Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
For more information, contact:
Roger Metz, Vice President
(303) 804-4082
E-mail:roger_metz@csgsystems.com
CSG SYSTEMS INTERNATIONAL, INC. REPORTS
SECOND QUARTER 2008 RESULTS
Revenues of $116.9 million;
Net Income of $0.40 per share.
ENGLEWOOD, COLO. (July 22, 2008) — CSG Systems International, Inc. (Nasdaq: CSGS), a leading provider of customer care and billing solutions, today reported results for the quarter ended June 30, 2008.
Second Quarter 2008 Highlights:
| | • | | Results from operations were as follows:total revenues were$116.9million;operating income was$21.9million; andnet incomewas$13.3 million, or$0.40per diluted share. |
| | • | | Cash flows from operations for the quarter were approximately$47million, and were positively impacted by favorable changes in working capital, primarily as a result of the reduction in the accounts receivable balance. |
| | • | | On April 30, 2008, CSG closed on its acquisition of DataProse, Inc., a privately-held provider of statement presentment and direct mail services headquartered in Oxnard, California. |
| | • | | On July 14, 2008, CSG announced that it had entered into a restated and amended multi-year Master Subscriber Management System Agreement with Comcast, CSG’s largest client, which extends CSG’s contractual relationship with Comcast through December 31, 2012. |
| | • | | CSG recently signed a contract with Brink’s Home Security, which will bring 670,000 new customer statements and letters to our print and mail platform, and further industry diversification to CSG’s revenue base. |
“Today’s marketplace is more competitive than ever. As consumers have increasing choices of where to buy, superior customer service has become a requirement,” said Peter Kalan, Chief Executive Officer and President of CSG Systems International, Inc. “We continue to deliver innovative solutions that enable our clients to build strong customer relationships, provide compelling products and services, and allow them to more effectively engage and transact with their customers in intelligent ways.”
-more-
CSG Systems International, Inc.
July 22, 2008
Page 2
Summary GAAP Results of Operations Information (unaudited)
(in thousands, except per share amounts and percentages):
| | | | | | | | | | | | | | | | | | |
| | | Quarter Ended June 30, | | | Six Months Ended June 30, | |
| | | 2008 | | 2007 | | Percent
Change | | | 2008 | | 2007 | | Percent
Change | |
Continuing operations: | | | | | | | | | | | | | | | | | | |
Total revenues | | $ | 116,870 | | $ | 99,504 | | 17 | % | | $ | 230,466 | | $ | 198,248 | | 16 | % |
Operating income | | | 21,893 | | | 21,161 | | 3 | % | | | 45,150 | | | 41,615 | | 8 | % |
Income from continuing operations | | | 13,321 | | | 15,622 | | (15 | )% | | | 28,160 | | | 31,397 | | (10 | )% |
Discontinued operations, net of tax | | | — | | | — | | — | | | | — | | | 269 | | NM | |
Net income | | | 13,321 | | | 15,622 | | (15 | )% | | | 28,160 | | | 31,666 | | (11 | )% |
Diluted earnings per share: | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.40 | | $ | 0.37 | | 8 | % | | $ | 0.85 | | $ | 0.72 | | 18 | % |
Discontinued operations, net of tax | | | — | | | — | | — | | | | — | | | 0.01 | | NM | |
| | | | | | | | | | | | | | | | | | |
Net income | | $ | 0.40 | | $ | 0.37 | | 8 | % | | $ | 0.85 | | $ | 0.73 | | 16 | % |
| | | | | | | | | | | | | | | | | | |
Second Quarter 2008 Results From Operations
Revenues.Total revenues for the second quarter of 2008 were $116.9 million, which represents an increase of 17 percent when compared to $99.5 million for the same period in 2007, and an increase of three percent when compared to $113.6 million for the first quarter of 2008.
| | • | | The increase in year-over-year revenues relates primarily to the additional revenues generated from the businesses CSG has acquired over the past twelve months, with the remaining portion of the increase related to organic growth factors. |
| | • | | The sequential quarterly increase relates primarily to the acquisition of DataProse on April 30, 2008. |
Results of Operations. Net income presented in accordance with generally accepted accounting principles (“GAAP”) for the second quarter of 2008 was $13.3 million ($0.40 per diluted share), compared to $15.6 million ($0.37 per diluted share) for the same period last year, and $14.8 million ($0.45 per diluted share) for the first quarter of 2008. The increase in year-over-year earnings per diluted share is primarily the result of a lower number of outstanding shares in the second quarter of 2008, due to the completion of CSG’s stock repurchase program in late 2007.
CSG Systems International, Inc.
July 22, 2008
Page 3
Supplemental Data
The following information is provided to assist readers in further evaluating CSG’s performance (in thousands, except per share amounts):
| | | | | | | | | | | | |
| | | Quarter Ended
June 30, 2008 | | Quarter Ended
June 30, 2007 |
| | | Amount (1) | | Per Diluted
Share
Impact (2) | | Amount (1) | | Per Diluted
Share
Impact (2) |
Certain non-cash expenses: | | | | | | | | | | | | |
Depreciation | | $ | 4,007 | | $ | 0.08 | | $ | 3,038 | | $ | 0.05 |
Amortization of intangible assets | | | 5,253 | | | 0.10 | | | 4,285 | | | 0.06 |
Stock-based employee compensation | | | 2,982 | | | 0.06 | | | 2,877 | | | 0.04 |
| | | | | | | | | | | | |
Total | | $ | 12,242 | | $ | 0.24 | | $ | 10,200 | | $ | 0.15 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | Six Months Ended
June 30, 2008 | | Six Months Ended
June 30, 2007 |
| | | Amount (1) | | Per Diluted
Share
Impact (2) | | Amount (1) | | Per Diluted
Share
Impact (2) |
Certain non-cash expenses: | | | | | | | | | | | | |
Depreciation | | $ | 7,644 | | $ | 0.15 | | $ | 5,906 | | $ | 0.09 |
Amortization of intangible assets | | | 10,016 | | | 0.19 | | | 8,524 | | | 0.13 |
Stock-based employee compensation | | | 5,568 | | | 0.11 | | | 4,852 | | | 0.07 |
| | | | | | | | | | | | |
Total | | $ | 23,228 | | $ | 0.45 | | $ | 19,282 | | $ | 0.29 |
| | | | | | | | | | | | |
| (1) | These items (on a pretax basis) are calculated in accordance with GAAP, and are reflected as part of continuing operations in the accompanying Unaudited Condensed Consolidated Statements of Income. |
| (2) | This represents the after tax impact to income from continuing operations on a per diluted share basis using CSG’s effective income tax rates from continuing operations of approximately 37% and 36%, respectively, for the quarter and six months ended June 30, 2008, and 36% for the quarter and six months ended June 30, 2007. |
Total customer accounts processed on CSG’s systems as of June 30, 2008, were 45.4 million, compared to 45.6 million as of March 31, 2008.
Comcast Renewal
On July 14, 2008, CSG announced that it had entered into a restated and amended multi-year Master Subscriber Management System Agreement with Comcast that extends CSG’s contractual relationship with Comcast through December 31, 2012. CSG’s previous contract with Comcast was scheduled to expire on December 31, 2008. The new agreement is effective July 1, 2008, and the expected scope of the customer care and billing products and services to be utilized by Comcast under the new agreement is consistent with the previous contract. See CSG’s Form 8-K filed on July 14, 2008, for additional details and key terms of the new agreement.
CSG Systems International, Inc.
July 22, 2008
Page 4
Financial Condition and Cash Flows
Certain key balance sheet items as of the end of the indicated periods are as follows (in thousands):
| | | | | | | | | | | |
| | | June 30,
2008 | | March 31,
2008 | | | December 31,
2007 | |
Cash, cash equivalents and short-term investments | | $ | 148,199 | | $ | 146,606 | | | $ | 132,832 | |
Net trade accounts receivable (3) | | | 105,669 | | | 124,586 | | | | 114,132 | |
|
| Certain key operating cash flow items for the indicated quarters then ended are as follows (in thousands): | |
| | | |
| | | June 30,
2008 | | March 31,
2008 | | | December 31,
2007 | |
Cash Flows from Operating Activities: | | | | | | | | | | | |
Operations | | $ | 28,225 | | $ | 31,538 | | | $ | 30,355 | |
Changes in operating assets and liabilities (3) | | | 19,052 | | | (10,686 | ) | | | (10,807 | ) |
| | | | | | | | | | | |
Net cash provided by operating activities | | $ | 47,277 | | $ | 20,852 | | | $ | 19,548 | |
| | | | | | | | | | | |
| (3) | The sequential decrease in net trade accounts receivable in the second quarter of 2008 is primarily due to the following: (i) the receipt of a delayed first quarter client payment of approximately $10 million in April, which resulted in the payment of four monthly invoices by this client in the second quarter; and (ii) normal fluctuations in the timing of payments from other clients. These items also positively impacted the changes in operating assets and liabilities for the second quarter of 2008. |
Full Year 2008 Financial Guidance
A summary of CSG’s financial guidance for the full year 2008 is as follows. Overall, CSG’s current expectations are consistent with, or slightly better than its previous guidance.
| | |
| | | 2008 Full Year |
| Revenues | | $470-$475 million |
| Earnings per Diluted Share | | $1.58-$1.64 |
| Cash flows from Operations | | $115-$120 million |
We expect the total of our non-cash items related to depreciation, amortization of intangible assets, and stock-based compensation for 2008 to be approximately $45 million.
Conference Call
CSG will host a one-hour conference call on Tuesday, July 22, at 5 p.m. EDT, to discuss CSG’s second quarter results. The call will be carried live and archived on the Internet. A link to the conference call is available atwww.csgsystems.com.
Additional Information
For additional information about CSG, please visit CSG’s web site atwww.csgsystems.com. Additional information can be found in the Investor Relations section of the web site.
About CSG Systems
Headquartered in Englewood, Colorado, CSG is a leading provider of outsourced solutions that facilitate customer interaction management on the behalf of our clients, generating a large percentage of revenues from the North American cable and Direct Broadcast satellite (“DBS”) communications markets. Our solutions also support an increasing number of other industries such as
CSG Systems International, Inc.
July 22, 2008
Page 5
financial services, utilities, telecommunications, and home security. Our solutions manage key customer interactions such as set-up and activation of customer accounts, sales support and marketing, order processing, invoice calculation (i.e., customer billing), production and mailing of monthly customer invoices, management reporting, electronic presentment and payment of invoices, automated and interactive messaging, and deployment and management of the client’s field technicians to the customer’s home. Our unique combination of solutions, services, and expertise ensure that our clients can rapidly launch new service offerings, improve operational efficiencies, and deliver a high-quality customer experience in a competitive and ever-changing marketplace. For more information, visit our website at www.csgsystems.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined under the Securities Act of 1933, as amended, that are based on assumptions about a number of important factors and involve risks and uncertainties that could cause actual results to differ materially from what appears in this news release. These factors include, but are not limited to: 1) the concentration of approximately two-thirds of CSG’s revenues with four clients; as a result, the loss of business from any one of those clients could potentially have a material adverse impact to CSG’s financial results; 2) continued market acceptance of CSG’s Advanced Convergent Platform (ACP) and related products and services; 3) CSG’s ability to continuously develop and enhance products in a timely, cost-effective, technically advanced and competitive manner; 4) CSG’s dependency on the North American communications industry; as a result, key market factors such as further industry consolidation, new market entrants that may not be clients of CSG, economic conditions, and/or the financial status of CSG clients may affect CSG’s ability to maintain and expand market share; 5) increasing competition in our market from companies of greater size and with broader presence in the communications sector, thus exerting greater influence over client buying decisions; 6) CSG’s ability to successfully integrate and manage acquired businesses, technology or assets to achieve the expected strategic, operating and financial goals established for such acquisitions; 7) CSG’s continued ability to protect its intellectual property rights; and 8) CSG’s dependency on a variety of computing environments and communications networks, thus subjecting CSG to the risks of extended interruptions, outages, unauthorized access and corruption of data. This list is not exhaustive and readers are encouraged to review the additional risks and important factors described in CSG’s reports on Forms 10-K and 10-Q and other filings made with the SEC.
FINANCIALS TO FOLLOW
CSG Systems International, Inc.
July 22, 2008
Page 6
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED
(in thousands, except share and per share amounts)
| | | | | | | | |
| | | June 30,
2008 | | | December 31,
2007 | |
| ASSETS | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 128,890 | | | $ | 123,416 | |
Short-term investments | | | 19,309 | | | | 9,416 | |
| | | | | | | | |
Total cash, cash equivalents and short-term investments | | | 148,199 | | | | 132,832 | |
Trade accounts receivable- | | | | | | | | |
Billed, net of allowance of $1,557 and $1,487 | | | 105,669 | | | | 114,132 | |
Unbilled and other | | | 7,319 | | | | 6,038 | |
Deferred income taxes | | | 10,387 | | | | 10,657 | |
Income taxes receivable | | | — | | | | 2,128 | |
Other current assets | | | 6,217 | | | | 6,399 | |
| | | | | | | | |
Total current assets | | | 277,791 | | | | 272,186 | |
Property and equipment, net of depreciation of $76,883 and $69,565 | | | 40,571 | | | | 32,656 | |
Software, net of amortization of $35,322 and $34,445 | | | 8,157 | | | | 8,649 | |
Goodwill | | | 91,595 | | | | 60,745 | |
Client contracts, net of amortization of $107,998 and $98,822 | | | 33,390 | | | | 31,526 | |
Deferred income taxes | | | 1,055 | | | | 9,453 | |
Other assets | | | 8,017 | | | | 7,173 | |
| | | | | | | | |
Total assets | | $ | 460,576 | | | $ | 422,388 | |
| | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Client deposits | | $ | 28,747 | | | $ | 26,657 | |
Trade accounts payable | | | 20,470 | | | | 18,429 | |
Accrued employee compensation | | | 16,281 | | | | 21,042 | |
Deferred revenue | | | 16,837 | | | | 17,480 | |
Income taxes payable | | | 2,113 | | | | — | |
Other current liabilities | | | 11,469 | | | | 7,595 | |
| | | | | | | | |
Total current liabilities | | | 95,917 | | | | 91,203 | |
| | | | | | | | |
Non-current liabilities: | | | | | | | | |
Long-term debt | | | 230,000 | | | | 230,000 | |
Deferred revenue | | | 8,650 | | | | 9,790 | |
Income taxes payable | | | 5,203 | | | | 4,918 | |
Other non-current liabilities | | | 6,553 | | | | 3,953 | |
| | | | | | | | |
Total non-current liabilities | | | 250,406 | | | | 248,661 | |
| | | | | | | | |
Total liabilities | | | 346,323 | | | | 339,864 | |
| | | | | | | | |
Stockholders’ equity: | | | | | | | | |
Preferred stock, par value $.01 per share; 10,000,000 shares authorized; zero shares issued and outstanding | | | — | | | | — | |
Common stock, par value $.01 per share; 100,000,000 shares authorized; 34,937,041 shares and 34,275,280 shares outstanding | | | 629 | | | | 622 | |
Additional paid-in capital | | | 353,850 | | | | 350,272 | |
Treasury stock, at cost, 27,956,808 shares and 27,956,808 shares | | | (667,858 | ) | | | (667,858 | ) |
Accumulated other comprehensive income (loss): | | | | | | | | |
Unrealized gain (loss) on short-term investments, net of tax | | | (1 | ) | | | 15 | |
Unrecognized pension plan losses and prior service costs, net of tax | | | (435 | ) | | | (435 | ) |
Accumulated earnings | | | 428,068 | | | | 399,908 | |
| | | | | | | | |
Total stockholders’ equity | | | 114,253 | | | | 82,524 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 460,576 | | | $ | 422,388 | |
| | | | | | | | |
CSG Systems International, Inc.
July 22, 2008
Page 7
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME-UNAUDITED
(in thousands, except per share amounts)
| | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | Six Months Ended | |
| | | June 30,
2008 | | | June 30,
2007 | | | June 30,
2008 | | | June 30,
2007 | |
Revenues: | | | | | | | | | | | | | | | | |
Processing and related services | | $ | 109,305 | | | $ | 90,313 | | | $ | 213,474 | | | $ | 179,922 | |
Software, maintenance and services | | | 7,565 | | | | 9,191 | | | | 16,992 | | | | 18,326 | |
| | | | | | | | | | | | | | | | |
Total revenues | | | 116,870 | | | | 99,504 | | | | 230,466 | | | | 198,248 | |
| | | | | | | | | | | | | | | | |
Cost of revenues: | | | | | | | | | | | | | | | | |
Processing and related services | | | 55,887 | | | | 43,339 | | | | 109,024 | | | | 87,964 | |
Software, maintenance and services | | | 4,775 | | | | 6,648 | | | | 9,990 | | | | 12,599 | |
| | | | | | | | | | | | | | | | |
Total cost of revenues | | | 60,662 | | | | 49,987 | | | | 119,014 | | | | 100,563 | |
| | | | | | | | | | | | | | | | |
Gross margin (exclusive of depreciation) | | | 56,208 | | | | 49,517 | | | | 111,452 | | | | 97,685 | |
| | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | |
Research and development | | | 17,053 | | | | 14,127 | | | | 32,925 | | | | 27,839 | |
Selling, general and administrative | | | 13,247 | | | | 10,719 | | | | 25,669 | | | | 21,747 | |
Depreciation | | | 4,007 | | | | 3,038 | | | | 7,644 | | | | 5,906 | |
Restructuring charges | | | 8 | | | | 472 | | | | 64 | | | | 578 | |
| | | | | | | | | | | | | | | | |
Total operating expenses | | | 34,315 | | | | 28,356 | | | | 66,302 | | | | 56,070 | |
| | | | | | | | | | | | | | | | |
Operating income | | | 21,893 | | | | 21,161 | | | | 45,150 | | | | 41,615 | |
| | | | | | | | | | | | | | | | |
Other income (expense): | | | | | | | | | | | | | | | | |
Interest expense | | | (1,874 | ) | | | (1,895 | ) | | | (3,682 | ) | | | (3,681 | ) |
Interest and investment income, net | | | 1,124 | | | | 5,071 | | | | 2,703 | | | | 10,610 | |
Other, net | | | 1 | | | | 73 | | | | 15 | | | | 135 | |
| | | | | | | | | | | | | | | | |
Total other | | | (749 | ) | | | 3,249 | | | | (964 | ) | | | 7,064 | |
| | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | | | 21,144 | | | | 24,410 | | | | 44,186 | | | | 48,679 | |
Income tax provision | | | (7,823 | ) | | | (8,788 | ) | | | (16,026 | ) | | | (17,282 | ) |
| | | | | | | | | | | | | | | | |
Income from continuing operations | | | 13,321 | | | | 15,622 | | | | 28,160 | | | | 31,397 | |
| | | | | | | | | | | | | | | | |
Discontinued operations: | | | | | | | | | | | | | | | | |
Income from discontinued operations | | | — | | | | — | | | | — | | | | — | |
Income tax benefit | | | — | | | | — | | | | — | | | | 269 | |
| | | | | | | | | | | | | | | | |
Discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 269 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 13,321 | | | $ | 15,622 | | | $ | 28,160 | | | $ | 31,666 | |
| | | | | | | | | | | | | | | | |
Basic earnings per common share: | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.40 | | | $ | 0.37 | | | $ | 0.85 | | | $ | 0.72 | |
Discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 0.01 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 0.40 | | | $ | 0.37 | | | $ | 0.85 | | | $ | 0.73 | |
| | | | | | | | | | | | | | | | |
Diluted earnings per common share: | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.40 | | | $ | 0.37 | | | $ | 0.85 | | | $ | 0.72 | |
Discontinued operations, net of tax | | | — | | | | — | | | | — | | | | 0.01 | |
| | | | | | | | | | | | | | | | |
Net income | | $ | 0.40 | | | $ | 0.37 | | | $ | 0.85 | | | $ | 0.73 | |
| | | | | | | | | | | | | | | | |
Weighted-average shares outstanding: | | | | | | | | | | | | | | | | |
Basic | | | 33,209 | | | | 41,928 | | | | 33,147 | | | | 43,156 | |
Diluted | | | 33,345 | | | | 42,312 | | | | 33,267 | | | | 43,514 | |
CSG Systems International, Inc.
July 22, 2008
Page 8
CSG SYSTEMS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED
(in thousands)
| | | | | | | | |
| | | Six Months Ended | |
| | | June 30,
2008 | | | June 30,
2007 | |
Cash flows from operating activities: | | | | | | | | |
Net income | | $ | 28,160 | | | $ | 31,666 | |
Adjustments to reconcile net income to net cash provided by operating activities - | | | | | | | | |
Depreciation | | | 7,644 | | | | 5,906 | |
Amortization | | | 10,606 | | | | 9,115 | |
Restructuring charge for abandonment of facilities | | | — | | | | 308 | |
Gain on short-term investments | | | (152 | ) | | | (2,355 | ) |
Deferred income taxes | | | 8,080 | | | | 6,574 | |
Excess tax benefit of stock-based compensation awards | | | (143 | ) | | | (650 | ) |
Stock-based employee compensation | | | 5,568 | | | | 4,852 | |
Changes in operating assets and liabilities: | | | | | | | | |
Trade accounts and other receivables, net | | | 12,533 | | | | 7,303 | |
Other current and non-current assets | | | 294 | | | | (70 | ) |
Income taxes payable/receivable | | | 3,369 | | | | 3,053 | |
Trade accounts payable and accrued liabilities | | | (5,678 | ) | | | (6,598 | ) |
Deferred revenue | | | (2,152 | ) | | | 1,057 | |
| | | | | | | | |
Net cash provided by operating activities | | | 68,129 | | | | 60,161 | |
| | | | | | | | |
Cash flows from investing activities: | | | | | | | | |
Purchases of property and equipment | | | (9,853 | ) | | | (8,424 | ) |
Purchases of short-term investments | | | (19,102 | ) | | | (139,258 | ) |
Proceeds from sale/maturity of short-term investments | | | 9,345 | | | | 157,300 | |
Acquisition of businesses, net of cash acquired | | | (39,982 | ) | | | (1,400 | ) |
Acquisition of and investments in client contracts | | | (2,346 | ) | | | (5,868 | ) |
| | | | | | | | |
Net cash provided by (used in) investing activities | | | (61,938 | ) | | | 2,350 | |
| | | | | | | | |
Cash flows from financing activities: | | | | | | | | |
Proceeds from issuance of common stock | | | 536 | | | | 1,435 | |
Repurchase of common stock | | | (1,362 | ) | | | (125,905 | ) |
Payments on acquired equipment financing | | | (34 | ) | | | — | |
Excess tax benefit of stock-based compensation awards | | | 143 | | | | 650 | |
| | | | | | | | |
Net cash used in financing activities | | | (717 | ) | | | (123,820 | ) |
| | | | | | | | |
Net increase (decrease) in cash and cash equivalents | | | 5,474 | | | | (61,309 | ) |
Cash and cash equivalents, beginning of period | | | 123,416 | | | | 240,687 | |
| | | | | | | | |
Cash and cash equivalents, end of period | | $ | 128,890 | | | $ | 179,378 | |
| | | | | | | | |
Supplemental disclosures of cash flow information: | | | | | | | | |
Net cash paid during the period for - | | | | | | | | |
Interest | | $ | 2,979 | | | $ | 2,970 | |
Income taxes | | | 4,565 | | | | 7,244 | |
