$ASMB
Assembly Biosciences Inc

2019 Q1 Form 10-Q Financial Statement

#000114420419024904 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $3.885M $3.565M $3.315M
YoY Change 8.98% -92.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.520M $5.700M $5.000M
YoY Change 67.02% 41.09% 53.85%
% of Gross Profit
Research & Development $22.70M $14.54M $10.60M
YoY Change 56.14% 37.57% 22.97%
% of Gross Profit
Depreciation & Amortization $135.0K $168.0K $100.0K
YoY Change -19.64% 426.38% 400.0%
% of Gross Profit
Operating Expenses $32.22M $20.24M $15.60M
YoY Change 59.22% 38.51% 31.42%
Operating Profit -$28.34M -$16.67M
YoY Change 69.96% 19.69%
Interest Expense $1.280M $420.0K $330.0K
YoY Change 204.76% -210.0%
% of Operating Profit
Other Income/Expense, Net $1.277M $423.0K
YoY Change 201.89% -55466.49%
Pretax Income -$27.06M -$16.25M -$11.95M
YoY Change 66.53% 16.65% -1.73%
Income Tax -$7.000K $0.00 -$340.0K
% Of Pretax Income
Net Earnings -$27.05M -$16.25M -$3.007M
YoY Change 66.48% 16.64% -73.96%
Net Earnings / Revenue -696.32% -455.79% -90.71%
Basic Earnings Per Share -$1.05 -$0.80
Diluted Earnings Per Share -$1.05 -$0.80 -$158.3K
COMMON SHARES
Basic Shares Outstanding 25.54M
Diluted Shares Outstanding 25.67B 20.23M

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.5M $109.2M $119.9M
YoY Change 77.2% 20.13% 126.23%
Cash & Equivalents $29.11M $66.93M $82.03M
Short-Term Investments $164.4M $42.20M $37.90M
Other Short-Term Assets $4.300M $1.800M $900.0K
YoY Change 138.89% 38.46% 50.0%
Inventory
Prepaid Expenses
Receivables $2.987M $2.264M $2.274M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.8M $113.2M $123.1M
YoY Change 77.39% 22.78% 129.7%
LONG-TERM ASSETS
Property, Plant & Equipment $2.079M $700.0K $860.0K
YoY Change 197.0% 250.0% 330.0%
Goodwill $12.64M $12.64M
YoY Change
Intangibles $29.00M
YoY Change
Long-Term Investments $400.0K $3.700M
YoY Change 100.0% 37.04%
Other Assets $1.661M $340.0K
YoY Change
Total Long-Term Assets $58.44M $42.80M $46.19M
YoY Change 36.54% 1.66% 3.68%
TOTAL ASSETS
Total Short-Term Assets $200.8M $113.2M $123.1M
Total Long-Term Assets $58.44M $42.80M $46.19M
Total Assets $259.2M $156.0M $169.3M
YoY Change 66.18% 16.16% 72.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.400M $2.400M $2.100M
YoY Change 0.0% 26.32% -12.5%
Accrued Expenses $10.14M $4.600M $6.139M
YoY Change 120.46% 15.0% 27.9%
Deferred Revenue $45.79M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.21M $12.20M $13.49M
YoY Change 106.6% 10.91% 90.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $40.40M $39.30M $40.60M
YoY Change 2.8% -11.29%
Total Long-Term Liabilities $40.40M $39.30M $42.69M
YoY Change 2.8% -11.29% 283.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.21M $12.20M $13.49M
Total Long-Term Liabilities $40.40M $39.30M $42.69M
Total Liabilities $68.85M $53.60M $56.18M
YoY Change 28.44% -19.28% 208.7%
SHAREHOLDERS EQUITY
Retained Earnings -$368.8M -$251.0M
YoY Change
Common Stock $26.00K $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $190.4M $102.4M $113.1M
YoY Change
Total Liabilities & Shareholders Equity $259.2M $156.0M $169.3M
YoY Change 66.18% 16.16% 72.58%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income -$27.05M -$16.25M -$3.007M
YoY Change 66.48% 16.64% -73.96%
Depreciation, Depletion And Amortization $135.0K $168.0K $100.0K
YoY Change -19.64% 426.38% 400.0%
Cash From Operating Activities -$23.94M -$15.50M -$9.770M
YoY Change 54.45% -144.36% -11.5%
INVESTING ACTIVITIES
Capital Expenditures $1.488M $39.00K -$360.0K
YoY Change 3715.38% 227.27%
Acquisitions
YoY Change
Other Investing Activities $12.92M -$1.060M -$1.310M
YoY Change -1318.87% -115.92% -108.3%
Cash From Investing Activities $11.44M -$1.100M -$1.670M
YoY Change -1139.55% -116.52% -110.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K 1.494M 66.23M
YoY Change -90.63% 133.43% 44053.33%
NET CHANGE
Cash From Operating Activities -23.94M -15.50M -9.770M
Cash From Investing Activities 11.44M -1.100M -1.670M
Cash From Financing Activities 140.0K 1.494M 66.23M
Net Change In Cash -12.36M -15.11M 54.79M
YoY Change -18.15% -135.76% 1046.23%
FREE CASH FLOW
Cash From Operating Activities -$23.94M -$15.50M -$9.770M
Capital Expenditures $1.488M $39.00K -$360.0K
Free Cash Flow -$25.43M -$15.54M -$9.410M
YoY Change 63.63% -144.47% -13.91%

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<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.46in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.43in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include recoverability and useful lives (indefinite or finite) of intangible assets, assessment of impairment of goodwill, provisions for income taxes, amounts receivable under the Collaboration Agreement, measurement of operating lease liabilities, and the fair value of stock options, stock appreciation rights, and restricted stock units (RSUs) granted to employees, directors and consultants.</div></div><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.43in; background: none;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company&#8217;s estimates and could cause actual results to differ from those estimates and assumptions.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
164405000
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
36000
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
12000
CY2019Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
164429000
CY2018Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
400000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1091000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1037000
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.096
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2915000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3735000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3250000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3267000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3303000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16470000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3245000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13225000
CY2018Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
400000
CY2018Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
CY2019Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
25434000
CY2019Q1 us-gaap Lease Cost
LeaseCost
1711000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
321000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
299000
CY2019Q1 asmb Accretion And Amortization Of Investments In Marketable Securities
AccretionAndAmortizationOfInvestmentsInMarketableSecurities
592000
CY2018Q1 asmb Accretion And Amortization Of Investments In Marketable Securities
AccretionAndAmortizationOfInvestmentsInMarketableSecurities
0
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-23000
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12M
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13800000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14000000
CY2019Q1 us-gaap Deferred Rent Credit
DeferredRentCredit
100000
CY2019Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25549757
CY2019Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25549757
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25495425
CY2018Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
25495425
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2019Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
100000
CY2019Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
859000
CY2018Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
1231000
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2019Q1 dei Trading Symbol
TradingSymbol
ASMB
CY2019Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
25600979
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
false
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-27052000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-16249000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25668798
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20231804
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.05
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
ASSEMBLY BIOSCIENCES, INC.
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001426800
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.05
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
210653000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
140000
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
4000
CY2019Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
108000
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6556000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
190401000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
113120000
CY2018Q1 us-gaap Trading Securities Unrealized Holding Gain Loss
TradingSecuritiesUnrealizedHoldingGainLoss
-67000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4083000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
102381000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1494000
CY2019Q1 asmb Noncash Rent Expense
NoncashRentExpense
1091000
CY2018Q1 asmb Noncash Rent Expense
NoncashRentExpense
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0
CY2019Q1 asmb Schedule Of Collaboration Revenue Recognized With The Period
ScheduleOfCollaborationRevenueRecognizedWithThePeriod
<div style="color: rgb(0, 0, 0); font: 10pt &quot;times new roman&quot;, times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0px; text-indent: 27.5pt; background: none;">&#160;</div><table style="border: none;border-collapse: collapse;margin-bottom: .001pt;width: 100%;margin-left: auto;margin-right: auto;"><tr><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td colspan="5" style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: center; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Three Months Ended</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td colspan="5" style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: center; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March&#160;31,&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td></tr><tr><td style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 74.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">($ in&#160;thousands)</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 1.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;width: 1.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;width: 10.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; text-align: center; line-height: normal;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 1.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 1.0pt;padding-left: 0;padding-right: 0;padding-top: 0;vertical-align: bottom;width: 1.0%;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">&#160;</div></div></div></td><td style="background: #ffffff;border-bottom: solid #000000 1.0pt;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;width: 1.0%;"><div style="font-family: &quot;times new roman&quot;, serif; 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font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: &quot;times new roman&quot;, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background: #ffffff;border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: bottom;"><div style="font-family: &quot;times new roman&quot;, serif; 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CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1037000

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