2016 Q4 Form 10-Q Financial Statement

#000146434316000044 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $28.20M $24.09M $16.87M
YoY Change -3.42% 42.77% -8.95%
Cost Of Revenue $12.10M $7.027M $9.749M
YoY Change 9.01% -27.92% -40.55%
Gross Profit $16.10M $17.06M $7.124M
YoY Change -11.05% 139.5% -68.75%
Gross Profit Margin 57.09% 70.83% 42.22%
Selling, General & Admin $6.600M $6.900M $5.400M
YoY Change -10.81% 27.78% 5.88%
% of Gross Profit 40.99% 40.44% 75.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $500.0K $700.0K $10.30M
YoY Change -93.42% -93.2% -8.04%
% of Gross Profit 3.11% 4.1% 144.58%
Operating Expenses $20.70M $27.10M $21.10M
YoY Change 9.52% 28.44% -28.72%
Operating Profit -$4.600M -$10.04M -$13.98M
YoY Change 475.0% -28.18% 105.53%
Interest Expense $200.0K $5.257M $4.653M
YoY Change -66.67% 12.98% -23.8%
% of Operating Profit
Other Income/Expense, Net -$29.00K
YoY Change
Pretax Income -$4.300M -$13.73M -$474.0K
YoY Change 2050.0% 2796.84% -90.34%
Income Tax -$2.200M -$4.666M -$903.0K
% Of Pretax Income
Net Earnings -$2.100M -$9.065M $433.0K
YoY Change 0.0% -2193.53% -107.41%
Net Earnings / Revenue -7.45% -37.63% 2.57%
Basic Earnings Per Share -$0.65 $0.03
Diluted Earnings Per Share -$151.1K -$0.65 $0.03
COMMON SHARES
Basic Shares Outstanding 13.91M shares 13.87M shares 13.91M shares
Diluted Shares Outstanding 13.93M shares 14.04M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.10M $58.70M $38.20M
YoY Change 49.22% 53.66% 0.0%
Cash & Equivalents $92.64M $58.72M $38.24M
Short-Term Investments
Other Short-Term Assets $19.40M $20.60M $19.60M
YoY Change 1.04% 5.1% 94.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $95.50M $79.30M $57.80M
YoY Change 36.04% 37.2% 19.67%
LONG-TERM ASSETS
Property, Plant & Equipment $3.829M $4.049M $6.143M
YoY Change -32.66% -34.09% -38.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.725M $7.683M $11.32M
YoY Change -33.57% -32.11% -63.96%
Other Assets $16.60M $17.20M $21.50M
YoY Change -19.02% -20.0% -6.11%
Total Long-Term Assets $267.0M $256.5M $213.2M
YoY Change 26.85% 20.31% -16.09%
TOTAL ASSETS
Total Short-Term Assets $95.50M $79.30M $57.80M
Total Long-Term Assets $267.0M $256.5M $213.2M
Total Assets $362.5M $335.8M $271.0M
YoY Change 29.14% 23.92% -10.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $86.80M $76.30M $44.70M
YoY Change 67.89% 70.69% 36.7%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $102.6M $94.10M $65.30M
YoY Change 38.65% 44.1% -28.56%
LONG-TERM LIABILITIES
Long-Term Debt $254.2M $234.3M $193.1M
YoY Change 29.83% 21.34% -18.63%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $254.2M $234.3M $193.1M
YoY Change 29.83% 21.34% -18.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.6M $94.10M $65.30M
Total Long-Term Liabilities $254.2M $234.3M $193.1M
Total Liabilities $356.8M $328.4M $258.4M
YoY Change 32.25% 27.11% -21.4%
SHAREHOLDERS EQUITY
Retained Earnings -$205.9M -$203.8M -$197.4M
YoY Change 3.18% 3.2% -16.56%
Common Stock $211.6M $211.2M $210.9M
YoY Change 0.27% 0.1% -0.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.787M $7.406M $12.63M
YoY Change
Total Liabilities & Shareholders Equity $362.5M $335.8M $271.0M
YoY Change 29.14% 23.92% -10.38%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$2.100M -$9.065M $433.0K
YoY Change 0.0% -2193.53% -107.41%
Depreciation, Depletion And Amortization $500.0K $700.0K $10.30M
YoY Change -93.42% -93.2% -8.04%
Cash From Operating Activities $14.30M $12.00M $3.000M
YoY Change 76.54% 300.0% -175.0%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $0.00 -$200.0K
YoY Change 0.0% -100.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$19.10M -$16.50M -$7.800M
YoY Change -834.62% 111.54% -657.14%
Cash From Investing Activities -$19.20M -$16.60M -$8.000M
YoY Change -868.0% 107.5% -900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.70M 33.20M -2.600M
YoY Change 886.96% -1376.92% -129.21%
NET CHANGE
Cash From Operating Activities 14.30M 12.00M 3.000M
Cash From Investing Activities -19.20M -16.60M -8.000M
Cash From Financing Activities 22.70M 33.20M -2.600M
Net Change In Cash 17.80M 28.60M -7.600M
YoY Change 37.98% -476.32% -228.81%
FREE CASH FLOW
Cash From Operating Activities $14.30M $12.00M $3.000M
Capital Expenditures -$100.0K $0.00 -$200.0K
Free Cash Flow $14.40M $12.00M $3.200M
YoY Change 75.61% 275.0% -188.89%

Facts In Submission

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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements
-8590000 USD
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
53160000 USD
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
31108000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
26706000 USD
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
18445000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
11927000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
4240000 USD
us-gaap Fair Value Inputs Probability Of Default
FairValueInputsProbabilityOfDefault
0.109
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Sales Issuances Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchasesSalesIssuancesSettlements
-26341000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1877000 USD
CY2015Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
10372000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
33179000 USD
CY2016Q3 us-gaap Depreciation Nonproduction
DepreciationNonproduction
794000 USD
us-gaap Depreciation Nonproduction
DepreciationNonproduction
7049000 USD
CY2015Q4 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
53800000 USD
CY2016Q3 us-gaap Derivative Amount Of Hedged Item
DerivativeAmountOfHedgedItem
59936000 USD
CY2015Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.27
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-546000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1133000 USD
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.905 Rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.022 Rate
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.340 Rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.473 Rate
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
300000 USD
CY2016Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1000000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6729000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
4396000 USD
CY2016Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.667
CY2015Q4 us-gaap Equity Method Investments
EquityMethodInvestments
10123000 USD
CY2016Q3 us-gaap Equity Method Investments
EquityMethodInvestments
7683000 USD
CY2015 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.160
us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.162
CY2015 us-gaap Fair Value Inputs Prepayment Rate
FairValueInputsPrepaymentRate
0.029
us-gaap Fair Value Inputs Prepayment Rate
FairValueInputsPrepaymentRate
0.023
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
36511000 USD
CY2015Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
23225000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
20970000 USD
CY2016Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
14367000 USD
CY2015Q3 us-gaap Fees And Commissions Credit Cards
FeesAndCommissionsCreditCards
1759000 USD
us-gaap Fees And Commissions Credit Cards
FeesAndCommissionsCreditCards
5824000 USD
CY2016Q3 us-gaap Fees And Commissions Credit Cards
FeesAndCommissionsCreditCards
944000 USD
us-gaap Fees And Commissions Credit Cards
FeesAndCommissionsCreditCards
2599000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
20000000 USD
CY2015Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
16300000 USD
CY2015Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
19700000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
21500000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
24200000 USD
CY2016Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
34600000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
20100000 USD
CY2016Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
33900000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1400000 USD
CY2016Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
700000 USD
CY2015Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
600000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1900000 USD
CY2016Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1100000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
4200000 USD
CY2015Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6100000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
20200000 USD
CY2016Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
8200000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
24100000 USD
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
178400000 USD
CY2016Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
263400000 USD
CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
1700000 USD
CY2016Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
900000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
1500000 USD
CY2016Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
1100000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
154500000 USD
CY2016Q3 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
232300000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
25600000 USD
CY2016Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
32000000 USD
CY2015Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2016Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
1037000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-474000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3710000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-13731000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8051000 USD
CY2015Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
431000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2213000 USD
CY2016Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
629000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1956000 USD
CY2016Q3 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
-7300000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-903000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-81000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4666000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3811000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
777000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
710000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5231000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
28555000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-852000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-4521000 USD
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
993000 USD
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
2782000 USD
us-gaap Increase Decrease In Deposits Outstanding
IncreaseDecreaseInDepositsOutstanding
-602000 USD
us-gaap Increase Decrease In Deposits Outstanding
IncreaseDecreaseInDepositsOutstanding
-295000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
8399000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
475000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1258000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-3252000 USD
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
134000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
47000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
63000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
68000 shares
CY2015Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
16873000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
51227000 USD
CY2016Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
24089000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
63851000 USD
CY2015Q3 us-gaap Interest And Fee Income Loans Consumer
InterestAndFeeIncomeLoansConsumer
16863000 USD
us-gaap Interest And Fee Income Loans Consumer
InterestAndFeeIncomeLoansConsumer
51175000 USD
CY2016Q3 us-gaap Interest And Fee Income Loans Consumer
InterestAndFeeIncomeLoansConsumer
24053000 USD
us-gaap Interest And Fee Income Loans Consumer
InterestAndFeeIncomeLoansConsumer
63663000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
4653000 USD
us-gaap Interest Expense
InterestExpense
13739000 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
5257000 USD
us-gaap Interest Expense
InterestExpense
14693000 USD
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
12220000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
37488000 USD
CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
18832000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
49158000 USD
us-gaap Interest Paid
InterestPaid
14805000 USD
us-gaap Interest Paid
InterestPaid
15390000 USD
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4700000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
13142000 USD
CY2016Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
6329000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
18242000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
269778000 USD
CY2016Q3 us-gaap Liabilities
Liabilities
328433000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
280729000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
335830000 USD
CY2015Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
16300000 USD
CY2016Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
21200000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
180100000 USD
CY2016Q3 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
264300000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
168655000 USD
CY2016Q3 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
226913000 USD
CY2015Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
41600000 USD
CY2016Q3 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
67400000 USD
CY2015Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3400000
CY2015Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
5000000 USD
CY2015Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
711000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
1529000 USD
CY2016Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
587000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
2374000 USD
CY2015Q4 us-gaap Minority Interest
MinorityInterest
-8000 USD
CY2016Q3 us-gaap Minority Interest
MinorityInterest
-9000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5932000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
40759000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
11959000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-56644000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7170000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24705000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
433000 USD
us-gaap Net Income Loss
NetIncomeLoss
3797000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-9065000 USD
us-gaap Net Income Loss
NetIncomeLoss
-4235000 USD
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-4000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-6000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-5000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
4000 USD
CY2015Q3 us-gaap Noninterest Expense
NoninterestExpense
30501000 USD
us-gaap Noninterest Expense
NoninterestExpense
93880000 USD
CY2016Q3 us-gaap Noninterest Expense
NoninterestExpense
18307000 USD
us-gaap Noninterest Expense
NoninterestExpense
57164000 USD
CY2015Q3 us-gaap Noninterest Income
NoninterestIncome
1631000 USD
us-gaap Noninterest Income
NoninterestIncome
6722000 USD
CY2016Q3 us-gaap Noninterest Income
NoninterestIncome
1583000 USD
us-gaap Noninterest Income
NoninterestIncome
6520000 USD
CY2015Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
76000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
435000 USD
CY2016Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
69000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
214000 USD
CY2015Q4 us-gaap Notes Payable
NotesPayable
110000000 USD
CY2016Q3 us-gaap Notes Payable
NotesPayable
157900000 USD
CY2015Q4 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
20000000 USD
CY2016Q3 us-gaap Notes Payable Related Parties Current And Noncurrent
NotesPayableRelatedPartiesCurrentAndNoncurrent
40000000 USD
CY2015Q4 us-gaap Notes Payable To Bank
NotesPayableToBank
90000000 USD
CY2016Q3 us-gaap Notes Payable To Bank
NotesPayableToBank
117908000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-283000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-143000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
0 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
-1535000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
-600000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-97000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
422000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2015Q3 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
10000 USD
us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
52000 USD
CY2016Q3 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
36000 USD
us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
188000 USD
CY2015Q3 us-gaap Other Noninterest Expense
OtherNoninterestExpense
4969000 USD
us-gaap Other Noninterest Expense
OtherNoninterestExpense
16402000 USD
CY2016Q3 us-gaap Other Noninterest Expense
OtherNoninterestExpense
3570000 USD
us-gaap Other Noninterest Expense
OtherNoninterestExpense
6199000 USD
CY2015Q4 us-gaap Ownshare Lending Arrangement Shares Outstanding
OwnshareLendingArrangementSharesOutstanding
1459233 shares
CY2016Q3 us-gaap Ownshare Lending Arrangement Shares Outstanding
OwnshareLendingArrangementSharesOutstanding
1459233 shares
us-gaap Payments For Proceeds From Other Loans And Leases
PaymentsForProceedsFromOtherLoansAndLeases
203041000 USD
us-gaap Payments For Proceeds From Other Loans And Leases
PaymentsForProceedsFromOtherLoansAndLeases
286654000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
178000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
869000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
2000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
835000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
244000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
19194000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
20578000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
4000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
130614000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
156865000 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
207848000 USD
us-gaap Proceeds From Principal Repayments On Loans And Leases Held For Investment
ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment
222606000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
429000 USD
us-gaap Profit Loss
ProfitLoss
3791000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
-9065000 USD
us-gaap Profit Loss
ProfitLoss
-4240000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5686000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4049000 USD
us-gaap Stock Issued1
StockIssued1
509000 USD
us-gaap Stock Issued1
StockIssued1
2310000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1666 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
869000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10959000 USD
CY2015Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
8876000 USD
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
18005000 USD
CY2016Q3 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
17470000 USD
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
33012000 USD
CY2015Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
8900000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
18000000 USD
CY2016Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
17500000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
33000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
136374000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
115245000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
20547000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
17229000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-199524000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-203759000 USD
CY2015Q3 us-gaap Servicing Fees Net
ServicingFeesNet
1124000 USD
us-gaap Servicing Fees Net
ServicingFeesNet
4074000 USD
CY2016Q3 us-gaap Servicing Fees Net
ServicingFeesNet
885000 USD
us-gaap Servicing Fees Net
ServicingFeesNet
3313000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
322933 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
429163 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
886000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
212750 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
551666 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1424000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.80
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.08
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.27
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.26
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
181296 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y10M
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
7406000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10951000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7397000 USD
CY2015Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
22303000 USD
CY2016Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
17819000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
3300000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
200000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
600000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14041000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13961000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13930000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13925000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13907000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13914000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13867000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13857000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of our consolidated financial statements, as well as the reported amounts of revenues and expenses during each reporting period. We base these estimates on information available to us as of the date of the financial statements. Actual results could differ materially from these estimates. Certain estimates, such as credit losses, payment rates, costs of funds, discount rates and the yields earned on credit card receivables, significantly affect the reported amount of credit card receivables that we report at fair value and our notes payable associated with structured financings, at fair value; these estimates likewise affect the changes in these amounts reflected within our fees and related income on earning assets line item on our consolidated statements of operations. Additionally, estimates of future credit losses have a significant effect on loans and fees receivable, net, as shown on our consolidated balance sheets, as well as on the provision for losses on loans and fees receivable within our consolidated statements of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have eliminated all significant intercompany balances and transactions for financial reporting purposes.</font></div></div>

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