Exhibit 99.1
CONTACT: | Liz Merritt, Rural/Metro Corporation | |
(480) 606-3337 | ||
Sharrifah Al-Salem, FD | ||
(415) 293-4414 |
RURAL/METRO REPORTS STRONG FISCAL 2010 FULL-YEAR
AND FOURTH-QUARTER RESULTS
Fiscal 2010 Highlights:
• | 7.9% growth in net revenue when compared to fiscal 2009 |
• | 17.9% growth in operating income when compared to fiscal 2009 |
• | $3.5 million net income attributable to Rural/Metro, or diluted earnings per share (EPS) of $0.14, including a $14.2 million pre-tax loss on debt extinguishment and a $1.2 million pre-tax goodwill impairment related to a legacy acquisition |
• | $69.1 million in adjusted EBITDA from continuing operations |
SCOTTSDALE, Ariz. (Sept. 8, 2010) – Rural/Metro Corporation (NASDAQ: RURL), a leading national provider of ambulance and private fire protection services, announced strong results for its fiscal 2010 full year and fourth quarter ended June 30, 2010.
Michael P. DiMino, President and Chief Executive Officer, said, “Our results clearly demonstrate the strength of our business strategies as we successfully achieve organic and strategic growth opportunities, leverage our operational and technological expertise to gain margin expansion and generate strong and sustainable cash flow.”
Results of Operations for the Fiscal Year Ended June 30, 2010
For the fiscal year ended June 30, 2010, the Company generated net revenue of $530.8 million, an increase of 7.9% or $39.0 million, compared to $491.8 million for the same prior-year period. Ambulance services revenue was $457.8 million, an increase of 9.6% or $40.0 million, compared to $417.8 million for the same prior-year period. The increase was primarily attributable to $37.4 million in same-service-area revenue growth, which was driven by reductions in uncompensated care, rate increases and a 4.1% increase in ambulance transport volume, as well as $2.6 million from new contract growth. Other services revenue was $72.9 million, a decrease of 1.4% or $1.0 million, compared to $73.9 million for the same prior-year period.
Payroll and employee benefits expense for fiscal 2010 was $324.7 million, or 61.2% of net revenue, compared to $305.3 million, or 62.1% of net revenue for fiscal 2009. The year-over-year decrease as a percentage of net revenue was primarily attributable to improved labor management and higher transport volumes offset slightly by increases in employee health insurance and workers compensation insurance expenses.
1
Other operating expenses for fiscal 2010 totaled $121.9 million, or 23.0% of net revenue, compared to $115.6 million, or 23.5% of net revenue in fiscal 2009. The year-over-year decrease as a percentage of net revenue was related to higher revenue offset by an increase in professional fees.
General and auto liability insurance expense for fiscal 2010 was $13.9 million, or an increase of $2.3 million, compared with $11.6 million in fiscal 2009. The year-over-year increase was driven primarily by an increase in current-year claims estimates.
Fiscal 2010 net income attributable to Rural/Metro was $3.5 million, or diluted EPS of $0.14, which included a $14.2 million loss on debt extinguishment related to the Company’s December 2009 debt refinancing and a $1.2 million goodwill impairment charge related to a legacy acquisition. Excluding the loss on debt extinguishment, fiscal 2010 net income attributable to Rural/Metro would have been $12.4 million, or diluted EPS of $0.49.
Fiscal 2010 adjusted EBITDA from continuing operations increased 18.3% to $69.1 million compared to $58.4 million in fiscal 2009. Adjusted EBITDA from continuing operations excludes the effect of the $14.2 million loss on debt extinguishment, the $1.2 million goodwill impairment and $0.5 million in share-based compensation expense.
Results of Operations for the Fourth Quarter Ended June 30, 2010
For the quarter ended June 30, 2010, the Company generated net revenue of $133.8 million, an increase of 5.4%, or $6.9 million, compared to net revenue of $126.9 million for the same period last year. Ambulance services revenue was $116.1 million, an increase of 7.4% or $8.0 million, compared to $108.1 million for the same prior-year period. The increase was primarily attributable to $7.1 million in same-service-area revenue growth, which included reductions in uncompensated care, rate increases and a 5.3% increase in transport volume, as well as $0.9 million in new contract growth. Other services revenue was $17.7 million, a decrease of 5.7% or $1.1 million, compared to $18.8 million for the same prior-year period.
Payroll and employee benefits expense for the fourth fiscal quarter was $82.9 million, or 62.0% of net revenue, compared to $80.2 million, or 63.2% of net revenue, in the same period of the prior year. The year-over-year decrease as a percentage of net revenue was primarily attributable to improved labor management, higher transport volumes and lower employee bonus expense, offset slightly by an increase in employee health insurance expenses.
Other operating expenses for the fourth fiscal quarter totaled $31.8 million, or 23.8% of net revenue, compared to $31.0 million, or 24.4% of net revenue for the same prior-year period. The year-over-year decrease as a percentage of net revenue was related to higher revenue, offset in part by higher fuel expense related to increased prices.
Auto and general liability insurance expense for the fourth fiscal quarter was $1.9 million, or an increase of $0.9 million, when compared to $1.0 million for the same period of the prior year. The year-over-year increase was driven primarily by a higher positive adjustment in actuarial claims in the prior year when compared to the current year.
Fourth-quarter net income attributable to Rural/Metro was $1.6 million, or diluted EPS of $0.06, compared to net income of $2.2 million and diluted EPS of $0.09 for the fourth quarter of the prior year.
2
Adjusted EBITDA from continuing operations for the fourth quarter increased 15.4% to $16.8 million, compared to $14.6 million for the same period in fiscal 2009. Adjusted EBITDA from continuing operations for the three-month period excludes the effect of the $1.2 million goodwill impairment and $0.2 million in share-based compensation expense.
Adjusted EBITDA from continuing operations and net income and diluted EPS attributable to Rural/Metro excluding the loss on debt extinguishment are key indicators management uses to evaluate operating performance. While adjusted EBITDA from continuing operations and net income and diluted EPS attributable to Rural/Metro excluding the loss on debt extinguishment are not intended to replace presentations included in the Company’s consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or an alternative to cash flow as a measure of liquidity, the Company believes these measures are useful to investors in assessing its ability to meet future debt service, capital expenditure and working capital requirements. This calculation may differ in the method of calculation from similarly titled measures used by other companies. A reconciliation of adjusted EBITDA to income/(loss) from continuing operations and discontinued operations for the three and 12 months ended June 30, 2010 and 2009, as well as a reconciliation of net income and diluted EPS attributable to Rural/Metro excluding the loss on debt extinguishment to net loss attributable to Rural/Metro and diluted earnings per share for the three and 12 months ended June 30, 2010 and 2009, are included with this press release and the related current report on Form 8-K.
Transaction Technology
The Company’s focus on invoice transaction processing and related technology has resulted in consistent and measurable improvement in areas such as uncompensated care (UC) and days sales outstanding (DSO). Specifically, the national rollout of its electronic patient care reporting (ePCR) system that began in July 2008 has contributed to these improvements. The Company monitors an array of system performance measures, ranging from the impact to uncompensated care to the durability of the hardware installed in each ambulance. At the close of fiscal 2010, ePCR technology was being used in approximately 65% of the Company’s ambulance transports.
3
“When Rural/Metro designed the electronic patient record system and began the deployment, we strongly believed that the accuracy and efficiency afforded by this technology would complement the enhancements made to our front-end billing and collections processes, Mr. DiMino said.
“In two years, we have achieved not only a solid $12.0 million return on our $8.0 million investment, but also have established our leadership position when it comes to billing and collecting for ambulance services,” he continued. “The ePCR system has more than paid for itself through reductions in uncompensated care and reduced DSO. It is a key component of our success, and will continue to be a part of our strategy to improve invoice-to-cash outcomes in the future.”
Fiscal 2011 Guidance
The Company announced financial guidance for the fiscal year ending June 30, 2011, with adjusted EBITDA from continuing operations expected to be in the range of $74.0 million to $76.0 million and capital expenditures expected to be in the range of $18.0 million to $20.0 million.
Quarterly Operating Statistics
The table below provides results for medical transports, Average Patient Charge (APC), and DSO during each of the five most recent quarters:
Q4 ‘09 | Q1 ‘10 | Q2 ‘10 | Q3 ‘10 | Q4 ‘10 | |||||||||||
(6/30/09) | (9/30/09) | (12/31/09) | (3/31/10) | (6/30/10) | |||||||||||
Medical Transports (1) | 266,357 | 268,755 | 271,396 | 277,276 | 280,574 | ||||||||||
Average Patient Charge (APC) (2) | $ | 378 | $ | 389 | $ | 397 | $ | 394 | $ | 391 | |||||
Days Sales Outstanding (DSO) (3) | 52 | 49 | 46 | 44 | 43 |
(1) | Defined as emergency and non-emergency medical patient transports from continuing operations. |
(2) | Net medical transport APC is defined as gross ambulance transport revenue less provisions for contractual allowances applicable to Medicare, Medicaid and other third-party payers and uncompensated care divided by medical transports from continuing operations. |
(3) | DSO is calculated using the average accounts receivable balance on a rolling 13-month basis and net revenue on a rolling 12-month basis and has not been adjusted to eliminate discontinued operations. |
Conference Call to Discuss Results
The Company will discuss results in a conference call today beginning at 8 a.m. Pacific/11 a.m. Eastern. To join the Company’s conference call, dial 877-383-7417 (domestic) or 678-894-3972 (international). A taped replay will be available approximately two hours following the completion of the call through 11:59 p.m. Eastern on September 11, 2010. To access the replay, dial 800-642-1687 (domestic) or 706-645-9291 (international). The required pass code to access the replay is 91751906. An audio webcast also will be available atwww.ruralmetro.com the day of the call and will remain on the Company’s website for 90 days thereafter.
4
About Rural/Metro
Rural/Metro Corporation provides emergency and non-emergency ambulance services and private fire protection services in 20 states and approximately 400 communities throughout the United States. For more information, visit the Company’s web site atwww.ruralmetro.com.
SAFE HARBOR PROVISIONS FOR FORWARD-LOOKING STATEMENTS
The foregoing reflects the Company’s views about its future financial condition, performance and other matters that constitute “forward-looking” statements as such term is defined by the federal securities laws. Many of these statements can be found by looking for words such as “believe,” “anticipate,” “expect,” “plan,” “intend,” “may,” “should,” “will likely result,” “continue,” “estimate,” “project,” “goals,” or similar words used herein in connection with any discussions of future operating or financial performance or business prospects. We may also make forward-looking statements in our financial reports filed with the Securities and Exchange Commission (SEC), investor calls and other investor communications. These forward-looking statements are subject to the safe harbor protection provided by federal securities laws. These forward-looking statements are subject to numerous risks, uncertainties and assumptions, including those relating to the Company’s future business prospects, uncompensated care, working capital, accounts receivable collection, liquidity, cash flow, EBITDA, adjusted EBITDA, capital expenditures, insurance coverage and claim reserves, capital needs, key operating metrics, future growth plans, future operating results, and future compliance with covenants in our debt facilities or instruments. In addition, the Company may face risks and uncertainties related to other factors that are listed in its periodic reports filed under the Securities Exchange Act. Although the Company believes the expectations reflected in its forward-looking statements are based upon reasonable assumptions, because the statements are subject to risks and uncertainties, the Company can give no assurance that its expectations will be attained or that actual developments and results will not materially differ from those expressed or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on the statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by law.
###
(RURL/F)
5
RURAL/METRO CORPORATION
CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share data)
June 30, 2010 | June 30, 2009 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 20,228 | $ | 37,108 | ||||
Accounts receivable, net | 63,581 | 64,355 | ||||||
Inventories | 8,001 | 8,535 | ||||||
Deferred income taxes | 23,737 | 25,032 | ||||||
Prepaid expenses and other | 7,907 | 19,895 | ||||||
Total current assets | 123,454 | 154,925 | ||||||
Property and equipment, net | 50,670 | 49,096 | ||||||
Goodwill | 36,516 | 37,700 | ||||||
Restricted cash | 20,376 | — | ||||||
Deferred income taxes | 41,538 | 41,678 | ||||||
Other assets | 15,908 | 11,556 | ||||||
Total assets | $ | 288,462 | $ | 294,955 | ||||
LIABILITIES AND DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,914 | $ | 14,883 | ||||
Accrued liabilities | 48,290 | 57,588 | ||||||
Deferred revenue | 21,244 | 21,585 | ||||||
Current portion of long-term debt | 6,436 | 199 | ||||||
Total current liabilities | 88,884 | 94,255 | ||||||
Long-term debt, net of current portion | 262,606 | 277,110 | ||||||
Other long-term liabilities | 38,130 | 28,497 | ||||||
Total liabilities | 389,620 | 399,862 | ||||||
Rural/Metro Stockholders’ deficit: | ||||||||
Common stock, $0.01 par value, 40,000,000 shares authorized, 25,254,713 and 24,852,726 shares issued and outstanding at June 30, 2010 and June 30, 2009, respectively | 252 | 248 | ||||||
Additional paid-in capital | 156,748 | 155,187 | ||||||
Treasury stock, 96,246 shares at both June 30, 2010 and June 30, 2009 | (1,239 | ) | (1,239 | ) | ||||
Accumulated other comprehensive loss | (3,782 | ) | (2,597 | ) | ||||
Accumulated deficit | (254,823 | ) | (258,331 | ) | ||||
Total Rural/Metro stockholders’ deficit | (102,844 | ) | (106,732 | ) | ||||
Noncontrolling interest | 1,686 | 1,825 | ||||||
Total deficit | (101,158 | ) | (104,907 | ) | ||||
Total liabilities and deficit | $ | 288,462 | $ | 294,955 | ||||
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net revenue | $ | 133,845 | $ | 126,889 | $ | 530,754 | $ | 491,800 | ||||||||
Operating expenses: | ||||||||||||||||
Payroll and employee benefits | 82,918 | 80,158 | 324,748 | 305,271 | ||||||||||||
Depreciation and amortization | 4,537 | 3,744 | 15,982 | 14,258 | ||||||||||||
Other operating expenses | 31,823 | 31,023 | 121,891 | 115,641 | ||||||||||||
General/auto liability insurance expense | 1,921 | 1,031 | 13,902 | 11,649 | ||||||||||||
Goodwill impairment | 1,184 | — | 1,184 | — | ||||||||||||
Gain on sale of assets and property insurance settlement | (108 | ) | (132 | ) | (623 | ) | (536 | ) | ||||||||
Total operating expenses | 122,275 | 115,824 | 477,084 | 446,283 | ||||||||||||
Operating income | 11,570 | 11,065 | 53,670 | 45,517 | ||||||||||||
Interest expense | (7,335 | ) | (7,518 | ) | (29,096 | ) | (30,843 | ) | ||||||||
Interest income | 66 | 69 | 235 | 324 | ||||||||||||
Loss on debt extinguishment | — | — | (14,154 | ) | — | |||||||||||
Income from continuing operations before income taxes | 4,301 | 3,616 | 10,655 | 14,998 | ||||||||||||
Income tax provision | (2,080 | ) | (1,048 | ) | (4,395 | ) | (7,433 | ) | ||||||||
Income from continuing operations | 2,221 | 2,568 | 6,260 | 7,565 | ||||||||||||
Loss from discontinued operations, net of income taxes | 10 | (82 | ) | (491 | ) | (930 | ) | |||||||||
Net income | $ | 2,231 | $ | 2,486 | $ | 5,769 | $ | 6,635 | ||||||||
Net income attributable to noncontrolling interest | (631 | ) | (290 | ) | (2,261 | ) | (1,609 | ) | ||||||||
Net income attributable to Rural/Metro | $ | 1,600 | $ | 2,196 | $ | 3,508 | $ | 5,026 | ||||||||
Income (loss) per share: | ||||||||||||||||
Basic - | ||||||||||||||||
Income from continuing operations attributable to Rural/Metro | $ | 0.06 | $ | 0.09 | $ | 0.16 | $ | 0.24 | ||||||||
Loss from discontinued operations attributable to Rural/Metro | $ | — | — | $ | (0.02 | ) | (0.04 | ) | ||||||||
Net income attributable to Rural/Metro | $ | 0.06 | $ | 0.09 | $ | 0.14 | $ | 0.20 | ||||||||
Diluted - | ||||||||||||||||
Income from continuing operations attributable to Rural/Metro | $ | 0.06 | $ | 0.09 | $ | 0.16 | $ | 0.24 | ||||||||
Loss from discontinued operations attributable to Rural/Metro | $ | — | $ | — | $ | (0.02 | ) | $ | (0.04 | ) | ||||||
Net income attributable to Rural/Metro | $ | 0.06 | $ | 0.09 | $ | 0.14 | $ | 0.20 | ||||||||
Average number of common shares outstanding - Basic | 25,253 | 24,845 | 25,106 | 24,834 | ||||||||||||
Average number of common shares outstanding - Diluted | 25,465 | 24,938 | 25,351 | 24,915 | ||||||||||||
RURAL/METRO CORPORATION
RECONCILIATION OF NET INCOME EXCLUDING LOSS ON DEBT EXTINGUISHMENT
(unaudited)
(in thousands, except per share amounts)
Three Months Ended June 30, | Twelve Months Ended June 30, | ||||||||||||
2010 | 2009 | 2010 | 2009 | ||||||||||
Net income attributable to Rural/Metro | $ | 1,600 | $ | 2,196 | $ | 3,508 | $ | 5,026 | |||||
Loss on debt extinguishment | — | — | 14,154 | — | |||||||||
Tax effect of loss on debt extinguishment | 192 | — | (5,249 | ) | — | ||||||||
Adjusted net income attributable to Rural Metro | 1,792 | 2,196 | 12,413 | 5,026 | |||||||||
Income per share: | |||||||||||||
Basic - | |||||||||||||
Net income attributable to Rural/Metro | $ | 0.07 | $ | 0.09 | $ | 0.49 | $ | 0.20 | |||||
Diluted - | |||||||||||||
Net income attributable to Rural/Metro | $ | 0.07 | $ | 0.09 | $ | 0.49 | $ | 0.20 | |||||
Average number of common shares outstanding - Basic | 25,253 | 24,845 | 25,106 | 24,834 | |||||||||
Average number of common shares outstanding - Diluted | 25,465 | 24,938 | 25,351 | 24,915 | |||||||||
RURAL/METRO CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the twelve months ended June 30, 2010 and 2009
(in thousands)
2010 | 2009 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 5,769 | $ | 6,635 | ||||
Adjustments to reconcile net income to net cash provided by operating activities - | ||||||||
Depreciation and amortization | 16,102 | 14,697 | ||||||
Non-cash adjustments to insurance claims reserves | 2,517 | (4 | ) | |||||
Accretion of 12.75% Senior Discount Notes | 7,769 | 9,968 | ||||||
Accretion of Term Loan Due 2014 | 586 | — | ||||||
Deferred income taxes | 2,647 | 7,622 | ||||||
Excess tax benefits from share-based compensation | (583 | ) | (9 | ) | ||||
Amortization of debt issuance costs | 1,577 | 2,089 | ||||||
Non-cash loss on debt extinguishment | 2,345 | — | ||||||
Loss on disposal of property and equipment and proceeds from property insurance settlement | (67 | ) | 76 | |||||
Goodwill impairment | 1,184 | — | ||||||
Share-based compensation expense | 545 | 241 | ||||||
Items expensed related to acquisition | 186 | — | ||||||
Change in assets and liabilities - | ||||||||
Accounts receivable | 774 | 11,776 | ||||||
Inventories | 552 | (79 | ) | |||||
Prepaid expenses and other | (1,081 | ) | 559 | |||||
Other assets | (2,283 | ) | 448 | |||||
Accounts payable | (2,772 | ) | (872 | ) | ||||
Accrued liabilities | 3,420 | 221 | ||||||
Deferred revenue | (341 | ) | (316 | ) | ||||
Other liabilities | (1,321 | ) | (971 | ) | ||||
Net cash provided by operating activities | 37,525 | 52,081 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (15,488 | ) | (16,692 | ) | ||||
Cash paid for acquisition | (1,400 | ) | — | |||||
Proceeds from the sale of property and equipment and property insurance settlement | 148 | 46 | ||||||
Increase in restricted cash | (20,376 | ) | — | |||||
Net cash used in investing activities | (37,116 | ) | (16,646 | ) | ||||
Cash flows from financing activities: | ||||||||
Payments on debt | (192,272 | ) | (12,512 | ) | ||||
Issuance of debt | 178,200 | — | ||||||
Debt issuance costs | (1,837 | ) | — | |||||
Excess tax benefits from share-based compensation | 583 | 9 | ||||||
Net proceeds from issuance of common stock under share-based compensation plans | 437 | 19 | ||||||
Distributions of earnings to noncontrolling interest | (2,400 | ) | (1,750 | ) | ||||
Net cash used in financing activities | (17,289 | ) | (14,234 | ) | ||||
(Decrease) increase in cash and cash equivalents | (16,880 | ) | 21,201 | |||||
Cash and cash equivalents, beginning of year | 37,108 | 15,907 | ||||||
Cash and cash equivalents, end of year | $ | 20,228 | $ | 37,108 | ||||
Supplemental disclosure of non-cash operating activities: | ||||||||
(Decrease) increase in other current assets and accrued liabilities for general liability insurance claim | $ | (5,073 | ) | $ | 1,508 | |||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||
Property and equipment funded by liabilities | $ | 1,750 | $ | 962 | ||||
Supplemental cash flow information: | ||||||||
Cash paid for interest | $ | 17,944 | $ | 19,360 | ||||
Cash paid for income taxes, net | $ | 1,353 | $ | 1,181 |
RURAL/METRO CORPORATION
RECONCILIATION OF INCOME FROM CONTINUING AND DISCONTINUED OPERATIONS TO EBITDA
(unaudited)
(in thousands)
Three Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Income from continuing operations | $ | 2,221 | $ | 2,568 | $ | 6,260 | $ | 7,565 | ||||||||
Add (deduct): | ||||||||||||||||
Depreciation and amortization | 4,537 | 3,744 | 15,982 | 14,258 | ||||||||||||
Interest expense | 7,335 | 7,518 | 29,096 | 30,843 | ||||||||||||
Interest income | (66 | ) | (69 | ) | (235 | ) | (324 | ) | ||||||||
Income tax provision | 2,080 | 1,048 | 4,395 | 7,433 | ||||||||||||
Income attributable to noncontrolling interest | (631 | ) | (290 | ) | (2,261 | ) | (1,609 | ) | ||||||||
EBITDA from continuing operations attributable to Rural/Metro | 15,476 | 14,519 | 53,237 | 58,166 | ||||||||||||
Add (deduct): | ||||||||||||||||
Share-based compensation expense | 154 | 56 | 545 | 241 | ||||||||||||
Goodwill impairment | 1,184 | — | 1,184 | — | ||||||||||||
Loss on debt extinguishment | — | — | 14,154 | — | ||||||||||||
Adjusted EBITDA from continuing operations attributable to Rural/Metro | 16,814 | 14,575 | 69,120 | 58,407 | ||||||||||||
Loss from discontinued operations | 10 | (82 | ) | (491 | ) | (930 | ) | |||||||||
Add (deduct): | ||||||||||||||||
Depreciation and amortization | — | 81 | 121 | 439 | ||||||||||||
Income tax provision (benefit) | 48 | (26 | ) | (292 | ) | (550 | ) | |||||||||
EBITDA from discontinued operations attributable to Rural/Metro | 58 | (27 | ) | (662 | ) | (1,041 | ) | |||||||||
Total adjusted EBITDA attributable to Rural/Metro | $ | 16,872 | $ | 14,548 | $ | 68,458 | $ | 57,366 | ||||||||