McGraw Hill Financial Reports 1st Quarter Results - KMPH FOX 26 | Central San Joaquin Valley News Source

McGraw Hill Financial Reports 1st Quarter Results

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SOURCE McGraw Hill Financial, Inc.

Revenue Increased 5% (6% Organic)

Diluted EPS from Continuing Operations Increased 66% to $0.89

Adjusted Diluted EPS from Continuing Operations Increased 12% to $0.89

Platts and S&P Dow Jones Indices Lead Growth

NEW YORK, April 29, 2014 /PRNewswire/ -- McGraw Hill Financial, Inc. (NYSE: MHFI) today reported first quarter 2014 results with revenue of $1.24 billion, an increase of 5% compared to the same period last year.  Taking into consideration the sale of Aviation Week, as well as the sale of Financial Communications and the shutdown of several small products within S&P Capital IQ, organic revenue increased 6%.  Net income and diluted earnings per share from continuing operations were $248 million and $0.89, respectively. 

Adjusted net income from continuing operations increased 9% to $248 million and adjusted diluted earnings per share from continuing operations increased 12% to $0.89.  The adjustments were in the first quarter of 2013 and included costs necessary to establish the separation of McGraw-Hill Education and pre-tax legal settlements.  There were no adjustments in the first quarter of 2014.

"Platts and S&P Dow Jones Indices delivered outstanding revenue growth, securing another solid quarter for the Company.  The robust performance of these businesses more than offset the impact of tough year-over-year bond issuance comparisons at Standard & Poor's Ratings Services," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial.  "We have assembled a world-class portfolio of businesses and the strength of this portfolio was evident during the quarter."

Changes to Unallocated Expense: As part of the transformation to McGraw Hill Financial, a comprehensive review of accounting and reporting practices and policies was undertaken.  As a result, beginning in 2014, all shared operating services will be fully allocated to the business segments utilizing a methodology that more closely aligns with each segment's usage of these services.  The costs that remain in Unallocated Expense will be corporate center costs and certain items such as unoccupied office space.  Exhibit 8 provides a recast of operating profit, by quarter, for 2013.  For 2013 in total, $75 million of these costs have been reallocated to the segments.

The Outlook:  Adjusted earnings per share guidance remains unchanged at $3.75 to $3.85

Standard & Poor's Ratings Services:  Quarterly revenue increased 1% to $569 million compared to the same period last year.  Difficult debt issuance comparisons during the quarter resulted in weakness in bond ratings revenue.  This was largely offset by strength in bank loan ratings, annual fees, and Rating Evaluation Service revenue.  Operating profit decreased 4% to $240 million with an operating profit margin of 42%.  

Transaction revenue decreased 7% to $245 million compared to the same period last year driven by weak issuance, particularly in structured finance.  Bank loan ratings continued to show strength with a 19% increase. 

Non-transaction revenue increased 9% in the quarter and represented 57% of Standard & Poor's Ratings Services' total revenue compared to 53% for the same period last year.  Non-transaction growth was driven primarily by annual fees as well as Rating Evaluation Service revenue. 

Domestic revenue decreased 2% and international revenue increased 6%.  Foreign exchange rates had a negligible impact on results. International revenue represented 46% of Standard & Poor's Ratings Services' total first-quarter revenue.

S&P Capital IQ:  Revenue increased 4% to $301 million in the first quarter of 2014 compared to the same period last year.  Excluding previous portfolio rationalization, organic revenue growth was 6%.  Operating profit increased 6% to $53 million

All three pieces of the business -- S&P Credit Solutions, S&P Capital IQ Desktop & Enterprise Solutions and S&P Capital IQ Markets Intelligence -- contributed to the growth. 

S&P Capital IQ's international revenue increased 4% to $102 million in the first quarter and represented 34% of the segment's total revenue.

Product rollouts have begun with a wave of new desktop capabilities that are all targeted to be launched before year-end.  The first of these, Credit Analytics, launched in February.  Credit Analytics allows S&P Capital IQ Desktop users to better understand the creditworthiness of potential investments and counterparties by utilizing a powerful set of risk analysis capabilities on a single platform.

S&P Dow Jones Indices:  Revenue increased 18% to $137 million in the first quarter of 2014 compared to the same period last year.  Quarterly operating profit increased 43% to $91 million.  Quarterly operating profit attributable to the Company increased 45% to $67 million.

Approximately one-half of the revenue increase was due to growth in exchange-traded funds and exchange-traded derivatives.  Assets under management in exchange-traded funds based on the S&P Dow Jones Indices increased 27% to $667 billion at the end of the quarter.  Trading volume of the exchange-traded derivatives SPX (S&P 500 Index) and VIX (CBOE Volatility Index) increased 9% and 24%, respectively.   The other half of the revenue increase was due to a refinement of our revenue recognition for certain products.  This is expected to be the only quarter meaningfully impacted by this change.

Commodities & Commercial Markets:  Revenue increased 6% to $251 million.  Operating profit increased 27% to $76 million in the first quarter compared to the same period last year.

Platts continued to experience steady revenue growth, delivering a 14% increase to $148 million for the period.  During the quarter, Petroleum, Metals & Agriculture, and Petrochemicals delivered double-digit revenue growth while Power & Gas delivered mid single-digit revenue growth.

Commercial Markets' revenue decreased 3%, however, organic revenue grew 5% excluding the sale of Aviation Week.  Growth was led by J.D. Power which delivered double-digit gains primarily from its strong auto business in China as well as customer advertising.

Unallocated Expense:  Unallocated expense includes corporate center functions and certain specific non-performance related items.  Adjusted unallocated expense increased by 27% to $30 million in the first quarter primarily due to increased unoccupied office space and professional fees.

Share Repurchase:  During the quarter, the Company repurchased approximately 2.2 million shares.  The Company now has approximately 47.8 million shares remaining under the existing authorization from the Board of Directors.

Balance Sheet and Cash Flow:  Cash and equivalents at the end of the first quarter were $1.5 billion, relatively flat from the end of 2013.  In the first three months of the year, free cash flow from continuing operations was $85 million, an increase of $171 million from the same period in 2013. The increase was impacted by the timing of tax payments.  The first quarter free cash flow is typically low due to the payment of annual incentive compensation.

Comparison of Adjusted Information to U.S. GAAP Information:  Adjusted diluted earnings per share, adjusted diluted earnings per share from continuing operations, adjusted net income, adjusted operating profit, adjusted unallocated expense and free cash flow are non-GAAP financial measures contained in this earnings release that are derived from the Company's continuing operations.  This information is provided in order to allow investors to make meaningful comparisons of the Company's operating performance between periods and to view the Company's business from the same perspective as Company management.  These non-GAAP measures may be different than similar measures used by other companies.  Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are attached as Exhibits 5, 7 and 8.

Conference Call/Webcast Details:  The Company's senior management will review the first quarter earnings results on a conference call scheduled for this morning, April 29, 2014, at 8:30 a.m. EDT.  This call is open to all interested parties.  Discussions may include forward-looking information.  Additional information presented on the conference call may be made available on the Company's Investor Relations Website at http://investor.mhfi.com.

The Webcast will be available live and in replay at
http://investor.mhfi.com/phoenix.zhtml?c=96562&p=irol-EventDetails&EventId=5126136. (Please copy and paste URL into Web browser.)

Telephone access is available.  Domestic participants may call (888) 391-6568; international participants may call +1 (415) 228-4733 (long distance charges will apply).  The passcode is "MHFI" and the conference leader is Douglas Peterson.  A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until May 29, 2014.  Domestic participants may call (866) 467-2404; international participants may call +1 (203) 369-1443 (long distance charges will apply).  No passcode is required.

The forward-looking statements in this news release involve risks and uncertainties and are subject to change based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations) and equity markets, including possible future interest rate changes; the health of the economy; the successful marketing of competitive products; and the effect of competitive products and pricing.

About McGraw Hill Financial:  McGraw Hill Financial is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com

Investor Relations:  http://investor.mhfi.com

Get news direct from McGraw Hill Financial via RSS:
http://investor.mhfi.com/phoenix.zhtml?c=96562&p=rssSubscription&t=&id=&   

Contact:

Investor Relations:
Chip Merritt
Vice President, Investor Relations
(212) 512-4321 (office)
chip.merritt@mhfi.com  

News Media:
Jason Feuchtwanger
Director, Corporate Media Relations
(212) 512-3151 (office)
jason.feuchtwanger@mhfi.com

 

 


Exhibit  1


McGraw Hill Financial

Condensed Consolidated Statements of Income

Three months ended March 31, 2014 and 2013

(dollars in millions, except per share data)











(unaudited)


2014



2013



%

Change











Revenue


$

1,236



$

1,181



5%


Expenses


806



903



(11)%


Operating profit (a)


430



278



55%


Interest expense, net


14



15



(10)%


Income from continuing operations before taxes on income


416



263



58%


Provision for taxes on income


141



89



60%


Income from continuing operations


275



174



58%


Loss from discontinued operations


-



(31)



N/M


Gain on sale of discontinued operations


-



612



N/M


Discontinued operations, net of tax


-



581



N/M


Net income


275



755



(64)%


Less: net income attributable to noncontrolling interests - continuing


(27)



(21)



26%


Less: net loss attributable to noncontrolling interests - discontinued


-



1



N/M


Net income attributable to McGraw Hill Financial, Inc.


$

248



$

735



(66)%











Amounts attributable to McGraw Hill Financial, Inc. common

   shareholders:









Income from continuing operations


$

248



$

153



62%


Income from discontinued operations


-



582



N/M


Net income


$

248



$

735



(66)%











Earnings per share attributable to McGraw Hill Financial, Inc.

   common shareholders:








Income from continuing operations:










Basic


$

0.91



$

0.55



67%


Diluted


$

0.89



$

0.54



66%


Income from discontinued operations:










Basic


$

-



$

2.07



N/M


Diluted


$

-



$

2.05



N/M


Net income:










Basic


$

0.91



$

2.62



(65)%


Diluted


$

0.89



$

2.59



(65)%












 Weighted-average number of common shares outstanding:









Basic


271.8



280.5





Diluted


277.2



284.3















N/M - not meaningful

Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.


(a)   

2013 includes $44 million in costs necessary to enable the separation of McGraw-Hill Education and reduce our cost structure and approximately $77 million for pre-tax legal settlements.

 

 

Exhibit  2


McGraw Hill Financial

Condensed Consolidated Balance Sheets

March 31, 2014 and December 31, 2013

(dollars in millions)








(unaudited)


March 31,



December 31,




2014



2013









Assets:







Cash and equivalents


$

1,531




$

1,542



Other current assets


1,333




1,394



Total current assets


2,864




2,936



Property and equipment, net


242




249



Goodwill and other intangible assets, net


2,449




2,445



Asset for pension benefits


277




261



Other non-current assets


179




170



Total assets


$

6,011




$

6,061










Liabilities and Equity:







Unearned revenue


$

1,310




$

1,309



Other current liabilities


944




1,063



Long-term debt


799




799



Pension, other postretirement benefits and other non-current liabilities


741




736



Total liabilities


3,794




3,907



Redeemable noncontrolling interest


810




810



Total equity


1,407




1,344



Total liabilities and equity


$

6,011




$

6,061










 

 


Exhibit  3


McGraw Hill Financial

Condensed Consolidated Statements of Cash Flows

Three months ended March 31, 2014 and 2013

(dollars in millions)










(unaudited)


2014



2013









Operating Activities:







Income from continuing operations


$

275




$

174



Adjustments to reconcile income from operations to cash provided by operating

   activities from continuing operations:







Depreciation


21




23



Amortization of intangibles


12




12



Stock-based compensation


18




21



Other


-




99



Net changes in operating assets and liabilities


(206)




(376)



Cash provided by (used for) operating activities from continuing operations


120




(47)












Investing Activities:







Capital expenditures


(20)




(22)



Acquisitions, net of cash acquired


(15)




-



Cash used for investing activities from continuing operations


(35)




(22)












Financing Activities:







Repayments of short-term debt, net


-




(457)



Dividends paid to shareholders


(82)




(79)



Dividends and other payments paid to noncontrolling interests


(15)




(17)



Repurchase of treasury shares


(164)




(500)



Exercise of stock options and other


165




82



Cash used for financing activities from continuing operations


(96)




(971)



Effect of exchange rate changes on cash from continuing operations


-




(23)



Cash used for continuing operations


(11)




(1,063)



Cash provided by discontinued operations


-




2,208



Net change in cash and equivalents


(11)




1,145



Cash and equivalents at beginning of period


1,542




760



Cash and equivalents at end of period


$

1,531




$

1,905










 

 


Exhibit  4


McGraw Hill Financial

Operating Results by Segment

Three months ended March 31, 2014 and 2013

(dollars in millions)





(unaudited)


Revenue












2014


2013


% Change










S&P Ratings Services


$

569



$

561



1%


S&P Capital IQ


301



288



4%


S&P Dow Jones Indices


137



115



18%


Commodities & Commercial Markets


251



236



6%


Intersegment Elimination


(22)



(19)



(13)%


Total revenue


$

1,236



$

1,181



5%




















Segment Expenses












2014


2013


% Change










S&P Ratings Services


$

329



$

312



6%


S&P Capital IQ


248



238



4%


S&P Dow Jones Indices


46



51



(12)%


Commodities & Commercial Markets


175



176



(1)%


Intersegment Elimination


(22)



(19)



(13)%


Total segment expenses


$

776



$

758



2%




















Operating Profit












2014


2013


% Change










S&P Ratings Services


$

240



$

249



(4)%


S&P Capital IQ


53



50



6%


S&P Dow Jones Indices


91



64



43%


Commodities & Commercial Markets


76



60



27%


Total operating segments


460



423



9%


Unallocated expense (a)


(30)



(145)



(79)%


Total operating profit


$

430



$

278



55%












(a)  

2013 includes $44 million in costs necessary to enable the separation of McGraw-Hill Education and reduce our cost structure and approximately $77 million for pre-tax legal settlements.

 

 


Exhibit  5


McGraw Hill Financial

Operating Results by Segment - Reported vs. Performance

Three months ended March 31, 2014 and 2013

(dollars in millions, except per share amounts)












(unaudited)


2014



2013



% Change




Reported



Reported


Non-GAAP

Adjustments


Performance



Reported


Performance






















S&P Ratings Services


$

240




$

249



$

-



$

249




(4)%


(4)%


S&P Capital IQ


53




50



-



50




6%


6%


S&P Dow Jones Indices


91




64



-



64




43%


43%


Commodities & Commercial Markets


76




60



-



60




27%


27%


Segment operating profit


460




423



-



423




9%


9%


Unallocated expense


(30)




(145)



121


(a)

(24)




(79)%


27%


Operating profit


430




278



121



399




55%


8%


Interest expense, net


14




15



-



15




(10)%


(10)%


Income before taxes on income


416




263



121



384




58%


8%


Provision for taxes on income


141




89



46



135




60%


5%


Income from continuing operations


275




174



75



249




58%


10%


Income from discontinued operations


-




581



(581)



-




N/M


-%


Net income


275




755



(506)



249




(64)%


10%


Less: NCI net income - continuing


(27)




(21)



-



(21)




26%


26%


Less: NCI net loss - discontinued


-




1



(1)



-




N/M


-%


Net income - continuing


248




153



75



228




62%


9%


Net income - discontinued


-




582



(582)



-




N/M


N/M


Net income attributable to MHFI


$

248




$

735



$

(507)



$

228




(66)%


9%


















Diluted EPS - continuing


$

0.89




$

0.54



$

0.26



$

0.80




66%


12%


Diluted EPS - total


$

0.89




$

2.59



$

(1.79)



$

0.80




(65)%


12%



N/M - not meaningful


(a) 

Includes $44 million in costs necessary to enable the separation of McGraw-Hill Education and reduce our cost structure and approximately $77 million for pre-tax legal settlements.

 

 

Exhibit  6


McGraw Hill Financial

Revenue Information

Three months ended March 31, 2014 and 2013

(dollars in millions)

Subscription / Non-Transaction vs. Non-Subscription / Transaction Revenue








(unaudited)


Subscription / Non-Transaction



Non-Subscription / Transaction




2014



2013



% Change



2014



2013



% Change





















S&P Ratings Services (a)


$

324



$

297



9%



$

245



$

264



(7)%


S&P Capital IQ (b)


274



260



5%



27



28



(3)%


S&P Dow Jones Indices (c)


26



25



3%



111



90



23%


Commodities Markets (d)


136



119



14%



12



11



16%


Commercial Markets (e)


37



39



(5)%



66



67



(2)%


Intersegment elimination


(22)



(19)



13%



-



-





Total revenue


$

775



$

721



7%



$

461



$

460



-%























(a)  

Non-transaction revenue is primarily related to annual fees for frequent issuer programs and surveillance, while transaction revenue is related to ratings of publicly issued debt, bank loan ratings and corporate credit estimates. Non-transaction revenue also includes an intersegment revenue elimination which mainly consists of the royalty of $19 million and $18 million for the three months ended March 31, 2014 and 2013, respectively, charged to S&P Capital IQ for the rights to use and distribute content and data developed by S&P Ratings Services.



(b)  

Subscription revenue is related to credit ratings-related information products, S&P Capital IQ desktop, investment research products and other data subscriptions, while non-subscription revenue is related to certain advisory, pricing and analytical services.



(c)   

Subscription revenue is related to data subscriptions, which support index fund management, portfolio analytics and research, while non-subscription revenue relates to fees based on assets underlying exchange-traded funds, as well as certain advisory, pricing and analytical services.



(d)  

Subscription revenue is related to Platts real-time news, market data, and price assessments, along with other print and digital information products, while non-subscription revenue is related to licensing of its proprietary market price data and price assessments to commodity exchanges, conference sponsorship, consulting engagements and events.



(e)   

Subscription revenue is related to print and digital information products primarily serving automotive and construction markets, while non-subscription revenue is related to syndicated and proprietary research studies, advertising, consulting engagements and events.

 

Domestic vs. International Revenue








(unaudited)


Domestic



International




2014



2013



% Change



2014



2013



% Change





















S&P Ratings Services


$

305



$

313



(2)%



$

264



$

248



6%


S&P Capital IQ


199



190



5%



102



98



4%


S&P Dow Jones Indices


108



88



21%



29



27



9%


Commodities Markets


57



50



14%



91



80



14%


Commercial Markets


77



81



(5)%



26



25



4%


Intersegment elimination


(12)



(10)



20%



(10)



(9)



11%


Total revenue


$

734



$

712



3%



$

502



$

469



7%



















 

 


Exhibit  7


McGraw Hill Financial

Non-GAAP Financial Information

Three months ended March 31, 2014 and 2013

(dollars in millions)


Computation of Free Cash Flow











(unaudited)


2014


2013



Cash provided by (used for) operating activities from continuing operations


$

120



$

(47)



Capital expenditures


(20)



(22)



Dividends and other payments paid to noncontrolling interests


(15)



(17)



Free Cash Flow


$

85



$

(86)










McGraw Hill Financial Organic Revenue











(unaudited)


2014


2013


% Change


Total revenue


$

1,236



$

1,181



5%


Aviation Week


-



(8)





S&P Capital IQ product closures and divestitures


(1)



(6)





Total Adjusted Revenue


$

1,235



$

1,167



6%













Adjusted S&P Capital IQ Revenue











(unaudited)


2014


2013


% Change


S&P Capital IQ


$

301



$

288



4%


Product closures and divestitures


(1)



(6)





Adjusted S&P Capital IQ


$

300



$

282



6%













Adjusted Commodities & Commercial Markets Revenue











(unaudited)


2014


2013


% Change


Commodities & Commercial Markets


$

251



$

236



6%


Aviation Week


-



(8)





Adjusted Commodities & Commercial Markets


$

251



$

228



10%












Commercial Markets


$

103



$

106



(3)%


Aviation Week


-



(8)





Adjusted Commercial Markets


$

103



$

98



5%













Adjusted S&P Dow Jones Indices Net Operating Profit











(unaudited)


2014


2013


% Change


Operating profit


$

91



$

64



43%


Operating profit attributable to noncontrolling interests


24



18





Adjusted Net Operating Profit


$

67



$

46



45%












 

 

Exhibit  8


McGraw Hill Financial

Recasted Operating Profit & Operating Margin - Reported / Performance

(dollars in millions)






As part of our transformation to McGraw Hill Financial, a comprehensive review of our accounting and reporting practices and policies was undertaken. As a result, beginning on January 1, 2014, all shared operating services have been fully allocated to the segments utilizing a methodology that more closely aligns with each segment's usage of these services. The costs that remain in unallocated expense primarily relate to corporate center functions. The updated methodology is reflected in the segment results for the three months ended March 31, 2014 and accordingly, the segment results for the prior year comparative period have been reclassified to conform with the new presentation. The table below provides recasted operating profit and operating margin segment information for 2013 using the updated allocation methodology.







2013


(unaudited)


Q1



Q2



Q3



Q4



Full Year




Reported


Performance



Reported


Performance



Reported


Performance



Reported


Performance



Reported


Performance


S&P Ratings Services




































Operating profit:




































Previously reported


$

259



$

259




$

277



$

277




$

243



$

227




$

221



$

231




$

1,000



$

993



Additional allocated expenses


(10)



(10)




(9)



(9)




(13)



(13)




(11)



(11)




(42)



(42)



Recasted


$

249



$

249




$

268



$

268




$

230



$

214




$

210



$

220




$

958



$

952



Operating margin:




































Previously reported


46.1

%


46.1

%



46.3

%


46.3

%



45.0

%


42.0

%



38.5

%


40.2

%



44.0

%


43.7

%


Recasted


44.4

%


44.4

%



44.7

%


44.7

%



42.7

%


39.7

%



36.7

%


38.4

%



42.1

%


41.9

%


S&P Capital IQ




































Operating profit:




































Previously reported


$

56



$

56




$

55



$

55




$

54



$

59




$

46



$

54




$

211



$

224



Additional allocated expenses


(6)



(6)




(6)



(6)




(4)



(4)




(6)



(6)




(23)



(23)



Recasted


$

50



$

50




$

49



$

49




$

50



$

55




$

40



$

47




$

189



$

201



Operating margin:




































Previously reported


19.5

%


19.5

%



19.2

%


19.2

%



18.4

%


20.0

%



15.3

%


17.8

%



18.1

%


19.1

%


Recasted


17.3

%


17.3

%



17.2

%


17.2

%



17.1

%


18.7

%



13.2

%


15.7

%



16.1

%


17.2

%


S&P Dow Jones Indices




































Operating profit:




































Previously reported


$

67



$

67




$

80



$

80




$

80



$

80




$

50



$

50




$

278



$

278



Additional allocated expenses


(3)



(3)




(3)



(3)




(3)



(3)




(2)



(2)




(12)



(12)



Recasted


$

64



$

64




$

77



$

77




$

77



$

77




$

48



$

48




$

266



$

266



Operating margin:




































Previously reported


57.9

%


57.9

%



65.1

%


65.1

%



64.4

%


64.4

%



38.8

%


39.0

%



56.3

%


56.3

%


Recasted


55.6

%


55.6

%



62.9

%


62.9

%



61.9

%


61.9

%



36.4

%


36.6

%



53.9

%


54.0

%


Commodities & Commercial Markets




































Operating profit:




































Previously reported


$

62



$

62




$

83



$

83




$

91



$

82




$

76



$

84




$

311



$

310



Additional allocated expenses


(2)



(2)




-



-




4



4




(1)



(1)




2



2



Recasted


$

60



$

60




$

83



$

83




$

95



$

86




$

75



$

84




$

313



$

312



Operating margin:




































Previously reported


26.4

%


26.4

%



31.8

%


31.8

%



35.7

%


32.3

%



28.6

%


31.7

%



30.7

%


30.6

%


Recasted


25.3

%


25.3

%



32.0

%


32.0

%



37.1

%


33.7

%



28.6

%


31.6

%



30.8

%


30.8

%


Unallocated expenses




































Previously reported


$

(166)



$

(45)




$

(59)



$

(49)




$

(61)



$

(52)




$

(109)



$

(58)




$

(395)



$

(203)



Additional allocated expenses


21



21




18



18




16



16




20



20




75



75



Recasted


$

(145)



$

(24)




$

(41)



$

(31)




$

(45)



$

(36)




$

(89)



$

(38)




$

(321)



$

(129)



































Note - Totals presented may not sum due to rounding.





















 

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