2018 Q1 Form 10-Q Financial Statement

#000117992918000102 Filed on April 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $4.646B $4.904B
YoY Change -5.26% 12.92%
Cost Of Revenue $3.842B $4.233B
YoY Change -9.24% 13.94%
Gross Profit $615.0M $546.0M
YoY Change 12.64% 25.81%
Gross Profit Margin 13.24% 11.13%
Selling, General & Admin $531.0M $550.0M
YoY Change -3.45% 8.48%
% of Gross Profit 86.34% 100.73%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.00M $49.00M
YoY Change -24.49% 11.36%
% of Gross Profit 6.02% 8.97%
Operating Expenses $557.0M $589.0M
YoY Change -5.43% 9.28%
Operating Profit $222.0M $82.00M
YoY Change 170.73% -7.87%
Interest Expense $33.00M $26.00M
YoY Change 26.92% 4.0%
% of Operating Profit 14.86% 31.71%
Other Income/Expense, Net -$43.00M $49.00M
YoY Change -187.76% -296.0%
Pretax Income $179.0M $131.0M
YoY Change 36.64% 104.69%
Income Tax $72.00M $54.00M
% Of Pretax Income 40.22% 41.22%
Net Earnings $107.0M $77.00M
YoY Change 38.96% 220.83%
Net Earnings / Revenue 2.3% 1.57%
Basic Earnings Per Share $1.79 $1.38
Diluted Earnings Per Share $1.64 $1.37
COMMON SHARES
Basic Shares Outstanding 59.80M shares 56.00M shares
Diluted Shares Outstanding 65.20M shares 56.00M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.173B $5.254B
YoY Change 17.49% 24.33%
Cash & Equivalents $3.729B $3.198B
Short-Term Investments $2.444B $2.056B
Other Short-Term Assets $1.073B $142.0M
YoY Change 655.63% -77.71%
Inventory
Prepaid Expenses
Receivables $950.0M $1.006B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.196B $6.402B
YoY Change 28.02% 11.07%
LONG-TERM ASSETS
Property, Plant & Equipment $318.0M $447.0M
YoY Change -28.86% 6.68%
Goodwill $620.0M
YoY Change 0.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $135.0M $43.00M
YoY Change 213.95% 16.22%
Total Long-Term Assets $937.0M $1.636B
YoY Change -42.73% 15.29%
TOTAL ASSETS
Total Short-Term Assets $8.196B $6.402B
Total Long-Term Assets $937.0M $1.636B
Total Assets $9.133B $8.038B
YoY Change 13.62% 11.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $713.0M $438.0M
YoY Change 62.79% -27.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $566.0M $1.000M
YoY Change 56500.0% -99.78%
Total Short-Term Liabilities $6.005B $4.422B
YoY Change 35.8% 1.03%
LONG-TERM LIABILITIES
Long-Term Debt $1.318B $1.653B
YoY Change -20.27% 42.13%
Other Long-Term Liabilities $59.00M $44.00M
YoY Change 34.09% 15.79%
Total Long-Term Liabilities $1.377B $1.697B
YoY Change -18.86% 4365.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.005B $4.422B
Total Long-Term Liabilities $1.377B $1.697B
Total Liabilities $7.580B $6.311B
YoY Change 20.11% 12.84%
SHAREHOLDERS EQUITY
Retained Earnings $412.0M $887.0M
YoY Change -53.55% 13.43%
Common Stock $1.153B $841.0M
YoY Change 37.1% 4.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.553B $1.727B
YoY Change
Total Liabilities & Shareholders Equity $9.133B $8.038B
YoY Change 13.62% 11.9%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $107.0M $77.00M
YoY Change 38.96% 220.83%
Depreciation, Depletion And Amortization $37.00M $49.00M
YoY Change -24.49% 11.36%
Cash From Operating Activities $394.0M $719.0M
YoY Change -45.2% 417.27%
INVESTING ACTIVITIES
Capital Expenditures $4.000M $26.00M
YoY Change -84.62% -43.48%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $5.000M $6.000M
YoY Change -16.67% -700.0%
Cash From Investing Activities $145.0M -$337.0M
YoY Change -143.03% 7.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.000M -$1.000M
YoY Change 400.0% -150.0%
NET CHANGE
Cash From Operating Activities $394.0M $719.0M
Cash From Investing Activities $145.0M -$337.0M
Cash From Financing Activities -$5.000M -$1.000M
Net Change In Cash $534.0M $381.0M
YoY Change 40.16% -320.23%
FREE CASH FLOW
Cash From Operating Activities $394.0M $719.0M
Capital Expenditures $4.000M $26.00M
Free Cash Flow $390.0M $693.0M
YoY Change -43.72% 645.16%

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131000000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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179000000 USD
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CY2018Q1 us-gaap Income Loss From Subsidiaries Net Of Tax
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5000000 USD
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CY2018Q1 us-gaap Liabilities
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CY2018Q1 us-gaap Notes Issued1
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CY2017Q1 us-gaap Payments To Acquire Marketable Securities
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CY2018Q1 us-gaap Preferred Stock Shares Outstanding
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CY2018Q1 us-gaap Preferred Stock Value
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CY2018Q1 us-gaap Related Party Transaction Due From To Related Party Current
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55.16
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CY2018Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Current Year Claims And Claims Adjustment Expense
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CY2018Q1 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
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CY2017Q1 us-gaap Technology Services Costs
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CY2018Q1 us-gaap Technology Services Revenue
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65000000 shares
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CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Presentation and Reclassification</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have reclassified certain amounts in the 2017 consolidated statement of cash flows to conform to the 2018 presentation, relating to the presentation of restricted cash and cash equivalents. The reclassification is a result of our adoption of Accounting Standards Update (ASU) 2016-18,</font><font style="font-family:Arial;font-size:10pt;font-style:italic;"> Restricted Cash </font><font style="font-family:Arial;font-size:10pt;">effective January 1, 2018. See Note </font><font style="font-family:Arial;font-size:10pt;font-style:normal;font-weight:normal;">2</font><font style="font-family:Arial;font-size:10pt;">, &#8220;</font><font style="font-family:Arial;font-size:10pt;">Significant Accounting Policies</font><font style="font-family:Arial;font-size:10pt;">,&#8221; for further information, including the amount reclassified.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have combined certain line items in the accompanying consolidated balance sheets. For all periods presented, we have combined the presentation of:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income taxes refundable with &#8220;Prepaid expenses and other current assets;&#8221;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Income taxes payable with &#8220;Accounts payable and accrued liabilities;&#8221;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Goodwill, and intangible assets, net to a single line; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Deferred contract costs with &#8220;Other assets.&#8221;</font></div></td></tr></table></div>
CY2018Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
ScheduleOfLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
<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:Arial;font-size:10pt;">The following table provides the details of our medical claims and benefits payable (including amounts payable for the provision of long-term services and supports, or LTSS) as of the dates indicated:</font></div><div style="line-height:120%;padding-top:8px;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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:73%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" 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:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></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="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:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">March&#160;31, <br clear="none"/>2018</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:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">December&#160;31,<br clear="none"/>2017</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:8pt;"><font style="font-family:Arial;font-size:8pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">(In millions)</font></div></td></tr><tr><td style="vertical-align:top;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:9pt;"><font style="font-family:Arial;font-size:9pt;">Fee-for-service claims incurred but not paid (IBNP)</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:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">1,586</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</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:9pt;"><font style="font-family:Arial;font-size:9pt;">1,717</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></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Pharmacy payable</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">127</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 colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">112</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><tr><td style="vertical-align:top;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:9pt;"><font style="font-family:Arial;font-size:9pt;">Capitation payable</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">62</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 colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">67</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></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">Other</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">248</font></div></td><td style="vertical-align:bottom;border-bottom: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 colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">296</font></div></td><td style="vertical-align:bottom;border-bottom: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></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="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;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">2,023</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;">2,192</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #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></table></div></div></div>

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