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Emerald Expositions Reports Second Quarter 2018 Financial Results

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Emerald Expositions Events, Inc. (NYSE:EEX) ("Emerald" or the "Company")
today reported financial results for the second quarter ended June 30,
2018.

Second Quarter 2018 Highlights

  • Revenues increased 5.8% to $78.4 million, compared to $74.1 million
    for second quarter 2017
  • Net income increased by $12.0 million to $5.9 million, compared to a
    net loss of $6.1 million for second quarter 2017
  • Net cash provided by operating activities increased 14.2% to $33.8
    million, compared to $29.6 million for second quarter 2017
  • Adjusted EBITDA, a non-GAAP measure, decreased 1.4% to $29.2 million,
    compared to $29.6 million for second quarter 2017
  • Adjusted Net Income, a non-GAAP measure, increased 45.9% to $17.8
    million, compared to $12.2 million for second quarter 2017
  • Free Cash Flow, a non-GAAP measure, increased 7.8% to $31.6 million,
    compared to $29.3 million for second quarter 2017
 

Second Quarter and Year-to-Date 2018
Financial Performance

 
     

Three Months

Ended June 30,

   

Six Months

Ended June 30,

2018         2017       Change       % Change 2018       2017       Change     % Change
(unaudited, in millions, except percentages and per share data)
Revenues $ 78.4 $ 74.1   $ 4.3     5.8 % $ 220.6 $ 209.8   $ 10.8     5.1 %

Net income (loss)

$ 5.9 $ (6.1 ) $ 12.0 nmf $ 44.0 $ 22.3 $ 21.7 97.3 %

Net cash provided by operating
activities

$ 33.8 $ 29.6 $ 4.2 14.2 % $ 54.4 $ 58.4 $ (4.0 ) (6.8 %)
Diluted EPS $ 0.08 $ (0.09 ) $ 0.17 nmf $ 0.58 $ 0.33 $ 0.25 75.8 %
 
Non-GAAP measures:
Adjusted EBITDA $ 29.2 $ 29.6 $ (0.4 ) (1.4 %) $ 102.8 $ 102.0 $ 0.8 0.8 %
Adjusted Net Income $ 17.8 $ 12.2 $ 5.6 45.9 % $ 67.6 $ 51.6 $ 16.0 31.0 %
Adjusted Diluted EPS $ 0.23 $ 0.18 $ 0.05 27.8 % $ 0.89 $ 0.75 $ 0.14 18.7 %
Free Cash Flow $ 31.6 $ 29.3 $ 2.3 7.8 % $ 51.7 $ 57.8 $ (6.1 ) (10.6 %)
 

"The second quarter of the year played out much as we expected, with
good growth in our trade show portfolio, led by strength in Hospitality
Design Expo, Couture, and the International Contemporary Furniture Fair,
combined with a solid contribution from last November's Connecting Point
Marketing Group acquisition, which hosted two successful events in the
quarter. This strength was partially offset by a decline in one of our
large conferences, together with continued soft results in several of
our publications, in both cases in line with our expectations," reported
David Loechner, President and Chief Executive Officer of Emerald
Expositions.

Mr. Loechner added, "As we continued to focus on delivering increased
value to exhibitors and attendees across our trade show portfolio, we
also remained active assessing potential acquisitions through the second
quarter and have targets at various stages of evaluation in our robust
deal pipeline. While we continue to see a significant opportunity to
deliver growth through accretive acquisitions in what is a very
fragmented B2B exposition sector, we have remained selective to ensure
that we deliver value to shareholders. That said, we are optimistic that
we will successfully execute against our M&A strategy over the coming
quarters to drive an acceleration in our growth."

Financial & Operational Results

For the second quarter of 2018, Emerald reported revenues of $78.4
million compared to revenues of $74.1 million for the second quarter of
2017, an increase of $4.3 million, or 5.8%. Organic revenues for the
trade show portfolio increased approximately 3% over the same quarter in
the prior year, with good growth in several of the quarter's largest
trade shows, including Hospitality Design Expo, Couture and the
International Contemporary Furniture Fair ("ICFF"). Overall organic
growth was flat versus the second quarter of 2017 as the trade show
growth was offset by a decline in our Other Events portfolio revenues,
mainly attributable to weakness in our HOW Design Live conference and
several publications within our Other Marketing Services portfolio. In
addition, revenues were slightly reduced by the impact of events that
were discontinued between the second quarter of 2017 and the second
quarter of 2018, partially offset by the benefit of a small show that
moved from the first quarter last year to the second quarter this year.

The Connecting Point Marketing Group ("CPMG") business, acquired in
November 2017, performed well and contributed $4.8 million in revenues
in the second quarter of 2018.

Cost of Revenues of $24.4 million for the second quarter of 2018
increased by 13.0%, or $2.8 million, from $21.6 million for the second
quarter of 2017. This increase was largely driven by the incremental
costs attributable to CPMG's revenues, as well as some incremental
spending in several of the trade shows that grew in the quarter, notably
ICFF and Couture.

Selling, General & Administrative Expense ("SG&A") of $28.0 million for
the second quarter of 2018 decreased by 18.8%, or $6.5 million, from
$34.5 million for the second quarter of 2017. The decrease was primarily
driven by $8.5 million of non-recurring contract termination costs
incurred in the second quarter of 2017 related to the relocation of
Outdoor Retailer to Denver. SG&A for the second quarter of 2018 included
incremental costs from the CPMG acquisition and modest increases in
stock-based compensation and public company costs, partly offset by
one-time acquisition transaction costs, IPO and other related activities
costs and transition costs that were slightly lower, in aggregate, than
in the second quarter of 2017.

Net Income of $5.9 million for the second quarter of 2018 increased by
$12.0 million, from a net loss of $6.1 million for the second quarter of
2017. The key drivers of the increase were the non-recurrence of the
previously mentioned $8.5 million contract termination costs for the
second quarter of 2017, a $6.9 million reduction in loss on
extinguishment of debt and refinancing charges related to refinancing
transactions completed in the second quarter of 2017, and a $3.4 million
decrease in interest expense driven by a combination of lower interest
rates and outstanding debt balances as a result of our refinancing and
debt re-pricing transactions in 2017. These favorable items were partly
offset by a $5.7 million increase in income tax expense, mainly
reflecting the increase in pretax income and partially mitigated by a
change in US federal income tax rates from 35% to 21% effective January
1, 2018.

For the second quarter of 2018, Adjusted EBITDA was $29.2 million
compared to $29.6 million for the second quarter of 2017, a decrease of
1.4%, or $0.4 million. The small decrease partly reflected a modestly
adverse product mix, additional public company costs and the impact of
discontinued events, partly offset by a solid contribution from our CPMG
acquisition.

For a discussion of our presentation of Adjusted EBITDA, which is a
non-GAAP measure, see below under the heading "Non-GAAP Financial
Information." For a reconciliation of Adjusted EBITDA to net income see
Appendix I attached hereto.

Cash Flow

Net cash provided by operating activities increased by $4.2 million to
$33.8 million in the second quarter of 2018, compared to $29.6 million
in the second quarter of 2017. The key items affecting the quarter's
cash flow were $4.8 million of lower interest payments and the
non-recurrence in 2018 of the $8.5 million contract termination costs
paid in the second quarter of 2017, partly offset by the impact of $7.5
million of increased tax payments, now that the Company has utilized all
its tax assets relating to net operating losses in prior periods.

Capital expenditures were $2.2 million for the second quarter of 2018,
compared to $0.3 million for the second quarter of 2017.

Free Cash Flow, which we define as net cash provided by operating
activities less capital expenditures, was $31.6 million for the second
quarter of 2018, compared to $29.3 million in the second quarter of 2017.

For a discussion of our presentation of Free Cash Flow, which is a
non-GAAP measure, see below under the heading "Non-GAAP Financial
Information." For a reconciliation of Free Cash Flow to net cash
provided by operating activities, see Appendix I attached hereto.

Liquidity and Financial Position

At the end of the second quarter of 2018 we made a voluntary prepayment
of term loan principal in the amount of $20.0 million.

As of June 30, 2018, Emerald's cash and cash equivalents were $34.5
million and gross debt was $539.4 million, resulting in net debt (gross
debt less cash and cash equivalents) of $504.9 million.

Dividend

On July 31, 2018, the Board of Directors approved the payment of a cash
dividend of $0.0725 per share for the quarter ending September 30, 2018
to holders of the Company's common stock. The dividend is expected to be
paid on or about August 28, 2018 to stockholders of record on August 14,
2018.

Outlook (forward-looking statements) and Key
Assumptions

For the year ending December 31, 2018, Emerald management expects the
metrics below, with the exception of Adjusted Net Income and Adjusted
Diluted EPS, to trend towards the lower end of the previously provided
guidance, as outlined below:

  • Total revenue growth of 7.4% to 9.7%, or revenue in a range of
    approximately $367 million to $375 million
  • Organic revenue growth of 1.5% to 3.5%
  • Adjusted EBITDA in the range of $158 million to $162 million, or
    growth of 0.1% to 2.6%
  • Adjusted Net Income in the range of $90 million to $100 million, or
    growth of 12.1% to 24.5%
  • Adjusted Diluted EPS in the range of $1.20 to $1.30, or growth of 8.1%
    to 17.1%
  • Free Cash Flow in the range of $110 million to $120 million

The above outlook does not incorporate the impact of any further
acquisitions we may pursue or other unforeseen developments. See
discussion of non-GAAP financial measures at the end of this release.

Conference Call and Webcast Details

As previously announced, the Company will hold a conference call to
discuss its second quarter 2018 results at 11:00 am ET on Thursday,
August 2, 2018.

The conference call can be accessed by dialing 1-877-407-9039 (domestic)
or 1-201-689-8470 (international). A telephonic replay will be available
approximately two hours after the call by dialing 1-844-512-2921, or for
international callers, 1-412-317-6671. The passcode for the replay is
13681331. The replay will be available until 11:59 pm (Eastern Time) on
August 9, 2018.

Interested investors and other parties can access the webcast of the
live conference call by visiting the Investors section of Emerald's
website at http://investor.emeraldexpositions.com.
An online replay will be available on the same website immediately
following the call.

About Emerald Expositions

Emerald is a leading operator of business-to-business trade shows in the
United States. We currently operate more than 55 trade shows, as well as
numerous other face-to-face events. In 2017, Emerald's events connected
over 500,000 global attendees and exhibitors and occupied more than 6.9
million net square feet of exhibition space.

Non-GAAP Financial Information

This press release presents certain "non-GAAP" financial measures. The
components of these non-GAAP measures are computed by using amounts that
are determined in accordance with accounting principles generally
accepted in the United States of America ("GAAP"). A reconciliation of
non-GAAP financial measures used in this press release to their nearest
comparable GAAP financial measures is included in Appendix I attached
hereto.

The Company provides certain guidance solely on a non-GAAP basis because
the Company cannot predict certain elements that would be required in
certain reported GAAP results. The Company has not presented a
quantitative reconciliation of the forward-looking non-GAAP measures,
Adjusted EBITDA and Adjusted Net Income, to net income, and Free Cash
Flow, to net cash provided by operating activities, their most
comparable GAAP financial measures, or Adjusted Diluted EPS, because it
is impractical to forecast certain items without unreasonable efforts
due to the uncertainty and inherent difficulty of predicting the
occurrence and financial impact of and the periods in which such items
may be recognized. For Adjusted EBITDA and Adjusted Net Income, these
items are generally expected to be similar to the kinds of charges and
costs excluded from Adjusted EBITDA and Adjusted Net Income in prior
periods and include, but are not limited to, acquisition-related
expenses, stock-based compensation, income tax expense, the effects of
scheduling adjustments (in the case of Adjusted EBITDA only) and other
assumptions about capital requirements for future periods. For Free Cash
Flow, this includes assumptions about capital requirements for future
periods. The variability of these items may have a significant impact on
our future GAAP financial results.

We use Adjusted EBITDA because we believe it assists investors and
analysts in comparing Emerald's operating performance across reporting
periods on a consistent basis by excluding items that we do not believe
are indicative of our core operating performance. Management and
Emerald's board of directors use Adjusted EBITDA to assess our financial
performance and believe it is helpful in highlighting trends because it
excludes the results of decisions that are outside the control of
management, while other measures can differ significantly depending on
long-term strategic decisions regarding capital structure, the tax
jurisdictions in which we operate, and capital investments. Adjusted
EBITDA should not be considered as an alternative to net income as a
measure of financial performance or to cash flows from operations as a
liquidity measure.

We define Adjusted EBITDA as net income before (i) interest expense,
(ii) loss on extinguishment of debt, (iii) income tax expense, (iv)
depreciation and amortization, (v) stock-based compensation, (vi)
deferred revenue adjustment, (vii) intangible asset impairment charge,
(viii) unrealized loss on interest rate swap and floor, net, (ix) the
Onex management fee (which ended prior to the Company's initial public
offering), (x) material show scheduling adjustments, and (xi) other
items that management believes are not part of our core operations.

In addition to net income presented in accordance with GAAP, we present
Adjusted Net Income because we believe it assists investors and analysts
in comparing our operating performance across reporting periods on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance. Our presentation of
Adjusted Net Income adjusts net income for (i) loss on extinguishment of
debt, (ii) stock-based compensation, (iii) deferred revenue adjustment,
(iv) intangible asset impairment charge, (v) the Onex management fee
(which ended prior to the Company's initial public offering), (vi) other
items that management believes are not part of our core operations,
(vii) amortization of deferred financing fees and discount, (viii)
amortization of (acquired) intangible assets and (ix) tax adjustments
related to non-GAAP adjustments.

We use Adjusted Net Income as a supplemental metric to evaluate our
business's performance in a way that also considers our ability to
generate profit without the impact of certain items.

For example, it is useful to exclude stock-based compensation expenses
because the amount of such expenses in any specific period may not
directly correlate to the underlying performance of our business, and
these expenses can vary significantly across periods due to timing of
new stock-based awards. We also exclude professional fees associated
with debt refinancing, the amortization of intangible assets and certain
discrete costs, including deferred revenue adjustments, impairment
charges and transaction costs (including professional fees and other
expenses associated with acquisition activity) in order to facilitate a
period-over-period comparison of our financial performance. This measure
also reflects an adjustment for the difference between cash amounts paid
in respect of taxes and the amount of tax recorded in accordance with
GAAP. Each of the normal recurring adjustments and other adjustments
described in this paragraph help to provide management with a measure of
our operating performance over time by removing items that are not
related to day-to-day operations or are noncash expenses.

Adjusted Net Income is a supplemental non-GAAP financial measure of
operating performance and is not based on any standardized methodology
prescribed by GAAP. Adjusted Net Income should not be considered in
isolation or as an alternative to net income, cash flows from operating
activities or other measures determined in accordance with GAAP. Also,
Adjusted Net Income is not necessarily comparable to similarly titled
measures presented by other companies.

Adjusted Diluted EPS is defined as Adjusted Net Income divided by
diluted weighted average common shares outstanding.

We present Free Cash Flow because we believe it is a useful indicator of
liquidity that provides information to management and investors about
the amount of cash generated from our core operations that, after
capital expenditures, can be used to maintain and grow our business, for
the repayment of indebtedness, payment of dividends and to fund
strategic opportunities. Free Cash Flow is a supplemental non-GAAP
measure of liquidity and is not based on any standardized methodology
prescribed by GAAP. Free Cash Flow should not be considered in isolation
or as an alternative to cash flows from operating activities or other
measures determined in accordance with GAAP.

Other companies may compute these measures differently. No non-GAAP
metric should be considered as an alternative to any other measure
derived in accordance with GAAP.

Cautionary Statement Concerning Forward-Looking
Statements

This press release contains certain forward-looking statements,
including assumptions about our ability to execute our acquisition
strategy to accelerate growth and full year guidance with respect to
revenue growth, Adjusted Net Income, Adjusted EPS, Free Cash Flow and
Adjusted EBITDA. These statements are based on management's expectations
as well as estimates and assumptions prepared by management that,
although they believe to be reasonable, are inherently uncertain. These
statements involve risks and uncertainties, including, but not limited
to, economic, competitive, governmental and technological factors
outside of the Company's control that may cause its business, industry,
strategy, financing activities or actual results to differ materially.
See "Risk Factors" and "Cautionary Note Regarding Forward-Looking
Statements" in the Company's Annual Report on Form 10-K for the year
ended December 31, 2017. The Company undertakes no obligation to update
or revise any of the forward-looking statements contained herein,
whether as a result of new information, future events or otherwise.

 
Emerald Expositions Events, Inc.
Condensed Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss)
(unaudited, dollars in millions, share data in thousands, except
earnings per share data)
 
   

Three Months
Ended

June 30,

2018

     

Three Months
Ended

June 30,

2017

   

Six Months Ended

June 30,

2018

     

Six Months Ended

June 30,

2017

Revenues $ 78.4 $ 74.1 $ 220.6 $ 209.8
Cost of revenues 24.4 21.6 65.8 58.2
Selling, general and administrative expense 28.0 34.5 60.3 66.5
Depreciation and amortization expense   11.4   10.8   22.8   21.4
Operating income 14.6 7.2 71.7 63.7
Interest expense 7.3 14.6 13.8 24.2
Loss on extinguishment of debt(1)   -   3.0   -   3.0
Income (loss) before income taxes 7.3 (10.4 ) 57.9 36.5
Provision for (benefit from) income taxes   1.4   (4.3 )   13.9   14.2
Net income (loss) and comprehensive income (loss) $ 5.9 $ (6.1 ) $ 44.0 $ 22.3
Basic earnings (loss) per share $ 0.08 $ (0.09 ) $ 0.60 $ 0.34
Diluted earnings (loss) per share $ 0.08 $ (0.09 ) $ 0.58 $ 0.33
Basic weighted average common shares outstanding 72,896 69,102 72,806 65,484
Diluted weighted average common shares outstanding 75,821 69,102 75,817 68,393
 
Dividend declared per common share $ 0.0725 $ 0.07 $ 0.1425 $ 0.07
 
(1)  

As previously disclosed in the Company's 2017 Annual Report on
Form 10-K, during the fourth quarter of 2017, we
identified a
classification error related to certain debt extinguishment costs
incurred as part of our debt refinancing in
May 2017.
Management considered both quantitative and qualitative factors in
assessing the materiality of the
classification error
individually, and in the aggregate, and determined that the
classification error was not material to
interim periods. As
such, we have revised the consolidated statements of income and
comprehensive income (loss) for
the interim period ended June
30, 2017 to reflect a decrease to interest expense of $2.3 million
and an increase to loss
on extinguishment of debt of $2.8
million.

 
 
Emerald Expositions Events, Inc.
Condensed Consolidated Balance Sheets
(dollars in millions, share data in thousands, except par value)
 
   

June 30,

2018

       

December 31,

2017

(unaudited)
Assets
Current assets
Cash and cash equivalents $ 34.5 $ 10.9

Trade and other receivables, net of allowance for doubtful
accounts of

$0.6 million and $0.8 million, as of June 30, 2018 and December
31, 2017,
respectively.

79.3 62.7
Prepaid expenses   13.2   19.9
Total current assets 127.0 93.5
Noncurrent assets
Property and equipment, net 3.9 3.8
Goodwill 993.1 993.7
Intangible assets, net 523.8 545.0
Other noncurrent assets   1.6   1.9
Total assets $ 1,649.4 $ 1,637.9
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and other current liabilities $ 31.4 $ 25.0
Deferred revenues 180.2 192.6
Term loan, current portion   5.7   5.7
Total current liabilities 217.3 223.3
Noncurrent liabilities
Term loan, net of discount and deferred financing fees 526.5 548.5
Deferred tax liabilities, net 100.4 100.2
Other noncurrent liabilities   2.6   4.7
Total liabilities   846.8   876.7
Commitments and contingencies
Shareholders' equity

Common stock, $0.01 par value; authorized shares: 800,000; issued
and

outstanding shares: 73,044 and 72,604 at June 30, 2018 and
December 31, 2017,

respectively

0.7 0.7
Additional paid-in capital 684.8 677.1
Retained earnings   117.1   83.4
Total shareholders' equity   802.6   761.2
Total liabilities and shareholders' equity $ 1,649.4 $ 1,637.9
 
 

Appendix I

Emerald Expositions Events, Inc.
Reconciliation of Non-GAAP Financial Measures

 

          Three Months

Ended June 30,

          Six Months

Ended June 30,

2018             2017 2018             2017
(dollars in millions)

(unaudited)

Net income (loss) $ 5.9 $ (6.1 ) $ 44.0 $ 22.3
Add (deduct):
Interest expense 7.3 10.7 13.8 20.3
Refinancing charges - 3.9 - 3.9

Loss on extinguishment of debt (1)

- 3.0 - 3.0
Provision for (benefit from) income taxes 1.4 (4.3 ) 13.9 14.2
Depreciation and amortization 11.4 10.8 22.8 21.4
Stock-based compensation 1.4 0.6 2.6 1.2
Deferred revenue adjustment 0.1 - 0.2 0.5
Management fee - - - 0.2

Contract termination costs (2)

- 8.5 - 8.5

Other items (3)

1.7 2.0 5.5 6.5
Scheduling adjustments   -   0.5   -   -
Adjusted EBITDA $ 29.2 $ 29.6 $ 102.8 $ 102.0
 
(1)  

Incudes the correction of classification error related to certain
debt extinguishment costs incurred as part of our debt
refinancing
in May 2017 described in Note 1 above.

(2) Represents contract termination costs incurred in connection with
the relocation of certain trade shows.
(3)

Other items for the three months ended June 30, 2018 included: (i)
$0.3 million in transaction costs in connection with
certain
acquisition transactions and (ii) $1.4 million in transition
costs. Other items for the three months ended June 30,
2017
included: (i) $1.1 million in transaction costs in connection with
certain acquisition transactions that were
completed or
pending in 2017 and 2016, (ii) $0.3 million in legal, audit and
consulting fees related to the IPO and other
related
activities and (iii) $0.6 million in transition costs. Other items
for the six months ended June 30, 2018 included:
(i) $1.3
million in transaction costs in connection with certain
acquisition transactions (ii) $1.0 million in legal,
accounting
and consulting fees related to the secondary offering and other
related activities and (iii) $3.2 million in
transition
costs. Other items for the six months ended June 30, 2017
included: (i) $2.7 million in transaction costs in
connection
with certain acquisition transactions that were completed or
pending in 2017 and 2016, (ii) $3.0 million in
legal, audit
and consulting fees related to the IPO and other related
activities and (iii) $0.8 million in transition costs.

           

Three Months

Ended June 30,

Six months

ended June 30,

 

 

2018   2017 2018   2017  

(dollars in millions)

(share data in thousands, except per share data)

(unaudited)

Net income (loss) $ 5.9 $ (6.1

)

$

44.0 $ 22.3
Add (deduct):
Refinancing charges - 3.9 - 3.9

Loss on extinguishment of debt(1)

- 3.0 - 3.0
Stock-based compensation 1.4 0.6 2.6 1.2
Deferred revenue adjustment 0.1 - 0.2 0.5
Management fee - - - 0.2
Contract termination costs (2) - 8.5 - 8.5
Other items (3) 1.7 2.0 5.5 6.5

Amortization of deferred financing fees and
discount

0.7 2.9

1.0

3.8
Amortization of (acquired) intangible assets 10.8 10.3 21.7 20.4

Tax adjustments related to non-GAAP
adjustments (4)

  (2.8 )   (12.9 )   (7.4 )   (18.7

)

Adjusted Net Income $ 17.8 $ 12.2 $ 67.6 $ 51.6  
Adjusted basic earnings per share $ 0.24 $ 0.18 $ 0.93 $ 0.79
Adjusted Diluted earnings per share $ 0.23 $ 0.18 $ 0.89 $ 0.75
Basic weighted average common shares outstanding 72,896 69,102 72,806 65,484
Diluted weighted average common shares outstanding 75,821 69,102 75,817 68,393
 
(1)  

Incudes the correction of classification error related to certain
debt extinguishment costs incurred as part of our debt
refinancing
in May 2017 described in Note 1 above.

(2) Represents contract termination costs described in Note 2 above.
(3) Represents other items described in Note 3 above.
(4)

Reflects application of U.S. federal and state enterprise tax rate
of 19.2% and 41.3% for the three months ended June
30, 2018
and 2017, respectively, and 24.0% and 38.9% for the six months
ended June 30, 2018 and 2017, respectively.

 
               

Three Months

Ended June 30,

 

Six months

ended June 30,

2018     2017 2018     2017

(dollars in millions)

(unaudited)

Net Cash Provided by Operating
Activities

$ 33.8 $ 29.6 $ 54.4 $ 58.4
Less:
Capital expenditures   2.2   0.3 2.7   0.6
Free Cash Flow $ 31.6 $ 29.3 $ 51.7 $ 57.8
 

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