EX-99.1 2 g27848exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(EMDEON LOGO)
FOR IMMEDIATE RELEASE
Emdeon Reports Second Quarter 2011 Results
    Revenue of $282.1 million, increased 16.0% over second quarter 2010
 
    Non-GAAP Adjusted EBITDA of $74.7 million, increased 14.7% over second quarter 2010
NASHVILLE, Tenn. (August 8, 2011) — Emdeon Inc. (NYSE: EM), a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions, today announced financial results for the second quarter ended June 30, 2011, as summarized below:
                         
(In millions, except per share amts)   2Q 11   2Q 10   % Change
Revenue
  $ 282.1     $ 243.3       16.0 %
Net Income
  $ 9.2     $ 7.3       27.2 %
Earnings per share (diluted)
  $ 0.06     $ 0.05       20.0 %
Non-GAAP Adjusted EBITDA
  $ 74.7     $ 65.2       14.7 %
Non-GAAP Adjusted EPS
  $ 0.26     $ 0.22       18.2 %
Non-GAAP fully diluted shares
    124.2       122.6       1.3 %
“We are pleased with our financial results for the second quarter. Our new initiatives in clinical information exchange and recently acquired solutions are resonating with our customer base. Emdeon’s revenue cycle management and payment distribution solutions also continued to contribute solid organic growth,” said George Lazenby, Emdeon’s chief executive officer. “We are especially pleased with the performance of our newest acquisition, EquiClaim. Interest in this payment integrity solution has been strong among our customers and is performing well against our internal targets.”
Second quarter revenue was $282.1 million, an increase of 16.0%, compared to $243.3 million for the same period in 2010, as a result of recent acquisitions and organic growth. GAAP operating income for the second quarter of 2011 was $27.6 million compared to $30.6 million for the same period in 2010, a decrease of 10.0%. This decrease was primarily due to higher depreciation and amortization expense from 2010 acquisitions and capital expenditures, as well as higher equity compensation expense. Second quarter Non-GAAP Adjusted EBITDA grew 14.7% to $74.7 million, or 26.5% of revenue, from Non-GAAP Adjusted EBITDA of $65.2 million, or 26.8% of revenue, in the comparable period in 2010. The slight decrease in Non-GAAP Adjusted EBITDA as a percentage of revenue was primarily due to increased investment in new solutions combined with revenue mix changes, including the impact of recent acquisitions.
GAAP net income (before noncontrolling interest) for the second quarter of 2011 was $9.2 million compared to GAAP net income of $7.3 million for the same period in 2010. GAAP net income per diluted share for the second quarter of 2011 was $0.06 compared to $0.05 for the same period in 2010. Non-GAAP Adjusted Net Income per fully diluted share for the second quarter of 2011 was $0.26, using a weighted average fully diluted share count of 124.2 million, compared to $0.22, using a weighted average fully diluted share count of 122.6 million, for the same period in 2010.

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A reconciliation of Emdeon’s financial results determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) to certain non-GAAP financial measures has been provided in the financial statement tables included in this release to supplement its unaudited condensed consolidated financial statements presented on a GAAP basis. An explanation of these non-GAAP measures is also included below under the heading “Explanation of Non-GAAP Financial Measures.”
Financial Outlook
Emdeon maintained its previously announced 2011 annual financial outlook ranges of $1.105 to $1.135 billion for revenue, $300 to $310 million for Non-GAAP Adjusted EBITDA and $1.00 to $1.06 for Non-GAAP Adjusted Net Income per fully diluted share (using a weighted average share count of 124.0 million).
Cancellation of Conference Call and Webcast
As noted in an earlier release, Emdeon entered into a definitive merger agreement on August 3, 2011 with Blackstone Capital Partners VI L.P. under which this Blackstone fund will acquire a controlling interest in Emdeon. With the proposed transaction, Emdeon will not host a conference call to discuss financial results for the second quarter of 2011. The Company expects to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 on or about August 9, 2011.
About Emdeon
Emdeon is a leading provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers and patients in the U.S. healthcare system. Emdeon’s product and service offerings integrate and automate key business and administrative functions of its payer and provider customers throughout the patient encounter. Through the use of Emdeon’s comprehensive suite of products and services, which are designed to easily integrate with existing technology infrastructures, customers are able to improve efficiency, reduce costs, increase cash flow and more efficiently manage the complex revenue and payment cycle and clinical information exchange processes. For more information, visit www.emdeon.com.
Forward-Looking Statements
Statements made in this press release that express Emdeon’s or management’s intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements, which Emdeon intends to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Forward-looking statements may include information concerning the proposed merger transaction and Emdeon’s possible or assumed future results of operations, including descriptions of Emdeon’s revenues, profitability, outlook and overall business strategy. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to the proposed merger transaction and Emdeon’s operations and business environment, all of which are difficult to predict and many of which are beyond Emdeon’s control. Although Emdeon believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Emdeon’s actual financial results or results of operations and could cause

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actual results to differ materially from those in the forward-looking statements. Such factors related to the proposed merger transaction include unexpected costs or liabilities, delays due to regulatory review, certain closing conditions (including the committed financing) may not be timely satisfied or waived, litigation may be commenced and general economic and business conditions may change. Such factors related to Emdeon’s actual financial results or results of operations include: effects of competition, including competition from entities that are customers for certain of Emdeon’s solutions; Emdeon’s ability to maintain relationships with its customers and channel partners; Emdeon’s ability to effectively cross-sell its solutions to existing customers and to continue to generate revenue and maintain profitability by developing or acquiring and successfully deploying new or updated solutions; pricing pressures on Emdeon’s solutions; the anticipated benefits from acquisitions not being fully realized or not being realized within the expected time frames; and general economic, business or regulatory conditions affecting the healthcare information technology and services industries; as well as the other risks discussed in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections and elsewhere in Emdeon’s Annual Report on Form 10-K for the year ended December 31, 2010, as well as Emdeon’s periodic and other reports, filed with the Securities and Exchange Commission.
You should keep in mind that any forward-looking statement made by Emdeon herein, or elsewhere, speaks only as of the date on which made. Emdeon expressly disclaims any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in Emdeon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
# # #
Contacts:
Investor Relations

Tommy Lewis
615.932.3235
tlewis@emdeon.com

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Emdeon Inc.
Condensed Consolidated Statements of Operations
(unaudited and amounts in thousands, except share and per share amounts)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
    2011     2010     2011     2010  
 
                               
Revenue
  $ 282,110     $ 243,289     $ 553,608     $ 480,568  
Costs and expenses:
                               
 
                               
Cost of operations (exclusive of depreciation and amortization below)
    174,757       148,444       344,011       292,430  
Development and engineering
    9,358       8,695       18,260       17,248  
Sales, marketing, general and administrative
    31,498       26,243       63,145       52,362  
Depreciation and amortization
    38,934       29,278       76,956       57,053  
 
                       
Operating income
    27,563       30,629       51,236       61,475  
Interest income
    (3 )     (5 )     (6 )     (8 )
Interest expense
    12,653       15,919       25,282       31,584  
Other
    (2,235 )     (2,060 )     (3,638 )     (1,770 )
 
                       
Income before income tax provision
    17,148       16,775       29,598       31,669  
Income tax provision
    7,920       9,520       13,095       20,152  
 
                       
Net income
    9,228       7,255       16,503       11,517  
Net income attributable to noncontrolling interest
    3,427       3,026       6,309       5,399  
 
                       
Net income attributable to Emdeon Inc.
  $ 5,801     $ 4,229     $ 10,194     $ 6,118  
 
                       
Net income per share Class A common stock:
                               
Basic
  $ 0.06     $ 0.05     $ 0.11     $ 0.07  
 
                       
Diluted
  $ 0.06     $ 0.05     $ 0.11     $ 0.07  
 
                       
Weighted average common shares outstanding:
                               
Basic
    91,057,293       90,061,975       91,022,516       89,879,916  
 
                       
Diluted
    91,341,309       90,759,030       91,294,114       90,648,401  
 
                       

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Emdeon Inc.
Condensed Consolidated Balance Sheets
(unaudited and amounts in thousands, except share and per share amounts)
                 
    June 30,     December 31,  
    2011     2010  
Assets
               
Current assets:
               
Cash and cash equivalents
  $ 122,460     $ 99,188  
Accounts receivable, net of allowance for doubtful accounts of $5,523 and $5,394 at June 30, 2011 and December 31, 2010, respectively
    184,992       174,191  
Deferred income tax assets
    7,811       7,913  
Prepaid expenses and other current assets
    25,410       25,020  
 
           
Total current assets
    340,673       306,312  
Property and equipment, net
    230,979       231,307  
Goodwill
    926,164       908,310  
Intangible assets, net
    1,007,194       1,035,886  
Other assets, net
    8,825       9,750  
 
           
Total assets
  $ 2,513,835     $ 2,491,565  
 
           
Liabilities and equity
               
Current liabilities:
               
Accounts payable
  $ 6,379     $ 4,732  
Accrued expenses
    105,429       112,245  
Deferred revenues
    12,547       12,130  
Current portion of long-term debt
    12,492       12,494  
 
           
Total current liabilities
    136,847       141,601  
Long-term debt, excluding current portion
    936,222       933,749  
Deferred income tax liabilities
    201,528       200,357  
Tax receivable agreement obligations to related parties
    137,964       138,533  
Other long-term liabilities
    15,165       22,037  
Commitments and contingencies
               
Equity:
               
Preferred stock (par value, $0.00001), 25,000,000 shares authorized and 0 shares issued and outstanding
           
Class A common stock (par value, $0.00001), 400,000,000 shares authorized and 91,208,582 and 91,064,486 shares outstanding at June 30, 2011 and December 31, 2010, respectively
    1       1  
Class B common stock, exchangeable (par value, $0.00001), 52,000,000 shares authorized and 24,689,142 shares outstanding at June 30, 2011 and December 31, 2010
           
Additional paid-in capital
    749,536       738,888  
Contingent consideration
    1,955       1,955  
Accumulated other comprehensive loss
    (1,280 )     (2,569 )
Retained earnings
    63,444       53,250  
 
           
Emdeon Inc. equity
    813,656       791,525  
Noncontrolling interest
    272,453       263,763  
 
           
Total equity
    1,086,109       1,055,288  
 
           
Total liabilities and equity
  $ 2,513,835     $ 2,491,565  
 
           

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Emdeon Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited and amounts in thousands)
                 
    For the Six Months  
    Ended June 30,  
    2011     2010  
Operating activities
               
Net income
  $ 16,503     $ 11,517  
Adjustments to reconcile net income to net cash provided by operating activities:
               
Depreciation and amortization
    76,956       57,053  
Equity compensation expense
    11,483       7,847  
Deferred income tax expense
    2,058       7,250  
Amortization of debt discount and issuance costs
    6,945       6,300  
Amortization of discontinued cash flow hedge from other comprehensive loss
    1,879       2,918  
Change in contingent consideration
    (3,638 )     (1,770 )
Change in fair value of interest rate swap (not subject to hedge accounting)
    (5,163 )      
Other
    16       (50 )
Changes in operating assets and liabilities:
               
Accounts receivable
    (8,819 )     814  
Prepaid expenses and other
    2,360       1,909  
Accounts payable
    3,925       (1,550 )
Accrued expenses and other liabilities
    399       (456 )
Deferred revenues
    417       (1,190 )
Tax receivable agreement obligations to related parties
    (2,913 )     (1,480 )
 
           
Net cash provided by operating activities
    102,408       89,112  
 
           
Investing activities
               
Purchases of property and equipment
    (34,088 )     (35,772 )
Payments for acquisitions, net of cash acquired
    (39,758 )     (41,991 )
Other
          (3,000 )
 
           
Net cash used in investing activities
    (73,846 )     (80,763 )
 
           
Financing activities
               
Debt principal payments
    (4,275 )     (3,775 )
Other
    (1,015 )     (104 )
 
           
Net cash used in financing activities
    (5,290 )     (3,879 )
 
           
Net increase in cash and cash equivalents
    23,272       4,470  
Cash and cash equivalents at beginning of period
    99,188       211,999  
 
           
Cash and cash equivalents at end of period
  $ 122,460     $ 216,469  
 
           

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Segment Information
(unaudited and amounts in thousands)
                                                                                 
            For the Three Months Ended June 30, 2011             For the Three Months Ended June 30, 2010        
                            Corporate &                                     Corporate &        
    Payer     Provider     Pharmacy     Eliminations     Consolidated     Payer     Provider     Pharmacy     Eliminations     Consolidated  
Revenue from external customers
                                                                               
Claims management
  $ 52,972     $     $     $     $ 52,972     $ 49,695     $     $     $     $ 49,695  
Payment services
    62,507                         62,507       56,504                         56,504  
Patient statements
          65,022                   65,022             65,705                   65,705  
Revenue cycle management
          72,945                   72,945             43,511                   43,511  
Dental
          7,871                   7,871             7,947                   7,947  
Pharmacy services
                20,793             20,793                   19,927             19,927  
Inter-segment revenue
    864       124             (988 )           680       72             (752 )      
         
Net revenue
    116,343       145,962       20,793       (988 )     282,110       106,879       117,235       19,927       (752 )     243,289  
Costs and expenses:
                                                                               
Cost of operations
    77,545       89,268       8,872       (928 )     174,757       69,947       71,963       7,254       (720 )     148,444  
Development and engineering
    2,869       4,713       1,776             9,358       2,992       3,898       1,805             8,695  
Sales, marketing, general and administrative
    7,058       9,439       1,287       13,714       31,498       6,206       6,810       1,503       11,724       26,243  
         
Segment contribution (1)
  $ 28,871     $ 42,542     $ 8,858     $ (13,774 )     66,497     $ 27,734     $ 34,564     $ 9,365     $ (11,756 )     59,907  
                         
Depreciation and amortization
                                    38,934                                       29,278  
Interest income
                                    (3 )                                     (5 )
Interest expense
                                    12,653                                       15,919  
Other
                                    (2,235 )                                     (2,060 )
 
                                                                           
Income before income tax provision
                                  $ 17,148                                     $ 16,775  
 
                                                                           
                                                                                 
            For the Six Months Ended June 30, 2011                     For the Six Months Ended June 30, 2010        
                            Corporate &                                     Corporate &        
    Payer     Provider     Pharmacy     Eliminations     Consolidated     Payer     Provider     Pharmacy     Eliminations     Consolidated  
Revenue from external customers
                                                                               
Claims management
  $ 100,526     $     $     $     $ 100,526     $ 94,843     $     $     $     $ 94,843  
Payment services
    124,742                         124,742       113,324                         113,324  
Patient statements
          128,539                   128,539             132,294                   132,294  
Revenue cycle management
          142,799                   142,799             84,600                   84,600  
Dental
          15,604                   15,604             15,884                   15,884  
Pharmacy services
                41,398             41,398                   39,623             39,623  
Inter-segment revenue
    1,720       240             (1,960 )           1,554       158             (1,712 )      
         
Net revenue
    226,988       287,182       41,398       (1,960 )     553,608       209,721       232,936       39,623       (1,712 )     480,568  
Costs and expenses:
                                                                               
Cost of operations
    152,872       175,439       17,535       (1,835 )     344,011       136,578       143,521       13,979       (1,648 )     292,430  
Development and engineering
    5,727       9,032       3,501             18,260       5,966       7,762       3,520             17,248  
Sales, marketing, general and administrative
    13,871       19,955       2,589       26,730       63,145       13,166       13,700       3,061       22,435       52,362  
         
Segment contribution (1)
  $ 54,518     $ 82,756     $ 17,773     $ (26,855 )     128,192     $ 54,011     $ 67,953     $ 19,063     $ (22,499 )     118,528  
                         
Depreciation and amortization
                                    76,956                                       57,053  
Interest income
                                    (6 )                                     (8 )
Interest expense
                                    25,282                                       31,584  
Other
                                    (3,638 )                                     (1,770 )
 
                                                                           
Income before income tax provision
                                  $ 29,598                                     $ 31,669  
 
                                                                           
 
(1)   Segment contribution has been reduced by equity-based compensation expense of $5,910, $4,172, $11,483 and $7,847 for the three months and six months ended June 30, 2011 and 2010, respectively. Segment contribution without such equity-based compensation expense would have been $72,407, $64,079, $139,675 and $126,375 for the three and six months ended June 30, 2011 and 2010, respectively.

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Explanation of Non-GAAP Financial Measures
Emdeon’s management believes that, in order to properly understand Emdeon’s short-term and long-term financial trends, investors may wish to consider the impact of certain non-cash or non-operating items, when used as a supplement to financial performance measures prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These items result from facts and circumstances that vary in frequency and/or impact continuing operations. In addition, management uses results of operations before such excluded items to evaluate the operational performance of Emdeon as a basis for strategic planning and, in the case of Adjusted EBITDA, as a performance evaluation metric in determining achievement of certain executive and management incentive compensation programs. Investors should consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition to the description provided below, reconciliations of GAAP to non-GAAP results are provided in the financial statement tables included in this release.
In this release, Emdeon defines Adjusted EBITDA as EBITDA (which is defined as net income before income tax provision (benefit), net interest expense and depreciation and amortization), plus certain other non-cash or non-operating items (collectively, “EBITDA Adjustments”).
In this release, Emdeon defines Adjusted Net Income as the sum of (i) GAAP net income, (ii) EBITDA Adjustments, (iii) non-cash interest expense and (iv) depreciation and amortization expense resulting from adjustments of assets to fair value in connection with acquisition accounting, less income taxes computed based on a normalized income tax rate. Emdeon defines Adjusted Net Income per fully diluted share as the quotient of Adjusted Net Income and weighted average shares outstanding, assuming all potentially dilutive securities (except for contingently issuable shares subject to performance conditions and shares or other potentially dilutive securities not otherwise contemplated in the share denominator utilized in the applicable year’s financial outlook range) are fully dilutive and outstanding shares from their date of grant or issuance.
To properly evaluate Emdeon’s business, Emdeon encourages investors to review the GAAP financial information included in this release, and not rely on any single financial measure to evaluate Emdeon’s business. Emdeon also strongly encourages investors to review the reconciliation of GAAP net income and GAAP net income per diluted share to the applicable non-GAAP measures of Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per fully diluted share. These non-GAAP measures, as Emdeon defines them, may not be similar to non-GAAP measures used by other companies.
Management uses Adjusted EBITDA and Adjusted Net Income per fully diluted share to facilitate a comparison of Emdeon’s operating performance on a consistent basis from period to period that, when viewed in combination with Emdeon’s GAAP results, management believes provides a more complete understanding of factors and trends affecting Emdeon’s business than GAAP measures alone. Management believes these non-GAAP measures assist Emdeon’s board of directors, management, lenders and investors in comparing Emdeon’s operating performance on a consistent basis because they remove where applicable, the impact of Emdeon’s capital structure, asset base, acquisition accounting, non-cash charges and non-operating items from Emdeon’s operations.
Emdeon also presents Adjusted EBITDA and Adjusted Net Income per fully diluted share on a forward-looking basis as part of its Financial Outlook for 2011. Emdeon is unable to present a quantitative

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reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures because management cannot predict, with sufficient reliability, contingent payments relating to past and possible future acquisitions, changes in the fair value of Emdeon’s interest rate swap agreement and the effect on income taxes of these and other items attributable to Emdeon’s capital structure, all of which are difficult to estimate and primarily dependent on future events.

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Emdeon Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(unaudited and amounts in thousands)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
    2011     2010     2011     2010  
Net income
  $ 9,228     $ 7,255     $ 16,503     $ 11,517  
Interest expense, net
    12,650       15,914       25,276       31,576  
Income tax provision
    7,920       9,520       13,095       20,152  
Depreciation and amortization
    38,934       29,278       76,956       57,053  
 
                       
EBITDA
    68,732       61,967       131,830       120,298  
 
                               
Equity-based compensation
    5,910       4,172       11,483       7,847  
Acquisition method adjustments
          17             193  
Facilities consolidation costs
    417       (27 )     513       403  
Acquisition-related costs
    1,521       1,087       2,735       2,026  
Tax receivable agreements change in estimate
    365             615       (1,480 )
Contingent consideration adjustments
    (2,235 )     (2,060 )     (3,638 )     (1,770 )
 
                       
EBITDA Adjustments
    5,978       3,189       11,708       7,219  
 
                       
Adjusted EBITDA
  $ 74,710     $ 65,156     $ 143,538     $ 127,517  
 
                       
Emdeon Inc.
Reconciliation of GAAP Net Income to Adjusted Net Income
(unaudited and amounts in thousands)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
    2011     2010     2011     2010  
Net income
  $ 9,228     $ 7,255     $ 16,503     $ 11,517  
Income tax provision
    7,920       9,520       13,095       20,152  
EBITDA Adjustments
    5,978       3,189       11,708       7,219  
Non-cash interest expense
    2,586       4,630       5,154       9,218  
Depreciation and amortization resulting from acquisition method adjustments
    26,790       19,965       52,876       39,141  
 
                       
Adjusted net income before income taxes
    52,502       44,559       99,336       87,247  
Normalized income tax provision
    20,738       17,601       39,238       34,463  
 
                       
Adjusted Net Income
  $ 31,764     $ 26,958     $ 60,098     $ 52,784  
 
                       

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Emdeon Inc.
Reconciliation of GAAP Net Income Per Diluted Share of Class A Common Stock to
Adjusted Net Income Per Fully Diluted Share
(1)
(unaudited)
                                 
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
    2011     2010     2011     2010  
Net income per diluted share of Class A common stock
  $ 0.06     $ 0.05     $ 0.11     $ 0.07  
Impact of assuming full dilution of all outstanding equity instruments for the period
    0.02       0.00       0.03       0.01  
Adjustments on a per share basis:
                               
Income tax provision
    0.06       0.08       0.11       0.17  
EBITDA Adjustments
    0.05       0.03       0.09       0.06  
Non-cash interest expense
    0.02       0.04       0.04       0.08  
Depreciation and amortization resulting from acquisition method adjustments
    0.22       0.16       0.43       0.32  
 
                       
Adjusted net income before income taxes
    0.43       0.36       0.81       0.71  
Normalized income tax provision
    0.17       0.14       0.32       0.28  
 
                       
Adjusted Net Income per fully diluted share
    0.26     $ 0.22     $ 0.49     $ 0.43  
 
                       
 
(1)   The calculation of Adjusted Net Income per fully diluted share assumes the following equity-based instruments were fully converted into Class A common stock on their date of issuance:
                                 
    (shares in thousands)  
    For the Three Months     For the Six Months  
    Ended June 30,     Ended June 30,  
Weighted average of:   2011     2010     2011     2010  
Class A shares outstanding
    91,148       90,633       91,114       90,548  
Class B shares outstanding
    24,483       24,689       24,483       24,707  
Restricted stock units outstanding
    900       759       847       666  
Options to purchase Class A shares outstanding
    7,662       6,488       7,241       6,015  
 
                       
Shares assumed in Adjusted Net Income per fully diluted share calculation
    124,193       122,569       123,685       121,936  
 
                       

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