SOURCE: Interactive Data

July 24, 2014 17:53 ET

Interactive Data Reports Second Quarter 2014 Results

NEW YORK, NY--(Marketwired - Jul 24, 2014) - Interactive Data Corporation today reported its financial results for the second quarter ended June 30, 2014. Interactive Data's second quarter 2014 revenue was $232.1 million, a 3.1% increase from $225.1 million in the second quarter of 2013. Excluding the impact of changes in foreign exchange rates, Interactive Data's organic (non-GAAP) revenue for the second quarter of 2014 grew by 1.3% from the same quarter last year. 

Interactive Data's second quarter 2014 income from operations was $27.9 million, compared with $49.6 million in the second quarter of 2013. Non-GAAP adjusted EBITDA (which excludes items that are either not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) for the second quarter of 2014 was $86.9 million, compared with $88.3 million in the same period one year ago. 

"Our second quarter results reflect our ability to navigate the relatively sluggish spending environment that has persisted into 2014," stated Stephen Daffron, Interactive Data's president and CEO. "We have continued to produce organic revenue growth due to the combination of modest growth in our Pricing and Reference Data segment in North America and solid expansion within our 7ticks trading infrastructure managed services area. Our adjusted EBITDA results reflect our efforts to remain vigilant in controlling costs while continuing to direct investment into the product development and technology infrastructure initiatives that we believe will help us accelerate our top-line and bottom-line expansion over the long term." 

Segment Reporting and Related Operating Highlights

Pricing and Reference Data Segment:

  • Interactive Data's Pricing and Reference Data segment reported second-quarter 2014 revenue of $165.8 million, a 3.6% increase over $160.1 million in the second quarter of 2013. Excluding the impact of changes in foreign exchange rates, second quarter 2014 organic (non-GAAP) revenue for this segment increased by 2.2% from the same period last year. The segment's performance reflects growth in the Company's evaluated pricing and reference data services in North America, and, to a lesser extent, improved results in its BondEdge fixed income analytics product area. Key highlights during the second quarter of 2014 included Interactive Data's continued progress expanding its services in support of leading index providers such as Barclays Risk Analytics and Index Solutions and MSCI. In May, Interactive Data expanded its NY Close International Fixed Income Evaluation Services to include coverage of sovereign and corporate bonds issued in the Asia‐Pacific region. In addition, BondEdge Solutions announced a new suite of equity analysis and reporting tools and also launched BondEdge Advance, a web-based solution that enables broker dealers and asset managers to easily and cost-effectively perform comprehensive fixed income analysis functions for their clients.

Trading Solutions Segment:

  • Interactive Data's Trading Solutions segment generated second quarter 2014 revenue of $66.3 million, an increase of 1.9% over $65.0 million in the same period one year ago. Excluding the impact of changes in foreign exchange rates, second quarter 2014 organic (non-GAAP) revenue for this segment declined 0.8% from the same period last year as growth in the 7ticks trading infrastructure managed services product area was more than offset by a modest decline in other key product areas. In May 2014, Interactive Data announced that Joachim Lauterbach, an experienced financial technology industry executive, was appointed as president and global head of its Managed Solutions business which develops, operates, and hosts customized financial portals and mobile solutions as well as desktop terminals designed for retail and private banks, investment companies, online brokers, exchanges, and media portals. Other recent highlights for the segment included continued enhancement of the Company's range of workstation platforms, including the launch of a new version of eSignal and a related alliance that allows eSignal users to directly access social media sentiment indicators from industry leaders such as Market Prophit. 

Other Second Quarter 2014 Financial and Operating Highlights

Effects of Foreign Exchange:

  • The net effect of changes in foreign exchange rates increased second quarter 2014 income from operations by $0.6 million. 

Refinancing Activity:

  • As previously announced, in early May Interactive Data entered into a new $2.1 billion senior secured credit facility, consisting of a five year $160 million Revolver (currently unfunded) and a seven year $1.9 billion Term Loan. Additionally, the Company completed the offering of $350 million in aggregate principal amount 5.875% Senior Notes due 2019. Net proceeds from these activities, along with approximately $94 million in cash, were used to refinance its $1.3 billion existing Term Loan, redeem Interactive Data's $700 million 10.25% Senior Notes due 2018, pay related fees and expenses, and fund a $273 million dividend payment to Igloo Holdings Corporation, its parent entity, which in turn paid a dividend to its equity holders. 

    The Company is not reporting Pro Forma Adjusted EBITDA (also referred to as Covenant EBITDA) within this second quarter earnings release. The new senior secured credit facility contains a definition of Covenant EBITDA that differs from the definition of Covenant EBITDA in the previous senior secured credit facility. The Company is currently evaluating Covenant EBITDA under the new definition and will report on Covenant EBITDA in connection with its third quarter earnings release.

Balance Sheet Highlights:

  • As of June 30, 2014, Interactive Data had cash, cash equivalents and short-term investments of $254.8 million, compared with $326.9 million last quarter, $289.3 million at the same time last year and $360.2 million at the end of 2013. The Company's cash position reflected the aforementioned use of $94 million as part of the May 2014 financing activity. The Company's total debt outstanding as of June 30, 2014 was approximately $2.25 billion compared to approximately $2.0 billion as of the same time last year. 

First Half 2014 Results

  • For the first six months ended June 30, 2014, Interactive Data reported revenue of $466.5 million, an increase of $17.9 million, or 4.0%, from $448.6 million in the same period last year. Excluding the effects of foreign exchange, organic revenue grew by 2.6% during the first half of 2014.

  • Interactive Data's first half 2014 income from operations was $68.8 million, compared with $93.0 million in the same period one year ago. For the first half of 2014, non-GAAP adjusted EBITDA (which excludes items that are not part of the Company's ongoing core operations, or do not require a cash outlay, or are not otherwise expected to recur in the ordinary course) was $168.6 million, compared with $171.4 million in the same period one year ago. 

Conference Call Information

Interactive Data Corporation will host a conference call to discuss the Company's second quarter 2014 results on Friday, July 25, 2014 at 8:30 a.m. ET. The dial-in number for the conference call is (785) 424-1827 and the related access code is IDCQ214. For those who cannot listen to this broadcast, a replay of the call will be available from July 25 at 12:00 p.m. until Friday, August 1, 2014 at 12:00 p.m., and it can be accessed by dialing (402) 220-2672 or (800) 753-0348.

Non-GAAP Information

In addition to presenting our results in accordance with generally accepted accounting principles (GAAP) in this press release, we also disclose the following non-GAAP information:

  • Management includes information regarding organic revenue. Organic revenue excludes the impact of foreign exchange rate fluctuations, as well as, if applicable, adjustments related to the amortization of acquisition-related deferred revenue, and the contribution of businesses recently acquired (and related intercompany eliminations). Management believes reporting organic revenue is useful information for stakeholders as it facilitates a fuller understanding of period-to-period changes in revenue and underlying business trends. 

  • Management includes organic revenue for our Pricing and Reference Data, and Trading Solutions segments because management believes this additional level of detail provides further insight into underlying performance trends. 

  • Management includes information regarding earnings before interest, other income, income taxes, depreciation and amortization (EBITDA) and adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, other income, income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges and benefits, adjustments related to the amortization of acquisition-related deferred revenue, and other non-cash, non-operational or non-recurring items, in each case as applicable for the underlying periods. Management considers these non-GAAP measures to be important indicators of the Company's operational profitability and cash generation strength. Management also believes these metrics provide transparency into and useful information regarding the Company's historical operating results because items that are either not part of the Company's ongoing core operating expenses, do not require a cash outlay, or are not otherwise expected to recur in the ordinary course of business are eliminated. 

  • Management includes information regarding free cash flow, which we define as adjusted EBITDA less capital expenditures. Management considers free cash flow to be an important measure of the Company's cash generation strength that supports the Company's ability to repay its debt obligations and invest in future growth through new business development activities or acquisitions.

  • Management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring the Company's core operating performance and comparing current period performance to that of prior periods, and to the performance of our competitors. Such measures are also used by management in their financial and operating decision-making, and for forecasting and planning purposes.

  • The non-GAAP financial measures of the Company's results of operations included in this press release should not be considered in isolation from comparable measures determined in accordance with GAAP. The non-GAAP financial measures should not be considered to be superior to or a substitute for the Company's results of operations prepared in accordance with GAAP. Reconciliations of such non-GAAP financial measures to the comparable GAAP financial measures are set forth in the accompanying tables. The non-GAAP measures presented may not be comparable to similarly titled measures reported by other companies.

Forward-looking and Cautionary Statements

This press release may contain forward-looking statements. Forward-looking statements include all statements that are not historical statements and include statements discussing the Company's goals, beliefs, strategies, objectives, plans, future financial conditions, future challenges and opportunities. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by forward-looking statements include risks and uncertainties relating to: (i) the implementation of strategies designed to improve revenue and profit growth; (ii) the impact of cost-cutting pressures across the industries the Company serves; (iii) general worldwide economic conditions and related uncertainties; (iv) consolidation of financial services companies, within and across industries; (v) a decline in activity levels in the securities markets, weak or declining financial performance of market participants or the failure of market participants; (vi) the intensity of competition the Company faces; (vii) a prolonged outage at one of the Company's data centers or other major disruptions of the Company's computer operations or those of the Company's suppliers, including outages or disruptions that result in the failure to timely deliver services or otherwise adversely impact the quality of the Company's services; (viii) the Company's ability to maintain relationships with its key suppliers and providers of market data; (ix) the Company's ability to maintain relationships with service bureaus and custodian banks; (x) the need to develop new products and services, and to adapt to legal, regulatory, technology or other changes or new competitive offerings; (xi) the Company's cost and operational optimization plans may not be effective or yield the expected efficiencies or may take longer than anticipated, including the Company's unified technology platform project; (xii) risks related to the Company's substantial leverage, including the Company's ability to raise additional capital to fund operations or react to changes in the economy or the Company's industry and market sectors, and the Company's exposure to interest rate risk on its variable rate debt (to the extent the risk is not mitigated by any interest rate hedge and cap arrangements that may be in place from time to time); (xiii) the Company is subject to regulatory oversight and it provides services to financial institutions who are subject to regulatory oversight, and enforcement actions by regulatory agencies can be time-consuming, costly and could harm our Company's reputation; (xiv) the Company's ability to maintain its registered investment adviser status; (xv) the risks of doing business internationally; (xvi) intellectual property related risks, including any allegations that the Company infringes the intellectual property rights of others; (xvii) the Company's ability to attract and retain qualified management and other key personnel; (xviii) the Company's ability to negotiate and enter into any strategic acquisitions or alliance on favorable terms, if at all; and (xix) the Company's ability to realize the anticipated benefits from any strategic acquisitions or alliances that it may be a party to. While the Company may elect to update forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so, even if management estimates change and, therefore, you should not rely on these forward-looking statements as representing the Company's views as of any date subsequent to today.

About Interactive Data Corporation

Interactive Data Corporation is a trusted leader in financial information. Thousands of financial institutions and active traders, as well as hundreds of software and service providers, subscribe to our fixed income evaluations, reference data, real-time market data, trading infrastructure services, fixed income analytics, desktop solutions and web-based solutions. Interactive Data's offerings support clients around the world with mission-critical functions, including portfolio valuation, regulatory compliance, risk management, electronic trading and wealth management. Interactive Data has over 2,500 employees in offices worldwide.

For more information, please visit www.interactivedata.com.

   
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
Unaudited  
(In thousands)  
   
               
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2014   2013     2014   2013  
REVENUE $ 232,081   $ 225,110     $ 466,479   $ 448,614  
                           
COSTS AND EXPENSES:                          
    Cost of services   81,141     72,903       165,646     146,793  
    Selling, general and administrative   86,070     62,268       158,428     126,001  
    Depreciation   11,033     10,793       21,868     21,839  
    Amortization   25,918     29,546       51,721     60,976  
  Total costs and expenses   204,162     175,510       397,663     355,609  
                           
INCOME FROM OPERATIONS   27,919     49,600       68,816     93,005  
                           
    Interest expense, net   (32,470 )   (34,210 )     (66,053 )   (69,419 )
    Other income, net   14     14       654     347  
    Loss on extinguishment of debt   (82,060 )   -       (82,060 )   (10,213 )
                           
(LOSS) INCOME BEFORE INCOME TAXES   (86,597 )   15,404       (78,643 )   13,720  
                           
    Income tax (benefit) expense   (32,849 )   369       (39,984 )   (447 )
                           
NET (LOSS) INCOME $ (53,748 ) $ 15,035     $ (38,659 ) $ 14,167  
                           
                           
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED BALANCE SHEETS  
Unaudited  
(In thousands)  
   
             
    June 30,     December 31,  
    2014     2013  
ASSETS   (Unaudited)        
Assets:            
Cash and cash equivalents   $ 254,798     $ 356,733  
Short-term investments     -       3,445  
Accounts receivable, net     159,821       133,997  
Prepaid expenses and other current assets     27,535       25,733  
Income tax receivable     -       6,804  
Deferred tax assets     4,522       10,711  
                 
Total current assets     446,676       537,423  
                 
Property and equipment, net     203,208       185,552  
Goodwill     1,648,069       1,637,202  
Intangible assets, net     1,529,688       1,569,903  
Deferred financing costs, net     27,723       32,737  
Other assets     6,753       5,541  
                 
Total Assets   $ 3,862,117     $ 3,968,358  
                 
LIABILITIES AND EQUITY                
                 
Liabilities:                
Accounts payable, trade   $ 20,477     $ 20,282  
Accrued liabilities     85,929       105,842  
Borrowings, current     19,000       25,356  
Interest payable     3,452       30,233  
Income taxes payable     1,405       3,057  
Deferred revenue     32,204       19,639  
                 
Total current liabilities     162,467       204,409  
                 
Income taxes payable     3,427       13,566  
Deferred tax liabilities     537,497       573,780  
Other liabilities     57,971       57,547  
Borrowings, net of current portion and original issue discount     2,201,771       1,940,150  
                 
Total Liabilities     2,963,133       2,789,452  
                 
Equity:                
Common stock     -       -  
Additional paid-in-capital     968,465       1,237,766  
Accumulated loss     (127,715 )     (89,056 )
Accumulated other comprehensive income     58,234       30,196  
                 
Total Equity     898,984       1,178,906  
                 
Total Liabilities and Equity   $ 3,862,117     $ 3,968,358  
                 
                 
INTERACTIVE DATA CORPORATION AND SUBSIDIARIES  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
Unaudited  
(In thousands)  
   
    Six Months Ended
June 30,
 
    2014     2013  
             
Cash flows from operating activities:            
Net (loss) income   $ (38,659 )   $ 14,167  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                
  Depreciation and amortization     73,589       82,815  
  Amortization of deferred financing costs and accretion of debt discounts     6,991       8,140  
  Deferred income taxes     (32,864 )     (2,944 )
  Non-cash stock-based compensation     8,467       1,726  
  Non-cash interest expense     1,130       753  
  Provision for doubtful accounts and sales credits     3,279       1,364  
  Asset abandonment     3,275       -  
  Loss on dispositions of fixed assets     7       9  
  Loss on extinguishment of debt     82,060       10,213  
  Portion of insurance settlement related to property and equipment     -       (2,485 )
  Changes in operating assets and liabilities, net     (67,423 )     (8,411 )
NET CASH PROVIDED BY OPERATING ACTIVITIES     39,852       105,347  
                 
Cash flows from investing activities:                
  Purchase of property and equipment     (43,797 )     (33,881 )
  Proceeds of insurance settlement related to property and equipment     -       2,485  
  Purchase of short-term investments     -       (3,335 )
  Proceeds from the sales of short-term investments     3,410       14,236  
NET CASH USED IN INVESTING ACTIVITIES     (40,387 )     (20,495 )
                 
Cash flows from financing activities:                
  Principal payments on long-term debt     (1,995,213 )     (3,649 )
  Proceeds from issuance of long-term debt, net of issuance costs     2,166,442       -  
  Payment of long-term debt issuance costs, net of proceeds     -       (1,009 )
  Principal payments on capital leases     (253 )     (198 )
  Payment of interest rate cap     (831 )     (831 )
  Capital contribution resulting from exercise of parent company stock options     1,963       -  
  Capital contribution from parent company     9,715       -  
  Return of capital to parent company     (272,895 )     -  
  Dividend to parent company     (14,438 )     (14,277 )
  Capital reduction resulting from cash distribution to option holders     (2,928 )     (322 )
NET CASH USED IN FINANCING ACTIVITIES     (108,438 )     (20,286 )
                 
  Effect of change in exchange rates on cash and cash equivalents     7,038       (11,496 )
                 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS     (101,935 )     53,070  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     356,733       224,597  
                 
CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 254,798     $ 277,667  
                 
                 
RECONCILIATION OF NON-GAAP MEASURES  
   
Total Organic (Non-GAAP) Revenue  
(Revenue before Effects ofForeign Exchange)  
(In thousands)  
   
                                 
       Three Months Ended          Six Months Ended    
       June 30,          June 30,    
    2014     2013   Change     2014   2013  Change  
                                 
Total revenue   $ 232,081     $ 225,110   3.1 %   $ 466,479     $ 448,614   4.0 %
  Total effects of foreign exchange     (3,970 )     -   -       (6,212 )     -   -  
Total organic (non-GAAP) revenue   $ 228,111     $ 225,110   1.3 %   $ 460,267     $ 448,614   2.6 %
   
   
   
Interactive Data Pricing and Reference Data Segment  
Organic (Non-GAAP) Revenue  
(Revenue before Effects ofForeign Exchange)  
(In thousands)  
   
                               
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2014     2013   Change     2014     2013   Change  
                                       
Pricing and Reference Data revenue $ 165,830     $ 160,103   3.6 %   $ 328,773     $ 317,579   3.5 %
  Effects of foreign exchange   (2,207 )     -   -       (3,286 )     -   -  
Total organic (non-GAAP) revenue $ 163,623     $ 160,103   2.2 %   $ 325,487     $ 317,579   2.5 %
                                       
                                       
                                       
Interactive Data Trading Solutions Segment  
Organic (Non-GAAP) Revenue  
(Revenue before Effects ofForeign Exchange)  
(In thousands)  
   
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2014     2013   Change     2014     2013   Change  
Trading Solutions revenue                                        
  Real-Time Feeds and Trading Infrastructure Services   $ 29,065     $ 27,034   7.5 %   $ 62,079     $ 54,636   13.6 %
  Hosted Web Applications and Workstations     37,186       37,973   -2.1 %     75,627       76,399   -1.0 %
Total Trading Solutions revenue   $ 66,251     $ 65,007   1.9 %   $ 137,706     $ 131,035   5.1 %
  Effects of foreign exchange     (1,763 )     -   -       (2,926 )     -   -  
Total organic (non-GAAP) revenue   $ 64,488     $ 65,007   -0.8 %   $ 134,780     $ 131,035   2.9 %
                                         
                                         
   
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)  
   
Non-GAAP Adjusted EBITDA1  
(In thousands, except margin data)  
   
   
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2014     2013     2014     2013  
Net (loss) income $ (53,748 )   $ 15,035     $ (38,659 )   $ 14,167  
  Interest expense, net   32,470       34,210       66,053       69,419  
  Other income, net   (14 )     (14 )     (654 )     (347 )
  Income tax (benefit) expense   (32,849 )     369       (39,984 )     (447 )
  Depreciation and amortization   36,951       40,339       73,589       82,815  
EBITDA $ (17,190 )   $ 89,939     $ 60,345     $ 165,607  
                               
Adjustments:                              
  Non-cash stock-based compensation   7,325       874       8,467       1,726  
  Other non-recurring charges2   90,663       818       91,193       12,600  
  Other charges (income)3   6,110       (3,335 )     8,582       (8,497 )
    Total Adjustments   104,098       (1,643 )     108,242       5,829  
                               
Adjusted EBITDA $ 86,908     $ 88,296     $ 168,587     $ 171,436  
                               
Adjusted EBITDA Margin4   37.4 %     39.2 %     36.1 %     38.2 %
                               
1 Interactive Data's adjusted EBITDA excludes items that are either not part of the Company's ongoing core operations, do not require a cash outlay or are not otherwise expected to recur in the ordinary course. Please note that the sum of certain amounts may not equal the total due to rounding.
 
2 Other non-recurring charges include, as applicable, the loss on extinguishment of debt ($82.1 million in the six months ended June 30, 2014 and $10.2 million in the six months ended June 30, 2013), facility consolidation costs, and certain severance and retention expenses.
 
3 Other charges (income) include, as applicable, insurance recoveries, management fees, non-cash foreign exchange expense, acquisition-related adjustments, certain professional fees and other costs.
 
4 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by total revenue.
 
   
   
RECONCILIATION OF NON-GAAP MEASURES (CONTINUED)  
   
Trailing Four Quarters and Trailing Twelve Months  
Quarterly Non-GAAP Adjusted EBITDA1  
(In thousands, except margin data)  
   
   
                            Trailing Twelve  
    Three Months Ended     Months Ended  
    September 30,     December 31,     March 31,     June 30,     June 30,  
    2013     2013     2014     2014     2014  
Net income (loss)   $ 14,132     $ 5,207     $ 15,089     $ (53,748 )   $ (19,320 )
  Interest expense, net     34,198       34,011       33,583       32,470       134,262  
  Other income, net     -       -       (640 )     (14 )     (654 )
  Income tax (benefit) expense     (7,170 )     2,605       (7,135 )     (32,849 )     (44,549 )
Depreciation and amortization     37,859       38,739       36,638       36,951       150,187  
EBITDA   $ 79,019     $ 80,562     $ 77,535     $ (17,190 )   $ 219,926  
                                         
Adjustments:                                        
  Non-cash stock-based compensation     1,067       1,153       1,142       7,325       10,687  
  Other non-recurring charges2     435       5,143       530       90,663       96,771  
  Other charges3     7,343       2,237       2,472       6,110       18,162  
    Total Adjustments     8,845       8,533       4,144       104,098       125,620  
                                         
Adjusted EBITDA   $ 87,864     $ 89,095     $ 81,679     $ 86,908     $ 345,546  
                                         
Adjusted EBITDA Margin4     39.2 %     38.4 %     34.8 %     37.4 %     37.4 %
                                         
 
1 Interactive Data's adjusted EBITDA excludes items that are either not part of the Company's ongoing core operations, do not require a cash outlay or are not otherwise expected to recur in the ordinary course. Please note that the sum of certain amounts may note equal the total due to rounding.
 
2 Other non-recurring charges include, as applicable, the loss on extinguishment of debt ($82.1 million in the six months ended June 30, 2014), facility consolidation costs, and certain severance and retention expenses.
 
3 Other charges include, as applicable, insurance recoveries, management fees, non-cash foreign exchange expense, acquisition-related adjustments, certain professional fees and other costs.
 
4 Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by total revenue.
 
 
 
Non-GAAP Free Cash Flow  
(In thousands)  
   
   
  Three Months Ended     Six Months Ended  
  June 30,     June 30,  
  2014   2013   Change     2014   2013   Change  
Adjusted EBITDA $ 86,908   $ 88,296   -1.6 %   $ 168,587   $ 171,436   -1.7 %
  Capital Expenditures   22,968     17,527   31.0 %     43,797     33,881   29.3 %
Free Cash Flow $ 63,940   $ 70,769   -9.6 %   $ 124,790   $ 137,555   -9.3 %
                                   

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