EX-99.1 2 ex9912017q1earningsrelease.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1
 
altisource1q2017_8k.jpg
FOR IMMEDIATE RELEASE
FOR FURTHER INFORMATION CONTACT:
 
 
 
Michelle D. Esterman
 
Chief Financial Officer
 
T: +352 2469 7950
 
E: Michelle.Esterman@altisource.lu


ALTISOURCE ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

Luxembourg, April 27, 2017 - Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS) today reported financial results for the first quarter, reporting strong service revenue of $229.8 million and solid diluted and adjusted diluted earnings per share of $0.34 and $0.69, respectively.

“I’m pleased with our first quarter financial performance. Compared to the mid-point of our full year 2017 scenarios, first quarter 2017 service revenue is 27% of the mid-point and adjusted diluted earnings per share(1) is 24% of the mid-point. Since our second and third quarters are historically our seasonally strongest, we believe we’re positioned to achieve the mid-point of our 2017 service revenue and adjusted earnings per share financial scenarios,” said Chief Executive Officer William B. Shepro.

Compared to the first quarter of 2016, service revenue declined by 2% as revenue growth from higher property preservation referrals and home sales in the buy-renovate-sell business was offset by the expected loss in revenue from Ocwen’s reduced servicing portfolio. Non-Ocwen revenue from the Servicer Solutions, Origination Solutions and Consumer Real Estate Solutions businesses collectively grew by 15%, but was more than offset by lower service revenue in the Real Estate Investor Solutions business and the non-core Customer Relationship Management business. Lower revenue in the Real Estate Investor Solutions business was driven by Altisource Residential Corporation’s (“RESI”) smaller non-performing loan and REO portfolio as it transitions to a company solely focused on single family rentals. Longer term, the Company expects the Real Estate Investor Solutions business to grow as it scales to sell tenanted homes to investors.

First quarter 2017 service revenue was relatively flat compared to first quarter 2016, but as a result of increased investments to support the Company’s growth initiatives and service revenue mix changes, pretax income attributable to Altisource(1) of $9.1 million and adjusted pretax income attributable to Altisource(1) of $18.3 million declined by 56% and 44%, respectively. Compared to the first quarter of 2016, diluted earnings per share and adjusted diluted earnings per share(1) were further impacted by a higher effective tax rate in 2017. The fair value of the Company’s available for sale securities increased by $17.4 million during the first quarter of 2017, compared to $1.0 million in the first quarter of 2016. If this gain were included in net income, adjusted pre-tax income(1) and adjusted diluted earnings per share(1) would have been $35.7 million and $1.35, respectively, in the first quarter of 2017 compared to adjusted pre-tax income(1) and adjusted diluted earnings per share(1) of $33.9 million and $1.50, respectively, in the first quarter of 2016.

Mr. Shepro further commented, “We’re making tremendous progress developing our four strategic initiatives to build a diversified growth business not defined by any one customer. We have an attractive and growing customer list, a strong pipeline of opportunities, strong competitive advantages and a business that generates a lot of free cash. We also have a very attractive covenant-light debt facility that doesn’t mature until December 2020 and $180 million of cash and marketable securities at the end of the quarter.”


1


First Quarter 2017 Highlights Include:

Servicer Solutions
•
Strengthened and grew existing customer relationships with leading bank and non-bank servicers
•
Began receiving referrals from four customers related to real estate asset management and sales and license fees for Equator short sales technology, including from one customer for the new FHA auction offering
•
Continued the onboarding process to provide services to five new and existing customers for real estate asset management and sales, including the new FHA auction offering for one customer

Origination Solutions
•
Strengthened and grew existing customer relationships with leading bank and non-bank originators
•
Signed agreements with two large lenders and are receiving test files to provide fulfillment and quality control services to these clients

Consumer Real Estate Solutions
•
Grew the number of Owners.com® real estate agents to 264 as of April 21, 2017
•
Currently working with approximately 1,300 active buyers, up from 950 in February
•
Represented home buyers and sellers in 143 first quarter home purchase and sale transactions with a total purchase price of $37 million, a 91% increase in unit sales and a 93% increase in revenue from the fourth quarter of 2016

Real Estate Investor Solutions
•
Sold 421 homes for real estate investors, primarily for RESI and, to a lesser extent, for other clients
•
Acquired 36 homes and sold 39 homes in the buy-renovate-sell program
•
Provided diligence and title services on RESI’s recent 757 rental home portfolio acquisition

Corporate
•
The fair value of available for sale securities increased by $17.4 million in the first quarter of 2017

First Quarter 2017 Results Compared to Fourth Quarter of 2016 and First Quarter 2016

•
Service revenue of $229.8 million, a 1% increase compared to the fourth quarter 2016 and a 2% decrease compared to the first quarter 2016
•
Pretax income attributable to Altisource(1) of $9.1 million, compared to a pretax loss attributable to Altisource(1) of $20.3 million in the fourth quarter 2016 and pretax income attributable to Altisource(1) of $20.7 million in the first quarter 2016
•
Adjusted pretax income attributable to Altisource(1) of $18.3 million, a 3% decrease compared to the fourth quarter 2016 and a 44% decrease compared to the first quarter 2016
•
Net income attributable to Altisource of $6.5 million compared to a net loss attributable to Altisource of $20.4 million in the fourth quarter 2016 and net income attributable to Altisource of $18.5 million in the first quarter 2016
•
Adjusted net income attributable to Altisource(1) of $13.3 million, a 24% increase compared to the fourth quarter 2016 and a 55% decrease compared to the first quarter 2016
•
Diluted earnings per share of $0.34 compared to diluted loss per share of $1.08 in the fourth quarter 2016 and diluted earnings per share of $0.92 in the first quarter 2016
•
Adjusted diluted earnings per share(1) of $0.69, a 25% increase compared to the fourth quarter 2016 and a 53% decrease compared to the first quarter 2016

Ocwen-Related News

•
The Company will address certain items during our scheduled conference call this morning
________________________
(1)
This is a non-GAAP measure that is defined and reconciled to the corresponding GAAP measure herein.




2


Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. These statements may be identified by words such as “anticipate,” “intend,” “expect,” “may,” “could,” “should,” “would,” “plan,” “estimate,” “seek,” “believe,” “potential” and similar expressions. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to the future and are not statements of historical fact, actual results may differ materially from what is contemplated by the forward-looking statements. Altisource undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, Altisource’s ability to integrate acquired businesses, retain key executives or employees, retain existing customers and attract new customers, general economic and market conditions, behavior of customers, suppliers and/or competitors, technological developments, governmental regulations, taxes and policies, availability of adequate and timely sources of liquidity and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and other sections of Altisource’s Form 10-K and other filings with the Securities and Exchange Commission.

Webcast

Altisource will host a webcast at 11:00 a.m. EDT today to discuss our first quarter results. A link to the live audio webcast will be available on Altisource’s website in the Investor Relations section. Those who want to listen to the call should go to the website at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call and will remain available for approximately 30 days.

About Altisource

Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing market. Additional information is available at www.Altisource.com.




3


 
ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(in thousands, except per share data)
(unaudited)

 
 
Three months ended
 March 31,
 
 
2017
 
2016
 
 
 
 
 
Service revenue
 
 
 
 
Mortgage Market
 
$
194,973

 
$
188,085

Real Estate Market
 
19,189

 
23,401

Other Businesses, Corporate and Eliminations
 
15,677

 
22,794

Total service revenue
 
229,839

 
234,280

Reimbursable expenses
 
10,029

 
15,454

Non-controlling interests
 
615

 
398

Total revenue
 
240,483

 
250,132

Cost of revenue
 
167,924

 
153,409

Reimbursable expenses
 
10,029

 
15,454

Gross profit
 
62,530

 
81,269

Selling, general and administrative expenses
 
47,701

 
53,616

Income from operations
 
14,829

 
27,653

Other income (expense), net:
 
 
 
 
Interest expense
 
(5,798
)
 
(6,541
)
Other income (expense), net
 
715

 
(27
)
Total other income (expense), net
 
(5,083
)
 
(6,568
)
 
 
 
 
 
Income before income taxes and non-controlling interests
 
9,746

 
21,085

Income tax provision
 
(2,586
)
 
(2,193
)
 
 
 
 
 
Net income
 
7,160

 
18,892

Net income attributable to non-controlling interests
 
(615
)
 
(398
)
 
 
 
 
 
Net income attributable to Altisource
 
$
6,545

 
$
18,494

 
 
 
 
 
Earnings per share:
 
 
 
 
Basic
 
$
0.35

 
$
0.98

Diluted
 
$
0.34

 
$
0.92

 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
Basic
 
18,662

 
18,855

Diluted
 
19,304

 
20,040

 
 
 
 
 
Comprehensive income:
 
 
 
 
Net income
 
$
7,160

 
$
18,892

Other comprehensive income, net of tax:
 
 
 
 
Unrealized gain on securities, net of income tax expense of $4,725 and $289
 
12,723

 
699

 
 
 
 
 
Comprehensive income, net of tax
 
19,883

 
19,591

Comprehensive income attributable to non-controlling interests
 
(615
)
 
(398
)
 
 
 
 
 
Comprehensive income attributable to Altisource
 
$
19,268

 
$
19,193





4


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
SEGMENT FINANCIAL INFORMATION(1) 
(in thousands)
(unaudited)




 
 
Three months ended March 31, 2017
(in thousands)
 
Mortgage Market
 
Real Estate Market
 
Other Businesses, Corporate and Eliminations
 
Consolidated Altisource
 
 
 
 
 
 
 
 
 
Revenue
 
 

 
 

 
 

 
 

Service revenue
 
$
194,973

 
$
19,189

 
$
15,677

 
$
229,839

Reimbursable expenses
 
9,135

 
874

 
20

 
10,029

Non-controlling interests
 
615

 
—

 
—

 
615

 
 
204,723

 
20,063

 
15,697

 
240,483

Cost of revenue
 
140,150

 
22,143

 
15,660

 
177,953

Gross profit (loss)
 
64,573

 
(2,080
)
 
37

 
62,530

Selling, general and administrative expenses
 
28,682

 
4,325

 
14,694

 
47,701

Income (loss) from operations
 
35,891

 
(6,405
)
 
(14,657
)
 
14,829

Total other income (expense), net
 
10

 
—

 
(5,093
)
 
(5,083
)
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and
non-controlling interests
 
$
35,901

 
$
(6,405
)
 
$
(19,750
)
 
$
9,746



 
 
Three months ended March 31, 2016
(in thousands)
 
Mortgage Market
 
Real Estate Market
 
Other Businesses, Corporate and Eliminations
 
Consolidated Altisource
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
Service revenue
 
$
188,085

 
$
23,401

 
$
22,794

 
$
234,280

Reimbursable expenses
 
14,918

 
508

 
28

 
15,454

Non-controlling interests
 
398

 
—

 
—

 
398

 
 
203,401

 
23,909

 
22,822

 
250,132

Cost of revenue
 
134,043

 
14,458

 
20,362

 
168,863

Gross profit
 
69,358

 
9,451

 
2,460

 
81,269

Selling, general and administrative expenses
 
29,454

 
6,174

 
17,988

 
53,616

Income (loss) from operations
 
39,904

 
3,277

 
(15,528
)
 
27,653

Total other income (expense), net
 
60

 
(4
)
 
(6,624
)
 
(6,568
)
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and
non-controlling interests
 
$
39,964

 
$
3,273

 
$
(22,152
)
 
$
21,085





(1)
Effective January 1, 2017, our reportable segments changed as a result of changes in our internal organization. Prior year comparable period segment disclosures have been restated to conform to the current year presentation.


5


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)



 
March 31,
2017
 
December 31,
2016
 
 
 
 
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
117,098

 
$
149,294

Available for sale securities
63,202

 
45,754

Accounts receivable, net
83,038

 
87,821

Prepaid expenses and other current assets
47,357

 
42,608

Total current assets
310,695

 
325,477

 
 
 
 
Premises and equipment, net
96,023

 
103,473

Goodwill
86,283

 
86,283

Intangible assets, net
146,286

 
155,432

Deferred tax assets, net
2,567

 
7,292

Other assets
11,629

 
11,255

 
 
 
 
Total assets
$
653,483

 
$
689,212

 
 
 
 
LIABILITIES AND EQUITY
Current liabilities:
 
 
 
Accounts payable and accrued expenses
$
75,052

 
$
83,135

Accrued litigation settlement
—

 
32,000

Current portion of long-term debt
5,945

 
5,945

Deferred revenue
9,626

 
8,797

Other current liabilities
14,299

 
19,061

Total current liabilities
104,922

 
148,938

 
 
 
 
Long-term debt, less current portion
466,510

 
467,600

Other non-current liabilities
9,686

 
10,480

 
 
 
 
Commitments, contingencies and regulatory matters
 
 
 
 
 
 
 
Equity:
 
 
 
Common stock ($1.00 par value; 25,413 shares authorized and issued and 18,413 outstanding as of March 31, 2017; 25,413 shares authorized and issued and 18,774 outstanding as of December 31, 2016)
25,413

 
25,413

Additional paid-in capital
108,915

 
107,288

Retained earnings
336,527

 
333,786

Accumulated other comprehensive income (loss)
10,978

 
(1,745
)
Treasury stock, at cost (7,000 shares as of March 31, 2017 and 6,639 shares as of
December 31, 2016)
(410,919
)
 
(403,953
)
Altisource equity
70,914

 
60,789

 
 
 
 
Non-controlling interests
1,451

 
1,405

Total equity
72,365

 
62,194

 
 
 
 
Total liabilities and equity
$
653,483

 
$
689,212





6


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)


 
Three months ended
 March 31,
 
2017
 
2016
 
 
 
 
Cash flows from operating activities:
 

 
 

Net income
$
7,160

 
$
18,892

Adjustments to reconcile net income to net cash (used in) provided by operating activities:
 

 
 

Depreciation and amortization
10,008

 
9,208

Amortization of intangible assets
9,146

 
12,211

Change in the fair value of acquisition related contingent consideration
8

 
96

Share-based compensation expense
695

 
1,877

Bad debt expense
1,903

 
876

Amortization of debt discount
105

 
116

Amortization of debt issuance costs
291

 
322

Loss (gain) on disposal of fixed assets
1,480

 
(10
)
Changes in operating assets and liabilities:
 

 
 

Accounts receivable
2,880

 
6,502

Prepaid expenses and other current assets
(4,749
)
 
(4,970
)
Other assets
(374
)
 
(109
)
Accounts payable and accrued expenses
(10,177
)
 
(12,133
)
Other current and non-current liabilities
(36,735
)
 
(3,844
)
Net cash (used in) provided by operating activities
(18,359
)
 
29,034

 
 
 
 
Cash flows from investing activities:
 

 
 

Additions to premises and equipment
(1,944
)
 
(5,984
)
Purchase of available for sale securities
—

 
(29,429
)
Other investing activities
—

 
16

Net cash used in investing activities
(1,944
)
 
(35,397
)
 
 
 
 
Cash flows from financing activities:
 

 
 

Repayment of long-term debt
(1,486
)
 
(1,486
)
Proceeds from stock option exercises
752

 
366

Purchase of treasury stock
(10,590
)
 
(11,691
)
Distributions to non-controlling interests
(569
)
 
(448
)
Net cash used in financing activities
(11,893
)
 
(13,259
)
 
 
 
 
Net decrease in cash and cash equivalents
(32,196
)
 
(19,622
)
Cash and cash equivalents at the beginning of the period
149,294

 
179,327

 
 
 
 
Cash and cash equivalents at the end of the period
$
117,098

 
$
159,705

 
 
 
 
Supplemental cash flow information:
 

 
 

Interest paid
$
5,456

 
$
6,104

Income taxes paid, net
6,515

 
3,830

 
 
 
 
Non-cash investing and financing activities:
 

 
 

Increase in payables for purchases of premises and equipment
$
2,094

 
$
1,030





7


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)




Pretax income (loss) attributable to Altisource, adjusted pretax income attributable to Altisource, adjusted pretax income including unrealized gain on available for sale securities, adjusted net income attributable to Altisource, adjusted diluted earnings per share and adjusted diluted earnings per share including unrealized gain on available for sale securities are non-GAAP measures used by management, existing shareholders, potential shareholders and other users of our financial information to measure Altisource’s performance and do not purport to be alternatives to income (loss) before income taxes and non-controlling interests, net income (loss) attributable to Altisource or diluted earnings (loss) per share as measures of Altisource’s performance. We believe these measures are useful to management, existing shareholders, potential shareholders and other users of our financial information in evaluating operating profitability more on a continuing cost basis as they exclude amortization expense related to acquisitions that occurred in prior periods as well as the effect of more significant non-recurring items from earnings. We believe these measures are also useful in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management’s evaluation of business performance. Furthermore, we believe the exclusion of more significant non-recurring items enables comparability to prior period performance and trend analysis.
It is management’s intent to provide non-GAAP financial information to enhance the understanding of Altisource’s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure. The non-GAAP financial information presented may be determined or calculated differently by other companies. The non-GAAP financial information should not be unduly relied upon.
Pretax income (loss) attributable to Altisource is calculated by deducting non-controlling interests from income (loss) before income taxes and non-controlling interests. Adjusted pretax income attributable to Altisource is calculated by adding intangible asset amortization expense plus litigation settlement loss, net of $4.0 million insurance recovery, to pretax income (loss) attributable to Altisource. Adjusted pretax income including unrealized gain on available for sale securities in calculated by adding the unrealized gain on available for sale securities to adjusted pretax income attributable to Altisource. Adjusted net income attributable to Altisource is calculated by adding intangible asset amortization expense (net of tax) plus litigation settlement loss, net of insurance recovery (net of tax), to GAAP net income (loss) attributable to Altisource. Adjusted diluted earnings per share is calculated by dividing net income (loss) attributable to Altisource plus intangible asset amortization expense (net of tax) and litigation settlement loss, net of insurance recovery (net of tax), by the weighted average number of diluted shares. Adjusted diluted earnings per share including unrealized gain on available for sale securities is calculated by adding the unrealized gain on available for sale securities (net of tax) to adjusted net income attributable to Altisource, divided by the weighted average number of diluted shares.

8


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)



Reconciliations of the non-GAAP measures to the corresponding GAAP measures are as follows:
 
Three months ended
 March 31,
 
Three months ended December 31,
 
2017
 
2016
 
2016
 
 
 
 
 
 
Income (loss) before income taxes and non-controlling interests
$
9,746

 
$
21,085

 
$
(19,537
)
 
 
 
 
 
 
Non-controlling interests
(615
)
 
(398
)
 
(720
)
Pretax income (loss) attributable to Altisource
9,131

 
20,687

 
(20,257
)
Intangible asset amortization expense
9,146

 
12,211

 
11,144

Net litigation settlement, net of $4,000 insurance recovery
—

 
—

 
28,000

 
 
 
 
 
 
Adjusted pretax income attributable to Altisource
$
18,277

 
$
32,898

 
$
18,887

 
 
 
 
 
 
Adjusted pretax income attributable to Altisource
$
18,277

 
$
32,898

 
$
18,887

Unrealized gain on available for sale securities
17,448

 
988

 
580

Adjusted pretax income attributable to Altisource including unrealized gain on available for sale securities
$
35,725

 
$
33,886

 
$
19,467

 
 
 
 
 
 
Net income (loss) attributable to Altisource
$
6,545

 
$
18,494

 
$
(20,384
)
 
 
 
 
 
 
Intangible asset amortization expense, net of tax
6,720

 
10,941

 
6,477

Net litigation settlement loss, net of tax
—

 
—

 
24,583

 
 
 
 
 
 
Adjusted net income attributable to Altisource
$
13,265

 
$
29,435

 
$
10,676



9


ALTISOURCE PORTFOLIO SOLUTIONS S.A.
NON-GAAP MEASURES
(in thousands, except per share data)
(unaudited)



 
Three months ended
 March 31,
 
Three months ended December 31,
 
2017
 
2016
 
2016
 
 
 
 
 
 
Diluted earnings (loss) per share
$
0.34

 
$
0.92

 
$
(1.08
)
 
 
 
 
 
 
Impact of using diluted share count instead of basic share count
for a loss per share
—

 
—

 
0.01

Intangible asset amortization expense, net of tax, per diluted share
0.35

 
0.55

 
0.34

Net litigation settlement loss, net of tax, per diluted share
—

 
—

 
1.28

 
 
 
 
 
 
Adjusted diluted earnings per share
$
0.69

 
$
1.47

 
$
0.55

 
 
 
 
 
 
Adjusted diluted earnings per share
$
0.69

 
$
1.47

 
$
0.55

Unrealized gain on available for sale securities, net of tax, per diluted share
0.66

 
0.03

 
0.02

Adjusted diluted earnings per share including unrealized gain on available for sale securities
$
1.35

 
$
1.50

 
$
0.58

 
 
 
 
 
 
Calculation of the impact of intangible asset amortization expense,
net of tax
 
 
 
 
 
Intangible asset amortization expense
$
9,146

 
$
12,211

 
$
11,144

Tax benefit from intangible asset amortization
(2,426
)
 
(1,270
)
 
(4,667
)
Intangible asset amortization expense, net of tax
6,720

 
10,941

 
6,477

Diluted share count
19,304

 
20,040

 
19,246

 
 
 
 
 
 
Intangible asset amortization expense, net of tax, per diluted share
$
0.35

 
$
0.55

 
$
0.34

 
 
 
 
 
 
Calculation of the impact of unrealized gain on available for sale securities,
net of tax
 
 
 
 
 
Unrealized gain on available for sale securities
$
17,448

 
$
988

 
$
580

Tax provision from unrealized gain on available for sale securities
(4,725
)
 
(289
)
 
(169
)
Unrealized gain on available for sale securities, net of tax
12,723

 
699

 
411

Diluted share count
19,304

 
20,040

 
19,246

Unrealized gain on available for sale securities, net of tax per diluted share
$
0.66

 
$
0.03

 
$
0.02

 
 
 
 
 
 
Calculation of the impact of net litigation settlement loss, net of tax
 
 
 
 
 
Net litigation settlement loss
$
—

 
$
—

 
$
28,000

Tax benefit from net litigation settlement loss
—

 
—

 
(3,417
)
Net litigation settlement loss, net of tax
—

 
—

 
24,583

Diluted share count
19,304

 
20,040

 
19,246

 
 
 
 
 
 
Net litigation settlement loss, net of tax, per diluted share
$
—

 
$
—

 
$
1.28

__________________________
Note: Amounts may not add to the total due to rounding.

10