[November 02, 2016] |
|
Intralinks Announces Third Quarter 2016 Results
Intralinks Holdings, Inc. (NYSE:IL), a leading, global SaaS provider of
secure content collaboration solutions, today announced its results for
the third quarter ended September 30, 2016.
"Our results this quarter reflect our focus on expanding profit margins
and cash flow," said Ron Hovsepian, Intralinks' president and chief
executive officer. "The initiatives we are taking resulted in a
significant improvement in our non-GAAP operating margin which was 13%
for the quarter, the highest in nearly five years. The improvement in
our profitability also contributed to our significantly higher free cash
flow during the third quarter. We are well positioned to continue to
grow our business at double digit rates and further improve
profitability in the fourth quarter, and into 2017 and beyond."
Third Quarter 2016 Financial Highlights
-
Revenue was $75.4 million, compared to $69.6 million in the third
quarter of 2015, an increase of 8%, or 9% in constant currency.
-
Enterprise revenue was $29.3 million, compared to $27.1 million in
the third quarter of 2015, an increase of 8%, or 9% in constant
currency.
-
M&A revenue was $39.2 million, compared to $35.6 million in the
third quarter of 2015, an increase of 10%, or 11% in constant
currency.
-
DCM revenue was $6.9 million, flat compared to the third quarter
of 2015 in both actual and constant currency.
-
GAAP operating income was $0.6 million, compared to an operating loss
of $4.7 million in the third quarter of 2015. Non-GAAP adjusted
operating income was $9.6 million, compared to $4.3 million in the
third quarter of 2015.
-
GAAP operating margin was 0.9% compared to (6.8)% in the third quarter
of 2015, an improvement of 770 basis points. Non-GAAP adjusted
operating margin was 12.7% compared to 6.2% in the third quarter of
2015, an increase of 650 basis points.
-
General and administrative expense in the third quarter of 2016
declined both as a percentage of revenue and in absolute dollars as
our cost reduction initiatives continue to produce results.
-
Net cash from operations for the first nine months of 2016 was $27.1
million, compared to $22.2 million for the first nine months of 2015,
an increase of approximately 22%.
Business Highlights
-
Expanded our presence in Europe with the implementation of an
Intralinks Distributed Content Node in Germany. This Content Node
addresses our customers' privacy and data sovereignty concerns by
allowing them to both store and process
files in Germany to ensure that no files leave the country.
-
Successfully added new customers during the quarter from targeted
companies in regulated and IP-intensive industries including
agreements with several large financial services firms and a large
pharmaceutical company.
-
Grew the number of active Intralinks Dealspace projects by 12% and the
number of new projects by 11% year-over-year.
-
Maintained a 100% retention rate for enterprise customers spending
over $250,000.
-
Grew annualized recurring revenue ("ARR") for Intralinks VIA by 19%
year-over-year.
Business Outlook
Commenting on the company's outlook, Chris Lafond, Intralinks' chief
financial officer said, "Our efforts to expand profit margins and
increase cash flow are progressing at a faster pace than we anticipated
as we accelerate our efforts to rationalize our cost structure. As a
result, we have again increased our non-GAAP adjusted operating margin
guidance for the year. This will also contribute to our higher
expectations for free cash flow. We will deliver these results while
continuing to make the investments necessary to drive double digit
revenue growth."
Based on information available as of November 2, 2016, Intralinks is
providing guidance for 2016 as follows:
Fourth Quarter 2016
Revenue: $78.9 million to $80.9 million GAAP operating income $0.4
million to $1.4 million Non-GAAP adjusted operating income: $9.3
million to $10.3 million GAAP net (loss) income per share: $(0.04)
to $0.01 Non-GAAP adjusted net income per share: $0.08 to $0.09
Full Year 2016
Revenue: $298.0 million to $300.0 million GAAP operating loss:
$(7.4) million to $(6.4) million Non-GAAP adjusted operating
income: $28.0 million to $29.0 million GAAP net loss per share:
$(0.27) to $(0.25) Non-GAAP adjusted net income per share: $0.24 to
$0.26
The company has a valuation allowance on its net U.S. deferred tax
assets as we currently believe the assets will not be recoverable. Given
expected improvements in business performance and other potential
actions, it is possible we could conclude in the near future that a
valuation allowance will no longer be required. If the company were to
release the valuation allowance in the future, the current estimate of
the GAAP income tax benefit that would be recognized could be as much as
$26.0 million.
Quarterly Conference Call
Intralinks will host a conference call today at 4:30 p.m. Eastern Time
(ET) to discuss the company's third quarter 2016 financial results and
2016 business outlook. To access this call, dial 888-348-8637 (domestic)
or 412-902-4244 (international). A passcode is not required. This
presentation will also be webcast live on the investor relations section
on the Intralinks website at www.Intralinks.com/ir.
Following the conference call, a replay will be available until November
9, 2016 at 844-512-2921 (domestic) or 412-317-6671 (international). The
passcode for the replay is 10095021. An archived webcast of this
conference call will also be available on the investor relations section
on the Intralinks website at www.Intralinks.com/ir.
About Intralinks
Intralinks Holdings, Inc. (NYSE: IL) is a global content collaboration
company that provides cloud-based solutions to control the sharing,
distribution and management of high value content within and across
organizations according to the highest-level of security and the most
stringent compliance regulations. Over 90,000 clients, 99% of the
Fortune 1000 companies, have depended on Intralinks to digitally
transform and simplify critical business processes, and secure
high-value information. With a 20-year track record of enabling
high-stakes transactions and business collaborations valued at more than
$31.3 trillion, Intralinks is a trusted provider of easy-to-use,
enterprise strength, cloud-based collaboration technology. For more
information, visit www.intralinks.com.
Business Metrics
ARR growth represents the percentage increase in the value attributable
to all of our renewable subscription contracts for which revenue is
recognized on a ratable basis as compared to the same date in the prior
year. ARR is calculated as the annualized value of all renewable
subscription contracts in effect at a specific point in time, without
regard to the duration of the contract.
Non-GAAP Financial Measures
This press release includes certain financial measures that are not
prepared in accordance with generally accepted accounting principles in
the United States ("GAAP" or "U.S. GAAP"). Our definitions of these
non-GAAP financial measures may differ from the definitions used by
other companies, including peer companies, and therefore comparability
may be limited. These non-GAAP measures should be considered in addition
to the company's results prepared in accordance with U.S. GAAP and
should not be considered substitutes for or superior to the company's
U.S. GAAP results. We endeavor to compensate for the limitations of the
non-GAAP financial measures presented in this release by providing the
comparable GAAP measures with equal or greater prominence. We encourage
investors to examine the reconciling adjustments between the GAAP and
non-GAAP measures, which are included in this release.
Management defines its non-GAAP financial measures as follows:
-
Non-GAAP adjusted operating income represents the corresponding GAAP
measure adjusted to exclude, if applicable: (1) amortization of
intangible assets, (2) stock-based compensation expense and (3)
impairment charges or asset write-offs.
-
Non-GAAP adjusted net income represents the corresponding GAAP measure
adjusted to exclude, if applicable: (1) amortization of intangible
assets, (2) stock-based compensation expense and (3) impairment
charges or asset write-offs. The income tax expense included in
non-GAAP adjusted net income is calculated using an estimated
long-term effective tax rate.
-
Non-GAAP adjusted net income per share represents non-GAAP adjusted
net income (which is defined above) divided by fully diluted weighted
average shares outstanding.
-
Free cash flow represents net cash provided by operating activities
less capitalized software development costs and capital expenditures.
-
The Company refers to growth rates at constant currency so that the
results can be viewed without the impact of fluctuations in foreign
currency exchange rates to facilitate comparisons of the Company's
performance from one period to another. Constant currency for revenue
is calculated by retranslating current and prior period revenue at a
consistent rate.
Management believes that these non-GAAP financial measures, when viewed
with our results under U.S. GAAP and the accompanying reconciliations,
provide useful information about our period-over-period growth and
provide additional information that is useful for evaluating our
operating performance. In addition, free cash flow provides management
with useful information for managing the cash needs of our business.
Management also believes that these non-GAAP financial measures provide
a more meaningful comparison of our operating results against those of
other companies in our industry, as well as on a period-over-period
basis, because these measures exclude items that are not representative
of our operating performance, such as amortization of intangible assets
and stock-based compensation expense.
Reconciliations of GAAP to Non-GAAP financial measures are included in
this press release.
Forward Looking Statements
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. This press release contains expressed or
implied forward-looking statements that are not based on historical
information relating to, among other things, expectations and
assumptions concerning management's forecast of financial performance,
future business growth, and management's plans, objectives,
opportunities and strategies. These statements are neither promises nor
guarantees, but are subject to a variety of risks and uncertainties,
many of which are beyond our control and, which could cause actual
results to differ materially from those contemplated in these
forward-looking statements. In particular, the risks and uncertainties
include, among other things: the uncertainty of our future
profitability; our ability to sustain positive cash flow or to attain
our business objectives; periodic fluctuations in our operating results;
when and on what terms we enter into contracts with customers
subscribing to the Intralinks service and the impact thereof on the
amount of our annualized recurring revenue at any point in time;
fluctuations in currency exchange rates; our ability to manage our
expected growth; risks related to our substantial debt balances and our
ability to generate or obtain sufficient capital to service our debt and
fund our business; our ability to maintain the security and integrity of
our systems; risks associated with the privacy and protection of
information in our possession; our ability to increase our penetration
in our principal existing markets and expand into additional markets;
our ability to expand into new geographic markets; delays in market
adoption and penetration of our products and services; difficulties
developing, integrating and introducing new products and services; our
dependence on the volume of financial and strategic business
transactions; our dependence on customer referrals and relationships;
our ability to maintain and expand our direct sales capabilities; our
ability to develop and maintain strategic relationships to sell and
deliver our solutions; customer renewal rates and attrition; our ability
to maintain the compatibility of our services with third-party
applications; competition and our ability to maintain our average sales
prices; our ability to adapt to changing technologies; interruptions or
delays in our service; international risks; uncertainties surrounding
domestic and global economic conditions; our ability to protect our
intellectual property; costs of being a public company; and risks
related to changes in laws, regulations or governmental policy,
including data privacy and tax regulations. Further information on these
and other factors that could affect our financial and other results is
contained in our public filings with the Securities and Exchange
Commission from time to time, including our Annual Report on Form 10-K
for the year ended December 31, 2015 and subsequent quarterly reports.
Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof.
Intralinks undertakes no obligation to update or revise the information
contained in this press release, whether as a result of new information,
future events or circumstances or otherwise.
"Intralinks," "Intralinks VIA" and the Intralinks stylized logo are
registered trademarks of Intralinks, Inc. © 2016 Intralinks, Inc.
|
|
Intralinks Holdings, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
47,862
|
|
|
$
|
47,875
|
|
Investments
|
|
|
-
|
|
|
12,425
|
|
Accounts receivable, net of allowances of $5,801 and $4,265,
respectively
|
|
|
53,074
|
|
|
50,360
|
|
Prepaid expenses
|
|
|
8,779
|
|
|
8,595
|
|
Other current assets
|
|
|
3,454
|
|
|
3,399
|
|
Total current assets
|
|
|
113,169
|
|
|
122,654
|
|
Fixed assets, net
|
|
|
15,700
|
|
|
20,789
|
|
Capitalized software, net
|
|
|
51,910
|
|
|
46,636
|
|
Goodwill
|
|
|
229,848
|
|
|
224,383
|
|
Other intangibles, net
|
|
|
21,561
|
|
|
38,106
|
|
Other non-current assets
|
|
|
5,575
|
|
|
7,619
|
|
Total assets
|
|
|
$
|
437,763
|
|
|
$
|
460,187
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
5,007
|
|
|
$
|
10,094
|
|
Current portion of long-term debt, net of debt issuance costs
|
|
|
1,885
|
|
|
1,829
|
|
Deferred revenue
|
|
|
56,291
|
|
|
52,005
|
|
Accrued expenses and other current liabilities
|
|
|
26,577
|
|
|
29,856
|
|
Total current liabilities
|
|
|
89,760
|
|
|
93,784
|
|
Long-term debt, net of debt issuance costs
|
|
|
78,155
|
|
|
79,457
|
|
Other long-term liabilities
|
|
|
4,640
|
|
|
4,795
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Undesignated preferred stock, $0.001 par value; 10,000,000 shares
authorized; 0 shares issued and outstanding, respectively
|
|
|
-
|
|
|
-
|
|
Common stock, $0.001 par value; authorized 300,000,000 shares;
issued 59,162,325 and 58,434,464 shares; outstanding
57,752,961 and 58,434,464 shares, respectively
|
|
|
59
|
|
|
58
|
|
Additional paid-in capital
|
|
|
464,629
|
|
|
456,141
|
|
Accumulated deficit
|
|
|
(183,669
|
)
|
|
(169,594
|
)
|
Accumulated other comprehensive loss
|
|
|
(4,322
|
)
|
|
(4,454
|
)
|
Treasury stock, 1,409,634 and 0 shares of common stock at cost,
respectively
|
|
|
(11,489
|
)
|
|
-
|
|
Total stockholders' equity
|
|
|
265,208
|
|
|
282,151
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
437,763
|
|
|
$
|
460,187
|
|
|
|
Intralinks Holdings, Inc.
Consolidated Statements of Operations
(In Thousands, Except Share and Per Share Data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Revenue
|
|
|
$
|
75,414
|
|
|
$
|
69,588
|
|
|
|
$
|
219,088
|
|
|
$
|
204,869
|
|
Cost of revenue
|
|
|
19,401
|
|
|
19,304
|
|
|
|
59,007
|
|
|
57,189
|
|
Gross profit
|
|
|
56,013
|
|
|
50,284
|
|
|
|
160,081
|
|
|
147,680
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
32,897
|
|
|
29,496
|
|
|
|
96,236
|
|
|
91,666
|
|
General and administrative
|
|
|
15,614
|
|
|
18,652
|
|
|
|
50,795
|
|
|
55,406
|
|
Product development
|
|
|
6,858
|
|
|
6,859
|
|
|
|
20,828
|
|
|
19,107
|
|
Total operating expenses
|
|
|
55,369
|
|
|
55,007
|
|
|
|
167,859
|
|
|
166,179
|
|
Income (loss) from operations
|
|
|
644
|
|
|
(4,723
|
)
|
|
|
(7,778
|
)
|
|
(18,499
|
)
|
Interest expense
|
|
|
1,165
|
|
|
1,124
|
|
|
|
3,415
|
|
|
3,323
|
|
Amortization of debt issuance costs
|
|
|
143
|
|
|
143
|
|
|
|
429
|
|
|
429
|
|
Other (income) expense, net
|
|
|
(133
|
)
|
|
151
|
|
|
|
979
|
|
|
989
|
|
Net loss before income tax
|
|
|
(531
|
)
|
|
(6,141
|
)
|
|
|
(12,601
|
)
|
|
(23,240
|
)
|
Income tax expense
|
|
|
700
|
|
|
420
|
|
|
|
1,474
|
|
|
1,164
|
|
Net loss
|
|
|
$
|
(1,231
|
)
|
|
$
|
(6,561
|
)
|
|
|
$
|
(14,075
|
)
|
|
$
|
(24,404
|
)
|
Net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.25
|
)
|
|
$
|
(0.43
|
)
|
Diluted
|
|
|
$
|
(0.02
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.25
|
)
|
|
$
|
(0.43
|
)
|
Weighted average number of shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
56,916,485
|
|
|
57,446,774
|
|
|
|
57,303,394
|
|
|
56,970,515
|
|
Diluted
|
|
|
56,916,485
|
|
|
57,446,774
|
|
|
|
57,303,394
|
|
|
56,970,515
|
|
|
|
Intralinks Holdings, Inc.
Consolidated Statements of Cash Flows
(In Thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
|
2016
|
|
2015
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(14,075
|
)
|
|
$
|
(24,404
|
)
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
19,539
|
|
|
20,222
|
|
Amortization of intangible assets
|
|
|
|
18,145
|
|
|
17,961
|
|
Stock-based compensation expense
|
|
|
|
8,288
|
|
|
8,932
|
|
Other, net
|
|
|
|
3,433
|
|
|
3,192
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
(4,590
|
)
|
|
(7,419
|
)
|
Prepaid expenses and other assets
|
|
|
|
278
|
|
|
(2,510
|
)
|
Accounts payable
|
|
|
|
(4,351
|
)
|
|
2,254
|
|
Accrued expenses and other liabilities
|
|
|
|
(3,130
|
)
|
|
349
|
|
Deferred revenue
|
|
|
|
3,525
|
|
|
3,577
|
|
Net cash provided by operating activities
|
|
|
|
27,062
|
|
|
22,154
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Capitalized software development costs
|
|
|
|
(19,108
|
)
|
|
(18,594
|
)
|
Capital expenditures
|
|
|
|
(1,413
|
)
|
|
(10,589
|
)
|
Maturities of investments
|
|
|
|
12,384
|
|
|
6,750
|
|
Acquisition, net of cash acquired
|
|
|
|
(6,334
|
)
|
|
-
|
|
Purchase of a cost method investment
|
|
|
|
-
|
|
|
(1,000
|
)
|
Net cash used in investing activities
|
|
|
|
(14,471
|
)
|
|
(23,433
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Purchases of treasury stock
|
|
|
|
(11,489
|
)
|
|
-
|
|
Payments on long-term debt
|
|
|
|
(1,727
|
)
|
|
(600
|
)
|
Other, net
|
|
|
|
200
|
|
|
1,887
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(13,016
|
)
|
|
1,287
|
|
Effect of foreign exchange rate changes on cash and cash equivalents
|
|
|
|
412
|
|
|
(1,255
|
)
|
Net decrease in cash and cash equivalents
|
|
|
|
(13
|
)
|
|
(1,247
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
47,875
|
|
|
40,682
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
47,862
|
|
|
$
|
39,435
|
|
|
|
Intralinks Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In Thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
Income (loss) from operations
|
|
|
$
|
644
|
|
|
$
|
(4,723
|
)
|
|
|
$
|
(7,778
|
)
|
|
$
|
(18,499
|
)
|
Amortization of intangible assets
|
|
|
6,068
|
|
|
5,986
|
|
|
|
18,145
|
|
|
17,961
|
|
Stock-based compensation expense
|
|
|
2,884
|
|
|
3,068
|
|
|
|
8,288
|
|
|
8,932
|
|
Non-GAAP adjusted operating income
|
|
|
$
|
9,596
|
|
|
$
|
4,331
|
|
|
|
$
|
18,655
|
|
|
$
|
8,394
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(1,231
|
)
|
|
$
|
(6,561
|
)
|
|
|
$
|
(14,075
|
)
|
|
$
|
(24,404
|
)
|
Amortization of intangible assets
|
|
|
6,068
|
|
|
5,986
|
|
|
|
18,145
|
|
|
17,961
|
|
Stock-based compensation expense
|
|
|
2,884
|
|
|
3,068
|
|
|
|
8,288
|
|
|
8,932
|
|
Impairment of cost method investment
|
|
|
-
|
|
|
-
|
|
|
|
1,500
|
|
|
-
|
|
Income tax expense
|
|
|
700
|
|
|
420
|
|
|
|
1,474
|
|
|
1,164
|
|
Non-GAAP adjusted net income before tax
|
|
|
8,421
|
|
|
2,913
|
|
|
|
15,332
|
|
|
3,653
|
|
Non-GAAP income tax expense
|
|
|
3,200
|
|
|
1,107
|
|
|
|
5,827
|
|
|
1,388
|
|
Non-GAAP adjusted net income
|
|
|
$
|
5,221
|
|
|
$
|
1,806
|
|
|
|
$
|
9,505
|
|
|
$
|
2,265
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
|
$
|
14,394
|
|
|
$
|
14,204
|
|
|
|
$
|
27,062
|
|
|
$
|
22,154
|
|
Capitalized software development costs
|
|
|
(5,679
|
)
|
|
(7,382
|
)
|
|
|
(19,108
|
)
|
|
(18,594
|
)
|
Capital expenditures
|
|
|
(249
|
)
|
|
(7,809
|
)
|
|
|
(1,413
|
)
|
|
(10,589
|
)
|
Free cash flow
|
|
|
$
|
8,466
|
|
|
$
|
(987
|
)
|
|
|
$
|
6,541
|
|
|
$
|
(7,029
|
)
|
|
|
Intralinks Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures - Guidance
(In Thousands)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ending December 31, 2016
|
|
|
Year Ending December 31, 2016
|
Income (loss) from operations
|
|
|
|
$
|
898
|
|
|
|
$
|
(6,880
|
)
|
Amortization of intangible assets
|
|
|
|
6,069
|
|
|
|
24,214
|
|
Stock-based compensation expense
|
|
|
|
2,878
|
|
|
|
11,166
|
|
Non-GAAP adjusted operating income
|
|
|
|
$
|
9,845
|
|
|
|
$
|
28,500
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
$
|
(1,034
|
)
|
|
|
$
|
(15,109
|
)
|
Amortization of intangible assets
|
|
|
|
6,069
|
|
|
|
24,214
|
|
Stock-based compensation expense
|
|
|
|
2,878
|
|
|
|
11,166
|
|
Impairment of cost method investment
|
|
|
|
-
|
|
|
|
1,500
|
|
Income tax expense
|
|
|
|
647
|
|
|
|
2,121
|
|
Non-GAAP adjusted net income before tax
|
|
|
|
8,560
|
|
|
|
23,892
|
|
Non-GAAP income tax expense
|
|
|
|
3,252
|
|
|
|
9,079
|
|
Non-GAAP adjusted net income
|
|
|
|
$
|
5,308
|
|
|
|
$
|
14,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: All forward-looking figures presented in these tables are
stated at the mid-point of the estimated range.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161102005963/en/
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