Forward Air Corporation | |||||||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||||||
(In thousands, except per share data) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||
Operating revenue: | |||||||||||||||
Expedited LTL | $ | 144,337 | $ | 149,212 | $ | 423,410 | $ | 427,277 | |||||||
Expedited Truckload | 42,210 | 38,528 | 120,270 | 112,395 | |||||||||||
Pool Distribution | 36,437 | 32,133 | 101,153 | 87,040 | |||||||||||
Intermodal | 27,579 | 28,890 | 76,391 | 79,412 | |||||||||||
Eliminations and other operations | (1,011 | ) | (1,670 | ) | (3,487 | ) | (3,419 | ) | |||||||
Operating revenue | 249,552 | 247,093 | 717,737 | 702,705 | |||||||||||
Operating expenses: | |||||||||||||||
Purchased transportation | 105,039 | 104,434 | 300,783 | 301,253 | |||||||||||
Salaries, wages and employee benefits | 60,161 | 59,025 | 175,857 | 174,815 | |||||||||||
Operating leases | 16,215 | 17,072 | 44,684 | 51,105 | |||||||||||
Depreciation and amortization | 9,399 | 9,399 | 28,409 | 27,601 | |||||||||||
Insurance and claims | 7,170 | 5,161 | 19,213 | 16,531 | |||||||||||
Fuel expense | 3,416 | 3,826 | 9,375 | 12,034 | |||||||||||
Other operating expenses | 23,452 | 23,575 | 65,218 | 66,608 | |||||||||||
Impairment of goodwill, intangibles and other assets | — | — | 42,442 | — | |||||||||||
Total operating expenses | 224,852 | 222,492 | 685,981 | 649,947 | |||||||||||
Operating (loss) income: | |||||||||||||||
Expedited LTL | 21,014 | 21,594 | 63,026 | 57,275 | |||||||||||
Expedited Truckload | 2,038 | 3,170 | (36,679 | ) | 10,521 | ||||||||||
Pool Distribution | 66 | 555 | (191 | ) | 758 | ||||||||||
Intermodal | 3,041 | 3,536 | 8,170 | 8,843 | |||||||||||
Other operations | (1,459 | ) | (4,254 | ) | (2,570 | ) | (24,639 | ) | |||||||
Income from operations | 24,700 | 24,601 | 31,756 | 52,758 | |||||||||||
Other income (expense): | |||||||||||||||
Interest expense | (216 | ) | (554 | ) | (1,230 | ) | (1,489 | ) | |||||||
Other, net | (4 | ) | 10 | (149 | ) | (127 | ) | ||||||||
Total other income (expense) | (220 | ) | (544 | ) | (1,379 | ) | (1,616 | ) | |||||||
Income before income taxes | 24,480 | 24,057 | 30,377 | 51,142 | |||||||||||
Income tax expense | 12,549 | 8,370 | 15,413 | 18,795 | |||||||||||
Net income and comprehensive income | $ | 11,931 | $ | 15,687 | $ | 14,964 | $ | 32,347 | |||||||
Net income per share: | |||||||||||||||
Basic | $ | 0.39 | $ | 0.51 | $ | 0.49 | $ | 1.04 | |||||||
Diluted | $ | 0.39 | $ | 0.50 | $ | 0.49 | $ | 1.03 | |||||||
Dividends per share: | $ | 0.12 | $ | 0.12 | $ | 0.36 | $ | 0.36 |
Expedited LTL Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 144.3 | 100.0 | % | $ | 149.2 | 100.0 | % | $ | (4.9 | ) | (3.3 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 56.3 | 39.0 | 61.7 | 41.4 | (5.4 | ) | (8.8 | ) | ||||||||||||
Salaries, wages and employee benefits | 33.8 | 23.4 | 35.7 | 23.9 | (1.9 | ) | (5.3 | ) | ||||||||||||
Operating leases | 9.0 | 6.2 | 8.4 | 5.6 | 0.6 | 7.1 | ||||||||||||||
Depreciation and amortization | 5.5 | 3.8 | 5.4 | 3.6 | 0.1 | 1.9 | ||||||||||||||
Insurance and claims | 3.9 | 2.7 | 2.6 | 1.7 | 1.3 | 50.0 | ||||||||||||||
Fuel expense | 0.8 | 0.6 | 1.0 | 0.7 | (0.2 | ) | (20.0 | ) | ||||||||||||
Other operating expenses | 14.0 | 9.7 | 12.8 | 8.6 | 1.2 | 9.4 | ||||||||||||||
Total operating expenses | 123.3 | 85.4 | 127.6 | 85.5 | (4.3 | ) | (3.4 | ) | ||||||||||||
Income from operations | $ | 21.0 | 14.6 | % | $ | 21.6 | 14.5 | % | $ | (0.6 | ) | (2.8 | )% |
Expedited LTL Operating Statistics | ||||||||||
Three months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2016 | 2015 | Change | ||||||||
Operating ratio | 85.4 | % | 85.5 | % | (0.1 | )% | ||||
Business days | 64.0 | 64.0 | — | |||||||
Business weeks | 12.8 | 12.8 | — | |||||||
Expedited LTL: | ||||||||||
Tonnage | ||||||||||
Total pounds ¹ | 588,929 | 617,066 | (4.6 | ) | ||||||
Average weekly pounds ¹ | 46,010 | 48,208 | (4.6 | ) | ||||||
Linehaul shipments | ||||||||||
Total linehaul | 909,787 | 952,720 | (4.5 | ) | ||||||
Average weekly | 71,077 | 74,431 | (4.5 | ) | ||||||
Forward Air Complete shipments | 195,594 | 223,143 | (12.3 | ) | ||||||
As a percentage of linehaul shipments | 21.5 | % | 23.4 | % | (8.1 | ) | ||||
Average linehaul shipment size | 647 | 648 | (0.2 | ) | ||||||
Revenue per pound 2 | ||||||||||
Linehaul yield | $ | 17.71 | $ | 17.07 | 3.0 | |||||
Fuel surcharge impact | 1.06 | 1.16 | (0.5 | ) | ||||||
Forward Air Complete impact | 3.49 | 3.44 | 0.2 | |||||||
Total Expedited LTL yield | $ | 22.26 | $ | 21.67 | 2.7 | % | ||||
¹ - In thousands | ||||||||||
2 - In dollars per hundred pound; percentage change is expressed as a percent of total yield. |
Expedited Truckload Services Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 42.2 | 100.0 | % | $ | 38.5 | 100.0 | % | $ | 3.7 | 9.6 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 29.7 | 70.4 | 25.5 | 66.2 | 4.2 | 16.5 | ||||||||||||||
Salaries, wages and employee benefits | 4.9 | 11.6 | 4.7 | 12.2 | 0.2 | 4.3 | ||||||||||||||
Operating leases | 0.1 | 0.2 | 0.2 | 0.5 | (0.1 | ) | (50.0 | ) | ||||||||||||
Depreciation and amortization | 1.5 | 3.6 | 1.6 | 4.2 | (0.1 | ) | (6.3 | ) | ||||||||||||
Insurance and claims | 1.1 | 2.6 | 0.8 | 2.1 | 0.3 | 37.5 | ||||||||||||||
Fuel expense | 0.7 | 1.7 | 0.8 | 2.1 | (0.1 | ) | (12.5 | ) | ||||||||||||
Other operating expenses | 2.2 | 5.2 | 1.7 | 4.4 | 0.5 | 29.4 | ||||||||||||||
Total operating expenses | 40.2 | 95.3 | 35.3 | 91.7 | 4.9 | 13.9 | ||||||||||||||
Income from operations | $ | 2.0 | 4.7 | % | $ | 3.2 | 8.3 | % | $ | (1.2 | ) | (37.5 | )% |
Expedited Truckload Services Operating Statistics | ||||||||||
Three months ended | ||||||||||
September 30, | September 30, | Percent | ||||||||
2016 | 2015 | Change | ||||||||
Company driver 1 | 1,761 | 1,795 | (1.9 | )% | ||||||
Owner operator 1 | 13,125 | 10,614 | 23.7 | |||||||
Third party 1 | 8,339 | 6,967 | 19.7 | |||||||
Total Miles | 23,225 | 19,376 | 19.9 | |||||||
Revenue per mile | $ | 1.78 | $ | 1.92 | (7.3 | ) | ||||
Cost per mile | $ | 1.37 | $ | 1.40 | (2.1 | )% | ||||
¹ - In thousands |
Pool Distribution Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 36.4 | 100.0 | % | $ | 32.1 | 100.0 | % | $ | 4.3 | 13.4 | % | ||||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 10.1 | 27.7 | 8.8 | 27.4 | 1.3 | 14.8 | ||||||||||||||
Salaries, wages and employee benefits | 14.4 | 39.6 | 12.2 | 38.0 | 2.2 | 18.0 | ||||||||||||||
Operating leases | 3.3 | 9.1 | 2.6 | 8.1 | 0.7 | 26.9 | ||||||||||||||
Depreciation and amortization | 1.4 | 3.8 | 1.4 | 4.4 | — | — | ||||||||||||||
Insurance and claims | 1.0 | 2.7 | 0.9 | 2.8 | 0.1 | 11.1 | ||||||||||||||
Fuel expense | 1.2 | 3.3 | 1.3 | 4.0 | (0.1 | ) | (7.7 | ) | ||||||||||||
Other operating expenses | 4.9 | 13.5 | 4.4 | 13.7 | 0.5 | 11.4 | ||||||||||||||
Total operating expenses | 36.3 | 99.7 | 31.6 | 98.4 | 4.7 | 14.9 | ||||||||||||||
Income from operations | $ | 0.1 | 0.3 | % | $ | 0.5 | 1.6 | % | $ | (0.4 | ) | (80.0 | )% |
Intermodal Segment Information | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended | ||||||||||||||||||||
September 30, | Percent of | September 30, | Percent of | Percent | ||||||||||||||||
2016 | Revenue | 2015 | Revenue | Change | Change | |||||||||||||||
Operating revenue | $ | 27.6 | 100.0 | % | $ | 28.9 | 100.0 | % | $ | (1.3 | ) | (4.5 | )% | |||||||
Operating expenses: | ||||||||||||||||||||
Purchased transportation | 9.7 | 35.1 | 9.4 | 32.5 | 0.3 | 3.2 | ||||||||||||||
Salaries, wages and employee benefits | 6.6 | 23.9 | 6.2 | 21.5 | 0.4 | 6.5 | ||||||||||||||
Operating leases | 3.3 | 12.0 | 3.3 | 11.4 | — | — | ||||||||||||||
Depreciation and amortization | 1.0 | 3.6 | 1.0 | 3.5 | — | — | ||||||||||||||
Insurance and claims | 0.8 | 2.9 | 0.7 | 2.4 | 0.1 | 14.3 | ||||||||||||||
Fuel expense | 0.7 | 2.5 | 0.7 | 2.4 | — | — | ||||||||||||||
Other operating expenses | 2.5 | 9.1 | 4.1 | 14.2 | (1.6 | ) | (39.0 | ) | ||||||||||||
Total operating expenses | 24.6 | 89.1 | 25.4 | 87.9 | (0.8 | ) | (3.1 | ) | ||||||||||||
Income from operations | $ | 3.0 | 10.9 | % | $ | 3.5 | 12.1 | % | $ | (0.5 | ) | (14.3 | )% |
Forward Air Corporation | |||||||
Consolidated Balance Sheets | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
September 30, 2016 | December 31, 2015 (a) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 11,312 | $ | 33,312 | |||
Accounts receivable, net | 115,327 | 109,165 | |||||
Other current assets | 17,321 | 30,980 | |||||
Total current assets | 143,960 | 173,457 | |||||
Property and equipment | 369,582 | 343,147 | |||||
Less accumulated depreciation and amortization | 172,348 | 155,859 | |||||
Net property and equipment | 197,234 | 187,288 | |||||
Goodwill and other acquired intangibles: | |||||||
Goodwill | 184,675 | 205,609 | |||||
Other acquired intangibles, net of accumulated amortization | 109,041 | 127,800 | |||||
Total net goodwill and other acquired intangibles | 293,716 | 333,409 | |||||
Other assets | 6,603 | 5,778 | |||||
Total assets | $ | 641,513 | $ | 699,932 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 18,415 | $ | 23,334 | |||
Accrued expenses | 30,843 | 29,823 | |||||
Current portion of debt and capital lease obligations | 41,866 | 55,887 | |||||
Total current liabilities | 91,124 | 109,044 | |||||
Debt and capital lease obligations, less current portion | 814 | 28,617 | |||||
Other long-term liabilities | 14,726 | 12,340 | |||||
Deferred income taxes | 39,007 | 39,876 | |||||
Shareholders’ equity: | |||||||
Common stock | 303 | 305 | |||||
Additional paid-in capital | 174,450 | 160,855 | |||||
Retained earnings | 321,089 | 348,895 | |||||
Total shareholders’ equity | 495,842 | 510,055 | |||||
Total liabilities and shareholders’ equity | $ | 641,513 | $ | 699,932 | |||
(a) Taken from audited financial statements, which are not presented in their entirety. |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Three months ended | |||||||
September 30, 2016 | September 30, 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 11,931 | $ | 15,687 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 9,399 | 9,399 | |||||
Share-based compensation | 2,093 | 1,886 | |||||
Loss on disposal of property and equipment | 111 | 30 | |||||
Provision for recovery on receivables | 280 | 380 | |||||
Provision for revenue adjustments | 365 | 1,549 | |||||
Deferred income tax (benefit) expense | (220 | ) | 6,044 | ||||
Excess tax benefit for stock options exercised | (50 | ) | — | ||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (6,716 | ) | 5,753 | ||||
Prepaid expenses and other current assets | 14,878 | 1,679 | |||||
Accounts payable and accrued expenses | 1,329 | (3,654 | ) | ||||
Net cash provided by operating activities | 33,400 | 38,753 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 695 | 577 | |||||
Purchases of property and equipment | (12,684 | ) | (6,579 | ) | |||
Acquisition of business, net of cash acquired | (10,100 | ) | — | ||||
Other | (71 | ) | (33 | ) | |||
Net cash used in investing activities | (22,160 | ) | (6,035 | ) | |||
Financing activities: | |||||||
Payments of debt and capital lease obligations | (13,942 | ) | (14,104 | ) | |||
Proceeds from exercise of stock options | 5,947 | — | |||||
Payments of cash dividends | (3,653 | ) | (3,700 | ) | |||
Repurchase of common stock (repurchase program) | (9,995 | ) | (9,996 | ) | |||
Excess tax benefit for stock options exercised | 50 | — | |||||
Cash settlement of share-based awards for minimum tax withholdings | (14 | ) | (5 | ) | |||
Net cash used in financing activities | (21,607 | ) | (27,805 | ) | |||
Net (decrease) increase in cash | (10,367 | ) | 4,913 | ||||
Cash at beginning of period | 21,679 | 42,531 | |||||
Cash at end of period | $ | 11,312 | $ | 47,444 |
Forward Air Corporation | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Nine months ended | |||||||
September 30, 2016 | September 30, 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 14,964 | $ | 32,347 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation and amortization | 28,409 | 27,601 | |||||
Impairment of goodwill, intangible and other assets | 42,442 | — | |||||
Share-based compensation | 6,204 | 5,562 | |||||
Loss (gain) on disposal of property and equipment | 201 | (3 | ) | ||||
Provision for loss on receivables | 268 | 463 | |||||
Provision for revenue adjustments | 1,570 | 3,391 | |||||
Deferred income tax | 661 | 5,546 | |||||
Excess tax benefit for stock options exercised | (137 | ) | (2,365 | ) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (8,000 | ) | 866 | ||||
Other current assets | 13,083 | (1,531 | ) | ||||
Accounts payable and accrued expenses | (5,057 | ) | (14,562 | ) | |||
Net cash provided by operating activities | 94,608 | 57,315 | |||||
Investing activities: | |||||||
Proceeds from disposal of property and equipment | 1,795 | 1,200 | |||||
Purchases of property and equipment | (28,725 | ) | (18,541 | ) | |||
Acquisition of business, net of cash acquired | (11,800 | ) | (61,878 | ) | |||
Other | (673 | ) | (598 | ) | |||
Net cash used in investing activities | (39,403 | ) | (79,817 | ) | |||
Financing activities: | |||||||
Proceeds from term loan | — | 125,000 | |||||
Payments of debt and capital lease obligations | (41,825 | ) | (87,367 | ) | |||
Proceeds from exercise of stock options | 7,041 | 11,351 | |||||
Payments of cash dividends | (10,987 | ) | (11,133 | ) | |||
Repurchase of common stock (repurchase program) | (29,986 | ) | (9,996 | ) | |||
Common stock issued under employee stock purchase plan | 215 | 228 | |||||
Excess tax benefit for stock options exercised | 137 | 2,365 | |||||
Cash settlement of share-based awards for minimum tax withholdings | (1,800 | ) | (1,931 | ) | |||
Net cash (used in) provided by financing activities | (77,205 | ) | 28,517 | ||||
Net (decrease) increase in cash | (22,000 | ) | 6,015 | ||||
Cash at beginning of period | 33,312 | 41,429 | |||||
Cash at end of period | $ | 11,312 | $ | 47,444 |
Forward Air Corporation | ||||||||||||||||||||
Reconciliation to U.S. GAAP | ||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||||||
Reported (GAAP) | $ | 24.7 | $ | (0.2 | ) | $ | 24.5 | $ | 12.6 | 51.3 | % | $ | 11.9 | $ | 0.39 | |||||
Items impacting comparability: | ||||||||||||||||||||
Impact of TQI impairment on income taxes | — | — | — | (3.6 | ) | 14.3 | % | 3.6 | 0.12 | |||||||||||
After considering items (Non-GAAP) | $ | 24.7 | $ | (0.2 | ) | $ | 24.5 | $ | 9.0 | 37.0 | % | $ | 15.5 | $ | 0.51 | |||||
Three months ended September 30, 2015 | ||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | ||||||||||||||
Reported (GAAP) | $ | 24.6 | $ | (0.5 | ) | $ | 24.1 | $ | 8.4 | 34.8 | % | $ | 15.7 | $ | 0.50 | |||||
Items impacting comparability: | ||||||||||||||||||||
Certain tax matters 1 | — | — | — | 1.1 | 4.5 | % | (1.1 | ) | (0.04 | ) | ||||||||||
Integrations and deal costs | 3.9 | — | 3.9 | 1.5 | — | 2.4 | 0.08 | |||||||||||||
After considering items (Non-GAAP) | $ | 28.5 | $ | (0.5 | ) | $ | 28.0 | $ | 11.0 | 39.3 | % | $ | 17.0 | $ | 0.54 | |||||
1 - Certain tax matters related to technology-related permanent tax deductions in 2015 which were not identified as non-GAAP adjustments at that time, but which are adjusted here for consistency and comparison purposes. |
Forward Air Corporation | |||||||||||||||||||||
Guidance Range | |||||||||||||||||||||
Reconciliation to U.S. GAAP | |||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended December 31, 2015 | |||||||||||||||||||||
Operating Income | Other, Net | Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||
Reported (GAAP) | $ | 29.0 | $ | (0.5 | ) | $ | 28.5 | $ | 5.3 | 18.6 | % | $ | 23.2 | $ | 0.75 | ||||||
Items impacting comparability: | |||||||||||||||||||||
Certain tax matters 1 | 1.2 | — | 1.2 | 5.8 | 18.8 | % | (4.6 | ) | (0.15 | ) | |||||||||||
Integrations and deal costs | 0.6 | — | 0.6 | 0.2 | — | 0.4 | 0.01 | ||||||||||||||
After considering items (Non-GAAP) | $ | 30.8 | $ | (0.5 | ) | $ | 30.3 | $ | 11.3 | 37.4 | % | $ | 19.0 | $ | 0.61 | ||||||
1 - Certain tax matters related to technology-related permanent tax deductions in 2015 which were not identified as non-GAAP adjustments at that time, but which are adjusted here for consistency and comparison purposes. | |||||||||||||||||||||
Three months ended December 31, 2016 - Forecast | |||||||||||||||||||||
Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||||
Low range of guidance (GAAP) | $ | 25.7 | $ | 14.2 | 55.2 | % | $ | 11.5 | $ | 0.37 | |||||||||||
Items impacting comparability: | |||||||||||||||||||||
Impact of TQI impairment on income taxes | — | (4.7 | ) | 18.2 | % | 4.7 | 0.16 | ||||||||||||||
Low range of guidance (Non-GAAP) | $ | 25.7 | $ | 9.5 | 37.0 | % | $ | 16.2 | $ | 0.53 | |||||||||||
Three months ended December 31, 2016 - Forecast | |||||||||||||||||||||
Income before taxes | Income taxes | Effective tax rate | Net Income | Diluted earnings per share | |||||||||||||||||
High range of guidance (GAAP) | $ | 28.0 | $ | 15.2 | 54.4 | % | $ | 12.8 | $ | 0.41 | |||||||||||
Items impacting comparability: | |||||||||||||||||||||
Impact of TQI impairment on income taxes | — | (4.8 | ) | 17.4 | % | 4.8 | 0.16 | ||||||||||||||
High range of guidance (Non-GAAP) | $ | 28.0 | $ | 10.4 | 37.0 | % | $ | 17.6 | $ | 0.57 |