<SEC-DOCUMENT>0001564590-20-046111.txt : 20201119
<SEC-HEADER>0001564590-20-046111.hdr.sgml : 20201119
<ACCEPTANCE-DATETIME>20201008154711
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001564590-20-046111
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201008

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Acadia Healthcare Company, Inc.
		CENTRAL INDEX KEY:			0001520697
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-SPECIALTY OUTPATIENT FACILITIES, NEC [8093]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6100 TOWER CIRCLE
		STREET 2:		SUITE 1000
		CITY:			FRANKLIN
		STATE:			TN
		ZIP:			37067
		BUSINESS PHONE:		615-861-6000

	MAIL ADDRESS:	
		STREET 1:		6100 TOWER CIRCLE
		STREET 2:		SUITE 1000
		CITY:			FRANKLIN
		STATE:			TN
		ZIP:			37067
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Calibri;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="gqyu2ushx0xj000001.jpg" title="" alt="" style="width:232px;height:67px;"></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">October 8, 2020</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Via EDGAR Submission </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Division of Corporation Finance </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United States Securities and Exchange Commission </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100 F Street, N.E. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, DC 20549 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Re:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:12.05pt;;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Acadia Healthcare Company, Inc.<font style="font-weight:normal;"> </font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:10.58%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Form 10-K for Fiscal Year Ended December 31, 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:10.58%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">Filed February 28, 2020 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:10.58%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;">File No. 001-35331 <font style="font-weight:normal;"> </font></p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ladies and Gentlemen:</p>
<p style="margin-bottom:0pt;margin-top:6pt;text-indent:8.65%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Below is the response of Acadia Healthcare Company, Inc. (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;) to the comments in your letter dated September 25, 2020 regarding the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019 (the &#8220;<font style="text-decoration:underline;">2019 Form 10-K</font>&#8221;). The comments of the Staff of the Division of Corporation Finance are repeated and underlined for convenience of reference.&nbsp;&nbsp;Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the 2019 Form 10-K.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2019</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Results of Operations Segments, page 49</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
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<p style="margin-top:0pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-top:0pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">We note that you present changes in same facility operating data for the United Kingdom segment excluding the elderly care division. Please tell us and revise your future filings to disclose the rationale for excluding your elderly care division and quantify and disclose the impact of excluding it from your same facility results. Otherwise, to the extent your elderly care division did not have a meaningful impact on your same facility operating data; please disclose that fact in your filing.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Response</font>:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The elderly care division in the United Kingdom (&#8220;<font style="text-decoration:underline;">U.K.</font>&#8221;) does not have a meaningful impact on our same facility operating data and trends and accounts for approximately 10% of U.K. revenue and approximately 1% of U.K. EBITDA. While the elderly care division is complementary to our continuum of behavioral healthcare services, it has never been part of our overall growth strategy nor had a meaningful impact on our operations or results. Therefore, we have consistently excluded the elderly care division from our U.K. same facility results since we acquired it as part of a larger acquisition in 2016. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>In future filings, commencing with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, we will disclose within Management&#8217;s Discussion and Analysis of Financial </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Condition and Results of Operations</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our rationale for exclusion </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">elderly care division from our U.K. same facility results</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and that the elderly care division does not have a meaningful impact on our same facility operating data and trends.</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">We note that while the United Kingdom same facility results saw revenue growth, total revenue and EBITDA margin for this segment decreased during the fiscal year. Please tell us and revise future filings to explain the additional factors that contributed to these decreases to provide a complete picture of the trends in your segments results. Refer to Item 303(A)(3)(ii) of Regulation S-K and Section III.B.3 of our Release No. 33-8350.</font> </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Response</font>:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.K. same facility results are presented on a constant currency basis as disclosed in footnote (c) on page 49 of the 2019 Form 10-K in order to report operating trends without the impact of changes in foreign currency exchange rates. Conversely, segment revenue and segment EBITDA in our Segment Information footnote on page F-34 of the 2019 Form 10-K are presented in the reporting currency (U.S. dollar, &#8220;<font style="text-decoration:underline;">USD</font>&#8221;) and not on a constant currency basis. Accordingly, U.K. total revenue and EBITDA as presented in the Segment Information footnote are impacted by changes in the British pound (&#8220;<font style="text-decoration:underline;">GBP</font>&#8221;) to USD exchange rate. For the years ended December 31, 2019 and 2018, changes in the GBP to USD exchange rate impacted revenue by $(48.0) million and $36.2 million, respectively, as disclosed on pages 50 and 51 of the 2019 Form 10-K. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As disclosed in footnote (e) on page 49 of the 2019 Form 10-K, for the years ended December 31, 2019 and 2018, U.K. EBITDA margin was negatively affected by lower census and higher operating expenses, including labor costs in particular. For the year ended December 31, 2018, contract labor costs in our U.K. Facilities were higher primarily as a result of the nursing and clinical labor shortage and our dependence on higher cost agency labor, which is disclosed on page 50 (within salaries, wages and benefits) of the 2019 Form 10-K. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We will ensure that future filings include disclosure of factors that impact segment results.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Critical Accounting Policies</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Goodwill and Indefinite-Lived Intangible Assets, page 60</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:11pt;"><font style="text-decoration:underline;">We note that you recorded a $325.9 million goodwill impairment for the United Kingdom facilities during the year ended December 31, 2018. For each reporting unit that is at risk of failing step one of the goodwill impairment, please revise your MD&amp;A in future filings to provide the percentage by which your fair value exceeded the carrying value as of the date of the most recent test and describe any potential events and/or changes in circumstances, such as the recent pandemic, that could reasonably be expected to negatively affect any key assumptions. If you have determined that the estimated fair value substantially exceeds the carrying value of your reporting units, please disclose such determination. Refer to Section V of SEC Release 33-8350. </font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:11pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Response</font>:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of our most recent impairment test on October 1, 2019, the fair value of our U.S. Facilities reporting unit substantially exceeded its carrying value, and the fair value of our U.K. Facilities reporting unit exceeded its carrying value by approximately 7%. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;font-size:8pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.69%;"><font style="font-family:Times New Roman;font-size:11pt;">2</font></a></p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expanded our disclosur</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">es regarding the impact of COVID-19 on the fair value of our reporting units on page 40 of </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our Quarterly Report on Form 10-Q for the quarter ended </font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 30, 2020</font><font style="font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (Critical Accounting Policies, page 40).</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In future filings, commencing with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, we will include the percentage by which our fair value exceeds the carrying value of our U.K. Facilities reporting unit and will continue to evaluate and describe any potential events or changes in circumstances that could reasonably be expected to negatively affect our key assumptions. We will also disclose when a reporting unit&#8217;s fair value substantially exceeds its carrying value.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:10.46%;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event that you have any additional questions, please feel free to contact the undersigned at (615)&#160;861-6000. </p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acadia Healthcare Company, Inc.</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;text-align:left;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;text-align:left;">&nbsp;</p></td>
</tr>
<tr>
<td valign="top"  style="width:auto; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
<td valign="bottom"  style="width:auto; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top"  style="width:auto; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ David M. Duckworth</p></td>
</tr>
<tr>
<td valign="top"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">David M. Duckworth</p></td>
</tr>
<tr>
<td valign="top"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top"  style="width:auto;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:12pt;;text-indent:-12pt;;text-align:left;font-family:Times New Roman;font-size:11pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p></body>
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