2015 Q4 Form 10-Q Financial Statement

#000146310115000033 Filed on November 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $65.63M $102.9M $99.11M
YoY Change -37.62% 3.79% 59.74%
Cost Of Revenue $49.93M $71.41M $66.59M
YoY Change -28.85% 7.23% 49.27%
Gross Profit $15.70M $31.47M $32.52M
YoY Change -55.19% -3.24% 86.53%
Gross Profit Margin 23.92% 30.59% 32.81%
Selling, General & Admin $18.33M $17.63M $18.52M
YoY Change -8.57% -4.8% 27.81%
% of Gross Profit 116.73% 56.02% 56.94%
Research & Development $12.54M $12.06M $12.11M
YoY Change -3.8% -0.44% 46.05%
% of Gross Profit 79.9% 38.32% 37.24%
Depreciation & Amortization $2.800M $2.600M $2.100M
YoY Change 21.74% 23.81% 23.53%
% of Gross Profit 17.83% 8.26% 6.46%
Operating Expenses $30.87M $29.69M $30.63M
YoY Change -6.69% -3.07% 34.45%
Operating Profit -$15.17M $1.779M $1.893M
YoY Change -877.6% -6.02% -135.42%
Interest Expense -$200.0K $140.0K $356.0K
YoY Change -66.67% -60.67% -18.54%
% of Operating Profit 7.87% 18.81%
Other Income/Expense, Net $63.00K -$844.0K -$953.0K
YoY Change -105.56% -11.44% 16.93%
Pretax Income -$15.11M $935.0K $940.0K
YoY Change -1949.2% -0.53% -115.26%
Income Tax $675.0K $311.0K $127.0K
% Of Pretax Income 33.26% 13.51%
Net Earnings -$15.78M $624.0K $813.0K
YoY Change -4026.12% -23.25% -112.9%
Net Earnings / Revenue -24.05% 0.61% 0.82%
Basic Earnings Per Share $0.01 $0.02
Diluted Earnings Per Share -$347.3K $0.01 $0.02
COMMON SHARES
Basic Shares Outstanding 45.33M shares 44.73M shares 43.13M shares
Diluted Shares Outstanding 48.00M shares 48.79M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.50M $22.50M $44.50M
YoY Change -32.14% -49.44% 39.94%
Cash & Equivalents $28.45M $22.49M $44.54M
Short-Term Investments
Other Short-Term Assets $6.400M $7.100M $5.200M
YoY Change 3.23% 36.54% 62.5%
Inventory $40.80M $36.72M $15.49M
Prepaid Expenses
Receivables $46.10M $75.32M $49.27M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.8M $141.6M $114.5M
YoY Change 5.98% 23.69% 21.71%
LONG-TERM ASSETS
Property, Plant & Equipment $32.12M $31.24M $28.83M
YoY Change 4.2% 8.38% 16.12%
Goodwill $3.745M $3.745M
YoY Change 0.0%
Intangibles $2.220M $1.489M
YoY Change 22.58%
Long-Term Investments
YoY Change
Other Assets $5.677M $4.879M $1.410M
YoY Change 519.76% 246.03% -0.7%
Total Long-Term Assets $43.76M $41.35M $30.24M
YoY Change 17.33% 36.77% 15.21%
TOTAL ASSETS
Total Short-Term Assets $121.8M $141.6M $114.5M
Total Long-Term Assets $43.76M $41.35M $30.24M
Total Assets $165.5M $183.0M $144.7M
YoY Change 8.76% 26.42% 20.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.57M $32.71M $21.99M
YoY Change 14.58% 48.72% 45.61%
Accrued Expenses $19.29M $18.99M $22.91M
YoY Change -25.9% -17.11% 9.55%
Deferred Revenue
YoY Change
Short-Term Debt $17.00M $17.00M $0.00
YoY Change
Long-Term Debt Due $0.00 $2.888M
YoY Change -15.85%
Total Short-Term Liabilities $72.85M $79.14M $57.95M
YoY Change 24.09% 36.56% 36.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.973M
YoY Change -100.0% -49.27%
Other Long-Term Liabilities $2.641M $1.963M $1.439M
YoY Change -26.41% 36.41% 230.8%
Total Long-Term Liabilities $2.641M $1.963M $4.412M
YoY Change -94.32% -55.51% -29.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.85M $79.14M $57.95M
Total Long-Term Liabilities $2.641M $1.963M $4.412M
Total Liabilities $124.1M $130.0M $102.3M
YoY Change 17.9% 27.12% 27.86%
SHAREHOLDERS EQUITY
Retained Earnings -$183.1M -$167.3M -$161.4M
YoY Change 13.72% 3.65% 7.5%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.45M $52.97M $42.46M
YoY Change
Total Liabilities & Shareholders Equity $165.5M $183.0M $144.7M
YoY Change 8.76% 26.42% 20.29%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$15.78M $624.0K $813.0K
YoY Change -4026.12% -23.25% -112.9%
Depreciation, Depletion And Amortization $2.800M $2.600M $2.100M
YoY Change 21.74% 23.81% 23.53%
Cash From Operating Activities $8.100M -$6.000M $11.20M
YoY Change -8.99% -153.57% -2340.0%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$3.400M -$5.500M
YoY Change -17.65% -38.18% 292.86%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change -103.03%
Cash From Investing Activities -$2.800M -$3.400M -$5.500M
YoY Change -58.21% -38.18% 292.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K 200.0K 1.600M
YoY Change -115.91% -87.5% -420.0%
NET CHANGE
Cash From Operating Activities 8.100M -6.000M 11.20M
Cash From Investing Activities -2.800M -3.400M -5.500M
Cash From Financing Activities 700.0K 200.0K 1.600M
Net Change In Cash 6.000M -9.200M 7.300M
YoY Change -372.73% -226.03% -404.17%
FREE CASH FLOW
Cash From Operating Activities $8.100M -$6.000M $11.20M
Capital Expenditures -$2.800M -$3.400M -$5.500M
Free Cash Flow $10.90M -$2.600M $16.70M
YoY Change -11.38% -115.57% 1755.56%

Facts In Submission

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129997000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
152192000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
182963000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
58706000 USD
CY2015Q3 us-gaap Liabilities Current
LiabilitiesCurrent
79139000 USD
CY2014Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2866000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2015Q3 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
17000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19866000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1111000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9836000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9682000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15342000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-29309000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
813000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8454000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
624000 USD
us-gaap Net Income Loss
NetIncomeLoss
-6299000 USD
CY2014Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-953000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1723000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-844000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1457000 USD
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
30628000 USD
us-gaap Operating Expenses
OperatingExpenses
84388000 USD
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
29687000 USD
us-gaap Operating Expenses
OperatingExpenses
96655000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1893000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-6380000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
1779000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4138000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
916000 USD
CY2015Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4879000 USD
CY2014Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-292000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-285000 USD
CY2015Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
187000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-132000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3589000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1963000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-597000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-432000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-704000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1152000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9836000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9682000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6155000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7080000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3958000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34000000 USD
CY2014Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
32307000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
33940000 USD
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
30432000 USD
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
32969000 USD
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
33763000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
32806000 USD
CY2014Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7749000 USD
CY2014Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7607000 USD
CY2015Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
6612000 USD
CY2014Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
24558000 USD
CY2014Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
26333000 USD
CY2015Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
26194000 USD
CY2014Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1146000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
5506000 USD
CY2015Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
498000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
736000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30824000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
31240000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
711000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
17000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2847000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12112000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
32346000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12059000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
38275000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-160991000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-167290000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
99113000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
238697000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
102874000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
291620000 USD
CY2014Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
9884000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
29205000 USD
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10510000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
34955000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7037000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9579000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
350000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
9.56
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1041000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9900000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8632000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8676000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.75
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.32
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.11
CY2014Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3041000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
6666000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2615000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5480000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1361000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3112000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
1400000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3707000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
647000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
46952000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
52966000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48786000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42664000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47996000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44339000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43128000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42664000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44734000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44339000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;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%;padding-top:8px;text-indent:32px;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 that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates and assumptions reflected in the financial statements include revenue recognition, inventory valuation and accrued warranty obligations. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ materially from management&#8217;s estimates using different assumptions or under different conditions.</font></div></div>

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