2017 Q1 Form 10-Q Financial Statement

#000110784317000007 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $53.12M $46.25M
YoY Change 14.86% 23.35%
Cost Of Revenue $12.29M $9.551M
YoY Change 28.72% 19.93%
Gross Profit $40.83M $36.70M
YoY Change 11.25% 24.27%
Gross Profit Margin 76.86% 79.35%
Selling, General & Admin $23.35M $20.99M
YoY Change 11.23% 20.23%
% of Gross Profit 57.19% 57.2%
Research & Development $9.823M $8.109M
YoY Change 21.14% 13.41%
% of Gross Profit 24.06% 22.1%
Depreciation & Amortization $4.820M $3.834M
YoY Change 25.72% 20.49%
% of Gross Profit 11.81% 10.45%
Operating Expenses $33.17M $29.10M
YoY Change 13.99% 18.25%
Operating Profit $7.656M $7.597M
YoY Change 0.78% 54.41%
Interest Expense $2.000K $13.00K
YoY Change -84.62%
% of Operating Profit 0.03% 0.17%
Other Income/Expense, Net $453.0K $168.0K
YoY Change 169.64% -318.18%
Pretax Income $8.109M $7.765M
YoY Change 4.43% 60.33%
Income Tax -$13.82M $2.982M
% Of Pretax Income -170.44% 38.4%
Net Earnings $21.93M $4.783M
YoY Change 358.5% 59.33%
Net Earnings / Revenue 41.28% 10.34%
Basic Earnings Per Share $0.60 $0.14
Diluted Earnings Per Share $0.56 $0.13
COMMON SHARES
Basic Shares Outstanding 36.49M shares 34.62M shares
Diluted Shares Outstanding 38.85M shares 37.84M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.8M $205.7M
YoY Change 19.01% 43.85%
Cash & Equivalents $109.7M $112.5M
Short-Term Investments $135.1M $93.20M
Other Short-Term Assets $9.000M $7.400M
YoY Change 21.62% -47.89%
Inventory
Prepaid Expenses
Receivables $41.64M $42.41M
Other Receivables $0.00 $0.00
Total Short-Term Assets $295.5M $255.6M
YoY Change 15.61% 30.49%
LONG-TERM ASSETS
Property, Plant & Equipment $40.82M $31.79M
YoY Change 28.43% 12.4%
Goodwill $317.0K $317.0K
YoY Change 0.0% 0.0%
Intangibles $894.0K $1.267M
YoY Change -29.44% -33.42%
Long-Term Investments $63.70M $34.60M
YoY Change 84.1% 11.97%
Other Assets $1.863M $1.942M
YoY Change -4.07% -13.84%
Total Long-Term Assets $146.1M $87.09M
YoY Change 67.71% 11.57%
TOTAL ASSETS
Total Short-Term Assets $295.5M $255.6M
Total Long-Term Assets $146.1M $87.09M
Total Assets $441.5M $342.7M
YoY Change 28.85% 25.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.338M $4.393M
YoY Change -1.25% 114.08%
Accrued Expenses $13.34M $11.51M
YoY Change 15.85% 9.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $137.7M $117.5M
YoY Change 17.25% 16.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $872.0K $1.611M
YoY Change -45.87% 54.61%
Total Long-Term Liabilities $872.0K $1.611M
YoY Change -45.87% 54.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $137.7M $117.5M
Total Long-Term Liabilities $872.0K $1.611M
Total Liabilities $157.1M $132.2M
YoY Change 18.83% 18.39%
SHAREHOLDERS EQUITY
Retained Earnings $22.04M -$22.70M
YoY Change -197.07% -43.73%
Common Stock $37.00K $35.00K
YoY Change 5.71% 2.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.5M $210.5M
YoY Change
Total Liabilities & Shareholders Equity $441.5M $342.7M
YoY Change 28.85% 25.1%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $21.93M $4.783M
YoY Change 358.5% 59.33%
Depreciation, Depletion And Amortization $4.820M $3.834M
YoY Change 25.72% 20.49%
Cash From Operating Activities $32.43M $17.14M
YoY Change 89.2% 70.94%
INVESTING ACTIVITIES
Capital Expenditures $4.543M $4.181M
YoY Change 8.66% -31.99%
Acquisitions
YoY Change
Other Investing Activities $3.500M $2.700M
YoY Change 29.63% -146.55%
Cash From Investing Activities -$1.006M -$1.573M
YoY Change -36.05% -86.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$8.505M $5.208M
YoY Change -263.31% 47.16%
NET CHANGE
Cash From Operating Activities $32.43M $17.14M
Cash From Investing Activities -$1.006M -$1.573M
Cash From Financing Activities -$8.505M $5.208M
Net Change In Cash $22.91M $20.77M
YoY Change 10.31% 1272.06%
FREE CASH FLOW
Cash From Operating Activities $32.43M $17.14M
Capital Expenditures $4.543M $4.181M
Free Cash Flow $27.88M $12.96M
YoY Change 115.19% 234.12%

Facts In Submission

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17138000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32425000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
4783000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
21930000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
168000 USD
CY2017Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
453000 USD
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
29100000 USD
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
33171000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7597000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7656000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
50199000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4627000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4855000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5169000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5864000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
26130000 USD
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
3554000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2096000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1863000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
241000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-70000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
241000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-70000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-12000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
8000 USD
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
229000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-62000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2731000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
872000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-69000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-26000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14107000 USD
CY2016Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
49450000 USD
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
60201000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4181000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4543000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9808000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9043000 USD
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
52176000 USD
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
63738000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2113000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40823000 USD
CY2016Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
80000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
10000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8109000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9823000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1200000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
1200000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8261000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
22037000 USD
CY2016Q1 us-gaap Revenues
Revenues
46248000 USD
CY2017Q1 us-gaap Revenues
Revenues
53121000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
14167000 USD
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16014000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4697000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4332000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
115592 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
33.45
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
72650 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
101717000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
88263000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7527680 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5859756 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.25
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5602000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
98906000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
105037000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
39401000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.26
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
70365000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
3777739 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
19.65
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
60984000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4492571 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
24.83
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.54
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
36.25
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y0M12D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M12D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P5Y10M12D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y3M12D
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
157119000 USD
CY2017Q1 us-gaap Short Term Investments
ShortTermInvestments
135128000 USD
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1624982 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
258413000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
284468000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4100000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4500000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2500000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
700000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
37838000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38845000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34619000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36493000 shares
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:125%;text-align:left;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#231f20;font-style:italic;font-weight:bold;">Reclassification</font></div><div style="line-height:125%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:125%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#231f20;">The Company reclassified certain information technology expenses across the functions that benefit from their support. For the three months ended March 31, 2016, we reclassified </font><font style="font-family:Arial;font-size:10pt;color:#231f20;">$0.6 million</font><font style="font-family:Arial;font-size:10pt;color:#231f20;"> out of </font></div></div>

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