] - Cash used in investing activities included $8.7 million for Auryon placement and evaluation unit additions and $3.6 million for the QX Medical asset acquisition in fiscal year 2022[136] - The company believes its current cash balance, cash from operations, and access to its $125.0 million Revolving Facility provide sufficient liquidity for at least the next 12 months[132][138] New Accounting Pronouncements - This section refers to Note 17 for details on recently issued accounting pronouncements, which indicates no material impact is expected from the adoption of ASU 2021-10 and ASU 2021-08[139] Item 3. Quantitative and Qualitative Disclosures About Market Risk AngioDynamics is exposed to market risks from foreign currency and interest rate fluctuations, while managing credit risk through diversified banking and customer monitoring Foreign Currency Exchange Rate Risk - Approximately 6% of the company's sales for the nine months ended February 28, 2022, were denominated in foreign currencies, primarily the Euro, British Pound, and Canadian Dollar[143] - A strengthening U.S. Dollar negatively impacts the company's sales and gross profit due to lower foreign currency denominated expenses relative to sales[143] Interest Rate Risk - The company is exposed to interest rate risk through its $125.0 million Revolving Facility, on which $25.0 million was outstanding as of February 28, 2022[144] - The interest rate on the Revolving Facility is variable, based on LIBOR or an alternate base rate plus an applicable margin, and was 1.36% at February 28, 2022[144] Concentration of Credit Risk - Financial instruments subject to credit risk include cash and cash equivalents, the Revolving Facility, and trade accounts receivable[145] - Credit risk is mitigated by maintaining cash at various institutions, structuring the Revolving Facility across five banks, and monitoring customer creditworthiness[145][146] - No single customer represents more than 10% of total sales, limiting concentration of credit risk with respect to trade accounts receivable[146] Item 4. Controls and Procedures Management confirmed effective disclosure controls and procedures as of February 28, 2022, with no material changes in internal control over financial reporting Evaluation of disclosure controls and procedures - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of February 28, 2022[148] - These controls provide reasonable assurance that required information is recorded, processed, summarized, and reported within specified time periods and communicated to management[148] Changes in Internal Control over Financial Reporting - There were no material changes in the company's internal control over financial reporting during the fiscal quarter ended February 28, 2022[149] PART II. OTHER INFORMATION Item 1. Legal Proceedings Refers to Note 14, 'Commitments and Contingencies,' in Part I, Item I for detailed information on legal proceedings - Refers to Note 14 'Commitments and Contingencies' in Part I, Item I for information on legal proceedings[152] Item 1A. Risk Factors No material changes to previously disclosed risk factors from the Form 10-K, reiterating that investing in company securities involves high risk - No material changes to the risk factors previously disclosed in the annual report on Form 10-K for the fiscal year ended May 31, 2021[153] - An investment in the company's securities continues to involve a high degree of risk[153] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds The company repurchased 3,815 common shares at an average of $22.90 per share from employees for tax withholding, not under a public repurchase program Shares of Common Stock Repurchased (Three Months Ended February 28, 2022) | Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | | :------------------------- | :----------------------------------- | :--------------------------- | | Dec 1, 2021 - Dec 31, 2021 | 953 | $26.46 | | Jan 1, 2022 - Jan 31, 2022 | — | $23.26 | | Feb 1, 2022 - Feb 28, 2022 | 2,862 | $21.72 | | Total | 3,815 | $22.90 | - These shares were purchased from employees to satisfy tax withholding requirements on the vesting of restricted shares/units from equity-based awards[155] - The company does not currently have a publicly announced share repurchase program in effect[155] Item 3. Defaults on Senior Securities No defaults on senior securities were reported during the period - No defaults on senior securities[156] Item 4. Mine Safety Disclosures No mine safety disclosures were reported - No mine safety disclosures[156] Item 5. Other Information No other information was reported - No other information[156] Item 6. Exhibits Lists exhibits filed with Form 10-Q, including various certifications and XBRL-related documents - Includes certifications pursuant to Rule 13a-14(a) or 15d-14 under the Securities Exchange Act of 1934[159] - Includes certifications of the Chief Executive Officer and Chief Financial Officer pursuant to Title 18, United States Code, Section 1350[159] - XBRL Schema, Calculation Linkbase, Taxonomy Extension Definition Linkbase, Labels Linkbase, and Presentation Linkbase Documents are filed[159]