Datto Holding (MSP) 8-K Datto Announces Third Quarter 2020 Financial Results

Exhibit 99.1

Datto Announces Third Quarter 2020 Financial Results

Subscription revenue grew 17 percent year-over-year to $122.8 million

ARR grew 17 percent year-over-year to $522.8 million

Norwalk, CT – November 23, 2020—Datto Holding Corp. (“Datto”) (NYSE: MSP), the leading global provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs), today announced its financial results for the third-quarter ended September 30, 2020.

“We are pleased to report strong third-quarter 2020 results as a newly public company. Both subscription revenue and ARR grew 17 percent year-over-year driven by expansion from existing managed service provider partners as they deployed more Datto solutions to more of their end clients, and by the addition of new partners,” said Tim Weller, Datto’s Chief Executive Officer. “Our sequential ARR growth of $16 million is evidence of the reacceleration of our business and the tailwinds from the digital transformation of small and medium businesses (SMBs). We continue to create enterprise-grade technology for SMBs delivered through our growing, global network of managed service provider partners. Our commitment to the MSP ecosystem is what makes Datto unique - it is the foundation of our strategy and culture.”

Third Quarter 2020 Financial Results

(In Millions)

	Q3 2020	Q3 2019	Y/Y Change
Subscription Revenue	$122.8	$105.2	17%
Total Revenue	$130.7	$117.7	11%
ARR(1)	$522.8	$445.4	17%
Gross Margin	73%	66%	691 bps
Net Income	$19.5	$2.7	617%
Adjusted EBITDA(2)	$45.8	$25.8	78%
Free Cash Flow(2)	$43.6	-$2.8	NA

¹ Annual run-rate revenue (ARR) is the annualized value of all subscription agreements as of the end of a period. We calculate ARR by multiplying the monthly run-rate revenue for the last month of a period by 12.

² A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Recent Highlights

• Datto priced its initial public offering (IPO) of 22,000,000 shares of common stock at a price to the public of $27.00 per share. The underwriters exercised in full their option to purchase an additional 3,300,000 shares of common stock at $27.00 per share. Net proceeds from the IPO totaled $641.6 million. Datto is listed on the NYSE under the ticker “MSP”.

• Datto repaid all outstanding balances under its $550 million term loan facility and its $50 million revolving credit facility and entered into a new $200 million revolving credit facility which is undrawn.

• MSP Partners grew to over 17,200, an increase of 1,000 year-over-year.

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• Datto hosted its second Virtual MSP Technology Day dedicated to highlighting the tools and technologies that are driving adoption of MSP services through the COVID-19 pandemic.

• In July, Datto acquired Gluh Pty Ltd, an Australia-based company with a real-time quoting platform that enables MSPs to simplify the procurement of IT products and services for their clients.

• Datto was named a winner of the 2020 CRN Annual Report Card (ARC) Awards. The award recognized Datto as a best-in-class channel provider in the categories of Data Protection and Managed Services Software.

Fourth Quarter and Full Year 2020 Financial Outlook

Datto is providing the following guidance for the fourth quarter and full-year 2020:

	Q4 2020 Outlook	FY 2020 Outlook
Revenue	$133.0 - $135.0 million	$512.8 - $514.8 million
Adjusted EBITDA	$38.0 - $39.0 million	$147.7 - $148.7 million

Datto Third Quarter 2020 Financial Results Conference Call

When: Monday, November 23, 2020

Time: 5:00 pm ET

Conference ID: 8549639

Live Call: 1-833-312-1358 (US/Canada Toll-Free) or 1-236-712-2458 (International)

Replay: 1-800-585-8367 (US/Canada Toll-Free) or 1- 416-621-4642 (International)

(The replay will be available approximately two hours after the completion of the live call until 11:59 pm ET on November 30, 2020)

Webcast: https://investors.datto.com

About Datto

As the world’s leading provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs), Datto believes there is no limit to what small and medium businesses can achieve with the right technology. Datto offers Unified Continuity, Networking, and Business Management solutions and has created a unique ecosystem of MSP partners. These partners provide Datto solutions to over one million businesses across the globe. Since its founding in 2007, Datto has won awards for its rapid growth, product excellence, superior technical support, and for fostering an outstanding workplace. With headquarters in Norwalk, Connecticut, Datto has global offices in the United Kingdom, the Netherlands, Denmark, Germany, Canada, Australia, China, and Singapore. Learn more at datto.com.

Forward Looking Statements

This press release contains forward-looking statements that reflect Datto’s current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance, and business. These statements may be preceded by, followed by or include the words ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘project,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘believe,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘can have,’’ ‘‘likely’’ and the negatives thereof and other words and terms of similar meaning. Further information on potential factors that could affect our results is included in our final prospectus for our initial public offering, dated as of October 20, 2020.

Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements.

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There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Datto undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe that the non-GAAP financial measures of Non-GAAP Subscription Cost of Revenue, Non-GAAP Device Cost of Revenue, Non-GAAP Professional Services and Other Cost of Revenue, Non-GAAP Depreciation and Amortization in Cost of Revenue, Non-GAAP Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP Sales and Marketing expense, Non-GAAP Research and Development expense, Non-GAAP General and Administrative expense, Non-GAAP Depreciation and Amortization in Operating Expenses, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Net Income and Non-GAAP Net Income Per Share, Adjusted EBITDA, and Free Cash Flow are useful in evaluating our operating performance. Certain of these measures exclude interest and other (income) expense, net, loss on extinguishment of debt, depreciation and amortization, stock-based compensation, restructuring expense and transaction-related and other expense. In addition, for Non-GAAP Net Income we utilize a non-GAAP tax rate of 25%, which we believe reflects our normalized effective tax rate. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this press release.

Datto is not providing a quantitative reconciliation of forward-looking guidance of Adjusted EBITDA to its most directly comparable GAAP measure because certain items are out of Datto’s control or cannot be reasonably predicted, as the items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. Accordingly, a reconciliation for forward-looking Adjusted EBITDA is not available without unreasonable effort.

For more information about Datto, including supplemental financial information, please visit the investor relations website at investors.datto.com.

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DATTO HOLDING CORP.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Revenue:
Subscription	$	122,753		$	105,170		$	356,348		$	301,107
Device		6,964			11,948			21,098			29,582
Professional services and other		950			575			2,347			1,937
Total revenue		130,667			117,693			379,793			332,626
Cost of revenue:
Subscription		18,915			20,815			60,786			60,472
Device		10,089			14,036			26,464			36,591
Professional services and other		1,332			1,438			4,399			3,874
Depreciation and amortization		5,526			4,150			15,746			11,256
Total cost of revenue		35,862			40,439			107,395			112,193
Gross profit		94,805			77,254			272,398			220,433
Operating expenses:
Sales and marketing		24,709			25,084			83,828			79,172
Research and development		15,257			14,640			48,000			43,924
General and administrative		17,433			17,680			59,389			50,555
Depreciation and amortization		6,820			6,782			20,600			20,506
Total operating expenses		64,219			64,186			211,817			194,157
Income from operations		30,586			13,068			60,581			26,276
Other expense:
Interest expense		7,065			9,932			23,590			34,131
Loss on extinguishment of debt		—			—			—			19,231
Other (income) expense, net		(987	)		7			(1,402	)		2
Total other expense		6,078			9,939			22,188			53,364
Income (loss) before income taxes		24,508			3,129			38,393			(27,088	)
(Provision for) benefit from income taxes		(4,962	)		(404	)		(8,727	)		4,130
Net income (loss)	$	19,546		$	2,725		$	29,666		$	(22,958	)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.14		$	0.02		$	0.22		$	(0.17	)
Diluted	$	0.14		$	0.02		$	0.22		$	(0.17	)
Weighted-average shares used in computing net income (loss) per share:
Basic		135,553,097			135,195,800			135,496,696			135,195,800
Diluted		138,590,770			135,615,949			137,006,921			135,195,800

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DATTO HOLDING CORP.

Condensed Consolidated Balance Sheets

(in thousands)

	September 30,			December 31,
	2020			2019
	(unaudited)
ASSETS
Current assets
Cash	$	98,614		$	27,597
Restricted cash		1,436			1,469
Accounts receivable, net		16,668			20,841
Inventory, net		17,266			12,415
Prepaid expenses		8,831			10,265
Other current assets		9,453			10,120
Total current assets		152,268			82,707
Property and equipment, net		86,618			80,746
Goodwill		1,123,000			1,118,856
Intangible assets, net		289,954			306,685
Other assets		63,407			53,298
Total assets	$	1,715,247		$	1,642,292
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	8,517		$	16,049
Accrued expenses and other current liabilities		35,407			33,909
Long-term debt, current portion		5,500			5,500
Deferred revenue		25,412			24,254
Total current liabilities		74,836			79,712
Long-term debt		575,739			546,499
Deferred revenue, noncurrent		2,937			3,798
Deferred income taxes		17,660			10,120
Other long-term liabilities		13,158			9,860
Total liabilities		684,330			649,989
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock		136			136
Additional paid-in capital		1,092,090			1,083,082
Treasury stock		(3,621	)		(3,621	)
Accumulated deficit		(58,058	)		(87,724	)
Accumulated other comprehensive income		370			430
Total stockholders’ equity		1,030,917			992,303
Total liabilities and stockholders’ equity	$	1,715,247		$	1,642,292

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DATTO HOLDING CORP.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Nine Months Ended
	September 30,
	2020			2019
OPERATING ACTIVITIES
Net income (loss)	$	29,666		$	(22,958	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of internally developed software		19,615			14,739
Amortization of acquired intangible assets		16,731			17,023
Loss on extinguishment of debt		—			19,231
Amortization of debt issuance costs		1,265			1,452
Reserve for inventory obsolescence		1,508			183
Stock-based compensation		6,561			9,454
Provision for bad debt		4,793			3,422
Deferred income taxes		7,556			(6,035	)
Unrealized gain (loss) on foreign exchange		(647	)		235
Changes in operating assets and liabilities:
Accounts receivable		(766	)		(12,202	)
Inventory		(6,337	)		(2,035	)
Prepaid expenses and current other assets		2,099			(4,464	)
Other assets		(8,446	)		(15,347	)
Accounts payable, accrued expenses and other		109			4,479
Deferred revenue		348			(554	)
Net cash provided by operating activities		74,055			6,623
INVESTING ACTIVITIES
Purchase of property and equipment		(28,519	)		(27,777	)
Acquisition of business, net of cash acquired		(4,371	)		—
Net cash used in investing activities		(32,890	)		(27,777	)
FINANCING ACTIVITIES
Proceeds from debt		32,100			562,250
Repayments of debt		(4,468	)		(522,048	)
Debt issuance costs		—			(8,775	)
Prepayment penalty on debt		—			(10,400	)
Capitalized transaction costs		(980	)		—
Proceeds from stock option exercise		2,500			—
Net share settlement and settlement of stock-based payment awards		(53	)		(1,072	)
Net cash provided by financing activities		29,099			19,955
Effect of exchange rate changes on cash		720			(396	)
Net increase (decrease) in cash		70,984			(1,595	)
Cash and restricted cash, beginning of year		29,066			37,258
Cash and restricted cash, end of period	$	100,050		$	35,663
Reconciliation of cash and restricted cash:
Cash	$	98,614		$	31,781
Restricted cash	$	1,436		$	3,882
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	$	151		$	1,117
Cash paid for interest	$	22,317		$	34,820
NON-CASH INVESTING AND FINANCING ACTIVITIES
Purchase of property and equipment included in accounts payable	$	40		$	512
Deferred initial public offering costs in accounts payable and accrued liabilities	$	2,620		$	—

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DATTO HOLDING CORP.

Non-GAAP Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Revenue:
Subscription	$	122,753		$	105,170		$	356,348		$	301,107
Device		6,964			11,948			21,098			29,582
Professional services and other		950			575			2,347			1,937
Total revenue		130,667			117,693			379,793			332,626
Cost of revenue:
Subscription		18,838			20,795			60,206			60,395
Device		10,089			14,036			26,464			36,591
Professional services and other		1,332			1,438			4,260			3,874
Depreciation and amortization		4,351			2,975			12,221			7,731
Total cost of revenue		34,610			39,244			103,151			108,591
Gross profit		96,057			78,449			276,642			224,035
Operating expenses:
Sales and marketing		24,200			24,465			80,104			76,913
Research and development		14,763			14,406			45,936			40,873
General and administrative		15,644			16,787			53,171			46,488
Depreciation and amortization		2,418			2,338			7,394			7,008
Total operating expenses		57,025			57,996			186,605			171,282
Income from operations		39,032			20,453			90,037			52,753
Other expense:
Interest expense		7,065			9,932			23,590			34,131
Other (income) expense, net		(987	)		7			(1,402	)		2
Total other expense		6,078			9,939			22,188			34,133
Income (loss) before income taxes		32,954			10,514			67,849			18,620
(Provision for) benefit from income taxes		(8,239	)		(2,629	)		(16,963	)		(4,656	)
Net income (loss)	$	24,715		$	7,885		$	50,886		$	13,964
Net income per share attributable to common stockholders:
Basic	$	0.18		$	0.06		$	0.38		$	0.10
Diluted	$	0.18		$	0.06		$	0.37		$	0.10
Weighted-average shares used in computing net income per share:
Basic		135,553,097			135,195,800			135,496,696			135,195,800
Diluted		138,590,770			135,615,949			137,006,921			135,626,273

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DATTO HOLDING CORP.

GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics

(in thousands, except percentages and share and per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Non-GAAP Subscription Cost of Revenue
GAAP subscription cost of revenue	$	18,915		$	20,815		$	60,786		$	60,472
Stock-based compensation expense		(77	)		(20	)		(118	)		(77	)
Restructuring expense		—			—			(462	)		—
Non-GAAP subscription cost of revenue	$	18,838		$	20,795		$	60,206		$	60,395
Non-GAAP Device Cost of Revenue
GAAP device cost of revenue	$	10,089		$	14,036		$	26,464		$	36,591
Stock-based compensation expense		—			—			—			—
Restructuring expense		—			—			—			—
Non-GAAP device gross cost of revenue	$	10,089		$	14,036		$	26,464		$	36,591
Non-GAAP Professional Services and Other Cost of Revenue
GAAP professional services and other cost of revenue	$	1,332		$	1,438		$	4,399		$	3,874
Stock-based compensation expense		—			—			—			—
Restructuring expense		—			—			(139	)		—
Non-GAAP professional services and other cost of revenue	$	1,332		$	1,438		$	4,260		$	3,874
Non-GAAP Depreciation and Amortization in Cost of Revenue
GAAP depreciation and amortization in cost of revenue	$	5,526		$	4,150		$	15,746		$	11,256
Amortization of acquired intangible assets		(1,175	)		(1,175	)		(3,525	)		(3,525	)
Non-GAAP depreciation and amortization in cost of revenue	$	4,351		$	2,975		$	12,221		$	7,731
Non-GAAP Cost of Revenue
GAAP cost of revenue	$	35,862		$	40,439		$	107,395		$	112,193
Amortization of acquired intangible assets		(1,175	)		(1,175	)		(3,525	)		(3,525	)
Stock-based compensation expense		(77	)		(20	)		(118	)		(77	)
Restructuring expense		—			—			(601	)		—
Non-GAAP cost of revenue	$	34,610		$	39,244		$	103,151		$	108,591
Non-GAAP Gross Profit
GAAP gross profit	$	94,805		$	77,254		$	272,398		$	220,433
Amortization of acquired intangible assets		1,175			1,175			3,525			3,525
Stock-based compensation expense		77			20			118			77
Restructuring expense		—			—			601			—
Non-GAAP gross profit	$	96,057		$	78,449		$	276,642		$	224,035
Non-GAAP gross margin		73.5	%		66.7	%		72.8	%		67.4	%

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DATTO HOLDING CORP.

GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics

(in thousands, except percentages and share and per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Non-GAAP Sales and Marketing
GAAP sales and marketing expense	$	24,709		$	25,084		$	83,828		$	79,172
Stock-based compensation expense		(524	)		(619	)		(1,803	)		(2,259	)
Restructuring expense		15			—			(1,921	)		—
Transaction related and other expense		—			—			—			—
Non-GAAP sales and marketing expense	$	24,200		$	24,465		$	80,104		$	76,913
Non-GAAP sales and marketing as a % of revenue		18.5	%		20.8	%		21.1	%		23.1	%
Non-GAAP Research and Development
GAAP research and development expense	$	15,257		$	14,640		$	48,000		$	43,924
Stock-based compensation expense		(494	)		(234	)		(1,115	)		(3,051	)
Restructuring expense		—			—			(949	)		—
Transaction related and other expense		—			—			—			—
Non-GAAP research and development expense	$	14,763		$	14,406		$	45,936		$	40,873
Non-GAAP research and development as a % of revenue		11.3	%		12.2	%		12.1	%		12.3	%
Non-GAAP General and Administrative
GAAP general and administrative expense	$	17,433		$	17,680		$	59,389		$	50,555
Stock-based compensation expense		(1,694	)		(893	)		(3,525	)		(4,067	)
Restructuring expense		—			—			(364	)		—
Transaction related and other expense		(95	)		—			(2,329	)		—
Non-GAAP general and administrative expense	$	15,644		$	16,787		$	53,171		$	46,488
Non-GAAP general and administrative as a % of revenue		12.0	%		14.3	%		14.0	%		14.0	%
Non-GAAP Depreciation and Amortization in Operating Expenses
GAAP depreciation and amortization in operating expenses	$	6,820		$	6,782		$	20,600		$	20,506
Amortization of acquired intangible assets		(4,402	)		(4,444	)		(13,206	)		(13,498	)
Non-GAAP depreciation and amortization in operating expense	$	2,418		$	2,338		$	7,394		$	7,008
Non-GAAP depreciation and amortization in operating expense as a % of revenue		1.9	%		2.0	%		1.9	%		2.1	%
Non-GAAP Operating Expenses
GAAP operating expenses	$	64,219		$	64,186		$	211,817		$	194,157
Amortization of acquired intangible assets		(4,402	)		(4,444	)		(13,206	)		(13,498	)
Stock-based compensation expense		(2,712	)		(1,746	)		(6,443	)		(9,377	)
Restructuring expense		15			—			(3,234	)		—
Transaction related and other expense		(95	)		—			(2,329	)		—
Non-GAAP operating expenses	$	57,025		$	57,996		$	186,605		$	171,282
Non-GAAP operating expenses as a % of revenue		43.6	%		49.3	%		49.1	%		51.5	%
Non-GAAP Income From Operations
GAAP income from operations	$	30,586		$	13,068		$	60,581		$	26,276
Amortization of acquired intangible assets		5,577			5,619			16,731			17,023
Stock-based compensation expense		2,789			1,766			6,561			9,454
Restructuring expense		(15	)		—			3,835			—
Transaction related and other expense		95			—			2,329			—
Non-GAAP income from operations	$	39,032		$	20,453		$	90,037		$	52,753
Non-GAAP operating margin		29.9	%		17.4	%		23.7	%		15.9	%

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DATTO HOLDING CORP.

GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics

(in thousands, except percentages and share and per share amounts)

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Non-GAAP Net Income and Net Income Per Share
GAAP net income (loss)	$	19,546		$	2,725		$	29,666		$	(22,958	)
GAAP (provision for) benefit from income taxes		(4,962	)		(404	)		(8,727	)		4,130
GAAP income (loss) before income taxes		24,508			3,129			38,393			(27,088	)
Loss on extinguishment of debt		—			—			—			19,231
Amortization of acquired intangible assets		5,577			5,619			16,731			17,023
Stock-based compensation expense		2,789			1,766			6,561			9,454
Restructuring expense		(15	)		—			3,835			—
Transaction related and other expense		95			—			2,329			—
Non-GAAP (provision for) benefit from income taxes		(8,239	)		(2,629	)		(16,963	)		(4,656	)
Non-GAAP net income	$	24,715		$	7,885		$	50,886		$	13,964
Non-GAAP net income per share attributable to common shareholders:
Basic	$	0.18		$	0.06		$	0.38		$	0.10
Diluted	$	0.18		$	0.06		$	0.37		$	0.10
Weighted-Average Shares used in computing Non-GAAP Net Income per Share:
GAAP and Non-GAAP weighted-average shares used in computing net income per share, basic		135,553,097			135,195,800			135,496,696			135,195,800
GAAP weighted-average shares used in computing net income per share, diluted		138,590,770			135,615,949			137,006,921			135,195,800
Adjustment to fully diluted shares		—			—			—			430,473
Non-GAAP weighted-average shares used in computing net income per share, diluted		138,590,770			135,615,949			137,006,921			135,626,273
Adjusted EBITDA
GAAP net income (loss)	$	19,546		$	2,725		$	29,666		$	(22,958	)
Interest and other expense, net		6,078			9,939			22,188			34,133
Loss on extinguishment of debt		—			—			—			19,231
Depreciation and amortization		12,346			10,932			36,346			31,762
Provision for (benefit from) income tax		4,962			404			8,727			(4,130	)
Stock-based compensation expense		2,789			1,766			6,561			9,454
Restructuring expense		(15	)		—			3,835			—
Transaction related and other expense		95			—			2,329			—
Adjusted EBITDA	$	45,801		$	25,766		$	109,652		$	67,492
Adjusted EBITDA margin		35.1	%		21.9	%		28.9	%		20.3	%
Free Cash Flow
GAAP net cash provided by operating activities	$	50,080		$	4,864		$	74,055		$	6,623
Less: Purchases of property and equipment		(6,519	)		(7,667	)		(28,519	)		(27,777	)
Free cash flow	$	43,561		$	(2,803	)	$	45,536		$	(21,154	)

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