$CMRF
CIM REAL ESTATE FINANCE TRUST, INC.

2016 Q3 Form 10-Q Financial Statement

#000149854716000050 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q4
Revenue $101.8M $100.6M $97.05M
YoY Change 8.08% 11.12% 16.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $64.48M $62.44M
YoY Change 8.39% 6.44%
Operating Profit $37.31M $38.15M $29.25M
YoY Change 7.55% 19.74% 43.52%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $18.10M $18.91M $13.08M
YoY Change -1.93% 9.79% 42.22%
Net Earnings / Revenue 17.78% 18.8% 13.48%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 309.1M shares 311.0M shares 311.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $18.48M $31.29M $26.32M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $17.73M $18.36M
YoY Change -100.0% -5.42% -4.23%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $4.650B $4.609B $4.582B
YoY Change 3.33% 5.22% 13.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $2.360B $2.293B $2.195B
YoY Change 12.55% 17.45% 38.66%
SHAREHOLDERS EQUITY
Retained Earnings -$466.6M -$408.6M
YoY Change 36.38% 45.9%
Common Stock $2.610B $2.610B $2.610B
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.101B $2.126B $2.197B
YoY Change
Total Liabilities & Shareholders Equity $4.650B $4.609B $4.582B
YoY Change 3.33% 5.22% 13.66%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income $18.10M $18.91M $13.08M
YoY Change -1.93% 9.79% 42.22%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
101013000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
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CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
274000 USD
CY2016Q2 us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2016Q2 us-gaap Net Rentable Area
NetRentableArea
25800000 sqft
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
15233000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 USD
CY2016Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
877 property
CY2016Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
45
us-gaap Operating Income Loss
OperatingIncomeLoss
76828000 USD
us-gaap Net Income Loss
NetIncomeLoss
33240000 USD
CY2015Q2 us-gaap Operating Leases Income Statement Lease Revenue
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us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
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CY2016Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
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us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Operating Expenses
OperatingExpenses
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CY2016Q2 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
51853000 USD
CY2015Q4 us-gaap Off Market Lease Unfavorable
OffMarketLeaseUnfavorable
53822000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
18912000 USD
us-gaap Net Income Loss
NetIncomeLoss
38932000 USD
CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
68000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
51000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
33000 USD
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-12699000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1558000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1117000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2556000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4608743000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-12699000 USD
CY2015Q4 us-gaap Line Of Credit
LineOfCredit
2066563000 USD
CY2016Q2 us-gaap Line Of Credit
LineOfCredit
2161699000 USD
CY2015Q4 us-gaap Long Term Debt
LongTermDebt
2066563000 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
2200000000 USD
CY2016Q2 us-gaap Long Term Debt
LongTermDebt
2161699000 USD
CY2016Q2 us-gaap Minority Interest
MinorityInterest
2600000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
281862000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5234000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-397468000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-90808000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
85253000 USD
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3692000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-4821000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
128000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
42409000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5225000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1006000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-17286000 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
0 USD
us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
3665000 USD
us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
2272000 USD
us-gaap Payments For Proceeds From Deposit On Loan
PaymentsForProceedsFromDepositOnLoan
915000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14519000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
56161000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1170000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
39657000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
354342000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
99182000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
40658000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
0 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
112000 USD
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
CY2015Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
253115000 USD
CY2016Q2 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
321439000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
207000000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
762000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
0 USD
us-gaap Proceeds From Sale Of Real Estate
ProceedsFromSaleOfRealEstate
9865000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
17293000 USD
us-gaap Profit Loss
ProfitLoss
33291000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
18945000 USD
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
4359000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
5162000 USD
us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
205830000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
200000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
631000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
776267000 USD
us-gaap Profit Loss
ProfitLoss
38999000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
63000 USD
CY2015Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
4719082000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2015Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0 USD
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
55100000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
55100000 USD
CY2016Q2 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
4810951000 USD
CY2015Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4465967000 USD
CY2016Q2 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
4489512000 USD
CY2015Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
7727000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
15547000 USD
CY2016Q2 us-gaap Real Estate Tax Expense
RealEstateTaxExpense
8696000 USD
us-gaap Real Estate Tax Expense
RealEstateTaxExpense
17327000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
112210000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
435184000 USD
us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
112210000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8274000 USD
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
8878000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-408575000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-466555000 USD
CY2015Q2 us-gaap Revenues
Revenues
90528000 USD
us-gaap Revenues
Revenues
176491000 USD
CY2016Q2 us-gaap Revenues
Revenues
100597000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2196554000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
2125874000 USD
us-gaap Straight Line Rent
StraightLineRent
6006000 USD
us-gaap Straight Line Rent
StraightLineRent
5904000 USD
us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
1060000 USD
CY2015Q2 us-gaap Tenant Reimbursements
TenantReimbursements
10797000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
21977000 USD
CY2016Q2 us-gaap Tenant Reimbursements
TenantReimbursements
12287000 USD
us-gaap Tenant Reimbursements
TenantReimbursements
25173000 USD
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
308556981 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
307462333 shares
us-gaap Revenues
Revenues
201144000 USD
CY2015Q3 us-gaap Share Price
SharePrice
9.70
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
311976632 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
312030273 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
55948000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the Company&#8217;s prior period condensed consolidated unaudited financial statements have been reclassified to conform to the current period presentation. The Company has chosen to break out the details of (i) real estate tax expenses from property operating expenses in the Company&#8217;s condensed consolidated unaudited statements of operations, along with (ii) straight-line rental income and (iii) real estate developments in the Company&#8217;s condensed consolidated unaudited statements of cash flows.&#160; The Company has also chosen to combine depreciation of </font><font style="font-family:inherit;font-size:10pt;">$19.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$38.9 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, and amortization of </font><font style="font-family:inherit;font-size:10pt;">$10.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$19.7 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> into the line item depreciation and amortization in the condensed consolidated unaudited statements of operations. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unrealized loss on interest rate swaps line item from the prior years has been disaggregated within the condensed consolidated unaudited statements of other comprehensive income into the captions unrealized loss on interest rate swaps and amount of loss reclassified from other comprehensive loss into income as interest expense.</font></div></div>
us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:left;text-indent:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> Revenue Recognition</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain properties have leases where minimum rental payments increase during the term of the lease. The Company records rental income for the full term of each lease on a straight-line basis. When the Company acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. The Company defers the recognition of contingent rental income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved. Expected reimbursements from tenants for recoverable real estate taxes and operating expenses are included in tenant reimbursement income in the period when such costs are incurred.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company continually reviews receivables related to rent, including any unbilled straight-line rent, and determines collectability by taking into consideration the tenant&#8217;s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the allowance for uncollectible accounts or record a direct write-off of the receivable in the condensed consolidated unaudited statements of operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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