Delaware | 001-35449 | 45-2156869 | ||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | ||
99.1 | Press release of Nationstar Mortgage Holdings Inc., dated February 27, 2014 | ||
Nationstar Mortgage Holdings Inc. | ||||||
Date: | February 27, 2014 | By: | /s/ David Hisey | |||
David Hisey | ||||||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | ||
99.1 | Press release of Nationstar Mortgage Holdings Inc., dated February 27, 2014 | ||
• | 2013 GAAP EPS of $2.40 on net income of $217 million |
• | 2013 pro forma EPS of $3.20 on pro forma net income of $289 million |
• | Ending servicing portfolio UPB of $391 billion |
• | 2013 servicing portfolio growth of 88% with successful completion of BofA boarding |
• | Q4 2013 servicing operating profitability exceeded 6 basis points |
• | Originations: Funded volume of $24 billion in 2013; Year-over-year growth of 204% |
• | Solutionstar: $185 million and $67 million in revenue and pretax income, respectively in its first full year |
• | 2013 return on equity of 25% |
2014 | ||
AEBITDA per Share | $13.50 - 15.00 | |
Earnings per Share | $4.50 - 6.00 |
2 |
3 |
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Revenues | |||||||||||||||||||
Servicing fee income | $ | 281,624 | $ | 341,679 | $ | 145,496 | $ | 1,084,208 | $ | 462,495 | |||||||||
Other fee income | 113,137 | 84,203 | 12,070 | 300,014 | 34,656 | ||||||||||||||
Total fee income | 394,761 | 425,882 | 157,566 | 1,384,222 | 497,151 | ||||||||||||||
Gain on mortgage loans held for sale | 25,659 | 205,956 | 175,048 | 702,763 | 487,164 | ||||||||||||||
Total revenues | 420,420 | 631,838 | 332,614 | 2,086,985 | 984,315 | ||||||||||||||
Total expenses and impairments | 398,002 | 395,854 | 200,268 | 1,402,278 | 582,045 | ||||||||||||||
Other income (expense) | |||||||||||||||||||
Interest income | 51,273 | 63,903 | 30,406 | 197,220 | 71,586 | ||||||||||||||
Interest expense | (160,306 | ) | (168,215 | ) | (71,400 | ) | (538,805 | ) | (197,308 | ) | |||||||||
Contract termination fees, net | — | — | 15,600 | — | 15,600 | ||||||||||||||
Loss on equity investment | — | — | (13,244 | ) | — | (14,571 | ) | ||||||||||||
Gain (loss) on interest rate swaps and caps | 675 | 400 | 708 | 3,132 | (994 | ) | |||||||||||||
Total other income (expense) | (108,358 | ) | (103,912 | ) | (37,930 | ) | (338,453 | ) | (125,687 | ) | |||||||||
Income (loss) before taxes | (85,940 | ) | 132,072 | 94,416 | 346,254 | 276,583 | |||||||||||||
Income tax expense (benefit) | (35,033 | ) | 50,187 | 30,657 | 129,200 | 71,296 | |||||||||||||
Net income | (50,907 | ) | 81,885 | 63,759 | 217,054 | 205,287 | |||||||||||||
Earnings per share: | |||||||||||||||||||
Basic earnings per share | $ | (0.57 | ) | $ | 0.92 | $ | 0.72 | $ | 2.43 | $ | 2.41 | ||||||||
Diluted earnings per share | $ | (0.56 | ) | $ | 0.91 | $ | 0.71 | $ | 2.40 | $ | 2.40 | ||||||||
Weighted average shares: | |||||||||||||||||||
Basic | 89,475 | 89,477 | 89,173 | 89,415 | 85,328 | ||||||||||||||
Dilutive effect of stock awards | 1,166 | 921 | 683 | 853 | 196 | ||||||||||||||
Diluted | 90,641 | 90,398 | 89,856 | 90,268 | 85,524 | ||||||||||||||
Dividends declared per share | $ | — | $ | — | $ | — | $ | — | $ | — |
4 |
December 31, 2013 | September 30, 2013 | December 31, 2012 | |||||||||
Assets | (unaudited) | ||||||||||
Cash and cash equivalents | $ | 441,902 | $ | 275,251 | $ | 152,649 | |||||
Restricted cash | 592,747 | 741,689 | 393,190 | ||||||||
Accounts receivable | 5,636,482 | 7,575,612 | 3,043,606 | ||||||||
Mortgage loans held for sale | 2,603,380 | 3,868,460 | 1,480,537 | ||||||||
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Assets, net | 211,050 | 213,381 | 238,907 | ||||||||
Reverse mortgage interests | 1,434,506 | 1,225,866 | 750,273 | ||||||||
Mortgage servicing rights | 2,503,162 | 2,221,451 | 646,833 | ||||||||
Property and equipment, net | 119,185 | 110,199 | 75,026 | ||||||||
Derivative financial instruments | 123,878 | 292,320 | 152,189 | ||||||||
Other assets | 360,397 | 543,843 | 192,933 | ||||||||
Total assets | $ | 14,026,689 | $ | 17,068,072 | $ | 7,126,143 | |||||
Liabilities and equity | |||||||||||
Notes payable | $ | 6,984,351 | $ | 10,003,832 | $ | 3,601,586 | |||||
Unsecured senior notes | 2,444,062 | 2,444,112 | 1,062,635 | ||||||||
Payables and accrued liabilities | 1,308,450 | 1,260,499 | 631,431 | ||||||||
Derivative financial instruments | 8,526 | 205,849 | 20,026 | ||||||||
Mortgage servicing liabilities | 82,521 | 82,521 | 83,238 | ||||||||
Nonrecourse debt - Legacy Assets | 89,107 | 92,099 | 100,620 | ||||||||
Excess spread financing (at fair value) | 986,410 | 946,614 | 288,089 | ||||||||
Participating interest financing | 1,103,490 | 996,255 | 580,836 | ||||||||
Mortgage servicing rights financing liabilities | 29,874 | — | — | ||||||||
Total liabilities | $ | 13,036,791 | $ | 16,031,781 | $ | 6,368,461 | |||||
Total equity | 989,898 | 1,036,291 | 757,682 | ||||||||
Total liabilities and equity | $ | 14,026,689 | $ | 17,068,072 | $ | 7,126,143 |
5 |
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Total servicing fee income before MSR fair value adjustments | $ | 311,531 | $ | 328,576 | $ | 176,489 | $ | 1,155,577 | $ | 540,926 | |||||||||
Fair value adjustments due to valuation inputs or assumptions | |||||||||||||||||||
Mortgage servicing rights | 93,660 | 100,203 | (1,169 | ) | 355,586 | 5,500 | |||||||||||||
Excess spread financing | (44,455 | ) | (3,964 | ) | 6,024 | (148,852 | ) | (16,418 | ) | ||||||||||
Net change in FV due to valuation inputs or assumptions | 49,205 | 96,239 | 4,855 | 206,734 | (10,918 | ) | |||||||||||||
Fair value adjustments due to other changes in fair value (amortization) | |||||||||||||||||||
Mortgage servicing rights | (72,676 | ) | (85,946 | ) | (24,263 | ) | (297,128 | ) | (73,742 | ) | |||||||||
Excess spread financing | 4,351 | 18,407 | (11,657 | ) | 75,519 | 5,735 | |||||||||||||
Net change in FV due to other changes in fair value (amortization) | (68,325 | ) | (67,539 | ) | (35,920 | ) | (221,609 | ) | (68,007 | ) | |||||||||
Servicing fee income | 292,411 | 357,276 | 145,424 | 1,140,702 | 462,001 | ||||||||||||||
Other fee income | 87,655 | 61,036 | 14,078 | 238,144 | 35,133 | ||||||||||||||
Total fee income | $ | 380,066 | $ | 418,312 | $ | 159,502 | $ | 1,378,846 | $ | 497,134 |
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Net income | $ | (50,907 | ) | $ | 81,885 | $ | 63,759 | 217,054 | 205,287 | ||||||||||
Income taxes | (35,033 | ) | 50,187 | 30,657 | 129,200 | 71,296 | |||||||||||||
Income before taxes | (85,940 | ) | 132,072 | 94,416 | 346,254 | 276,583 | |||||||||||||
Ramp expenses | — | 25,069 | — | 67,020 | — | ||||||||||||||
Other one-time expenses | 51,328 | — | — | 51,328 | 8,024 | ||||||||||||||
Pro forma pretax income | (34,612 | ) | 157,141 | 94,416 | 464,602 | 284,607 | |||||||||||||
Income taxes (using respective quarter's tax rate) | 14,087 | (59,713 | ) | (35,878 | ) | (175,487 | ) | (85,346 | ) | ||||||||||
Pro forma income | (20,525 | ) | 97,428 | 58,538 | 289,115 | 199,261 | |||||||||||||
Average share count (pro forma 2012 full year) | 90,641 | 90,398 | 89,856 | 90,268 | 89,355 | ||||||||||||||
Pro forma EPS | $ | (0.23 | ) | $ | 1.08 | $ | 0.65 | $ | 3.20 | $ | 2.23 |
6 |
Three months ended | Twelve months ended | ||||||||||||||||||
December 31, 2013 | September 30, 2013 | December 31, 2012 | December 31, 2013 | December 31, 2012 | |||||||||||||||
Net income | $ | (50,907 | ) | $ | 81,885 | $ | 63,759 | $ | 217,054 | $ | 205,287 | ||||||||
Plus: | |||||||||||||||||||
Net loss from Legacy Portfolio and Other | 18,409 | 11,683 | 2,189 | 45,248 | 20,483 | ||||||||||||||
Income tax expense | (35,033 | ) | 50,187 | 30,657 | 129,200 | 71,296 | |||||||||||||
Net income from Operating Segments | $ | (67,531 | ) | $ | 143,755 | $ | 96,605 | 391,502 | 297,066 | ||||||||||
Adjust for: | |||||||||||||||||||
Interest expense from unsecured senior notes | 50,502 | 46,136 | 24,165 | 166,402 | 63,879 | ||||||||||||||
Depreciation and amortization | 8,814 | 6,338 | 3,107 | 23,869 | 8,880 | ||||||||||||||
Change in fair value of mortgage servicing rights | (20,984 | ) | (14,257 | ) | 25,432 | (58,458 | ) | 68,242 | |||||||||||
Amortization/accretion of reverse mortgage servicing | — | (92 | ) | (1,844 | ) | (642 | ) | (5,120 | ) | ||||||||||
Restructuring Costs | 12,078 | — | — | 12,078 | — | ||||||||||||||
Share-based compensation | 2,434 | 2,416 | 2,675 | 10,547 | 14,045 | ||||||||||||||
Fair value changes on excess spread financing | 40,104 | (14,443 | ) | 5,633 | 73,333 | 10,684 | |||||||||||||
Fair value changes in derivatives | — | (187 | ) | (813 | ) | (1,466 | ) | (1,237 | ) | ||||||||||
Ineffective portion of cash flow hedge | (390 | ) | — | — | (544 | ) | — | ||||||||||||
Adjusted EBITDA | $ | 25,027 | $ | 169,666 | $ | 154,960 | $ | 616,620 | $ | 456,439 | |||||||||
Adjusted EBITDA per share | $ | 0.28 | $ | 1.88 | $ | 1.72 | $ | 6.83 | $ | 5.34 | |||||||||
Earnings per share | $ | (0.56 | ) | $ | 0.91 | $ | 0.71 | $ | 2.40 | $ | 2.40 |
7 |
For quarter ended December 31, 2013 | |||||||||||||||||||||||
Servicing | Origination | Operating | Legacy | Eliminations | Total | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Servicing fee income | 292,411 | — | 292,411 | 474 | (11,261 | ) | 281,624 | ||||||||||||||||
Other fee income | 87,655 | 25,437 | 113,092 | 45 | — | 113,137 | |||||||||||||||||
Total fee income | 380,066 | 25,437 | 405,503 | 519 | (11,261 | ) | 394,761 | ||||||||||||||||
Gain on mortgage loans held for sale | 4,860 | 19,145 | 24,005 | (9,218 | ) | 10,872 | 25,659 | ||||||||||||||||
Total revenues | 384,926 | 44,582 | 429,508 | (8,699 | ) | (389 | ) | 420,420 | |||||||||||||||
Total expenses and impairments | 216,709 | 172,595 | 389,304 | 8,698 | — | 398,002 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest income | 23,952 | 21,777 | 45,729 | 5,155 | 389 | 51,272 | |||||||||||||||||
Interest expense | (117,569 | ) | (36,285 | ) | (153,854 | ) | (6,452 | ) | — | (160,305 | ) | ||||||||||||
Loss on interest rate swaps and caps | 390 | — | 390 | 285 | — | 675 | |||||||||||||||||
Total other income (expense) | (93,227 | ) | (14,508 | ) | (107,735 | ) | (1,012 | ) | 389 | (108,358 | ) | ||||||||||||
Income before taxes | 74,990 | (142,521 | ) | (67,531 | ) | (18,409 | ) | — | (85,940 | ) | |||||||||||||
Interest expense on corporate notes | 35,717 | 14,786 | 50,503 | — | — | 50,503 | |||||||||||||||||
MSR valuation adjustment | (20,984 | ) | — | (20,984 | ) | — | — | (20,984 | ) | ||||||||||||||
Excess spread adjustment | 40,104 | — | 40,104 | — | — | 40,104 | |||||||||||||||||
Depreciation & amortization | 6,008 | 2,806 | 8,814 | 1,115 | — | 9,929 | |||||||||||||||||
Stock-based compensation | 1,738 | 696 | 2,434 | — | — | 2,434 | |||||||||||||||||
Fair value adjustment for derivatives | — | — | — | (285 | ) | — | (285 | ) | |||||||||||||||
Restructuring charge | 8,594 | 3,484 | 12,078 | 795 | — | 12,873 | |||||||||||||||||
Hedge ineffectiveness | (390 | ) | — | (390 | ) | — | — | (390 | ) | ||||||||||||||
ADJUSTED EBITDA | $ | 145,777 | $ | (120,750 | ) | $ | 25,027 | $ | (16,784 | ) | $ | — | $ | 8,243 | |||||||||
Pretax income (loss) | 74,990 | (142,521 | ) | (67,531 | ) | (18,409 | ) | — | (85,940 | ) | |||||||||||||
Ramp expenses | 36,740 | 14,588 | 51,328 | — | — | 51,328 | |||||||||||||||||
Pro forma pretax income (loss) | 111,730 | (127,933 | ) | (16,203 | ) | (18,409 | ) | — | (34,612 | ) | |||||||||||||
Earnings per share - Diluted | $ | (0.56 | ) | ||||||||||||||||||||
Pretax income per share | $ | 0.83 | $ | (1.57 | ) | $ | (0.75 | ) | $ | (0.20 | ) | $ | — | $ | (0.95 | ) | |||||||
AEBITDA per share | $ | 1.61 | $ | (1.33 | ) | $ | 0.28 | $ | (0.19 | ) | $ | — | $ | 0.09 |
8 |
For quarter ended September 30, 2013 | |||||||||||||||||||
Servicing | Origination | Operating | Legacy | Total | |||||||||||||||
Adjusted EBITDA | 141,056 | 28,610 | 169,666 | (11,324 | ) | 158,342 | |||||||||||||
Interest expense on corporate notes | (33,520 | ) | (12,616 | ) | (46,136 | ) | (3 | ) | (46,138 | ) | |||||||||
MSR valuation adjustment | 14,257 | — | 14,257 | — | 14,257 | ||||||||||||||
Excess spread adjustment | 14,443 | — | 14,443 | — | 14,443 | ||||||||||||||
Amortization of mortgage servicing obligations | 92 | — | 92 | — | 92 | ||||||||||||||
Depreciation & amortization | (4,106 | ) | (2,232 | ) | (6,338 | ) | (657 | ) | (6,995 | ) | |||||||||
Stock-based compensation | (1,542 | ) | (874 | ) | (2,416 | ) | (6 | ) | (2,422 | ) | |||||||||
Fair value adjustment for derivatives | 93 | — | 93 | 307 | 400 | ||||||||||||||
Hedge ineffectiveness | 94 | — | 94 | — | 94 | ||||||||||||||
Pretax income (loss) | 130,867 | 12,888 | 143,755 | (11,683 | ) | 132,072 | |||||||||||||
Income tax | 50,187 | ||||||||||||||||||
Net income (loss) | 81,885 | ||||||||||||||||||
Pretax income (loss) | 130,867 | 12,888 | 143,755 | (11,683 | ) | 132,072 | |||||||||||||
Ramp expenses | 17,124 | 7,945 | 25,069 | — | 25,069 | ||||||||||||||
Pro forma pretax income (loss) | 147,991 | 20,833 | 168,824 | (11,683 | ) | 157,141 | |||||||||||||
Earnings per share | $ | 0.91 | |||||||||||||||||
Pretax income per share | $ | 1.45 | $ | 0.14 | $ | 1.59 | $ | (0.13 | ) | $ | 1.46 | ||||||||
AEBITDA per share | $ | 1.56 | $ | 0.32 | $ | 1.88 | $ | (0.13 | ) | $ | 1.75 |
For quarter ended December 31, 2012 | |||||||||||||||||||
Servicing | Origination | Operating | Legacy | Total | |||||||||||||||
Adjusted EBITDA | 66,878 | 88,082 | 154,960 | (1,927 | ) | 153,033 | |||||||||||||
Interest expense on corporate notes | (19,959 | ) | (4,206 | ) | (24,165 | ) | — | (24,165 | ) | ||||||||||
MSR valuation adjustment | (25,432 | ) | — | (25,432 | ) | — | (25,432 | ) | |||||||||||
Excess spread adjustment | (5,633 | ) | — | (5,633 | ) | — | (5,633 | ) | |||||||||||
Amortization of mortgage servicing obligations | 1,844 | — | 1,844 | — | 1,844 | ||||||||||||||
Depreciation & amortization | (2,020 | ) | (1,087 | ) | (3,107 | ) | (155 | ) | (3,262 | ) | |||||||||
Stock-based compensation | (1,576 | ) | (1,099 | ) | (2,675 | ) | (2 | ) | (2,677 | ) | |||||||||
Fair value adjustment for derivatives | 813 | — | 813 | (105 | ) | 708 | |||||||||||||
Hedge ineffectiveness | — | — | — | — | — | ||||||||||||||
Pretax income (loss) | 14,915 | 81,690 | 96,605 | (2,189 | ) | 94,416 | |||||||||||||
Income tax | 30,657 | ||||||||||||||||||
Net income (loss) | 63,759 | ||||||||||||||||||
Pretax income (loss) | 14,915 | 81,690 | 96,605 | (2,189 | ) | 94,416 | |||||||||||||
Ramp expenses | — | — | — | — | — | ||||||||||||||
Pro forma pretax income (loss) | 14,915 | 81,690 | 96,605 | (2,189 | ) | 94,416 | |||||||||||||
Earnings per share | $ | 0.71 | |||||||||||||||||
Pretax income per share | $ | 0.17 | $ | 0.91 | $ | 1.08 | $ | (0.02 | ) | $ | 1.05 | ||||||||
AEBITDA per share | $ | 0.74 | $ | 0.98 | $ | 1.72 | $ | (0.02 | ) | $ | 1.70 |
9 |
For year ended December 31, 2013 | |||||||||||||||||||
Servicing | Origination | Operating | Legacy | Total | |||||||||||||||
Adjusted EBITDA | 496,315 | 120,306 | 616,621 | (42,954 | ) | 573,667 | |||||||||||||
Interest expense on corporate notes | (120,849 | ) | (45,552 | ) | (166,401 | ) | (3 | ) | (166,404 | ) | |||||||||
MSR valuation adjustment | 58,458 | — | 58,458 | — | 58,458 | ||||||||||||||
Excess spread adjustment | (73,333 | ) | — | (73,333 | ) | — | (73,333 | ) | |||||||||||
Amortization of mortgage servicing obligations | 642 | — | 642 | — | 642 | ||||||||||||||
Depreciation & amortization | (16,085 | ) | (7,784 | ) | (23,869 | ) | (2,745 | ) | (26,614 | ) | |||||||||
Stock-based compensation | (6,710 | ) | (3,837 | ) | (10,547 | ) | (27 | ) | (10,574 | ) | |||||||||
Fair value adjustment for derivatives | 1,465 | — | 1,465 | 1,277 | 2,742 | ||||||||||||||
Restructuring Charges | (8,594 | ) | (3,484 | ) | (12,078 | ) | (795 | ) | (12,873 | ) | |||||||||
Hedge ineffectiveness | 545 | — | 545 | — | 545 | ||||||||||||||
Pretax income (loss) | 331,854 | 59,649 | 391,503 | (45,248 | ) | 346,254 | |||||||||||||
Income tax | 129,200 | ||||||||||||||||||
Net income (loss) | 217,054 | ||||||||||||||||||
Pretax income (loss) | 331,854 | 59,649 | 391,503 | (45,248 | ) | 346,254 | |||||||||||||
Ramp expenses | 81,431 | 36,917 | 118,348 | — | 118,348 | ||||||||||||||
Pro forma pretax income (loss) | 413,285 | 96,566 | 509,851 | (45,248 | ) | 464,602 | |||||||||||||
Earnings per share | $ | 2.43 | |||||||||||||||||
Pretax income per share | $ | 3.68 | $ | 0.66 | $ | 4.34 | $ | (0.50 | ) | $ | 3.84 | ||||||||
AEBITDA per share | $ | 5.50 | $ | 1.33 | $ | 6.83 | $ | (0.48 | ) | $ | 6.36 |
For year ended December 31, 2012 | |||||||||||||||||||
Servicing | Origination | Operating | Legacy | Total | |||||||||||||||
Adjusted EBITDA | 181,228 | 275,212 | 456,440 | (18,215 | ) | 438,225 | |||||||||||||
Interest expense on corporate notes | (57,724 | ) | (6,155 | ) | (63,879 | ) | — | (63,879 | ) | ||||||||||
MSR valuation adjustment | (68,242 | ) | — | (68,242 | ) | — | (68,242 | ) | |||||||||||
Excess spread adjustment | (10,684 | ) | — | (10,684 | ) | — | (10,684 | ) | |||||||||||
Amortization of mortgage servicing obligations | 5,120 | — | 5,120 | — | 5,120 | ||||||||||||||
Depreciation & amortization | (6,124 | ) | (2,756 | ) | (8,880 | ) | (740 | ) | (9,620 | ) | |||||||||
Stock-based compensation | (9,449 | ) | (4,597 | ) | (14,046 | ) | 703 | (13,343 | ) | ||||||||||
Fair value adjustment for derivatives | 1,237 | — | 1,237 | (2,231 | ) | (994 | ) | ||||||||||||
Pretax income (loss) | 35,362 | 261,704 | 297,066 | (20,483 | ) | 276,583 | |||||||||||||
Income tax | 71,296 | ||||||||||||||||||
Net income (loss) | 205,287 | ||||||||||||||||||
Pretax income (loss) | 35,362 | 261,704 | 297,066 | (20,483 | ) | 276,583 | |||||||||||||
Ramp expenses | — | — | — | — | — | ||||||||||||||
Pro forma pretax income (loss) | 35,362 | 261,704 | 297,066 | (20,483 | ) | 276,583 | |||||||||||||
Earnings per share | $ | 2.40 | |||||||||||||||||
Pretax income per share | $ | 0.41 | $ | 3.06 | $ | 3.47 | $ | (0.24 | ) | $ | 3.23 | ||||||||
AEBITDA per share | $ | 2.12 | $ | 3.22 | $ | 5.34 | $ | (0.21 | ) | $ | 5.12 |
10 |
11 |
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