Exhibit 99.2
MARCHEX, INC.
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
goClick Acquisition
On July 27, 2004, Marchex, Inc. (“Company”) acquired 100% of the outstanding stock of goClick.com, Inc., a Norwalk, Connecticut-based company. The purchase price consideration consisted of cash and acquisition costs of approximately $7.5 million, net of cash acquired and 433,541 shares of Class B common stock. The shares of Class B common stock were valued at $9.55 per share (for accounting purposes) for an aggregate amount of $4.1 million.
For the period from July 27, 2004 through March 31, 2005, all goodwill, identifiable intangible assets and resulting liabilities, from the goClick acquisition have been recorded in the consolidated financial statements of the Company.
Name Development Acquisition
On February 14, 2005, the Company acquired substantially all of the assets of Name Development Ltd.,a corporation operating in the direct navigation market. The purchase price consideration consisted of cash and acquisition costs of $155.6 million and 419,659 shares of Class B common stock. The shares of Class B common stock were valued at $20.99 per share (for accounting purposes) for an aggregate amount of $8.8 million.
The asset purchase agreement contained customary representations and warranties and required Name Development’s sole stockholder to indemnify the Company for various liabilities arising under the agreement, subject to various limitations and conditions. At the closing, the Company deposited into escrow for the benefit of the sole stockholder for a period of eighteen months from the closing an amount of cash equal to $24.6 million to secure the sole stockholder’s indemnification and other obligations under the asset purchase agreement, which is included in the above total purchase price consideration.
The acquisition was contingent on customary closing conditions, including the closing by the Company of financing sufficient to consummate such acquisition.
The estimated fair values of assets acquired are based upon preliminary estimates and may not be indicative of the final allocation of the purchase price consideration.
Pro Forma Financial Information
The following unaudited pro forma condensed consolidated statements of operations for the year ended December 31, 2004 and the quarter ended March 31, 2005 give effect to the Company’s acquisition of goClick and the acquisition of substantially all of the assets of Name Development as if they had occurred on January 1, 2004.
The unaudited pro forma condensed consolidated statements of operations for the period ended December 31, 2004 are based upon the historical results of operation for the Company and its subsidiaries for the year ended December 31, 2004, for goClick for the period of January 1, 2004 through July 26, 2004 and for Name Development for the year ended December 31, 2004. The unaudited pro forma condensed consolidated statements of operations for the quarter ended March 31, 2005 are based upon the historical results of operations of the Company and its subsidiaries for the quarter ended March 31, 2005 and of Name Development for the period of January 1, 2005 through February 13, 2005. The unaudited pro forma condensed consolidated statements of operations and the accompanying notes should be read in conjunction with the historical financial statements and notes thereto of the Company, goClick and Name Development. In addition, for purposes of the following tables, we have assumed an offering of only that number of shares of Class B common stock and preferred stock as necessary to consummate the Name Development asset acquisition for the year ended December 31, 2004 and for the period of January 1, 2005 through February 13, 2005.
The unaudited pro forma condensed consolidated financial information is intended for illustrative purposes only and is not necessarily indicative of the combined results that would have occurred had the acquisitions taken place on January 1, 2004, nor is it necessarily indicative of results that may occur in the future.
1
MARCHEX, INC.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the year ended December 31, 2004
Marchex, Inc. | goClick Period from | Pro Forma Adjustments | Pro Forma Marchex and goclick Acquisition | Name Development Asset Acquisition | Pro Forma Adjustments | Pro Forma Offering | Pro Forma Offering | ||||||||||||||||||||||||||
Revenue | $ | 43,804,272 | $ | 3,769,347 | $ | (17,818 | )(a) | $ | 47,555,801 | $ | 20,667,254 | $ | 68,223,055 | ||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||
Service costs (1) | 27,449,938 | 2,347,988 | (17,818 | )(a) | 29,780,108 | 1,675,422 | (757,957 | )(d) | 30,697,573 | ||||||||||||||||||||||||
Sales and marketing (1) | 4,414,043 | 20,453 | 4,434,496 | — | 4,434,496 | ||||||||||||||||||||||||||||
Product development (1) | 2,291,430 | 96,742 | 2,388,172 | — | 2,388,172 | ||||||||||||||||||||||||||||
General and administrative (1) | 4,111,544 | 32,508 | 4,144,052 | 1,363,996 | 5,508,048 | ||||||||||||||||||||||||||||
Acquisition-related retention consideration (2) | 499,080 | — | 499,080 | — | 499,080 | ||||||||||||||||||||||||||||
Facility relocation | 199,960 | — | 199,960 | — | 199,960 | ||||||||||||||||||||||||||||
Stock-based compensation (3) | 890,520 | — | 890,520 | — | 890,520 | ||||||||||||||||||||||||||||
Amortization of intangible assets from acquisitions (4) | 4,965,503 | — | 1,170,179 | (b) | 6,135,682 | — | 13,673,294 | (d) | 19,808,976 | ||||||||||||||||||||||||
Total operating expenses | 44,822,018 | 2,497,691 | 1,152,361 | 48,472,070 | 3,039,418 | 12,915,337 | — | 64,426,825 | |||||||||||||||||||||||||
Gain on sale of intangible assets, net | — | — | — | 1,532,664 | — | 1,532,664 | |||||||||||||||||||||||||||
Income (loss) from operations | (1,017,746 | ) | 1,271,656 | (1,170,179 | ) | (916,269 | ) | 19,160,500 | (12,915,337 | ) | — | 5,328,894 | |||||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||||||||||||
Interest income | 265,354 | 5,496 | 270,850 | 20,732 | 291,582 | ||||||||||||||||||||||||||||
Interest expense | (5,654 | ) | — | (5,654 | ) | — | (5,654 | ) | |||||||||||||||||||||||||
Adjustment to fair value of redemption obligation | 55,250 | — | 55,250 | — | 55,250 | ||||||||||||||||||||||||||||
Other | 3,644 | — | 3,644 | (989 | ) | 2,655 | |||||||||||||||||||||||||||
Total other income | 318,594 | 5,496 | — | 324,090 | 19,743 | — | — | 343,833 | |||||||||||||||||||||||||
Income (loss) before provision for income taxes | (699,152 | ) | 1,277,152 | (1,170,179 | ) | (592,179 | ) | 19,180,243 | (12,915,337 | ) | — | 5,672,727 | |||||||||||||||||||||
Income tax expense (benefit) | 33,941 | — | 41,620 | (c) | 75,561 | 1,794,093 | 586,655 | (e) | 2,456,308 | ||||||||||||||||||||||||
Net income (loss) | (733,093 | ) | 1,277,152 | (1,211,799 | ) | (667,740 | ) | 17,386,150 | (13,501,992 | ) | — | 3,216,418 | |||||||||||||||||||||
Accrual of convertible preferred stock dividends | — | — | — | — | — | 2,375,000 | (g) | 2,375,000 | |||||||||||||||||||||||||
Accretion of redemption value of redeemable convertible preferred stock | 420,430 | — | 420,430 | — | — | 420,430 | |||||||||||||||||||||||||||
Net Income (loss) applicable to common stockholders | $ | (1,153,523 | ) | $ | 1,277,152 | $ | (1,211,799 | ) | $ | (1,088,170 | ) | $ | 17,386,150 | $ | (13,501,992 | ) | $ | (2,375,000 | ) | $ | 420,988 | ||||||||||||
Basic net income (loss) per share applicable to common stockholders | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||||||||||||||||||||
Shares used to calculate basic net income (loss) per share | 22,087,503 | 247,059 | (f) | 22,334,562 | 419,659 | (f) | 5,673,169 | (f) | 28,427,390 | ||||||||||||||||||||||||
Adjusted pro forma basic net income (loss) per share applicable to common stockholders | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||||||||||||||||||||
Shares used to calculate adjusted pro forma basic net income (loss) per share | 22,087,503 | | 1,750,098 247,059 | (f) (f) | 24,084,660 | 419,659 | (f) | 5,673,169 | (f) | 30,177,488 | |||||||||||||||||||||||
Diluted net income (loss) per share applicable to common stockholders | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||||||||||||||||||||
Shares used to calculate diluted net income (loss) per share | 22,087,503 | 247,059 | (f) | 22,334,562 | | 1,786,727 419,659 | (f) (f) | 5,673,169 | (f) | 30,214,117 | |||||||||||||||||||||||
Adjusted pro forma diluted net income (loss) per share applicable to common stockholders | $ | (0.05 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||||||||||||||||||||
Shares used to calculate adjusted pro forma diluted net income (loss) per share | 22,087,503 | | 1,750,098 247,059 | (f) (f) | 24,084,660 | | 1,786,727 419,659 | (f) (f) | 5,673,169 | (f) | 31,964,215 | ||||||||||||||||||||||
(1) | Excludes acquisition-related retention consideration, stock-based compensation and amortization of intangibles. | ||||||||||||||||||||||||||||||||
(2) | Components of acquisition-related consideration | ||||||||||||||||||||||||||||||||
Service costs | 116,585 | 116,585 | 116,585 | ||||||||||||||||||||||||||||||
Sales and marketing | 204,528 | 204,528 | 204,528 | ||||||||||||||||||||||||||||||
Product development | 135,947 | 135,947 | 135,947 | ||||||||||||||||||||||||||||||
General and administrative | 42,020 | 42,020 | 42,020 | ||||||||||||||||||||||||||||||
(3) | Components of stock-based compensation | ||||||||||||||||||||||||||||||||
Service costs | 10,800 | 10,800 | 10,800 | ||||||||||||||||||||||||||||||
Sales and marketing | 155,734 | 155,734 | 155,734 | ||||||||||||||||||||||||||||||
Product development | 59,883 | 59,883 | 59,883 | ||||||||||||||||||||||||||||||
General and administrative | 664,103 | 664,103 | 664,103 | ||||||||||||||||||||||||||||||
(4) | Components of amortization of intangible assets | ||||||||||||||||||||||||||||||||
Service costs | 3,520,878 | 771,254 | 4,292,132 | 10,823,294 | 15,115,426 | ||||||||||||||||||||||||||||
Sales and marketing | 701,077 | 142,473 | 843,550 | — | 843,550 | ||||||||||||||||||||||||||||
General and administrative | 743,548 | 256,452 | 1,000,000 | 2,850,000 | 3,850,000 |
See notes to unaudited pro forma condensed consolidated statements.
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MARCHEX, INC.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
For the quarter ended March 31, 2005
Marchex, Inc. | Pro forma Adjustments | Pro Forma Marchex | Name Development Asset Acquisition | Pro Forma Adjustments | Pro Forma Offering | Pro Forma Offering | ||||||||||||||||||||||||
Revenue | $ | 18,395,983 | $ | 18,395,983 | $ | 2,544,459 | $ | 20,940,442 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Service costs (1) | 10,668,907 | 10,668,907 | 216,185 | (191,540 | )(d) | 10,693,552 | ||||||||||||||||||||||||
Sales and marketing (1) | 1,324,986 | 1,324,986 | 1,324,986 | |||||||||||||||||||||||||||
Product development (1) | 774,549 | 774,549 | 774,549 | |||||||||||||||||||||||||||
General and administrative (1) | 1,452,034 | 1,452,034 | 134,158 | 1,586,192 | ||||||||||||||||||||||||||
Acquisition-related retention consideration (2) | — | — | — | |||||||||||||||||||||||||||
Facility relocation | — | — | — | |||||||||||||||||||||||||||
Stock-based compensation (3) | 146,538 | 146,538 | 146,538 | |||||||||||||||||||||||||||
Amortization of intangible assets (4) | 3,083,157 | (275,000 | )(b) | 2,808,157 | 1,681,876 | (d) | 4,490,033 | |||||||||||||||||||||||
Total operating expenses | 17,450,171 | (275,000 | ) | 17,175,171 | 350,343 | 1,490,336 | — | 19,015,850 | ||||||||||||||||||||||
Gain on sale of intangible assets, net | — | — | 29,486 | — | 29,486 | |||||||||||||||||||||||||
Income (loss) from operations | 945,812 | 275,000 | 1,220,812 | 2,223,602 | (1,490,336 | ) | — | 1,954,078 | ||||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||
Interest income | 268,383 | 268,383 | 7,957 | 276,340 | ||||||||||||||||||||||||||
Interest expense | (1,861 | ) | (1,861 | ) | (1,861 | ) | ||||||||||||||||||||||||
Other | 4,000 | 4,000 | (295 | ) | 3,705 | |||||||||||||||||||||||||
Total other income | 270,523 | — | 270,523 | 7,662 | — | — | 278,185 | |||||||||||||||||||||||
Income (loss) before provision for income taxes | 1,216,335 | 275,000 | 1,491,335 | 2,231,264 | (1,490,336 | ) | — | 2,232,263 | ||||||||||||||||||||||
Income tax expense (benefit) | 478,933 | 107,112 | (c) | 586,045 | 211,479 | 70,074 | (e) | 867,598 | ||||||||||||||||||||||
Net income (loss) | 737,402 | 167,887 | 905,289 | 2,019,785 | (1,560,409 | ) | — | 1,364,665 | ||||||||||||||||||||||
Convertible preferred stock dividends | 348,993 | 348,993 | — | — | 282,361 | (g) | 631,354 | |||||||||||||||||||||||
Net Income (loss) applicable to common stockholders | $ | 388,409 | $ | 167,887 | $ | 556,296 | $ | 2,019,785 | $ | (1,560,409 | ) | $ | (282,361 | ) | $ | 733,311 | ||||||||||||||
Basic net income per share applicable to common stockholders | $ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||
Shares used to calculate basic net income per share | 30,245,678 | 30,245,678 | 209,829 | (f) | 2,836,585 | (f) | 33,292,092 | |||||||||||||||||||||||
Adjusted pro forma basic net income per share applicable to common stockholders | $ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||
Shares used to calculate adjusted pro forma basic net income per share | 30,245,678 | 30,245,678 | 209,829 | (f) | 2,836,585 | (f) | 33,292,092 | |||||||||||||||||||||||
Diluted net income per share applicable to common stockholders | $ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||
Shares used to calculate diluted net income per share | 32,920,472 | 32,920,472 | 209,829 | (f) | 2,836,585 | (f) | 35,966,886 | |||||||||||||||||||||||
Adjusted pro forma diluted net income per share applicable to common stockholders | $ | 0.01 | $ | 0.02 | $ | 0.02 | ||||||||||||||||||||||||
Shares used to calculate adjusted pro forma diluted net income per share | 32,920,472 | 32,920,472 | 209,829 | (f) | 2,836,585 | (f) | 35,966,886 | |||||||||||||||||||||||
(1) | Excludes acquisition-related retention consideration, stock-based compensation and amortization of intangibles. | |||||||||||||||||||||||||||||
(2) | Components of acquisition-related consideration | |||||||||||||||||||||||||||||
Service costs | — | — | — | — | ||||||||||||||||||||||||||
Sales and marketing | — | — | — | — | ||||||||||||||||||||||||||
Product development | — | — | — | — | ||||||||||||||||||||||||||
General and administrative | — | — | — | — | ||||||||||||||||||||||||||
(3) | Components of stock-based compensation | |||||||||||||||||||||||||||||
Service costs | 1,800 | 1,800 | — | 1,800 | ||||||||||||||||||||||||||
Sales and marketing | 29,507 | 29,507 | — | 29,507 | ||||||||||||||||||||||||||
Product development | 10,665 | 10,665 | — | 10,665 | ||||||||||||||||||||||||||
General and administrative | 104,566 | 104,566 | — | 104,566 | ||||||||||||||||||||||||||
(4) | Components of amortization of intangible assets | |||||||||||||||||||||||||||||
Service costs | 2,393,425 | (275,000 | ) | 2,118,425 | 1,334,108 | 3,452,533 | ||||||||||||||||||||||||
Sales and marketing | 120,833 | — | 120,833 | — | 120,833 | |||||||||||||||||||||||||
General and administrative | 568,899 | — | 568,899 | 347,768 | 916,667 |
See notes to unaudited pro forma condensed consolidated statements.
3
MARCHEX, INC.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements
Pro Forma Adjustments
Pro Forma Adjustments for goClick
(a) | Represents the elimination of the intercompany revenue and related service costs on sales between goClick and the Company during the period prior to the acquisition of goClick. |
(b) | Represents the amortization of identifiable intangible assets associated with Company’s acquisition of goClick, which are amortized over their useful lives ranging from 12 to 36 months. Amortization totals $2.1 million in the first 12 months and $2.3 million in the first 15 months following the acquisition. The Company, for the period of July 27, 2004 to December 31, 2004 and for the period January 1, 2005 to March 31, 2005, recorded approximately $883,000 and $513,000 of amortization related to the above-noted intangible assets, respectively. |
(c) | Represents the pro forma income tax expense as though goClick was taxed as a C-corporation for the periods presented using the federal and state statutory tax rates. Prior to the Company’s acquisition, goClick was an S-corporation, whereby shareholders were taxed on their portion of goClick’s taxable income. |
Pro Forma Adjustments for Name Development
(d) | Represents the amortization of identifiable intangible assets associated with the Name Development asset acquisition, which are amortized over their useful lives ranging from 12 to 84 months. Amortization totals $13.7 million in the first twelve months and $17.0 million in the first 15 months following the acquisition. Name Development, for the year ended December 31, 2004 and for the period January 1, 2005 to February 13, 2005, recorded approximately $758,000 and $191,000, respectively, of amortization included in service costs related to the above-noted intangible assets. The Company, for the period February 14, 2005 to March 31, 2005, recorded approximately $1.7 million of amortization related to the above-noted intangible assets. |
(e) | Represents pro forma income tax expense as though Name Development was taxed as a C corporation for the periods presented with an effective federal and state combined rate of 38%. Name Development is organized under the corporate laws of the British Virgin Islands and is not subject to income tax in the British Virgin Islands. Name Development had e-commerce activities in several other governmental jurisdictions and as such, had recognized a provision for taxes in these foreign jurisdictions. |
Pro Forma Adjustments for Earnings (Loss) per Share
(f) | The following is a reconciliation of shares used to compute the historical basic and diluted net income (loss) per share to pro forma basic and diluted net income (loss) per share and to shares used to compute adjusted pro forma basic and diluted net income (loss) per share for the year ended December 31, 2004 and the quarter ended March 31, 2005. The adjusted proforma basic and diluted net income (loss) per share assumes the effect of the conversion of the Company’s 6,724,063 shares of Series A redeemable convertible preferred stock at the original issuance date. Potentially dilutive securities were not included in the computations when their effects would be anti-dilutive. |
4
MARCHEX, INC.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements
For the year ended December 31, 2004 | ||||||||
Pro Forma basic | Adjusted Pro Forma basic | Pro Forma diluted | Adjusted Pro Forma diluted | |||||
Shares used to calculate Marchex net loss per share-actual | 22,087,503 | 22,087,503 | 22,087,503 | 22,087,503 | ||||
Pro forma weighted average stock options and warrants and common shares subject to repurchase or cancellation | 1,786,727 | 1,786,727 | ||||||
Weighted average shares assuming conversion of Series A redeemable convertible preferred stock at the original issuance date | 1,750,098 | 1,750,098 | ||||||
Pro forma effect of shares issued in goClick acquisition | 247,059 | 247,059 | 247,059 | 247,059 | ||||
Pro forma effect of shares issued in Name Development asset acquisition | 419,659 | 419,659 | 419,659 | 419,659 | ||||
Pro forma effect of common shares issued in follow-on offering | 5,673,169 | 5,673,169 | 5,673,169 | 5,673,169 | ||||
Shares used to calculate pro forma and adjusted pro forma basic and diluted net income per share | 28,427,390 | 30,177,488 | 30,214,117 | 31,964,215 | ||||
For the quarter ended March 31, 2005 | ||||||||
Pro Forma basic | Adjusted Pro Forma basic | Pro Forma diluted | Adjusted Pro Forma diluted | |||||
Shares used to calculate Marchex net income per share-actual | 30,245,678 | 30,245,678 | 32,920,472 | 32,920,472 | ||||
Pro forma effect of shares issued in Name Development asset acquisition | 209,829 | 209,829 | 209,829 | 209,829 | ||||
Pro forma effect of common shares issued in follow-on offering | 2,836,585 | 2,836,585 | 2,836,585 | 2,836,585 | ||||
Shares used to calculated pro forma and adjusted pro forma basic and diluted net income per share | 33,292,092 | 33,292,092 | 35,966,886 | 35,966,886 | ||||
For purposes of calculating the shares used for pro forma and pro forma adjusted basic and diluted net income (loss) per share we have included the following:
• | 419,659 shares of Class B common stock issued in the Name Development asset acquisition. |
• | 6,724,063 shares issued upon conversion of the Series A redeemable convertible preferred stock on April 5, 2004. Each of the 6,724,063 outstanding shares of the Company’s Series A redeemable convertible preferred stock automatically converted into 1 share of Class B common stock upon the closing of the Company’s initial public offering. |
• | the weighted average impact of the 433,541 shares issued in the goClick acquisition. |
• | an assumed common stock offering of 5,673,169 shares of Class B common stock at an offering price of $20.00 per share as necessary to consummate the Name Development asset acquisition for the year ended December 31, 2004 and the period from January 1, 2005 to February 13, 2005. The Company closed its common stock offering of 9,200,000 shares of Class B common stock on February 14, 2005. |
5
MARCHEX, INC.
Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements
which resulted in net offering proceeds of $174.1 million. The actual number of shares from the actual common stock offering for the period from February 14, 2005 to March 31, 2005 are included in the calculation for the quarter ended March 31, 2005.
• | preferred stock issued as part of the follow-on offering including the exercise of the over allotment by the Company’s underwriters resulted in net offering proceeds of $55.3 million. The shares of Class B common stock which could be issued upon the conversion of all shares of preferred stock have not been included as their effect would be anti-dilutive. |
Pro Forma Adjustments for Offering
(g) | Represents preferred stock dividends related to the preferred stock financing associated with the follow-on offering. Based upon a preferred stock offering of 200,000 shares at $250 per share and a 4.75% dividend rate, the accrual of the convertible preferred dividend for the year ended December 31, 2004 would be approximately $2.4 million. The accrual of the convertible preferred dividend for the quarter ended March 31, 2005 would be approximately $594,000. On February 22, 2005, the Company’s underwriters exercised the over allotment of 30,000 preferred shares. From the period February 22, 2005 to March 31, 2005, an additional actual accrual of preferred dividends of $38,000 was recorded. The Company for the quarter ended March 31, 2005 recorded approximately $349,000 of preferred stock dividends related to the above-noted preferred stock offering on an actual basis. |
Other information
The terms of the preferred stock contain an exchange right, at the Company’s option, to convert the preferred stock into a convertible debenture. This embedded derivative would be reflected as an asset, if there is any value ascribed to it, and is subject to variable accounting. The right will be marked to market at each reporting date until such time as the right is exercised or expires. Based on a variety of factors including the assessed probability of exercise, no value has been ascribed to this right. No adjustment for possible changes in the value of the redemption right has been reflected in the accompanying pro forma statements.
The estimated amortization relating to actual intangible assets recorded as of March 31, 2005 for the period of April to December 2005 and the next 3 years and thereafter is as follows:
Period of April 1 to December 31, 2005 | 2006 | 2007 | 2008 | thereafter | Total | |||||||||||||
Enhance Interactive | $ | 1,148,476 | $ | 82,794 | $ | — | $ | — | $ | — | $ | 1,231,270 | ||||||
TrafficLeader | 265,000 | 226,848 | — | — | — | 491,848 | ||||||||||||
goClick | 1,066,882 | 652,258 | 144,373 | — | — | 1,863,513 | ||||||||||||
Name Development | 10,254,971 | 13,501,073 | 10,974,238 | 9,762,650 | 7,999,652 | 52,492,584 | ||||||||||||
$ | 12,735,329 | $ | 14,462,973 | $ | 11,118,611 | $ | 9,762,650 | $ | 7,999,652 | $ | 56,079,215 | |||||||
6