Ambac Earnings 2019-03-31

AMBC 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM		10-Q



x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2019



¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-10777

AMBAC FINANCIAL GROUP INC

Exact name of Registrant as specified in its charter)



Delaware			133621676
(State of incorporation)			(I.R.S. employer identification no.)

One State Street Plaza	New York	NY	10004
(Address of principal executive offices)			(Zip code)

212-658-7470

(Registrant's telephone number, including area code)

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act): (Check one):



Large accelerated filer	x	Accelerated filer	¨	Non-accelerated filer	¨	Smaller reporting company	¨	Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities

Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes x No ¨



Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	AMBC	NASDAQ

As of May 6, 2019, 45,520,541 shares of common stock, par value $0.01 per share, of the Registrant were outstanding.

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

TABLE OF CONTENTS



Item Number		Page	Item Number		Page
PART I. FINANCIAL INFORMATION			PART I (CONTINUED)
1	Unaudited Consolidated Financial Statements of Ambac Financial Group, Inc. and Subsidiaries		3	Quantitative and Qualitative Disclosures About Market Risk	67
	Consolidated Balance Sheets (Unaudited)	1	4	Controls and Procedures	67
	Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)	2
	Consolidated Statements of Stockholders' Equity (Unaudited)	3	PART II. OTHER INFORMATION
	Consolidated Statements of Cash Flows (Unaudited)	4	1	Legal Proceedings	67
	Notes to Unaudited Consolidated Financial Statements	5	1A	Risk Factors	68
2	Management's Discussion and Analysis of Financial Condition and Results of Operations	42	2	Unregistered Sales of Equity Securities and Use of Proceeds	69
	Cautionary Statement Pursuant To The Private Securities Litigation Reform Act Of 1995	42	3	Defaults Upon Senior Securities	69
	Executive Summary	43	6	Exhibits	70
	Critical Accounting Policies and Estimates	45
	Financial Guarantees in Force	45	SIGNATURES		70
	Results of Operations	51
	Liquidity and Capital Resources	56
	Balance Sheet	58
	Variable Interest Entities	64
	Accounting Standards	64
	Ambac Assurance Statutory Basis Financial Results	64
	Ambac Assurance UK Limited Financial Results Under UK Accounting Principles	64
	Non-GAAP Financial Measures	65

PART I. FINANCIAL INFORMATION

Item 1. Unaudited Financial Statements of Ambac Financial Group, Inc. and Subsidiaries

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets



	March 31,			December 31,
(Dollars in thousands, except share data) (March 31, 2019 (Unaudited))	2019			2018
Assets:
Investments:
Fixed income securities, at fair value (amortized cost of $2,480,532 and $3,020,744)	$	2,619,811		$	3,115,675
Fixed income securities pledged as collateral, at fair value (amortized cost of $83,901 and $0)	83,901			—
Short-term investments, at fair value (amortized cost of $908,209 and $430,405)	908,235			430,331
Other investments (includes $387,045 and $351,049 at fair value)	428,556			391,217
Total investments	4,040,503			3,937,223
Cash and cash equivalents	21,840			63,089
Restricted cash	—			19,405
Premium receivables	487,397			495,391
Reinsurance recoverable on paid and unpaid losses	26,788			23,133
Deferred ceded premium	58,868			61,134
Subrogation recoverable	1,916,117			1,932,960
Derivative assets	76,400			59,468
Current taxes	42,830			47,040
Insurance intangible asset	689,255			718,931
Other assets	90,977			137,628
Variable interest entity assets:
Fixed income securities, at fair value	3,128,995			2,737,286
Restricted cash	3,254			999
Loans, at fair value	4,375,761			4,287,664
Derivative assets	59,228			66,302
Other assets	4,686			1,058
Total assets	$	15,022,899		$	14,588,711
Liabilities and Stockholders’ Equity:
Liabilities:
Unearned premiums	$	591,397		$	629,971
Loss and loss expense reserves	1,694,163			1,826,078
Ceded premiums payable	31,745			32,913
Deferred taxes	39,201			40,130
Long-term debt	2,929,227			2,928,929
Accrued interest payable	391,335			375,808
Derivative liabilities	86,534			76,699
Other liabilities	71,402			63,792
Variable interest entity liabilities:
Accrued interest payable	2,785			556
Long-term debt (includes $5,401,992 and $5,268,596 at fair value)	5,737,263			5,268,596
Derivative liabilities	1,781,903			1,712,062
Other liabilities	56			30
Total liabilities	13,357,011			12,955,564
Commitments and contingencies (See Note 12)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 20,000,000 shares authorized shares; issued and outstanding shares—none	—			—
Common stock, par value $0.01 per share; 130,000,000 shares authorized; issued shares: 45,560,960 and 45,365,170	456			454
Additional paid-in capital	223,545			219,429
Accumulated other comprehensive income (loss)	22,542			(48,715		)
Retained earnings	1,376,244			1,421,302
Treasury stock, shares at cost: 40,419 and 28,892	(813		)	(473		)
Total Ambac Financial Group, Inc. stockholders’ equity	1,621,974			1,591,997
Noncontrolling interest	43,914			41,150
Total stockholders’ equity	1,665,888			1,633,147
Total liabilities and stockholders’ equity	$	15,022,899		$	14,588,711

See accompanying Notes to Unaudited Consolidated Financial Statements

| Ambac Financial Group, Inc. 1 2019 First Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Total Comprehensive Income (Loss) (Unaudited)



	Three Months Ended March 31,
(Dollars in thousands, except share data)	2019			2018
Revenues:
Net premiums earned	$	27,758		$	30,883
Net investment income:
Securities available-for-sale and short-term	46,552			110,551
Other investments	8,290			(311		)
Total net investment income	54,842			110,240
Other-than-temporary impairment losses:
Total other-than-temporary impairment losses	(29		)	(341		)
Portion of other-than-temporary impairment recognized in other comprehensive income	—			42
Net other-than-temporary impairment losses recognized in earnings	(29		)	(299		)
Net realized investment gains (losses)	17,233			4,862
Net gains (losses) on derivative contracts	(16,159		)	25,191
Net realized gains (losses) on extinguishment of debt	—			3,115
Other income (loss)	802			(509		)
Income (loss) on variable interest entities	15,921			574
Total revenues	100,368			174,057
Expenses:
Losses and loss expenses (benefit)	12,407			(247,395		)
Insurance intangible amortization	36,278			28,636
Operating expenses	24,915			36,434
Interest expense	67,978			48,073
Total expenses	141,578			(134,252		)
Pre-tax income (loss)	(41,210		)	308,309
Provision for income taxes	1,991			2,605
Net income (loss) attributable to common stockholders	$	(43,201	)	$	305,704
Other comprehensive income (loss), after tax:
Net income (loss)	$	(43,201	)	$	305,704
Unrealized gains (losses) on securities, net of income tax provision (benefit) of $(598) and $(1,708)	56,163			122,304
Gains (losses) on foreign currency translation, net of income tax provision (benefit) of $0 and $0	14,571			32,056
Credit risk changes of fair value option liabilities, net of income tax provision (benefit) of $32 and $230	156			1,114
Changes to postretirement benefit, net of income tax provision (benefit) of $0 and $0	367			(859		)
Total other comprehensive income, net of income tax	71,257			154,615
Total comprehensive income attributable to common stockholders	$	28,056		$	460,319
Net income per share attributable to common stockholders:
Basic	$	(0.94	)	$	6.72
Diluted	$	(0.94	)	$	6.70
Weighted average number of common shares outstanding:
Basic	45,832,297			45,471,083
Diluted	45,832,297			45,653,471

See accompanying Notes to Unaudited Consolidated Financial Statements

| Ambac Financial Group, Inc. 2 2019 First Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity (Unaudited)



				Ambac Financial Group, Inc.
(Dollars in thousands)	Total			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Preferred Stock		Common Stock		Additional Paid-in Capital		Common Stock Held in Treasury, at Cost			Noncontrolling Interest
Balance at January 1, 2019	$	1,633,147		$	1,421,302		$	(48,715	)	$	—	$	454	$	219,429	$	(473	)	$	41,150
Total comprehensive income	28,056			(43,201		)	71,257			—		—		—		—			—
Stock-based compensation	4,116			—			—			—		—		4,116		—			—
Cost of shares (acquired) issued under equity plan	(2,197		)	(1,857		)	—			—		—		—		(340		)	—
Issuance of common stock	2			—			—			—		2		—		—			—
Re-issuance of Ambac Assurance auction market preferred shares	2,764			—			—			—		—		—		—			2,764
Balance at March 31, 2019	$	1,665,888		$	1,376,244		$	22,542		$	—	$	456	$	223,545	$	(813	)	$	43,914

Balance at January 1, 2018	$	1,645,258		$	1,233,845		$	(52,239	)	$	—	$	453	$	199,560	$	(471	)	$	264,110
Total comprehensive income	460,319			305,704			154,615			—		—		—		—			—
Adjustment to initially apply ASU 2016-01	—			2,900			(2,900		)
Stock-based compensation	4,612			—			—			—		—		4,612		—			—
Cost of shares (acquired) issued under equity plan	(1,025		)	(985		)	—			—		—		—		(40		)	—
Issuance of common stock	1			—			—			—		1		—		—			—
Balance at March 31, 2018	$	2,109,165		$	1,541,464		$	99,476		$	—	$	454	$	204,172	$	(511	)	$	264,110

See accompanying Notes to Unaudited Consolidated Financial Statements

| Ambac Financial Group, Inc. 3 2019 First Quarter FORM 10-Q |

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (Unaudited)



	Three Months Ended March 31,
(Dollars in thousands)	2019			2018
Cash flows from operating activities:
Net income (loss)	$	(43,201	)	$	305,704
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	159			181
Amortization of bond premium and discount	(11,846		)	(77,427		)
Share-based compensation	4,116			4,612
Deferred income taxes	(935		)	1,145
Current income taxes	4,232			(8,439		)
Unearned premiums, net	(36,289		)	(18,329		)
Losses and loss expenses, net	(118,801		)	(1,371,840		)
Ceded premiums payable	(1,168		)	(1,425		)
Premium receivables	7,979			5,601
Accrued interest payable	28,971			(63,126		)
Amortization of insurance intangible assets	36,278			28,636
Net mark-to-market (gains) losses	(382		)	452
Net realized investment gains	(17,233		)	(4,862		)
Other-than-temporary impairment charges	29			299
(Gain) loss on extinguishment of debt	—			(3,115		)
Variable interest entity activities	(15,921		)	(574		)
Derivative assets and liabilities	12,305			438
Other, net	56,579			10,507
Net cash used in operating activities	(95,128		)	(1,191,562		)
Cash flows from investing activities:
Proceeds from sales of bonds	641,032			296,078
Proceeds from matured bonds	34,681			103,995
Purchases of bonds	(182,556		)	(77,469		)
Proceeds from sales of other invested assets	1,749			31,327
Purchases of other invested assets	(28,559		)	(11,758		)
Change in short-term investments	(477,910		)	236,262
Change in cash collateral receivable	56,771			(979		)
Proceeds from paydowns of consolidated VIE assets	67,172			79,917
Other, net	(225		)	(377		)
Net cash provided by investing activities	112,155			656,996
Cash flows from financing activities:
Net proceeds from issuance of Tier 2 notes	—			240,000
Paydowns of Ambac Note	(13,146		)	—
Paydowns of a secured borrowing	—			(8,797		)
Payments for extinguishment of surplus notes	—			(191,258		)
Payments for debt issuance costs	—			(9,221		)
Issuance of auction market preferred shares of Ambac Assurance	2,764			—
Tax payments related to shares withheld for share-based compensation plans	(2,198		)	(1,025		)
Payments of consolidated VIE liabilities	(63,022		)	(79,917		)
Net cash used in financing activities	(75,602		)	(50,218		)
Effect of foreign exchange on cash, cash equivalents and restricted cash	176			(278		)
Net cash flow	(58,399		)	(585,062		)
Cash, cash equivalents, and restricted cash at beginning of period	83,493			624,681
Cash, cash equivalents, and restricted cash at end of period	$	25,094		$	39,619

See accompanying Notes to Unaudited Consolidated Financial Statements

| Ambac Financial Group, Inc. 4 2019 First Quarter FORM 10-Q |

Table of Contents

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

(Dollar Amounts in Thousands, Except Share Amounts)

1. BACKGROUND AND BUSINESS DESCRIPTION

The following description provides an update of Note 1. Background and Business Description in the Notes to Consolidated Financial Statements included Part II, Item 8 in the Company’s Annual Report on Form 10-K for the year ended December 2018, and should be read in conjunction with the complete descriptions provided in the Form 10-K. Capitalized terms used but not defined herein and in the other footnotes to the Consolidated Financial Statements included in this Quarterly Report on Form 10-Q shall have the meanings ascribed thereto in the Company’s Annual Report on Form 10-K for the year ended December 2018.

Ambac Financial Group, Inc. (“Ambac” or the “Company”), headquartered in New York City, is a financial services holding company incorporated in the state of Delaware on April 29, 1991.

Ambac provides financial guarantee insurance policies through its principal operating subsidiary, Ambac Assurance Corporation (“Ambac Assurance" or "AAC") and its wholly owned subsidiary, Ambac Assurance UK Limited (“Ambac UK”). Insurance policies issued by Ambac Assurance and Ambac UK generally guarantee payment when due of the principal and interest on the obligations guaranteed. Ambac Assurance also has another wholly-owned subsidiary, Everspan Financial Guarantee Corp., which has been in runoff since its acquisition in 1997. Management reviews financial information, allocates resources and measures financial performance on a consolidated basis. As a result, the Company has a single reportable segment.

Strategies to Enhance Shareholder Value

Ambac’s primary goal is to maximize shareholder value through executing the following key strategies:


•	Active runoff of Ambac Assurance and its subsidiaries through transaction terminations, policy commutations, reinsurance, settlements and restructurings, with a focus on our watch list credits and known and potential future adversely classified credits, that we believe will improve our risk profile, and maximizing the risk-adjusted return on invested assets;


•	Ongoing rationalization of Ambac's and its subsidiaries' capital and liability structures;


•	Loss recovery through active litigation management and exercise of contractual and legal rights;


•	Ongoing review of the effectiveness and efficiency of Ambac's operating platform; and


•	Evaluation of opportunities in certain business sectors that meet acceptable criteria that will generate long-term stockholder value with attractive risk-adjusted returns.

With respect to our new business strategy, we have identified certain business sectors adjacent to Ambac's core business in which opportunities are being evaluated. We are actively evaluating strategic opportunities in credit, insurance, asset management and other financial services that we believe are synergistic to Ambac and would leverage our core competencies. We are being measured and disciplined in our approach as we consider and pursue

opportunities to deploy our capital with the goal of creating sustainable long-term shareholder value. Although we are exploring new business opportunities for Ambac, no assurance can be given that we will be able to identify or execute a suitable transaction and/or obtain the financial and other resources that may be required to finance the acquisition or development of any new businesses or assets.

The execution of Ambac’s objective to increase the value of its investment in Ambac Assurance is subject to the rights of the Office of the Commissioner of Insurance for the State of Wisconsin (“OCI”) under the Stipulation and Order, which requires OCI to approve certain actions taken by or in respect of Ambac Assurance, as well as restrictions in the Settlement Agreement and in the indenture for the Tier 2 Notes. Opportunities for remediating losses on poorly performing insured transactions also depend on market conditions, including the perception of Ambac Assurance’s and its subsidiaries' creditworthiness, the structure of the underlying risk and associated policy as well as other counterparty specific factors. Decisions by OCI could impair Ambac’s ability to execute certain of its strategies. Ambac Assurance's ability to commute policies or purchase certain investments may also be limited by available liquidity. Due to these factors, as well as uncertainties relating to the ability of Ambac Assurance to deliver value to Ambac, the value of our securities remains speculative.

2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The Company has disclosed its significant accounting policies in Note 2. Basis of Presentation and Significant Accounting Policies in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The following significant accounting policies provide an update to those included in the Company’s Annual Report on Form 10-K.

Consolidation:

The consolidated financial statements include the accounts of Ambac and all other entities in which Ambac (directly or through its subsidiaries) has a controlling financial interest, including variable interest entities (“VIEs”) for which Ambac or an Ambac subsidiary is deemed the primary beneficiary in accordance with the Consolidation Topic of the Accounting Standards Codification ("ASC"). All significant intercompany balances have been eliminated. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. A VIE is an entity: a) that lacks enough equity investment at risk to permit the entity to finance its activities without additional subordinated financial support from other parties; or b) where the group of equity holders does not have: (1) the power, through voting rights or similar rights, to direct the activities of an entity that most significantly impact the entity’s economic performance; (2) the obligation to absorb the entity’s expected losses; or (3) the right to receive the entity’s expected residual returns. The determination of whether a variable interest holder is the primary beneficiary involves performing a qualitative analysis

| Ambac Financial Group, Inc. 5 2019 First Quarter FORM 10-Q |

Table of Contents

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

(Dollar Amounts in Thousands, Except Share Amounts)

of the VIE that includes, among other factors, its capital structure, contractual terms including the rights of each variable interest holder, the activities of the VIE, whether the variable interest holder has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, whether the variable interest holder has the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, related party relationships and the design of the VIE. An entity that is deemed the primary beneficiary of a VIE is required to consolidate the VIE. See Note 3. Variable Interest Entities, for a detailed discussion of Ambac’s involvement in VIEs, Ambac’s methodology for determining whether Ambac is required to consolidate a VIE and the effects of VIEs being consolidated and deconsolidated.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial reporting and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for annual periods. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (U.S.), but in the opinion of management such financial statements include all adjustments necessary for the fair presentation of the Company’s consolidated financial position and results of operations. The results of operations for the three months ended March 31, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019. The December 31, 2018 consolidated balance sheet was derived from audited financial statements.

The election to use the fair value option is made on an instrument by instrument based under ASC 825-10. At December 31, 2018, all VIE invested assets and long-term debt were reported under the fair value option as disclosed in the notes to the consolidated financial statements included in the Annual Report on Form 10-K. During the three months ended March 31, 2019, Ambac consolidated a new VIE that holds investments in fixed income securities that management has classified as available-for-sale under the Investments - Debt Securities Topic of the ASC. Long-term debt of the newly consolidated VIE is carried at par value less

unamortized discount. See Note 3. Variable Interest Entities, for further discussion of the accounting elections used and the presentation of VIEs in these unaudited consolidated financial statements.

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. As additional information becomes available or actual amounts become determinable, the recorded estimates are revised and reflected in operating results.

Certain amounts in the condensed consolidated financial statements and associated notes may not add due to rounding.

Foreign Currency:

Financial statement accounts expressed in foreign currencies are translated into U.S. dollars in accordance with the Foreign Currency Matters Topic of the ASC. The functional currencies of Ambac's subsidiaries are the local currencies of the country where the respective subsidiaries are based, which are also the primary operating environments in which the subsidiaries operate.

Foreign currency translation: Functional currency assets and liabilities of Ambac’s foreign subsidiaries are translated into U.S. dollars using exchange rates in effect at the balance sheet dates and the related translation adjustments, net of deferred taxes, are included as a component of Accumulated Other Comprehensive Income in Stockholders' Equity. Functional currency operating results of foreign subsidiaries are translated using average exchange rates.

Foreign currency transactions: The impact of non-functional currency transactions and the remeasurement of non-functional currency assets and liabilities into the respective subsidiaries' functional currency (collectively "foreign currency transactions gains/(losses)") are $1,960 and $5,014 for the three months ended March 31, 2019 and 2018, of which $5,583 and $11,012 relate to the remeasurement of loss reserves, classified in Loss and loss expenses, respectively. Foreign currency transactions gains/(losses) are primarily the result of remeasuring Ambac UK's assets and liabilities denominated in currencies other than its functional currency, primarily the U.S. dollar and the Euro.

| Ambac Financial Group, Inc. 6 2019 First Quarter FORM 10-Q |

Table of Contents

AMBAC FINANCIAL GROUP, INC. AND SUBSIDIARIES

Notes to Unaudited Consolidated Financial Statements

(Dollar Amounts in Thousands, Except Share Amounts)



Supplemental Disclosure of Cash Flow Information	Three Months Ended March 31,
	2019		2018
Cash paid during the period for:
Income taxes	$	852

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$18.89	45	$857

10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-06-03	Shareholder Vote
8-K	2019-05-09	Earnings, Exhibits
8-K	2019-02-28	Earnings, Exhibits
8-K	2018-11-07	Earnings, Exhibits
8-K	2018-10-11	Other Events
8-K	2018-08-30	Regulation FD, Exhibits
8-K	2018-08-08	Earnings, Exhibits
8-K	2018-08-03	Regulation FD, Exhibits
8-K	2018-07-25	Earnings, Regulation FD, Exhibits
8-K	2018-07-16	Regulation FD
8-K	2018-07-03	Regulation FD, Exhibits
8-K	2018-06-22	Enter Agreement, Regulation FD, Exhibits
8-K	2018-05-18	Shareholder Vote
8-K	2018-05-08	Earnings, Exhibits
8-K	2018-02-12	Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K	2018-02-02	Earnings, Regulation FD, Exhibits
8-K	2018-01-11	Regulation FD, Exhibits

DG	Dollar General	31,870
EAF	GrafTech	3,510
REZI	Resideo Technologies	2,780
WMS	Advanced Drainage Systems	1,590
CPLG	Corepoint Lodging	784
NTLA	Intellia Therapeutics	739
NAK	Northern Dynasty Minerals	146
VRC	Vanjia	0
DJO	DJO Finance	0
ARDM	Aradigm	0

EX-10.1	a02-017ambcex101x1q191.htm
EX-10.2	a02-017ambcex102x1q191.htm
EX-10.3	a02-017ambcex103x1q191.htm
EX-10.4	a02-017ambcex104x1q191.htm
EX-10.5	a02-017ambcex105x1q191.htm
EX-31.1	a02-017ambcex311x1q191.htm
EX-31.2	a02-017ambcex312x1q191.htm
EX-32.1	a02-017ambcex32x1x1q19.htm