2016 Q2 Form 10-Q Financial Statement

#000153884916000096 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q1
Revenue $512.6M $367.7M $480.5M
YoY Change -21.15% -23.46% -0.32%
Cost Of Revenue $472.1M $330.6M $442.7M
YoY Change -22.47% -25.34% -4.86%
Gross Profit $40.52M $37.19M $37.73M
YoY Change -1.59% -1.42% 126.36%
Gross Profit Margin 7.9% 10.11% 7.85%
Selling, General & Admin $4.921M $7.005M $10.45M
YoY Change -35.37% -32.94% 130.75%
% of Gross Profit 12.15% 18.84% 27.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.26M $12.90M $11.50M
YoY Change 24.98% 12.15% 92.79%
% of Gross Profit 35.2% 34.69% 30.49%
Operating Expenses $35.30M $35.32M $39.29M
YoY Change -9.7% -10.11% 210.31%
Operating Profit $9.356M $5.921M -$433.0K
YoY Change 154.65% -1467.44% -107.89%
Interest Expense $5.704M $5.065M $4.278M
YoY Change 20.26% 18.4% 6.23%
% of Operating Profit 60.97% 85.54%
Other Income/Expense, Net $316.0K $118.0K $59.00K
YoY Change 66.32% 100.0% -43.27%
Pretax Income $3.968M $974.0K -$4.652M
YoY Change -551.42% -120.94% -397.63%
Income Tax $338.0K -$795.0K -$1.681M
% Of Pretax Income 8.52% -81.62%
Net Earnings $3.626M $1.767M -$2.966M
YoY Change 11986.67% -159.58% -307.7%
Net Earnings / Revenue 0.71% 0.48% -0.62%
Basic Earnings Per Share $0.08 $0.03 -$0.13
Diluted Earnings Per Share $0.08 $0.03 -$0.13
COMMON SHARES
Basic Shares Outstanding 33.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.300M $2.000M $4.900M
YoY Change -28.26% -59.18% 250.0%
Cash & Equivalents $3.255M $1.975M $4.863M
Short-Term Investments
Other Short-Term Assets $7.238M $6.684M $9.485M
YoY Change -23.32% -29.53% 145.98%
Inventory $13.17M $14.67M $19.78M
Prepaid Expenses
Receivables $26.13M $23.41M $27.12M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $62.44M $57.14M $75.96M
YoY Change -16.83% -24.78% 101.3%
LONG-TERM ASSETS
Property, Plant & Equipment $648.5M $656.3M $478.2M
YoY Change 35.44% 37.25% 67.94%
Goodwill $89.11M $88.18M $86.03M
YoY Change 7.25% 2.5% 822.66%
Intangibles $82.00M $86.32M $87.84M
YoY Change -2.51% -1.74% 94.04%
Long-Term Investments
YoY Change
Other Assets $15.40M $14.18M $9.363M
YoY Change 46.06% 51.47% -13.5%
Total Long-Term Assets $835.0M $845.0M $668.0M
YoY Change 26.0% 26.51% 86.01%
TOTAL ASSETS
Total Short-Term Assets $62.44M $57.14M $75.96M
Total Long-Term Assets $835.0M $845.0M $668.0M
Total Assets $897.5M $902.1M $743.9M
YoY Change 21.64% 21.27% 87.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.19M $33.50M $44.81M
YoY Change -26.24% -25.23% 100.86%
Accrued Expenses $18.19M $10.67M $22.87M
YoY Change 0.13% -53.35% 418.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.785M $8.411M $8.275M
YoY Change -66.28% 1.64% 16125.49%
Total Short-Term Liabilities $70.37M $69.17M $87.78M
YoY Change -18.16% -21.2% 130.2%
LONG-TERM LIABILITIES
Long-Term Debt $481.9M $496.1M $397.9M
YoY Change 81.15% 24.69% 113.85%
Other Long-Term Liabilities $43.21M $20.41M $15.95M
YoY Change 169.9% 27.96% -16.47%
Total Long-Term Liabilities $43.21M $20.41M $413.8M
YoY Change -84.68% -95.07% 101.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.37M $69.17M $87.78M
Total Long-Term Liabilities $43.21M $20.41M $413.8M
Total Liabilities $663.4M $652.4M $566.4M
YoY Change 52.4% 15.19% 84.04%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $234.2M $249.9M $177.6M
YoY Change
Total Liabilities & Shareholders Equity $897.5M $902.1M $743.9M
YoY Change 21.64% 21.27% 87.46%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $3.626M $1.767M -$2.966M
YoY Change 11986.67% -159.58% -307.7%
Depreciation, Depletion And Amortization $14.26M $12.90M $11.50M
YoY Change 24.98% 12.15% 92.79%
Cash From Operating Activities $18.40M $18.57M $10.91M
YoY Change 228.57% 70.26% 1300.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.000M $3.498M $882.0K
YoY Change 566.67% 296.6% -67.89%
Acquisitions $52.26M $125.4M
YoY Change -58.33%
Other Investing Activities $100.0K -$55.10M -$125.2M
YoY Change -200.0% -55.99%
Cash From Investing Activities -$1.900M -$58.60M -$125.7M
YoY Change 280.0% -53.4% 4540.15%
FINANCING ACTIVITIES
Cash Dividend Paid $759.0K $170.0K
YoY Change 346.47% -98.23%
Common Stock Issuance & Retirement, Net $2.752M $0.00
YoY Change
Debt Paid & Issued, Net $489.0K $684.0K
YoY Change -28.51% 5600.0%
Cash From Financing Activities -15.30M $40.81M $104.5M
YoY Change 183.33% -60.96% -12664.3%
NET CHANGE
Cash From Operating Activities 18.40M $18.57M $10.91M
Cash From Investing Activities -1.900M -$58.60M -$125.7M
Cash From Financing Activities -15.30M $40.81M $104.5M
Net Change In Cash 1.200M $783.0K -$10.31M
YoY Change -500.0% -107.6% 273.04%
FREE CASH FLOW
Cash From Operating Activities $18.40M $18.57M $10.91M
Capital Expenditures -$2.000M $3.498M $882.0K
Free Cash Flow $20.40M $15.07M $10.02M
YoY Change 245.76% 50.35% -609.35%

Facts In Submission

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CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2015Q1 us-gaap Increase Decrease In Accrued Taxes Payable
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-355000 USD
CY2016Q1 us-gaap Increase Decrease In Accrued Taxes Payable
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3341000 USD
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CY2016Q1 us-gaap Increase Decrease In Asset Retirement Obligations
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0 USD
CY2015Q1 us-gaap Increase Decrease In Deferred Income Taxes
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2739000 USD
CY2016Q1 us-gaap Increase Decrease In Deferred Income Taxes
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894000 USD
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66000 USD
CY2016Q1 us-gaap Increase Decrease In Inventories
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4594000 USD
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794000 USD
CY2016Q1 us-gaap Increase Decrease In Other Current Assets And Liabilities Net
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995000 USD
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1613000 USD
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2000 USD
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CY2016Q1 us-gaap Other Assets Noncurrent
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26250000 USD
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59000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
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CY2016Q1 us-gaap Other Sales Revenue Net
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CY2016Q1 us-gaap Partners Capital
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2752240 USD
CY2016Q1 us-gaap Partners Capital Account Treasury Units Purchases
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CY2016Q1 us-gaap Partners Capital Account Units Converted
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CY2016Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Payment For Management Fee
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CY2016Q1 us-gaap Payments Of Ordinary Dividends
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">DMS is an operator of retail sites that purchases a significant portion of its motor fuel requirements from us on a wholesale basis and then re-sells motor fuel on a retail basis. DMS also leases real estate from us. The financial results of DMS are not consolidated with ours. For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, CrossAmerica distributed approximately </font><font style="font-family:inherit;font-size:10pt;">17%</font><font style="font-family:inherit;font-size:10pt;"> of its total wholesale distribution volumes to DMS and DMS accounted for approximately </font><font style="font-family:inherit;font-size:10pt;">30%</font><font style="font-family:inherit;font-size:10pt;"> of our rental income. For more information regarding transactions with DMS, see Note </font><font style="font-family:inherit;font-size:10pt;">9</font><font style="font-family:inherit;font-size:10pt;"> of the Condensed Notes to Consolidated Financial Statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, CrossAmerica&#8217;s total equity interest in CST Fuel Supply is </font><font style="font-family:inherit;font-size:10pt;">17.5%</font><font style="font-family:inherit;font-size:10pt;">. CST Fuel Supply provides wholesale fuel distribution to the majority of CST&#8217;s U.S. retail convenience stores. Valero Energy Corporation (&#8220;Valero&#8221;) supplied substantially all of the motor fuel purchased by CST Fuel Supply during 2015. During the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, CST Fuel Supply purchased approximately </font><font style="font-family:inherit;font-size:10pt;">0.5 billion</font><font style="font-family:inherit;font-size:10pt;"> gallons of motor fuel from Valero.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;">three months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, CrossAmerica distributed </font><font style="font-family:inherit;font-size:10pt;">8%</font><font style="font-family:inherit;font-size:10pt;"> of its total wholesale distribution volume to CST convenience stores which are not supplied by CST Fuel Supply and received </font><font style="font-family:inherit;font-size:10pt;">22%</font><font style="font-family:inherit;font-size:10pt;"> of its rental income from CST.</font></div></div>
CY2016Q1 us-gaap Schedule Of Repurchase Agreements
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table shows the purchases during the quarter ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.42300194931774%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:34%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:15%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:14%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Period</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total Number of Units Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Average Price Paid per Unit</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Total Cost of Units Purchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Amount Remaining under the Program</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 1 - March 31, 2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112,492</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24.47</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,752,240</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,644,689</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">112,492</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">24.47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,752,240</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,644,689</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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