Date of Report (Date of earliest event reported) | July 28, 2011 |
LEGG MASON, INC. |
(Exact name of registrant as specified in its charter) |
Maryland | 1-8529 | 52-1200960 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
100 International Drive, Baltimore, Maryland | 21202 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: | (410) 539-0000 |
Not Applicable |
(Former name or former address if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. | ||||
On July 28, 2011, Legg Mason, Inc. announced its results of operations for the quarter ended June 30, 2011. A copy of the related press release is attached hereto as Exhibit 99. | |||||
The information in this Section 2.02 and Exhibit 99 attached hereto shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. | |||||
Item 9.01 | Financial Statements and Exhibits. | ||||
(d) | Exhibits | ||||
Exhibit No. | Subject Matter | ||||
99 | Press Release of Legg Mason, Inc. dated July 28, 2011 |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
LEGG MASON, INC. | |||
(Registrant) | |||
Date: July 28, 2011 | By: | /s/ Thomas P. Lemke | |
Thomas P. Lemke | |||
Executive Vice President and General Counsel |
Exhibit No. | Subject Matter | ||
99 | Press Release of Legg Mason, Inc. dated July 28, 2011 |
Investor Relations: | Media: | |||
Alan Magleby | Mary Athridge | |||
410-454-5246 | 212-805-6035 | |||
amagleby@leggmason.com | mkathridge@leggmason.com |
(Amounts in millions, except per share amounts) | |||||||||||||||||
Quarters Ended | |||||||||||||||||
Jun | Mar | % | Jun | % | |||||||||||||
2011 | 2011 | Change | 2010 | Change | |||||||||||||
Total Operating Revenues | $ | 717.1 | $ | 713.4 | 1 | % | $ | 674.2 | 6 | % | |||||||
Total Operating Expenses | 616.7 | 614.3 | — | % | 571.4 | 8 | % | ||||||||||
Operating Income | 100.4 | 99.1 | 1 | % | 102.8 | (2 | )% | ||||||||||
Net Income1 | 60.0 | 69.0 | (13 | )% | 47.9 | 25 | % | ||||||||||
Adjusted Income2 | 109.1 | 117.7 | (7 | )% | 96.3 | 13 | % | ||||||||||
Net Income Per Share - Diluted1 | 0.40 | 0.45 | (11 | )% | 0.30 | 33 | % | ||||||||||
Adjusted Income Per Share - Diluted2 | 0.73 | 0.77 | (5 | )% | 0.60 | 22 | % | ||||||||||
(1) Net income represents Net income attributable to Legg Mason, Inc. | |||||||||||||||||
(2) Please see Supplemental Data below for non-GAAP performance measures. |
• | Equity outflows were $5.8 billion while fixed income and liquidity inflows were $0.1 billion and $2.0 billion, respectively, for the quarter ended June 30th. |
• | The dispositions of $19.4 billion include $18.1 billion of liquidity AUM transferred to Morgan Stanley Smith Barney and the divestiture of Barrett Associates of $1.3 billion that we had previously disclosed. |
• | At June 30, 2011, fixed income represented 55% of AUM, while equity represented 27% and liquidity represented 18% of AUM. |
• | By client domicile, 64% of AUM was United States and 36% of AUM was non-U.S. |
• | Average AUM during the quarter was $670.8 billion compared to $673.5 billion in the fourth quarter of fiscal year 2011 and $668.3 billion in the first quarter of fiscal year 2011. |
• | Revenues of $717.1 million were up 1% from $713.4 million in the prior quarter, primarily due to one additional day in the quarter, which more than offset lower average AUM and a decline in performance fees. |
• | Operating expenses of $616.7 million increased slightly from $614.3 million in the fourth quarter of fiscal year 2011 due to $11.4 million of costs related to the launch of the closed-end fund this quarter, as well as an increase in compensation and benefits of $16.4 million related to the Western reimbursement step-down. The current quarter's expenses also included a $2.4 million decrease in the market value of deferred compensation and seed investments which are recorded as a reduction in compensation and benefits with an offset in other non-operating income, compared to an increase of $10.2 million in the prior quarter. Last quarter's expenses also included year-end incentive accruals and other seasonal and non-recurring compensation-related costs, in addition to increased levels of other miscellaneous expenses. |
• | Other non-operating expense was $10.8 million as compared to $3.5 million of income in the fourth quarter of fiscal 2011. Gains on corporate investments, not offset by compensation were $8.0 million compared with $9.7 million in the prior quarter. The current quarter also included losses on funded deferred compensation plan and seed investments that are offset in compensation and benefits as described above. The current quarter also included $2.8 million in gains associated with consolidated investment vehicles as compared to $3.0 million in gains in the prior quarter. The consolidation of |
• | Operating margin was 14.0%, as compared to 13.9% in the fourth quarter of fiscal year 2011. Operating margin, as adjusted2 was 21.0%, as compared with 23.4% in the prior quarter primarily reflecting costs related to this quarter's closed-end fund launch. |
• | Adjusted income was $109.1 million, or $0.73 per diluted share, compared to adjusted income of $117.7 million or $0.77 per diluted share in the prior quarter. |
• | Operating revenues of $717.1 million increased 6% from revenues of $674.2 million in the prior year quarter reflecting the increased advisory fee yield resulting from a more favorable asset mix and increased average AUM, which more than offset lower performance fees. |
• | Operating expenses of $616.7 million were up 8% over operating expenses of $571.4 million in the prior year quarter due in part to higher compensation and benefits costs as a result of the increase in revenues and the Western reimbursement step-down. |
• | Other non-operating expense was $10.8 million as compared to $30.7 million of expenses in the prior year quarter. Gains on corporate investments, not offset by compensation were $8.0 million compared with $3.4 million of losses in the prior year quarter. The current quarter also included $2.8 million in gains associated with consolidated investment vehicles as compared to $1.7 million in losses in the prior year quarter. |
• | Operating margin was 14.0% as compared to 15.2% in the prior year quarter. Operating margin, as adjusted, was 21.0%, as compared with 20.9% in the same period a year ago. |
• | Adjusted income was $109.1 million, or $0.73 per diluted share, compared to adjusted income of $96.3 million, or $0.60 per diluted share, for the prior year quarter. |
• | Legg Mason raised $599 million for the ClearBridge Energy MLP Opportunity Fund Inc., a closed-end fund which seeks to invest primarily in master limited partnerships in the energy sector. |
• | Western Asset was named Best Long-Term Manager 2010 by the Korea Investment Corporation in its inaugural KIC External Fund Manager Award. As the sole winner of this year's award, Western Asset was selected among a pool of both fixed-income and equity managers for its “exceptional performance, consistency and dedicated client service over a three year period.” |
• | Legg Mason has so far generated $135 million into a new Royce Smaller Companies Fund that was added to the cross-border UCITS range in May. |
• | Of Legg Mason's long-term U.S. mutual fund assets, 56% were beating their Lipper category averages for the 1-year period; 70% for the 3-year period; 71% for the 5-year period and 70% for the 10-year period. |
• | Of Legg Mason's long-term U.S. mutual fund assets, 53% were in funds rated 4 or 5 stars by Morningstar, including 82% of all funds managed by Royce and 51% of all funds managed by Western. |
• | Seven of the 8 Western Asset funds in their institutional family outperformed their benchmarks for the 1-year period; 6 out of 8 outperformed their benchmarks for the 3-year period; 4 out of 7 outperformed for the 5-year period and 4 out of 5 funds outperformed for the 10-year period. |
• | Nine out of 25 funds managed by Royce outperformed their benchmarks for the 1-year period; 14 out of 22 for the 3-year period; 14 out of 17 for the 5-year period; and all 11 outperformed for the 10-year period. |
• | Five out of 11 funds managed by ClearBridge Advisors outperformed in the 1-year period; 4 out of 11 for the 3-year period; 6 out of 11 for the 5-year period; and 4 out of 11 outperformed for the 10-year period. |
• | None of the funds managed by Legg Mason Capital Management outperformed their benchmarks for the 1-year period; 2 out of 5 funds outperformed for the 3-year period; and none outperformed for the 5- and 10-year periods. |
LEGG MASON, INC. AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarters Ended | ||||||||||||||
June 2011 | March 2011 | June 2010 | ||||||||||||
Operating Revenues: | ||||||||||||||
Investment advisory fees: | ||||||||||||||
Separate accounts | $ | 204,793 | $ | 204,267 | $ | 200,972 | ||||||||
Funds | 400,144 | 392,084 | 352,699 | |||||||||||
Performance fees | 18,614 | 19,790 | 22,774 | |||||||||||
Distribution and service fees | 92,064 | 95,011 | 96,314 | |||||||||||
Other | 1,493 | 2,278 | 1,406 | |||||||||||
Total operating revenues | 717,108 | 713,430 | 674,165 | |||||||||||
Operating Expenses(1): | ||||||||||||||
Compensation and benefits | 300,352 | 298,899 | 266,074 | |||||||||||
Transition-related compensation | 11,395 | 12,604 | 2,713 | |||||||||||
Total compensation and benefits | 311,747 | 311,503 | 268,787 | |||||||||||
Distribution and servicing | 180,756 | 174,893 | 184,702 | |||||||||||
Communications and technology | 40,501 | 43,280 | 39,976 | |||||||||||
Occupancy | 33,238 | 33,435 | 33,675 | |||||||||||
Amortization of intangible assets | 5,578 | 5,660 | 5,728 | |||||||||||
Other | 44,922 | 45,519 | 38,520 | |||||||||||
Total operating expenses | 616,742 | 614,290 | 571,388 | |||||||||||
Operating Income | 100,366 | 99,140 | 102,777 | |||||||||||
Other Non-Operating Income (Expense) | ||||||||||||||
Interest income | 3,055 | 3,052 | 1,815 | |||||||||||
Interest expense | (22,361 | ) | (22,518 | ) | (22,801 | ) | ||||||||
Other income (expense) | 3,403 | 14,892 | (7,291 | ) | ||||||||||
Other non-operating income (expense) of | ||||||||||||||
consolidated investment vehicles | 5,102 | 8,060 | (2,393 | ) | ||||||||||
Total other non-operating income (expense) | (10,801 | ) | 3,486 | (30,670 | ) | |||||||||
Income Before Income Tax Provision | 89,565 | 102,626 | 72,107 | |||||||||||
Income tax provision | 27,867 | 31,858 | 27,064 | |||||||||||
Net Income | 61,698 | 70,768 | 45,043 | |||||||||||
Less: Net income (loss) attributable | ||||||||||||||
to noncontrolling interests | 1,746 | 1,731 | (2,888 | ) | ||||||||||
Net Income Attributable to | ||||||||||||||
Legg Mason, Inc. | $ | 59,952 | $ | 69,037 | $ | 47,931 | ||||||||
Net Income per share | ||||||||||||||
Attributable to Legg Mason, Inc. | ||||||||||||||
Common Shareholders: | ||||||||||||||
Basic | $ | 0.40 | $ | 0.45 | $ | 0.30 | ||||||||
Diluted | $ | 0.40 | $ | 0.45 | $ | 0.30 | ||||||||
Weighted Average Number of Shares | ||||||||||||||
Outstanding: | ||||||||||||||
Basic | 149,210 | 151,948 | 160,123 | |||||||||||
Diluted | 149,347 | 152,089 | 160,762 | |||||||||||
(1) Operating expenses include transition costs related to streamlining our business model. | ||||||||||||||
See Supplemental Data - Operating margin, as adjusted for additional details. | ||||||||||||||
LEGG MASON, INC. AND SUBSIDIARIES | ||||||||||||||
SUPPLEMENTAL DATA | ||||||||||||||
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO LEGG MASON, INC. | ||||||||||||||
TO ADJUSTED INCOME (1) | ||||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
Quarters Ended | ||||||||||||||
June 2011 | March 2011 | June 2010 | ||||||||||||
Net Income Attributable to Legg Mason, Inc. | $ | 59,952 | $ | 69,037 | $ | 47,931 | ||||||||
Plus (Less): | ||||||||||||||
Amortization of intangible assets | 5,578 | 5,660 | 5,728 | |||||||||||
Deferred income taxes on intangible assets: | ||||||||||||||
Tax amortization benefit | 34,038 | 33,542 | 33,687 | |||||||||||
Imputed interest on convertible debt | 9,489 | 9,439 | 8,909 | |||||||||||
Adjusted Income | $ | 109,057 | $ | 117,678 | $ | 96,255 | ||||||||
Net Income per Diluted Share Attributable | ||||||||||||||
to Legg Mason, Inc. Common Shareholders | $ | 0.40 | $ | 0.45 | $ | 0.30 | ||||||||
Plus (Less): | ||||||||||||||
Amortization of intangible assets | 0.04 | 0.04 | 0.04 | |||||||||||
Deferred income taxes on intangible assets: | ||||||||||||||
Tax amortization benefit | 0.23 | 0.22 | 0.21 | |||||||||||
Imputed interest on convertible debt | 0.06 | 0.06 | 0.05 | |||||||||||
Adjusted Income per Diluted Share | $ | 0.73 | $ | 0.77 | $ | 0.60 | ||||||||
(1) See explanations for Use of Supplemental Data as Non-GAAP Performance Measures. | ||||||||||||||
LEGG MASON, INC. AND SUBSIDIARIES | |||||||||||||||
SUPPLEMENTAL DATA | |||||||||||||||
RECONCILIATION OF OPERATING MARGIN, AS ADJUSTED(1) | |||||||||||||||
(Amounts in thousands) | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarters Ended | |||||||||||||||
June 2011 | March 2011 | June 2010 | |||||||||||||
Operating Revenues, GAAP basis | $ | 717,108 | $ | 713,430 | $ | 674,165 | |||||||||
Plus (Less): | |||||||||||||||
Operating revenues eliminated upon | |||||||||||||||
consolidation of investment vehicles | 1,052 | 1,236 | 779 | ||||||||||||
Distribution and servicing expense excluding | |||||||||||||||
consolidated investment vehicles | (180,743 | ) | (174,834 | ) | (184,689 | ) | |||||||||
Operating Revenues, as Adjusted | $ | 537,417 | $ | 539,832 | $ | 490,255 | |||||||||
Operating Income, GAAP basis | $ | 100,366 | $ | 99,140 | $ | 102,777 | |||||||||
Plus (Less): | |||||||||||||||
Gains (losses) on deferred compensation | |||||||||||||||
and seed investments | (2,366 | ) | 10,208 | (4,621 | ) | ||||||||||
Transition-related costs(2) | 13,720 | 15,693 | 3,155 | ||||||||||||
Operating income and expenses of | |||||||||||||||
consolidated investment vehicles | 1,162 | 1,357 | 1,243 | ||||||||||||
Operating Income, as Adjusted | $ | 112,882 | $ | 126,398 | $ | 102,554 | |||||||||
Operating margin, GAAP basis | 14.0 | % | 13.9 | % | 15.2 | % | |||||||||
Operating margin, as adjusted | 21.0 | 23.4 | 20.9 | ||||||||||||
(1) See explanations for Use of Supplemental Data as Non-GAAP Performance Measures. | |||||||||||||||
(2) Transition-related costs: | |||||||||||||||
Compensation | $ | 11,395 | $ | 12,604 | $ | 2,713 | |||||||||
Communications and technology | 2,106 | 2,649 | — | ||||||||||||
Occupancy | 217 | 213 | — | ||||||||||||
Other | 2 | 227 | 442 | ||||||||||||
Total | $ | 13,720 | $ | 15,693 | $ | 3,155 |
LEGG MASON, INC. AND SUBSIDIARIES | |||||||||||||||||||||
(Amounts in billions) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Assets Under Management | |||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
June 2011 | March 2011 | December 2010 | September 2010 | June 2010 | |||||||||||||||||
By asset class: | |||||||||||||||||||||
Equity | $ | 181.5 | $ | 189.6 | $ | 184.2 | $ | 169.6 | $ | 155.8 | |||||||||||
Fixed Income | 365.4 | 356.6 | 355.8 | 371.6 | 357.9 | ||||||||||||||||
Long-Term | 546.9 | 546.2 | 540.0 | 541.2 | 513.7 | ||||||||||||||||
Liquidity | 115.6 | 131.4 | 131.8 | 132.3 | 131.7 | ||||||||||||||||
Total | $ | 662.5 | $ | 677.6 | $ | 671.8 | $ | 673.5 | $ | 645.4 | |||||||||||
By asset class (average): | |||||||||||||||||||||
Equity | $ | 187.5 | $ | 187.0 | $ | 175.7 | $ | 162.0 | $ | 167.6 | |||||||||||
Fixed Income | 363.1 | 354.7 | 364.9 | 365.0 | 362.0 | ||||||||||||||||
Long-Term | 550.6 | 541.7 | 540.6 | 527.0 | 529.6 | ||||||||||||||||
Liquidity | 120.2 | 131.8 | 131.8 | 131.6 | 138.7 | ||||||||||||||||
Total | $ | 670.8 | $ | 673.5 | $ | 672.4 | $ | 658.6 | $ | 668.3 | |||||||||||
Component Changes in Assets Under Management | |||||||||||||||||||||
Quarters Ended | |||||||||||||||||||||
June 2011 | March 2011 | December 2010 | September 2010 | June 2010 | |||||||||||||||||
Beginning of period | $ | 677.6 | $ | 671.8 | $ | 673.5 | $ | 645.4 | $ | 684.5 | |||||||||||
Net client cash flows | (3.7 | ) | (8.7 | ) | (16.7 | ) | (12.7 | ) | (23.1 | ) | |||||||||||
Market performance and other | 8.0 | 16.6 | 15.0 | 40.8 | (16.0 | ) | |||||||||||||||
Acquisitions (Dispositions), net | (19.4 | ) | (2.1 | ) | — | — | — | ||||||||||||||
End of period | $ | 662.5 | $ | 677.6 | $ | 671.8 | $ | 673.5 | $ | 645.4 | |||||||||||
Note: Due to rounding of quarterly results, total amounts for fiscal year may differ immaterially from the annual results. | |||||||||||||||||||||
LEGG MASON, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
RECONCILIATION OF GAAP BASIS CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||||||||||||||||||||||||
TO NON-GAAP BASIS CONSOLIDATED STATEMENT OF INCOME EXCLUDING INVESTMENT VEHICLES (1) | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||||||
Quarter Ended June 30, 2011 | Quarter Ended March 31, 2011 | Quarter Ended June 30, 2010 | ||||||||||||||||||||||||||||||||||||
GAAP Basis | Consolidated Investment Vehicles | Non-GAAP Basis - Excluding Investment Vehicles | GAAP Basis | Consolidated Investment Vehicles | Non-GAAP Basis - Excluding Investment Vehicles | GAAP Basis | Consolidated Investment Vehicles | Non-GAAP Basis - Excluding Investment Vehicles | ||||||||||||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||||||||||||||||||||
Investment advisory fees | $ | 623,551 | $ | 1,035 | $ | 624,586 | $ | 616,141 | $ | 1,219 | $ | 617,360 | $ | 576,445 | $ | 767 | $ | 577,212 | ||||||||||||||||||||
Distribution and service fees | 92,064 | 17 | 92,081 | 95,011 | 17 | 95,028 | 96,314 | 12 | 96,326 | |||||||||||||||||||||||||||||
Other | 1,493 | — | 1,493 | 2,278 | — | 2,278 | 1,406 | — | 1,406 | |||||||||||||||||||||||||||||
Total operating revenues | 717,108 | 1,052 | 718,160 | 713,430 | 1,236 | 714,666 | 674,165 | 779 | 674,944 | |||||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and benefits | 311,747 | — | 311,747 | 311,503 | — | 311,503 | 268,787 | — | 268,787 | |||||||||||||||||||||||||||||
Distribution and servicing | 180,756 | (13 | ) | 180,743 | 174,893 | (59 | ) | 174,834 | 184,702 | (13 | ) | 184,689 | ||||||||||||||||||||||||||
Other | 124,239 | (97 | ) | 124,142 | 127,894 | (62 | ) | 127,832 | 117,899 | (451 | ) | 117,448 | ||||||||||||||||||||||||||
Total operating expenses | 616,742 | (110 | ) | 616,632 | 614,290 | (121 | ) | 614,169 | 571,388 | (464 | ) | 570,924 | ||||||||||||||||||||||||||
Operating Income | 100,366 | 1,162 | 101,528 | 99,140 | 1,357 | 100,497 | 102,777 | 1,243 | 104,020 | |||||||||||||||||||||||||||||
Other Non-Operating Income (Expense) | ||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | (19,306 | ) | — | (19,306 | ) | (19,466 | ) | — | (19,466 | ) | (20,986 | ) | — | (20,986 | ) | |||||||||||||||||||||||
Other income (expense) | 8,505 | (2,831 | ) | 5,674 | 22,952 | (3,015 | ) | 19,937 | (9,684 | ) | 1,699 | (7,985 | ) | |||||||||||||||||||||||||
Other non-operating income (expense) | (10,801 | ) | (2,831 | ) | (13,632 | ) | 3,486 | (3,015 | ) | 471 | (30,670 | ) | 1,699 | (28,971 | ) | |||||||||||||||||||||||
Income (Loss) Before Income Tax Provision | 89,565 | (1,669 | ) | 87,896 | 102,626 | (1,658 | ) | 100,968 | 72,107 | 2,942 | 75,049 | |||||||||||||||||||||||||||
Income tax provision | 27,867 | — | 27,867 | 31,858 | — | 31,858 | 27,064 | — | 27,064 | |||||||||||||||||||||||||||||
Net Income (Loss) | 61,698 | (1,669 | ) | 60,029 | 70,768 | (1,658 | ) | 69,110 | 45,043 | 2,942 | 47,985 | |||||||||||||||||||||||||||
Less: Net income (loss) attributable | ||||||||||||||||||||||||||||||||||||||
to noncontrolling interests | 1,746 | (1,669 | ) | 77 | 1,731 | (1,658 | ) | 73 | (2,888 | ) | 2,942 | 54 | ||||||||||||||||||||||||||
Net Income Attributable to Legg Mason, Inc. | $ | 59,952 | $ | — | $ | 59,952 | $ | 69,037 | $ | — | $ | 69,037 | $ | 47,931 | $ | — | $ | 47,931 | ||||||||||||||||||||
Effective Income Tax Rate | 31.1 | % | 31.0 | % | 37.5 | % | ||||||||||||||||||||||||||||||||
Effective Income Tax Rate Excluding | ||||||||||||||||||||||||||||||||||||||
Consolidated Investment Vehicles | 31.7 | % | 31.6 | % | 36.1 | % | ||||||||||||||||||||||||||||||||
(1) See explanations for Use of Supplemental Data as Non-GAAP Performance Measures. |