MoneyGram International Reports Fourth Quarter and Full Year 2015 Financial Results
"2015 marked a transition year for the company as we completed the repositioning of our
Fourth Quarter Financial Results
- Total revenue for the fourth quarter was
$376.7 million , an increase of 8% on a reported basis and 11% on a constant currency basis. - The Company reported EBITDA of
$46.0 million and pre-tax income of$2.0 million . - Adjusted EBITDA was
$65.2 million , an increase of 10% on a reported basis and 12% on a constant currency basis. Adjusted EBITDA margin was 17.3%. - Adjusted diluted earnings per share was
$0.23 . Diluted earnings per share was$0.04 . - Adjusted Free Cash Flow for the quarter was
$20.4 million .
Fourth Quarter Money Transfer Highlights
- Money transfer transactions grew 10% in the fourth quarter.
- Money transfer revenue was
$332.7 million , representing 9% growth on a reported basis and 13% growth on a constant currency basis compared to the prior year. - Money transfer transaction growth reflects the continued strength in the Company's
U.S. Outbound and Non-U.S. sends.- Non-
U.S. send transactions grew 15% led by sends fromEurope and emerging markets. U.S. Outbound transactions grew 10% led by sends toLatin America andAfrica .U.S. -to-U.S. transactions grew 1% versus a decline of 2% in the third quarter.
- Non-
- Money transfer revenue from
U.S. Outbound and Non-U.S. sends grew 12% on a constant currency basis in the quarter and accounted for 87% of total money transfer revenue.
Fourth Quarter Digital/Self-Service Highlights
- Strong customer adoption of
MoneyGram's innovative kiosks, our redesigned moneygram.com, mobile solutions and account deposit led to accelerated Digital/Self-Service money transfer results in the fourth quarter.- Digital/Self-Service money transfer transactions increased 42%, and represented 14% of total money transfer transactions.
- Digital/Self-Service money transfer revenue grew 48% over the prior year, and represented 12% of money transfer revenue. Annualizing the fourth quarter, Digital/Self-Service solutions generate over
$163 million of revenue.
- moneygram.com attracted more than 240,000 new active customers, a quarterly record.
Full Year Highlights
- Total revenue for 2015 was
$1,434.7 million , a decrease of 1% on a reported basis compared to the prior year and an increase of 3% on a constant currency basis. For the full year, the strongerU.S. dollar negatively impacted revenue by$63.0 million . - The Company reported EBITDA of
$142.7 million . - Adjusted EBITDA was
$243.1 million , a decrease of 12% as reported and a decline of 10% on a constant currency basis. - Adjusted EBITDA margin was 16.9%.
Full Year 2016 Outlook
For the full year 2016, the Company estimates constant currency revenue and Adjusted EBITDA growth of 8% to 10%.
"Moving forward, we are focused on providing an industry leading customer experience at every interaction with our brand, wherever and however our customers choose to transact," added Holmes. "We are excited about the many initiatives we have in place to differentiate our company and drive growth through the strength of our hybrid money transfer model -- bridging the digital and physical worlds through our Digital/Self-Service solutions and global agent network."
Certain Legal Matters
Non-GAAP Measures
In addition to results presented in accordance with GAAP, this news release and related tables include certain non-GAAP financial measures, including a presentation of EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization), Adjusted EBITDA (EBITDA adjusted for significant items), Adjusted EBITDA margin, Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash payments related to an
We believe that these non-GAAP financial measures provide useful information to investors because they are an indicator of the strength and performance of ongoing business operations. These calculations are commonly used as a basis for investors, analysts and other interested parties to evaluate and compare the operating performance and value of companies within our industry. Finally, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, constant currency, adjusted diluted earnings per share and adjusted net income figures are financial and performance measures used by management in reviewing results of operations, forecasting, allocating resources or establishing employee incentive programs. Although
Description of Tables | ||
Table One |
- |
Consolidated Statements of Operations |
Table Two |
- |
Segment Results |
Table Three |
- |
Segment Reconciliations |
Table Four |
- |
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow |
Table Five |
- |
Adjusted Net Income and Adjusted Diluted EPS |
Table Six |
- |
Consolidated Balance Sheets |
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Forward-Looking Statements
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to, among other things, the financial condition, results of operations, plans, objectives, future performance and business of
TABLE ONE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions, except per share data) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
REVENUE |
||||||||||||||||||||||||
Fee and other revenue |
$ |
373.1 |
$ |
346.7 |
$ |
26.4 |
$ |
1,422.6 |
$ |
1,438.4 |
$ |
(15.8) |
||||||||||||
Investment revenue |
3.6 |
2.9 |
0.7 |
12.1 |
16.5 |
(4.4) |
||||||||||||||||||
Total revenue |
376.7 |
349.6 |
27.1 |
1,434.7 |
1,454.9 |
(20.2) |
||||||||||||||||||
Total revenue growth, as reported |
8 |
% |
(9) |
% |
(1) |
% |
(1) |
% |
||||||||||||||||
Total revenue growth, constant currency |
11 |
% |
(7) |
% |
3 |
% |
(1) |
% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||||||
Commissions expense |
170.4 |
159.5 |
10.9 |
656.2 |
666.4 |
(10.2) |
||||||||||||||||||
Compensation and benefits |
73.5 |
61.4 |
12.1 |
309.1 |
275.0 |
34.1 |
||||||||||||||||||
Transaction and operations support |
85.9 |
101.9 |
(16.0) |
324.8 |
332.2 |
(7.4) |
||||||||||||||||||
Occupancy, equipment and supplies |
16.0 |
14.5 |
1.5 |
62.3 |
54.4 |
7.9 |
||||||||||||||||||
Depreciation and amortization |
17.3 |
15.3 |
2.0 |
66.1 |
55.5 |
10.6 |
||||||||||||||||||
Total operating expenses |
363.1 |
352.6 |
10.5 |
1,418.5 |
1,383.5 |
35.0 |
||||||||||||||||||
OPERATING INCOME (LOSS) |
13.6 |
(3.0) |
16.6 |
16.2 |
71.4 |
(55.2) |
||||||||||||||||||
OTHER EXPENSE (INCOME) |
||||||||||||||||||||||||
Net securities gains |
— |
(23.0) |
23.0 |
— |
(45.4) |
45.4 |
||||||||||||||||||
Interest expense |
11.6 |
11.5 |
0.1 |
45.3 |
44.2 |
1.1 |
||||||||||||||||||
Total other expense (income), net |
11.6 |
(11.5) |
23.1 |
45.3 |
(1.2) |
46.5 |
||||||||||||||||||
Income (loss) before income taxes |
2.0 |
8.5 |
(6.5) |
(29.1) |
72.6 |
(101.7) |
||||||||||||||||||
Income tax (benefit) expense |
(0.6) |
(2.0) |
1.4 |
47.8 |
0.5 |
47.3 |
||||||||||||||||||
NET INCOME (LOSS) |
$ |
2.6 |
$ |
10.5 |
$ |
(7.9) |
$ |
(76.9) |
$ |
72.1 |
$ |
(149.0) |
||||||||||||
EARNINGS (LOSS) PER COMMON SHARE |
||||||||||||||||||||||||
Basic |
$ |
0.04 |
$ |
0.17 |
$ |
(0.13) |
$ |
(1.24) |
$ |
1.10 |
$ |
(2.34) |
||||||||||||
Diluted |
$ |
0.04 |
$ |
0.17 |
$ |
(0.13) |
$ |
(1.24) |
$ |
1.10 |
$ |
(2.34) |
||||||||||||
Weighted-average outstanding common shares and equivalents used in computing earnings (loss) per share |
||||||||||||||||||||||||
Basic (1) |
62.1 |
62.6 |
(0.5) |
62.1 |
65.3 |
(3.2) |
||||||||||||||||||
Diluted (1) |
64.1 |
62.7 |
1.4 |
62.1 |
65.5 |
(3.4) |
||||||||||||||||||
(1) Includes common stock equivalents of 8.9 million for the three months ended | ||||||||||||||||||||||||
Shares related to stock options |
3.1 |
4.0 |
3.4 |
4.0 |
||||||||||||||||||||
Shares related to restricted stock units |
2.2 |
1.4 |
3.8 |
1.1 |
TABLE TWO | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RESULTS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money transfer revenue |
$ |
332.7 |
$ |
305.7 |
$ |
27.0 |
|
$ |
1,274.5 |
$ |
(11.8) |
|||||||||||||
Bill payment revenue |
24.7 |
24.9 |
(0.2) |
98.7 |
100.1 |
(1.4) |
||||||||||||||||||
Total revenue |
$ |
357.4 |
$ |
330.6 |
$ |
26.8 |
|
$ |
1,374.6 |
$ |
(13.2) |
|||||||||||||
Total commissions expense |
$ |
170.1 |
$ |
159.3 |
$ |
10.8 |
$ |
655.1 |
$ |
665.4 |
$ |
(10.3) |
||||||||||||
Operating income |
$ |
12.2 |
$ |
9.0 |
$ |
3.2 |
$ |
31.7 |
$ |
75.4 |
$ |
(43.7) |
||||||||||||
Operating margin |
3.4 |
% |
2.7 |
% |
2.3 |
% |
5.5 |
% |
||||||||||||||||
Money transfer revenue growth, as reported
|
9 |
% |
(10) |
% |
(1) |
% |
(1) |
% |
||||||||||||||||
Money transfer revenue growth, constant currency |
13 |
% |
(8) |
% |
4 |
% |
(1) |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Money order revenue |
$ |
12.6 |
$ |
13.3 |
$ |
(0.7) |
$ |
51.0 |
$ |
54.1 |
$ |
(3.1) |
||||||||||||
Official check revenue |
6.7 |
5.7 |
1.0 |
22.3 |
26.2 |
(3.9) |
||||||||||||||||||
Total revenue |
$ |
19.3 |
$ |
19.0 |
$ |
0.3 |
$ |
73.3 |
$ |
80.3 |
$ |
(7.0) |
||||||||||||
Total commissions expense |
$ |
0.3 |
$ |
0.2 |
$ |
0.1 |
$ |
1.1 |
$ |
1.0 |
$ |
0.1 |
||||||||||||
Operating income |
$ |
5.1 |
$ |
6.4 |
$ |
(1.3) |
$ |
17.9 |
$ |
28.1 |
$ |
(10.2) |
||||||||||||
Operating margin |
26.4 |
% |
33.7 |
% |
24.4 |
% |
35.0 |
% |
TABLE THREE | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
SEGMENT RECONCILIATIONS | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Global Funds Transfer |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
357.4 |
$ |
330.6 |
$ |
26.8 |
$ |
1,361.4 |
$ |
1,374.6 |
$ |
(13.2) |
||||||||||||
Adjusted operating income |
$ |
27.9 |
$ |
24.7 |
$ |
3.2 |
$ |
102.7 |
$ |
145.2 |
$ |
(42.5) |
||||||||||||
Reorganization and restructuring costs |
(2.4) |
(11.0) |
8.6 |
(17.4) |
(25.9) |
8.5 |
||||||||||||||||||
Compliance enhancement program |
(4.5) |
(4.8) |
0.3 |
(24.4) |
(25.1) |
0.7 |
||||||||||||||||||
Direct monitor costs |
(4.0) |
(1.9) |
(2.1) |
(11.5) |
(6.5) |
(5.0) |
||||||||||||||||||
Stock-based compensation expense |
(4.8) |
5.9 |
(10.7) |
(17.7) |
(4.9) |
(12.8) |
||||||||||||||||||
Losses related to agent closures |
— |
(3.9) |
3.9 |
— |
(7.4) |
7.4 |
||||||||||||||||||
Total adjustments |
(15.7) |
(15.7) |
— |
(71.0) |
(69.8) |
(1.2) |
||||||||||||||||||
Operating income (as reported) |
$ |
12.2 |
$ |
9.0 |
$ |
3.2 |
$ |
31.7 |
$ |
75.4 |
$ |
(43.7) |
||||||||||||
Adjusted operating margin |
7.8 |
% |
7.5 |
% |
7.5 |
% |
10.6 |
% |
||||||||||||||||
Total adjustments |
(4.4) |
% |
(4.7) |
% |
(5.2) |
% |
(5.1) |
% |
||||||||||||||||
Operating margin (as reported) |
3.4 |
% |
2.7 |
% |
2.3 |
% |
5.5 |
% |
||||||||||||||||
Financial Paper Products |
||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Revenue (as reported) |
$ |
19.3 |
$ |
19.0 |
$ |
0.3 |
$ |
73.3 |
$ |
80.3 |
$ |
(7.0) |
||||||||||||
Adjusted operating income |
$ |
6.4 |
$ |
7.4 |
$ |
(1.0) |
$ |
23.7 |
$ |
33.4 |
$ |
(9.7) |
||||||||||||
Reorganization and restructuring costs |
(0.3) |
(1.4) |
1.1 |
(2.0) |
(3.2) |
1.2 |
||||||||||||||||||
Compliance enhancement program |
(0.5) |
(0.3) |
(0.2) |
(1.9) |
(1.6) |
(0.3) |
||||||||||||||||||
Stock-based compensation expense |
(0.5) |
0.7 |
(1.2) |
(1.9) |
(0.5) |
(1.4) |
||||||||||||||||||
Total adjustments |
(1.3) |
(1.0) |
(0.3) |
(5.8) |
(5.3) |
(0.5) |
||||||||||||||||||
Operating income (as reported) |
$ |
5.1 |
$ |
6.4 |
$ |
(1.3) |
$ |
17.9 |
$ |
28.1 |
$ |
(10.2) |
||||||||||||
Adjusted operating margin |
33.2 |
% |
38.9 |
% |
32.3 |
% |
41.6 |
% |
||||||||||||||||
Total adjustments |
(6.7) |
% |
(5.3) |
% |
(7.9) |
% |
(6.6) |
% |
||||||||||||||||
Operating margin (as reported) |
26.4 |
% |
33.7 |
% |
24.4 |
% |
35.0 |
% |
TABLE FOUR | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN AND ADJUSTED FREE CASH FLOW | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
Three Months Ended |
2015 vs |
Twelve Months Ended |
2015 vs | |||||||||||||||||||||
(Amounts in millions) |
2015 |
2014 |
2014 |
2015 |
2014 |
2014 | ||||||||||||||||||
Income (loss) before income taxes |
$ |
2.0 |
$ |
8.5 |
$ |
(6.5) |
$ |
(29.1) |
$ |
72.6 |
$ |
(101.7) |
||||||||||||
Interest expense |
11.6 |
11.5 |
0.1 |
45.3 |
44.2 |
1.1 |
||||||||||||||||||
Depreciation and amortization |
17.3 |
15.3 |
2.0 |
66.1 |
55.5 |
10.6 |
||||||||||||||||||
Amortization of agent signing bonuses |
15.1 |
14.6 |
0.5 |
60.4 |
53.8 |
6.6 |
||||||||||||||||||
EBITDA |
46.0 |
49.9 |
(3.9) |
142.7 |
226.1 |
(83.4) |
||||||||||||||||||
Significant items impacting EBITDA: |
||||||||||||||||||||||||
Stock-based, contingent and incentive compensation(1) |
7.3 |
(6.4) |
13.7 |
26.9 |
6.9 |
20.0 |
||||||||||||||||||
Compliance enhancement program |
5.0 |
5.1 |
(0.1) |
26.5 |
26.7 |
(0.2) |
||||||||||||||||||
Direct monitor costs |
4.0 |
1.9 |
2.1 |
11.5 |
6.5 |
5.0 |
||||||||||||||||||
Reorganization and restructuring costs |
2.6 |
12.9 |
(10.3) |
20.0 |
30.5 |
(10.5) |
||||||||||||||||||
Legal and contingent matters (2) |
0.3 |
14.9 |
(14.6) |
1.7 |
16.4 |
(14.7) |
||||||||||||||||||
Pension settlement charge (3) |
— |
— |
— |
13.8 |
— |
13.8 |
||||||||||||||||||
Losses related to agent closure |
— |
3.9 |
(3.9) |
— |
7.4 |
(7.4) |
||||||||||||||||||
Net securities gains |
— |
(23.0) |
23.0 |
— |
(45.4) |
45.4 |
||||||||||||||||||
Capital transaction costs (4) |
— |
— |
— |
— |
2.1 |
(2.1) |
||||||||||||||||||
Adjusted EBITDA |
$ |
65.2 |
$ |
59.2 |
$ |
6.0 |
$ |
243.1 |
$ |
277.2 |
$ |
(34.1) |
||||||||||||
Adjusted EBITDA margin(5) |
17.3 |
% |
16.9 |
% |
0.4 |
% |
16.9 |
% |
19.1 |
% |
(2.2) |
% | ||||||||||||
Adjusted EBITDA growth, as reported |
10 |
% |
(12) |
% |
||||||||||||||||||||
Adjusted EBITDA growth, constant currency adjusted |
12 |
% |
(10) |
% |
||||||||||||||||||||
Adjusted EBITDA |
$ |
65.2 |
$ |
59.2 |
$ |
6.0 |
$ |
243.1 |
$ |
277.2 |
$ |
(34.1) |
||||||||||||
Cash payments for interest |
(10.5) |
(10.7) |
0.2 |
(42.1) |
(41.1) |
(1.0) |
||||||||||||||||||
Cash taxes, net |
2.8 |
(1.5) |
4.3 |
(64.4) |
(6.4) |
(58.0) |
||||||||||||||||||
Payments related to |
— |
— |
61.0 |
— |
61.0 |
|||||||||||||||||||
Cash payments for capital expenditures |
(21.1) |
(21.1) |
— |
(109.9) |
(85.8) |
(24.1) |
||||||||||||||||||
Cash payments for agent signing bonuses |
(16.0) |
(61.0) |
45.0 |
(87.3) |
(93.9) |
6.6 |
||||||||||||||||||
Adjusted Free Cash Flow |
$ |
20.4 |
$ |
(35.1) |
$ |
55.5 |
$ |
0.4 |
$ |
50.0 |
$ |
(49.6) |
||||||||||||
(1) Stock-based compensation, contingent performance awards payable after three years and certain incentive compensation. | ||||||||||||||||||||||||
(2) Fees and expenses related to certain legal and contingent matters. | ||||||||||||||||||||||||
(3) Non-cash charge resulting from the partial buyout of the defined benefit pension plan. | ||||||||||||||||||||||||
(4) Professional and legal fees incurred for the | ||||||||||||||||||||||||
(5) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue. |
TABLE FIVE | ||||||||||||||||
| ||||||||||||||||
ADJUSTED NET INCOME and ADJUSTED DILUTED EPS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Twelve Months Ended | |||||||||||||||
(Amounts in millions, except per share data) |
2015 |
2014 |
2015 |
2014 | ||||||||||||
Net income (loss) |
$ |
2.6 |
$ |
10.5 |
$ |
(76.9) |
$ |
72.1 |
||||||||
Net securities gains |
— |
(23.0) |
— |
(45.4) |
||||||||||||
Other expenses (1) |
19.2 |
32.3 |
100.4 |
96.5 |
||||||||||||
Total adjustments (1) |
19.2 |
9.3 |
100.4 |
51.1 |
||||||||||||
Tax impacts of adjustments (2) |
(7.0) |
(8.3) |
(36.6) |
(30.3) |
||||||||||||
Tax adjustments (3) |
— |
— |
63.7 |
(22.9) |
||||||||||||
Adjusted net income |
$ |
14.8 |
$ |
11.5 |
$ |
50.6 |
$ |
70.0 |
||||||||
Diluted earnings (loss) per common share |
$ |
0.04 |
$ |
0.17 |
$ |
(1.24) |
$ |
1.10 |
||||||||
Diluted adjustments per common share |
0.19 |
0.01 |
2.05 |
(0.03) |
||||||||||||
Diluted adjusted earnings per common share |
$ |
0.23 |
$ |
0.18 |
$ |
0.81 |
$ |
1.07 |
||||||||
Diluted weighted-average outstanding common shares and equivalents |
64.1 |
62.7 |
62.1 |
65.5 |
||||||||||||
(1) See summary of adjustments in Table Four - EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow. | ||||||||||||||||
(2) Tax rates used to calculate the tax expense impact are based on the nature of each adjustment. | ||||||||||||||||
(3) Represents adjustments to income tax expense for the |
TABLE SIX | ||||||||
| ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
(Amounts in millions, except share data) |
|
| ||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ |
164.5 |
$ |
250.6 |
||||
Settlement assets |
3,505.6 |
3,533.6 |
||||||
Property and equipment, net |
199.7 |
165.6 |
||||||
|
442.2 |
442.5 |
||||||
Other assets (1) |
193.2 |
236.0 |
||||||
Total assets |
$ |
4,505.2 |
$ |
4,628.3 |
||||
LIABILITIES |
||||||||
Payment service obligations |
$ |
3,505.6 |
$ |
3,533.6 |
||||
Debt (1) |
942.6 |
949.6 |
||||||
Pension and other postretirement benefits |
96.3 |
125.7 |
||||||
Accounts payable and other liabilities |
183.5 |
202.1 |
||||||
Total liabilities |
4,728.0 |
4,811.0 |
||||||
STOCKHOLDERS' DEFICIT |
||||||||
Participating convertible preferred stock - series D, |
183.9 |
183.9 |
||||||
Common stock, |
0.6 |
0.6 |
||||||
Additional paid-in capital |
1,002.4 |
982.8 |
||||||
Retained loss |
(1,226.8) |
(1,144.6) |
||||||
Accumulated other comprehensive loss |
(48.7) |
(67.1) |
||||||
|
(134.2) |
(138.3) |
||||||
Total stockholders' deficit |
(222.8) |
(182.7) |
||||||
Total liabilities and stockholders' deficit |
$ |
4,505.2 |
$ |
4,628.3 |
||||
(1) As of |
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