Constellation Software Inc.
TSX : CSU

Constellation Software Inc.

October 31, 2012 17:00 ET

Constellation Software Inc. Announces Results for the Third Quarter Ended September 30, 2012 and Declares Quarterly Dividend

TORONTO, ONTARIO--(Marketwire - Oct. 31, 2012) - Constellation Software Inc. (TSX:CSU) ("Constellation" or the "Company") today announced its financial results for the three and nine months ended September 30, 2012 and declared a $1.00 per share dividend payable on January 4, 2013 to all common shareholders of record at the close of business on December 17, 2012. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three and nine months ended September 30, 2012 and the accompanying notes, and with our Annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our Management's Discussion and Analysis for the year ended December 31, 2011, which can be found on SEDAR at www.sedar.com and on the Company's website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.

Q3 2012 Highlights:

  • Revenue grew 12% to $226 million compared to $202 million in Q3 2011. Organic revenue growth was negative 2% in Q3 2012 compared to 11% in Q3 2011.
  • Adjusted EBITDA grew 9% to $49 million compared to $44 million in Q3 2011.
  • Adjusted net income increased $2 million or 6% to $42 million ($1.99 on a diluted per share basis) from $40 million ($1.87 on a diluted per share basis) in Q3 2011.
  • Seven acquisitions were completed in the quarter for aggregate cash consideration of $24 million (which includes acquired cash and acquired bank indebtedness) plus cash holdbacks of $9 million and the estimated value of contingent consideration of $6 million.
  • Cash flows from operating activities declined to $46 million ($2.15 on a diluted per share basis) compared to $54 million ($2.53 on a diluted per share basis) in Q3 2011.
  • Subsequent to September 30, 2012, the Company completed three acquisitions for aggregate cash consideration of $4 million plus holdbacks of $0.4 million.

Third quarter 2012 revenue was $226 million, an increase of 12%, or $24 million, compared to $202 million for the comparable period in 2011. For the first nine months of 2012, total revenue was $630 million, an increase of 10% or $55 million, compared to $575 million for the comparable period in 2011.

Net income for the third quarter 2012 was $21 million compared to the prior year's third quarter net income of $19 million. On a diluted per share basis, this represents net income per share of $0.99 for the third quarter of 2012. This compares favourably to $0.91 for the same period in 2011. Net income for the first nine months of 2012 was $53 million compared to last year's net income of $138 million. On a diluted per share basis, this represents net income per share of $2.48 for the first nine months of 2012. This compares unfavourably to $6.50 for the same period in 2011, which included a significant deferred income tax recovery that was recognized in the prior period. Excluding the income tax recovery, net income remained unchanged at $20 million in the quarter ended September 30, 2012 compared to the quarter ended September 30, 2011 and increased by 10% to $48 million from $44 million in the nine months ended September 30, 2012.

Adjusted EBITDA for the third quarter 2012 was $49 million, a 9% increase compared to the prior year's third quarter Adjusted EBITDA of $44 million. Third quarter 2012 Adjusted EBITDA per share on a diluted basis increased 9% to $2.30, compared to $2.10 for the same period last year. Adjusted EBITDA for the nine month period ended September 30, 2012 was $132 million, a 9% increase over Adjusted EBITDA of $121 million for the same period in the prior year. Adjusted EBITDA per share on a diluted basis for the nine month period ended September 30, 2012 increased 9% to $6.21, compared to $5.72 for the same period in prior year.

Adjusted net income for the third quarter of 2012 was $42 million, compared to the prior year's third quarter Adjusted net income of $40 million, a 6% increase. Third quarter 2012 Adjusted net income per share on a diluted basis increased 6% to $1.99 compared to $1.87 for the prior year's third quarter. Adjusted net income for the nine month period ended September 30, 2012 was $110 million, an increase of 10% over Adjusted net income of $100 million for the same period in the prior year. Adjusted net income per share on a diluted basis for the nine month period ended September 30, 2012 increased 10% to $5.19, compared to $4.73 for the same period in 2011.

Net indebtedness (bank indebtedness less cash) of $3 million, increased by $36 million for the nine months ended September 30, 2012 primarily due to acquisitions. For the nine month period ended September 30, 2012, twenty-two acquisitions were completed and combined with post-acquisition settlement payments resulted in cash outflows of $77 million. In the prior year, sixteen acquisitions were completed for net cash consideration, when combined with post-acquisition settlement payments, of $36 million.

The following table displays our revenue by reportable segment and the percentage change for the three and nine months ended September 30, 2012 compared to the same period in 2011:

Three months ended Period-Over-Period Nine months ended Period-Over-Period
September 30, Change September 30, Change
2012 2011 $ % 2012 2011 $ %
($000, except percentages) ($000, except percentages)
Public Sector
Licenses 12,656 10,927 1,729 16 % 33,310 32,237 1,073 3 %
Professional services 39,689 36,706 2,983 8 % 107,480 109,200 (1,720 ) -2 %
Hardware and other 22,407 29,035 (6,628 ) -23 % 63,452 74,311 (10,859 ) -15 %
Maintenance and other recurring 85,831 73,174 12,657 17 % 242,295 211,284 31,011 15 %
160,583 149,842 10,741 7 % 446,537 427,032 19,505 5 %
Private Sector
Licenses 6,134 4,713 1,421 30 % 16,414 13,927 2,487 18 %
Professional services 10,805 9,018 1,787 20 % 31,076 25,929 5,147 20 %
Hardware and other 3,302 3,019 283 9 % 9,963 8,847 1,116 13 %
Maintenance and other recurring 45,156 35,661 9,495 27 % 126,237 99,249 26,988 27 %
65,397 52,411 12,986 25 % 183,690 147,952 35,738 24 %

Public Sector

For the quarter ended September 30, 2012, total revenue in the public sector reportable segment increased by 7%, or $11 million to $161 million, compared to $150 million for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, total revenue increased by 5%, or $20 million to $447 million, compared to $427 million for the comparable period in 2011. Revenue growth from acquired businesses contributed approximately $17 million to our Q3 2012 revenue and $33 million to our nine months ended September 30, 2012 revenue compared to the same periods in 2011. We completed 21 acquisitions in this segment since the beginning of 2011, 10 of which were acquired in fiscal year 2011. Organic revenue decreased by 4% in Q3 2012 and decreased by 3% in the nine months ended September 30, 2012 compared to the same periods in 2011. Excluding Public Transit Solutions ("PTS"), where revenue was expected to decrease, organic revenue remained unchanged in Q3 2012 and decreased by 1% in the nine months ended September 30, 2012 respectively, compared to the same periods in 2011.

Constellation acquired the Public Transit Solutions business ("PTS") from Continental Automotive AG ("Continental") on November 2, 2009. Given the substantial amount of non-recurring revenue historically earned by PTS, gross revenue from PTS has fluctuated significantly in the past and will continue to do so in the future.

Private Sector

For the quarter ended September 30, 2012, total revenue in the private sector reportable segment increased 25%, or $13 million to $65 million, compared to $52 million for the quarter ended September 30, 2011. For the nine months ended September 30, 2012 total revenue increased by 24%, or $36 million to $184 million, compared to $148 million for the comparable period in 2011. Revenue growth from acquired businesses contributed approximately $10 million to our Q3 2012 revenue and $28 million to our nine months ended September 30, 2012 revenue compared to the same periods in 2011. We completed 23 acquisitions in this segment since the beginning of 2011, 12 of which were acquired in fiscal year 2011. Revenue increased organically by 5% in both Q3 2012 and in the nine months ended September 30, 2012 compared to the same periods in 2011.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Friday, November 2, 2012 to answer questions regarding the results. The teleconference numbers are 416-340-8527 or 877-440-9795. The call will also be webcast live and archived on Constellation's website at www.csisoftware.com.

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on November 17, 2012. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 2722800.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term "Adjusted EBITDA" refers to net income before adjusting for finance income, finance costs, income taxes, equity in net loss of equity investees, impairment of non-financial assets, depreciation, amortization, and foreign exchange loss (gain). The Company believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration asset depreciation and amortization and the other items listed above. "Adjusted EBITDA margin" refers to the percentage that Adjusted EBITDA for any period represents as a portion of total revenue for that period.

"Adjusted net income" means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred by the Company from time to time. "Adjusted net income margin" refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITDA and Adjusted net income are not recognized measures under IFRS and, accordingly, shareholders are cautioned that Adjusted EBITDA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating Adjusted EBITDA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITDA and Adjusted net income may not be comparable to similar measures presented by other issuers. See "Results of Operations - Adjusted EBITDA" and "- Adjusted net income" for a reconciliation of Adjusted EBITDA and Adjusted net income to net income.

The following table reconciles Adjusted EBITDA to net income:

Three months ended Nine months ended
(Unaudited) September 30, September 30,
2012 2011 2012 2011
($000, except percentages) ($000, except percentages)
Total revenue $ 225,980 $ 202,253 $ 630,227 $ 574,984
Net income 21,065 19,305 52,581 137,779
Adjusted for:
Income tax expense (recovery) 4,833 5,758 11,810 (80,288 )
Foreign exchange (gain) loss (321 ) (905 ) (330 ) 3,028
Equity in net (income) loss of equity investees (216 ) 0 875 0
Finance income (2,066 ) (2,795 ) (3,529 ) (6,167 )
Finance costs 1,131 1,462 2,923 4,589
Impairment of non-financial assets 0 518 0 518
Amortization of intangible assets 22,099 19,135 61,643 55,733
Depreciation 2,112 1,957 5,633 6,039
Adjusted EBITDA 48,637 44,435 131,606 121,231
Adjusted EBITDA margin 22 % 22 % 21 % 21 %
The following table reconciles Adjusted net income to net income:
Three months ended Nine months ended
(Unaudited) September 30, September 30,
2012 2011 2012 2011
($000, except percentages) ($000, except percentages)
Total revenue $ 225,980 $ 202,253 $ 630,227 $ 574,984
Net income 21,065 19,305 52,581 137,779
Adjusted for:
Amortization of intangible assets 22,099 19,135 61,643 55,733
Impairment of non-financial assets 0 518 0 518
Deferred income tax (recovery) expense (1,085 ) 759 (4,277 ) (93,764 )
Adjusted net income 42,079 39,717 109,947 100,266
Adjusted net income margin 19 % 20 % 17 % 17 %
The following tables provide supplemental statement of operations and cash flow information for PTS:
Supplemental financial information
For the three months ended September 30, 2012 For the nine months ended September 30, 2012
Constellation Constellation
Software Inc. Software Inc.
(Unaudited) (excluding PTS) PTS Consolidated (excluding PTS) PTS Consolidated
Revenue $ 193,251 $ 32,729 $ 225,980 $ 535,099 $ 95,128 $ 630,227
Adjusted EBITDA 42,795 5,842 48,637 113,633 17,973 131,606
EBITDA as % Total Revenue 22 % 18 % 22 % 21 % 19 % 21 %
Net Income $ 16,509 $ 4,556 $ 21,065 $ 37,894 $ 14,687 $ 52,581
Cash flows from operating activities:
Net income $ 16,509 $ 4,556 $ 21,065 $ 37,894 $ 14,687 $ 52,581
Adjustments to reconcile net income to net cash flows from operations, including taxes paid:
18,854 1,122 19,976 57,772 2,942 60,714
Change in non-cash operating working capital
2,951 1,541 4,492 (9,317 ) (20,030 ) (29,347 )
Cash flows from operating activities $ 38,314 $ 7,219 $ 45,533 $ 86,349 $ (2,401 ) $ 83,948
The following table reconciles Adjusted EBITDA to net income for PTS:
Adjusted EBITDA to net income reconciliation
For the three months ended September 30, 2012 For the nine months ended September 30, 2012
Constellation Constellation
Software Inc. Software Inc.
(Unaudited) (excluding PTS) PTS Consolidated (excluding PTS) PTS Consolidated
Total revenue $ 193,251 $ 32,729 $ 225,980 $ 535,099 $ 95,128 $ 630,227
Net income 16,509 4,556 21,065 37,894 14,687 52,581
Adjusted for:
Income tax expense 3,989 844 4,833 9,635 2,175 11,810
Other expenses (income) (1,739 ) 267 (1,472 ) (678 ) 617 (61 )
Amortization of intangible assets 22,099 - 22,099 61,643 - 61,643
Depreciation 1,937 175 2,112 5,139 494 5,633
Adjusted EBITDA 42,795 5,842 48,637 113,633 17,973 131,606
Adjusted EBITDA margin 22 % 18 % 22 % 21 % 19 % 21 %

About Constellation Software Inc.

Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. The Company acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.

SOURCE: CONSTELLATION SOFTWARE INC.

CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of U.S. dollars)
(Unaudited)
September 30, December 31,
2012 2011
Assets
Current assets:
Cash $ 35,742 $ 33,492
Equity securities available-for-sale 26,145 21,222
Accounts receivable 120,163 96,259
Work in progress 35,301 26,244
Inventories 19,888 13,539
Other assets 33,586 29,772
270,825 220,528
Non-current assets:
Property and equipment 17,532 14,591
Deferred income taxes 105,271 99,659
Other assets 36,712 28,005
Intangible assets 330,032 267,792
489,547 410,047
Total assets $ 760,372 $ 630,575
Liabilities and Shareholders' Equity
Current liabilities:
Bank indebtedness $ 39,226 $ -
Accounts payable and accrued liabilities 123,516 114,952
Dividends payable 20,970 -
Deferred revenue 224,618 181,450
Provisions 3,947 3,555
Acquired contract liabilities 2,412 4,750
Acquisition holdback payments 19,928 11,378
Income taxes payable 3,535 4,751
438,152 320,836
Non-current liabilities:
Deferred income taxes 20,550 11,259
Acquired contract liabilities 24,858 28,051
Acquisition holdback payments 4,729 2,474
Other liabilities 16,172 11,675
66,309 53,459
Total liabilities 504,461 374,295
Shareholders' equity:
Capital stock 99,283 99,283
Accumulated other comprehensive income 17,587 6,961
Retained earnings 139,041 150,036
255,911 256,280
Total liabilities and shareholders' equity $ 760,372 $ 630,575
CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
Three months ended September 30, Nine months ended September 30,
2012 2011 2012 2011
(Recast) (Recast)
Revenue $ 225,980 $ 202,253 $ 630,227 $ 574,984
Expenses
Staff 120,197 103,085 339,517 299,691
Hardware 14,554 18,723 37,486 47,607
Third party license, maintenance and professional services 15,134 13,320 44,095 37,932
Occupancy 5,450 4,948 15,114 14,251
Travel 8,595 7,221 24,607 20,679
Telecommunications 2,792 2,554 7,842 7,435
Supplies 3,512 3,451 10,810 11,747
Professional fees 3,979 2,068 8,046 6,788
Other 3,130 2,448 11,104 7,623
Depreciation 2,112 1,957 5,633 6,039
Amortization of intangible assets 22,099 19,135 61,643 55,733
201,554 178,910 565,897 515,525
Impairment of non-financial assets - 518 - 518
Foreign exchange (gain) loss (321 ) (905 ) (330 ) 3,028
Equity in net (income) loss of equity investees (216 ) - 875 -
Finance income (2,066 ) (2,795 ) (3,529 ) (6,167 )
Finance costs 1,131 1,462 2,923 4,589
(1,472 ) (1,720 ) (61 ) 1,968
Profit before income tax 25,898 25,063 64,391 57,491
Current income tax expense 5,918 4,999 16,087 13,476
Deferred income tax (recovery) expense (1,085 ) 759 (4,277 ) (93,764 )
Income tax expense (recovery) 4,833 5,758 11,810 (80,288 )
Net income 21,065 19,305 52,581 137,779
Net change in fair value
on available-for-sale financial assets during the period 8,907 913 13,821 4,478
Net unrealized foreign exchange gain (loss)
on available-for-sale financial assets during the period 72 (308 ) 45 (90 )
Amounts reclassified to profit during the period
related to realized gains on available-for-sale financial assets (1,900 ) (2,770 ) (2,963 ) (5,882 )
Foreign currency translation differences from foreign operations 1,875 (2,015 ) 1,073 (1,212 )
Current income tax recovery 34 75 26 75
Deferred income tax recovery (expense) (1,063 ) 430 (1,376 ) 408
Other comprehensive income (loss) for the period, net of income tax 7,925 (3,675 ) 10,626 (2,223 )
Total comprehensive income for the period $ 28,990 $ 15,630 $ 63,207 $ 135,556
Earnings per share
Basic and diluted $ 0.99 $ 0.91 $ 2.48 $ 6.50
CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Changes in Equity
(In thousands of U.S. dollars)
Nine months ended September 30, 2012
(Unaudited)
Capital Accumulated other Total accumulated other Retained Total
stock comprehensive comprehensive earnings
income/(loss) income/(loss)
Cumulative Amounts
translation related to
account gains/losses
on available-
for-sale
financial
assets
Balance at January 1, 2012 $ 99,283 $ 182 $ 6,779 $ 6,961 $ 150,036 $ 256,280
Total comprehensive income for the period
Net income 52,581 52,581
Other comprehensive income (loss)
Net change in fair value

on available-for-sale financial assets during the period






13,821



13,821



-



13,821

Net unrealized foreign exchange adjustment

gain (loss) on available-for-sale financial assets during the period






45



45



-



45

Amounts reclassified to profit during the period

related to realized gains on available-for-sale investments






(2,963

)


(2,963

)


-



(2,963

)
Foreign currency translation differences from foreign operations 1,073 - 1,073 - 1,073
Current tax expense 26 - 26 - 26
Deferred tax expense - (1,376 ) (1,376 ) - (1,376 )
Total other comprehensive income for the period 1,099 9,527 10,626 - 10,626
Total comprehensive income for the period 1,099 9,527 10,626 52,581 63,207
Transactions with owners, recorded directly in equity
Dividends to owners of the Company (63,576 ) (63,576 )
Balance at September 30, 2012 $ 99,283 $ 1,281 $ 16,306 $ 17,587 $ 139,041 $ 255,911
Nine months ended September 30, 2011
(Unaudited)
Capital Accumulated other Total accumulated other Retained Total
stock comprehensive comprehensive earnings
income/(loss) income/(loss) (Recast -
Note 2)
Cumulative Amounts
translation related to
account gains/losses
on available-
for-sale
financial
assets
Balance at January 1, 2011 $ 99,283 $ 432 $ 7,143 $ 7,575 $ 36,193 $ 143,051
Total comprehensive income for the period
Net income 137,779 137,779
Other comprehensive income (loss)
Net change in fair value

on available-for-sale financial assets during the period







4,478



4,478



-



4,478

Net unrealized foreign exchange adjustment

gain (loss) on available-for-sale financial assets during the period







(90

)


(90

)


-



(90

)
Amounts reclassified to profit during the period
related to realized gains on available-for-sale investments







(5,882

)


(5,882

)


-



(5,882

)
Foreign currency translation differences from foreign operations (1,212 ) - (1,212 ) - (1,212 )
Current tax expense 75 - 75 - 75
Deferred tax expense 124 284 408 - 408
Total other comprehensive income (loss) for the period (1,013 ) (1,210 ) (2,223 ) - (2,223 )
Total comprehensive income (loss) for the period (1,013 ) (1,210 ) (2,223 ) 137,779 135,556
Transactions with owners, recorded directly in equity
Dividends to owners of the Company (42,384 ) (42,384 )
Balance at September 30, 2011 $ 99,283 $ (581 ) $ 5,933 $ 5,352 $ 131,588 $ 236,223
CONSTELLATION SOFTWARE INC.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)
Three months ended September 30, Nine months ended September 30,
2012 2011 2012 2011
(Recast) (Recast)
Cash flows from operating activities:
Net income $ 21,065 $ 19,305 $ 52,581 $ 137,779
Adjustments for:
Depreciation 2,112 1,957 5,633 6,039
Amortization of intangible assets 22,099 19,135 61,643 55,733
Impairment of non-financial assets - 518 - 518
Equity in net (income) loss of equity investees (216 ) - 875 -
Finance income (2,066 ) (2,795 ) (3,529 ) (6,167 )
Finance costs 1,131 1,462 2,923 4,589
Income tax expense (recovery) 4,833 5,758 11,810 (80,288 )
Foreign exchange (gain) loss (321 ) (905 ) (330 ) 3,028
Change in non-cash operating working capital 4,492 12,511 (29,347 ) (30,437 )
Income taxes paid (7,596 ) (3,295 ) (18,311 ) (10,023 )
Net cash flows from operating activities 45,533 53,651 83,948 80,771
Cash flows from financing activities:
Interest paid (634 ) (1,526 ) (1,471 ) (3,989 )
Increase (decrease) in other non current liabilities (192 ) (1,800 ) (70 ) (1,959 )
Increase (decrease) in bank indebtedness, net 6,710 (67,746 ) 36,052 (12,031 )
Credit facility transaction costs (191 ) - (2,077 ) -
Dividends paid (21,192 ) - (42,384 ) (42,384 )
Net cash flows used in financing activities (15,499 ) (71,072 ) (9,950 ) (60,363 )
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired (14,507
)
(1,510 ) (65,144 ) (33,054 )
Post-acquisition settlement payments, net of receipts (7,038 ) (1,503 ) (11,671 ) (2,602 )
Purchases of equity securities available-for-sale (131 ) - (211 ) (5,944 )
Proceeds from sale of equity securities available-for-sale 7,293 7,011 9,156 13,499
Proceeds from sale of intangible assets - 101 -
Decrease in restricted cash - 107 - 557
Interest received 164 164 243 318
Property and equipment purchased (2,132 ) (1,640 ) (4,673 ) (5,704 )
Cash flows provided from (used in) investing activities (16,351 ) 2,629 (72,199 ) (32,930 )
Effect of foreign currency translation adjustment on cash and cash equivalents

388



2,751



451



(218

)
Increase (decrease) in cash and cash equivalents 14,071 (12,041 ) 2,250 (12,740 )
Cash, beginning of period 21,671 30,212 33,492 30,911
Cash, end of period $ 35,742 $ 18,171 $ 35,742 $ 18,171

Contact Information