-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NSP2IshBi8Et5tl5xXx7XAS4zQ065w51r0TjXzGHHFJjnknwyHeo0TEjvUZ1XrDO BeK8q6lr3gc6KKtwZ/eQ4Q== 0000950134-02-001529.txt : 20020414 0000950134-02-001529.hdr.sgml : 20020414 ACCESSION NUMBER: 0000950134-02-001529 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020221 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20020222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HCC INSURANCE HOLDINGS INC/DE/ CENTRAL INDEX KEY: 0000888919 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 760336636 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13790 FILM NUMBER: 02555615 BUSINESS ADDRESS: STREET 1: 13403 NORTHWEST FRWY CITY: HOUSTON STATE: TX ZIP: 77040-6094 BUSINESS PHONE: 7136907300 8-K 1 h94438e8-k.txt HCC INSURANCE HOLDINGS, INC. - 2/21/02 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) FEBRUARY 21, 2002 HCC INSURANCE HOLDINGS, INC. (EXACT NAME OF REGISTRANT SPECIFIED IN ITS CHARTER) STATE OR OTHER COMMISSION IRS EMPLOYER JURISDICTION FILE NUMBER: IDENTIFICATION OF INCORPORATION: NUMBER: DELAWARE 0-20766 76-0336636 13403 NORTHWEST FREEWAY HOUSTON, TEXAS 77040-6094 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE - (713) 690-7300 --------------------------------------------- ITEM 5. OTHER EVENTS On February 21, 2002, HCC Insurance Holdings, Inc. ("HCC") announced its operating results for the Fourth Quarter and full-year ended December 31, 2001. A press release setting forth the announcement is attached as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (b) Exhibits. -------- 99.1 Press Release dated February 21, 2002 announcing HCC's operating results for the Fourth Quarter and full-year ended December 31, 2001 and attachments thereto. 99.2 Supplementary Financial Data relating to HCC's operating results for the Fourth Quarter and full-year ended December 31, 2001. ITEM 9. Supplementary Financial Data relating to HCC's announced operating results for the Fourth Quarter and full-year ended December 31, 2001 is attached as Exhibit 99.2. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: February 21, 2002 HCC INSURANCE HOLDINGS, INC. By: /s/ Christopher L. Martin ----------------------------------------- Christopher L. Martin Executive Vice President and General Counsel EXHIBIT INDEX Exhibits. - -------- 99.1 Press Release dated February 21, 2002 announcing HCC's operating results for the Fourth Quarter and full-year ended December 31, 2001 and attachments thereto. 99.2 Supplementary Financial Data relating to HCC's operating results for the Fourth Quarter and full-year ended December 31, 2001. EX-99.1 3 h94438ex99-1.txt PRESS RELEASE DATED 2/21/2002 EXHIBIT 99.1 HCC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2001 RESULTS HOUSTON (February 21, 2002) . . . HCC INSURANCE HOLDINGS, INC. (NYSE: HCC) today reported results for the fourth quarter and for the full year that ended December 31, 2001. Stephen L. Way, Chairman and Chief Executive Officer, announced that operating earnings* for the fourth quarter 2001 increased to $23.4 million, or $0.38 per share, compared to $17.9 million, or $0.34 per share, for the same period in the previous year. Net earnings for the fourth quarter 2001 increased substantially to $23.8 million, or $0.38 per share, compared to $13.1 million, or $0.25 per share, for the corresponding period in 2000. For the full year 2001, operating earnings* decreased to $60.1 million, or $1.01 per share from $64.3 million, or $1.25 per share, in 2000. Net earnings for the full year 2001 decreased to $30.2 million, or $0.51 per share from $55.5 million, or $1.07 per share, in the previous year. Mr. Way said, "Obviously, the September 11, 2001 tragedy had a material effect on our overall result for 2001, but we are confident that the fourth quarter earnings growth will continue and gain momentum in 2002. It should be noted that unlike many of our peer group, this catastrophe loss, like others in the past, did not impact the capital of the Company and, in fact, was contained to less than one quarter's earnings." Total revenue for the full year 2001 increased by 7 percent to a record $505.5 million compared to 2000, largely due to the 28% increase in net earned premium, which more than offset the decreases in revenue from other segments. It is noteworthy however, that comparing the fourth quarter 2001 to the same period in 2000, total revenue grew 20% and net earned premium grew 41%. Comparing the full year 2001 to the previous year, the Company's insurance company subsidiaries' net written premium increased 31 percent to a record $373.0 million and net earned premium increased 28 percent to a record $342.8 million. During the same period, gross written premium exceeded $1.0 billion for the first time. The Company expects these trends to continue, with net written and net earned premium rising even more rapidly in 2002. For the full year of 2001 compared to the previous year, management fees decreased to $61.8 million from $96.1 million, primarily due to the integration of several of the Company's underwriting agencies into the Company's insurance company subsidiaries; commission income decreased to $43.4 million from $49.9, million primarily due to the Company's reduction in ceded reinsurance and the substantial deterioration of the accident and health reinsurance market; other operating income decreased to $17.4 million from $25.5 million, due in part to the previous disposition of certain operating entities; and net investment income was flat at $39.6 million, but a very solid result considering the dramatic drop in yields during the year. Mr. Way added, "We expect total revenue to rise substantially as earned premiums continue to increase and probably accelerate over the next two years. Earnings should also gain momentum in the second half of 2002 and into 2003." As of December 31, 2001, total assets increased to $3.2 billion, total investments increased 25 percent to $888.5 million, shareholders' equity increased 44 percent to $763.5 million and book value per share increased 21 percent to $12.40, all compared to December 31, 2000. Please see the attached tables and also, the supplemental financial information that will be released shortly, in conjunction with the filing of an 8K with the Securities and Exchange Commission. This information can be obtained by visiting the Company's website at www.hcch.com. HCC will hold an open conference call beginning at 8:00 a.m. Central Time on Friday, February 22. To participate, please call 800-606-8940. A replay will be available until midnight Central Time March 1, 2002 at 800-615-3210, access code 5827664. In addition, there will be a live webcast available on a listen-only basis, that can be accessed through the HCC website at www.hcch.com. A replay of the webcast will be available until midnight March 1, 2002. HCC is an international insurance holding company and is one of the largest specialty insurance groups in the United States. HCC has assets of over $3.0 billion and its shares are traded on the NYSE (symbol: HCC) with a market capitalization of over $1.5 billion. HCC is rated AA (Very Strong) by Standard & Poor's and A+ (Superior) by A. M. Best Company. For more information, visit our website at www.hcch.com. Contact: L. Byron Way, Vice President, HCC Insurance Holdings, Inc. Telephone: (713) 690-7300 *See attached table. Forward-looking statements contained in this press release are made under "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The types of risks and uncertainties which may affect the Company are set forth in its periodic reports filed with the Securities and Exchange Commission. * * * * * HCC Insurance Holdings, Inc. and Subsidiaries ---------- Consolidated Balance Sheets (In thousands) ----------
December 31, 2001 December 31, 2000 ----------------- ----------------- ASSETS (unaudited) Investments: Fixed income securities $ 525,428 $ 433,844 Marketable equity securities 16,569 6,282 Short-term investments 338,904 263,805 Other investments 7,565 7,182 ------------ ------------ Total investments 888,466 711,113 Cash 16,891 13,991 Restricted cash and cash investments 138,545 101,738 Premium, claims and other receivables 665,965 609,716 Reinsurance recoverables 899,128 789,412 Ceded unearned premium 71,140 114,469 Ceded life and annuity benefits 83,013 86,760 Deferred policy acquisition costs 32,071 39,108 Property and equipment, net 52,486 39,438 Goodwill and intangible assets 328,815 266,015 Other assets 42,600 18,995 ------------ ------------ TOTAL ASSETS $ 3,219,120 $ 2,790,755 ============ ============ LIABILITIES Loss and loss adjustment expense payable $ 1,130,748 $ 944,117 Life and annuity policy benefits 83,013 86,760 Reinsurance balances payable 88,637 130,746 Unearned premium 179,530 190,550 Deferred ceding commissions 16,681 30,013 Premium and claims payable 717,159 617,847 Notes payable 181,928 212,133 Accounts payable and accrued liabilities 57,971 47,659 ------------ ------------ Total liabilities 2,455,667 2,259,825 SHAREHOLDERS' EQUITY Common stock 61,438 51,342 Additional paid-in capital 402,089 196,999 Retained earnings 293,426 277,876 Accumulated other comprehensive income 6,500 4,713 ------------ ------------ Total shareholders' equity 763,453 530,930 ------------ ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 3,219,120 $ 2,790,755 ============ ============
HCC Insurance Holdings, Inc. and Subsidiaries ---------- Consolidated Statement of Earnings (Unaudited -- In thousands, except per share data) ----------
For the three months ended December 31, 2001 2000 ------------ ------------ REVENUE Net earned premium $ 93,707 $ 66,358 Management fees 18,127 18,662 Commission income 9,113 12,593 Net investment income 9,025 11,268 Net realized investment gain (loss) 630 (1,496) Other operating income 1,590 2,785 ------------ ------------ Total revenue 132,192 110,170 EXPENSE Loss and loss adjustment expense 51,247 48,936 Operating expense: Policy acquisition costs, net 6,408 2,070 Compensation expense 18,627 18,863 Other operating expense 15,779 13,559 ------------ ------------ Net operating expense 40,814 34,492 Interest expense 2,253 4,755 ------------ ------------ Total expense 94,314 88,183 ------------ ------------ Earnings before income tax provision 37,878 21,987 Income tax provision 14,041 8,852 ------------ ------------ NET EARNINGS $ 23,837 $ 13,135 ============ ============ BASIC EARNINGS PER SHARE DATA: Earnings per share $ 0.39 $ 0.26 ============ ============ Weighted average shares outstanding 61,021 51,181 ============ ============ DILUTED EARNINGS PER SHARE DATA: Earnings per share $ 0.38 $ 0.25 ============ ============ Weighted average shares outstanding 62,051 52,530 ============ ============ Cash dividends declared, per share $ 0.0625 $ 0.06 ============ ============
HCC Insurance Holdings, Inc. and Subsidiaries ---------- Consolidated Statement of Earnings (In thousands, except per share data) ----------
For the twelve months ended December 31, 2001 2000 ------------ ------------ (unaudited) REVENUE Net earned premium $ 342,787 $ 267,647 Management fee 61,795 96,058 Commission income 43,412 49,886 Net investment income 39,638 39,836 Net realized investment gain (loss) 393 (5,321) Other operating income 17,436 25,497 ------------ ------------ Total revenue 505,461 473,603 EXPENSE Loss and loss adjustment expense 267,390 198,470 Operating expense: Policy acquisition costs, net 27,923 23,743 Compensation expense 69,762 83,086 Other operating expense 71,119 53,274 ------------ ------------ Net operating expense 168,804 160,103 Interest expense 8,884 20,347 ------------ ------------ Total expense 445,078 378,920 ------------ ------------ Earnings before income tax provision 60,383 94,683 Income tax provision 30,186 37,202 ------------ ------------ Earnings before cumulative effect of accounting change 30,197 57,481 Cumulative effect of accounting change, net of deferred tax effect of $1,335 -- (2,013) ------------ ------------ NET EARNINGS $ 30,197 $ 55,468 ============ ============ BASIC EARNINGS PER SHARE DATA: Earnings before accounting change $ 0.52 $ 1.13 Cumulative effect of accounting change -- (0.04) ------------ ------------ Net earnings $ 0.52 $ 1.09 ============ ============ Weighted average shares outstanding 58,321 50,742 ============ ============ DILUTED EARNINGS PER SHARE DATA: Earnings before accounting change $ 0.51 $ 1.11 Cumulative effect of accounting change -- (0.04) ------------ ------------ Net earnings $ 0.51 $ 1.07 ============ ============ Weighted average shares outstanding 59,619 51,619 ============ ============ Cash dividends declared, per share $ 0.245 $ 0.22 ============ ============
HCC Insurance Holdings, Inc. and Subsidiaries ---------- Reconciliation of Net Earnings to Operating Earnings (Unaudited -- In thousands, except per share data) ----------
Fourth Quarter Year -------------------------- -------------------------- 2001 2000 2001 2000 ---------- ---------- ---------- ---------- Net Earnings $ 23,837 $ 13,135 $ 30,197 $ 55,468 Add (Deduct): Exited lines of business -- 2,855 29,573 2,855 Realized (gain)/loss (409) 972 (255) 3,459 SAB 101 change in accounting principle -- -- -- 2,013 Other -- 974 564 484 ---------- ---------- ---------- ---------- Operating earnings $ 23,428 $ 17,936 $ 60,079 $ 64,279 ========== ========== ========== ========== Diluted net earnings per share $ 0.38 $ 0.25 $ 0.51 $ 1.07 ========== ========== ========== ========== Diluted operating earnings per share $ 0.38 $ 0.34 $ 1.01 $ 1.25 ========== ========== ========== ==========
HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS DECEMBER 31, 2001 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED DECEMBER 31, 2001 2000 - ------------------------------- ------------ ------------ Gross written premium $ 243,468 $ 253,975 Net written premium 101,694 69,034 Net earned premium 93,707 66,358 Management fees 18,127 18,662 Commission income 9,113 12,593 Net investment income 9,025 11,268 Other operating income 1,590 2,785 Total revenue 132,192 110,170 Net earnings 23,837 13,135 EARNINGS PER SHARE (DILUTED) $ 0.38 $ 0.25 Operating earnings after tax 23,428 17,936 OPERATING EARNINGS PER SHARE (DILUTED) $ 0.38 $ 0.34 Cash flow from operations 23,764 53,463 Weighted average shares outstanding 62,051 52,530 GAAP gross loss ratio 83% 89% GAAP net loss ratio 55% 74% GAAP combined ratio 79% 90%
December 31, 2001 December 31, 2000 ----------------- ----------------- Total investments $ 888,466 $ 711,113 Total assets 3,219,120 2,790,755 Shareholders' equity 763,453 530,930 Book value per share $ 12.40 $ 10.29
HCC INSURANCE HOLDINGS, INC. FINANCIAL HIGHLIGHTS DECEMBER 31, 2001 (AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
TWELVE MONTHS ENDED DECEMBER 31, 2001 2000 - -------------------------------- ------------ ------------ Gross written premium $ 1,010,075 $ 967,457 Net written premium 372,958 283,788 Net earned premium 342,787 267,647 Management fees 61,795 96,058 Commission income 43,412 49,886 Net investment income 39,638 39,836 Other operating income 17,436 25,497 Total revenue 505,461 473,603 Net earnings 30,197 55,468 EARNINGS PER SHARE (DILUTED) $ 0.51 $ 1.07 Operating earnings after tax 60,079 64,279 OPERATING EARNINGS PER SHARE (DILUTED) $ 1.01 $ 1.25 Cash flow from operations 105,740 137,824 Weighted average shares outstanding 59,619 51,619 GAAP gross loss ratio 106% 79% GAAP net loss ratio 78% 74% GAAP combined ratio 104% 95%
December 31, 2001 December 31, 2000 ----------------- ----------------- Total investments $ 888,466 $ 711,113 Total assets 3,219,120 2,790,755 Shareholders' equity 763,453 530,930 Book value per share $ 12.40 $ 10.29
EX-99.2 4 h94438ex99-2.txt SUPPLEMENTARY FINANCIAL DATA EXHIBIT 99.2 HCC Insurance Holdings, Inc. and Subsidiaries --------- Consolidated Statements of Cash Flows (In thousands) --------
For the years ended December 31, 2001 2000 ------------- ------------- (unaudited) Cash flows from operating activities: Net earnings $ 30,197 $ 55,468 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in premium, claims and other receivables (33,976) 30,501 Change in reinsurance recoverables (191,552) (52,007) Change in ceded unearned premium 28,254 19,188 Change in loss and loss adjustment expense payable 262,056 72,311 Change in reinsurance balances payable (29,837) 17,052 Change in unearned premium (1,676) 2,689 Change in premium and claims payable, net of restricted cash 22,530 (20,727) Gains on sales of other operating investments (8,171) (5,739) Depreciation, amortization and impairments 34,926 19,908 Other, net (7,011) (820) ------------ ------------ Cash provided by operating activities 105,740 137,824 Cash flows from investing activities: Sales of fixed income securities 140,763 137,175 Maturity or call of fixed income securities 45,754 34,341 Sales of equity securities 22,859 7,969 Dispositions of other operating investments 19,965 27,803 Change in short-term investments (43,986) (69,400) Cash paid for companies acquired, net of cash received (95,952) (8,909) Cost of investments acquired (310,377) (244,586) Purchase of property and equipment and other (12,283) (9,535) ------------ ------------ Cash used by investing activities (233,257) (125,142) Cash flows from financing activities: Proceeds from notes payable, net of costs 174,058 26,700 Sale of common stock, net of costs 192,831 17,235 Payments on notes payable (222,116) (57,042) Dividends paid (14,356) (12,409) ------------ ------------ Cash provided (used) by financing activities 130,417 (25,516) ------------ ------------ Net change in cash 2,900 (12,834) Cash as of beginning of year 13,991 26,825 ------------ ------------ CASH AS OF END OF YEAR $ 16,891 $ 13,991 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
4TH QTR 4TH QTR CHANGE 2001 2000 % ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 154,533 $ 148,309 4 Aviation 60,892 47,810 27 Marine, Energy & Property 17,243 10,035 72 Miscellaneous 4,317 15,038 (71) ------------ ------------ ------------ 236,985 221,192 7% Discontinued 6,483 32,783 ------------ ------------ $ 243,468 $ 253,975 ============ ============ NET WRITTEN Life, Accident & Health $ 49,201 $ 35,206 40 Aviation 30,789 23,480 31 Marine, Energy & Property 11,844 2,920 306 Miscellaneous 4,315 810 433 ------------ ------------ ------------ 96,149 62,416 54% Discontinued 5,545 6,618 ------------ ------------ $ 101,694 $ 69,034 ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 48,819 $ 37,156 31 Aviation 25,702 19,284 33 Marine, Energy & Property 8,108 2,455 230 Miscellaneous 4,293 810 430 ------------ ------------ ------------ 86,922 59,705 46% Discontinued 6,785 6,653 ------------ ------------ $ 93,707 $ 66,358 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
FULL YEAR FULL YEAR CHANGE 2001 2000 % ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 629,228 $ 546,702 15 Aviation 198,015 191,089 4 Marine, Energy, & Property 83,068 64,352 29 Miscellaneous 15,602 29,281 (47) ------------ ------------ ------------ 925,913 831,424 11% Discontinued 84,162 136,033 ------------ ------------ $ 1,010,075 $ 967,457 ============ ============ NET WRITTEN Life, Accident & Health $ 188,580 $ 148,100 27 Aviation 98,249 79,794 23 Marine, Energy, & Property 34,750 16,256 114 Miscellaneous 14,390 14,552 (1) ------------ ------------ ------------ 335,969 258,702 30% Discontinued 36,989 25,086 ------------ ------------ $ 372,958 $ 283,788 ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 186,188 148,039 26 Aviation 91,377 73,695 24 Marine, Energy, & Property 23,748 10,163 134 Miscellaneous 15,124 14,552 4 ------------ ------------ ------------ 316,437 246,449 28% Discontinued 26,350 21,198 ------------ ------------ $ 342,787 $ 267,647 ============ ============
HCC INSURANCE HOLDINGS, INC. INSURANCE COMPANY PREMIUM DECEMBER 31, 2001 ($ IN THOUSANDS)
FULL YEAR FULL YEAR FULL YEAR 2001 2000 1999 ------------ ------------ ------------ GROSS WRITTEN Life, Accident & Health $ 629,228 $ 546,702 $ 217,659 Aviation 198,015 191,089 210,029 Marine, Energy & Property 83,068 64,352 82,003 Miscellaneous 15,602 29,281 17,962 ------------ ------------ ------------ 925,913 831,424 527,653 Discontinued 84,162 136,033 40,678 ------------ ------------ ------------ $ 1,010,075 $ 967,457 $ 568,331 ============ ============ ============ NET WRITTEN Life, Accident & Health $ 188,580 $ 148,100 $ 48,899 Aviation 98,249 79,794 68,513 Marine, Energy & Property 34,750 16,256 9,561 Miscellaneous 14,390 14,552 8,730 ------------ ------------ ------------ 335,969 258,702 135,703 Discontinued 36,989 25,086 4,221 ------------ ------------ ------------ $ 372,958 $ 283,788 $ 139,924 ============ ============ ============ NET EARNED PREMIUM Life, Accident & Health $ 186,188 148,039 50,919 Aviation 91,377 73,695 62,784 Marine, Energy & Property 23,748 10,163 12,779 Miscellaneous 15,124 14,552 9,072 ------------ ------------ ------------ 316,437 246,449 135,554 Discontinued 26,350 21,198 5,808 ------------ ------------ ------------ $ 342,787 $ 267,647 $ 141,362 ============ ============ ============
HCC INSURANCE HOLDINGS, INC. CONSOLIDATED INSURANCE COMPANIES NET LOSS RATIOS DECEMBER 31, 2001 ($ IN THOUSANDS)
Full Year 2001 Full Year 2000 Full Year 1999 ----------------------------- ----------------------------- ----------------------------- Net Earned Loss Net Earned Loss Net Earned Loss Line of Business Premium Ratio Premium Ratio Premium Ratio - ------------------------- ------------ ------------ ------------ ------------ ------------ ------------ Life, Accident & Health $ 186,188 79% $ 148,039 76% $ 50,919 74% Aviation 91,377 63 73,695 70 62,784 76 Marine, Energy & Property 23,748 53 10,163 81 12,779 131 Miscellaneous 15,124 73 14,552 41 9,072 70 ------------ ------------ ------------ ------------ ------------ ------------ 316,437 72 246,449 73 135,554 80 Discontinued 26,350 150 21,198 91 5,808 17 ------------ ------------ ------------ ------------ ------------ ------------ Total $ 342,787 78% $ 267,647 74% $ 141,362 78% ============ ============ ============ ============ ============ ============
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