-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HvSJAwSIphCZpbDsCdgaR/J8plctyVFYpkI0xJ02mKt1/isj5yjQVp+h2lfbQ1sc foXWgbKye53tq0jtWRJzrA== 0000950005-96-000076.txt : 19960216 0000950005-96-000076.hdr.sgml : 19960216 ACCESSION NUMBER: 0000950005-96-000076 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960213 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: FAIR ISAAC & COMPANY INC CENTRAL INDEX KEY: 0000814547 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 941499887 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16439 FILM NUMBER: 96517230 BUSINESS ADDRESS: STREET 1: 120 N REDWOOD DR CITY: SAN RAFAEL STATE: CA ZIP: 94903 BUSINESS PHONE: 4154722211 MAIL ADDRESS: STREET 1: 120 N REDWOOD DRIVE CITY: SAN RAFAEL STATE: CA ZIP: 94903 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ---------- FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1995 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to -------------- --------------- Commission File Number 0-16439 FAIR, ISAAC AND COMPANY, INCORPORATED (Exact name of registrant as specified in its charter) DELAWARE 94-1499887 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 120 North Redwood Drive, San Rafael, California 94903 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (415) 472-2211 ---------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No . ----- ----- The number of shares of Common Stock, $0.01 par value per share, outstanding on February 9, 1996, was 12,401,510. TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements....................................... 3 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations...................... 7 PART II. OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders........ 10 ITEM 6. Exhibits and Reports on Form 8-K........................... 11 SIGNATURES ........................................................... 12 EXHIBIT INDEX........................................................... 13 2 PART I - FINANCIAL INFORMATION ITEM 1. Financial Statements. FAIR, ISAAC AND COMPANY, INCORPORATED CONSOLIDATED BALANCE SHEETS December 31, 1995 and September 30, 1995 (dollars in thousands) December 31 September 30 ----------- ------------ (unaudited) (audited) ASSETS Current assets: Cash and cash equivalents ....................... $ 11,929 $ 8,321 Short-term investments .......................... 4,496 5,874 Accounts receivable, net ........................ 18,112 19,094 Unbilled work in progress ....................... 7,892 11,299 Deferred income taxes ........................... 1,397 1,399 Prepaid expenses and other current assets ....... 2,351 1,784 -------- -------- Total current assets ........................ 46,177 47,771 Noncurrent assets: Long-term investments ........................... 11,351 10,923 Note receivable ................................. 2,890 2,895 Property and equipment, net ..................... 18,222 16,815 Intangibles, net ................................ 4,488 4,957 Deferred income taxes and other assets .......... 4,550 4,929 -------- -------- $ 87,678 $ 88,290 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and other accrued liabilities .. $ 6,697 $ 5,830 Accrued compensation and employee benefits ...... 6,054 10,631 Billings in excess of earned revenues ........... 5,500 5,314 Income taxes payable ............................ 2,065 1,603 -------- -------- Total current liabilities ................... 20,316 23,378 Deferred income taxes and other liabilities ..... 4,948 6,854 Capital leases .................................. 1,799 1,930 Commitments and contingencies ................... -- -- -------- -------- Total liabilities ........................... 27,063 32,162 -------- -------- Stockholders' equity: Common stock .................................... 125 123 Paid-in capital in excess of par value .......... 15,568 14,508 Retained earnings ............................... 45,163 41,975 Less treasury stock (18,161 shares at cost at 12/31/95; 53,562 at 9/30/95) ............. (56) (228) Less pension adjustment ......................... (406) (406) Unrealized gain on investment ................... 221 156 -------- -------- Total stockholders' equity .................. 60,615 56,128 -------- -------- . .................................................. $ 87,678 $ 88,290 ======== ======== See accompanying notes to the consolidated financial statements. 3 FAIR, ISAAC AND COMPANY, INCORPORATED CONSOLIDATED STATEMENTS OF INCOME For the three months ended December 31, 1995 and 1994 (in thousands except per share data) Three Months Ended December 31 -------------------------------- (Unaudited) 1995 1994 ---- ---- Revenues ............................. $ 32,628 $ 25,632 Costs and expenses: Cost of revenues ................ 13,173 9,337 Sales and marketing ............. 5,396 5,350 Research and development ........ 760 1,213 General and administrative ...... 7,355 5,042 Amortization of intangibles ..... 288 330 ----------- ----------- Total costs and expenses .... 26,972 21,272 ----------- ----------- Income from operations ............... 5,656 4,360 Interest and other income (net) ...... 317 373 ----------- ----------- Income before income taxes ........... 5,973 4,733 Income tax provision ................. 2,449 1,911 ----------- ----------- Net income ........................... $ 3,524 $ 2,822 =========== =========== Earnings per share ................... $ .28 $ .22 =========== =========== Shares used in computing earnings per share ................ 12,761,000 12,676,000 =========== =========== See accompanying notes to the consolidated financial statements. 4 FAIR, ISAAC AND COMPANY, INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended December 31, 1995 and 1994 (dollars in thousands) (UNAUDITED) 1995 1994 ---- ---- Cash flows from operating activities: Net income ........................................... $ 3,524 $ 2,822 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization .................... 1,995 1,387 Decrease in accounts receivable and unbilled work in progress ............................... 4,394 2,195 (Increase)/Decrease in prepaid expenses and other 183 (293) Decrease in accrued compensation and employee benefits ....................................... (5,504) (4,384) Increase in accounts payable and other liabilities .................................... 500 461 (Increase)/Decrease in income taxes payable ...... 462 (106) Increase in billings in excess of contract costs . 186 30 ------- ------- Net cash provided by operating activities ... 5,740 2,112 ------- ------- Cash flows from investing activities: Purchases of property, equipment and computer software (3,068) (1,866) Purchases of investments ............................. (806) (3,202) Proceeds from maturities of investments .............. 1,862 2,000 ------- ------- Net cash used by investing activities ............ (2,012) (3,068) ------- ------- Cash flows from financing activities: Reduction of capital lease obligations ............... (131) (82) Issuance of common stock ............................. 255 312 Dividends paid ....................................... (244) -- ------- ------- Net cash used by financing activities ............ (120) 230 ------- ------- Increase/(Decrease) in cash and cash equivalents ........ 3,608 (726) Cash and cash equivalents, beginning of period .......... 8,321 10,990 ------- ------- Cash and cash equivalents, end of period ................ $11,929 $10,264 ======= ======= See accompanying notes to the consolidated financial statements. 5 FAIR, ISAAC AND COMPANY, INCORPORATED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 1 Income taxes paid Cash payments for income taxes during the three-month periods ended December 31, 1995, and 1994 were $1,964,000 and $1,556,000 respectively. Note 2 Non-cash transactions The Company contributed treasury stock having a market value of $979,000 and $848,000 to the Company's Employee Stock Ownership Plan during the first fiscal quarters of 1996 and 1995, respectively. 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations General Fair, Isaac and Company, Incorporated, provides products and services designed to help a variety of businesses use data to make better decisions on their customers and prospective customers. The Company's products include statistically derived, rule-based analytical tools, software designed to implement those analytical tools, and consulting services to help clients use and track the performance of those tools. The Company also provides a range of credit scoring and credit account management services in conjunction with credit bureaus and credit card processing agencies. Its DynaMark subsidiary provides data processing, database management and personalized printing services to businesses engaged in direct marketing. The Company is organized into business units which correspond to its principal markets: consumer credit, insurance and direct marketing (DynaMark). Sales to the consumer credit industry have traditionally accounted for the bulk of the Company's revenues. Products developed specifically for a single user in this market are generally sold on a fixed-price basis. Such products include application and behavior scoring algorithms (also known as "analytic products" or "scorecards"), credit application processing systems (ASAP and CreditDesk) and custom credit account management systems including those marketed under the name TRIAD. Software systems usually also have a component of ongoing maintenance revenue, and CreditDesk systems have also been sold under time- or volume-based price arrangements. Credit scoring and credit account management services sold through credit bureaus and third-party credit card processors are generally priced based on usage. Products sold to the insurance industry are generally priced based on the number of policies in force, subject to contract minimums. DynaMark employs a combination of fixed-fee and usage-based pricing. Results of Operations Revenues The following table sets forth for the fiscal periods indicated (a) the percentage of revenues contributed by the DynaMark and Insurance business units, and the percentage of revenues represented by fixed-price and usage-priced revenues from the Credit business unit; and (b) the percentage change in revenues within each category from the corresponding period in the prior fiscal year. Fixed-price revenues include all revenues from application processing software, custom scorecard development and consulting projects for credit. Virtually all usage revenues are generated through third-party alliances such as those with credit bureaus and third-party credit card processors. Period-to-Period Percentage of Percentage Changes Revenue Quarter Ended Quarter Ended 12/31/95 December 31, compared to 1995 1994 12/31/94 - -------------------------------------------------------------------------------- Credit: Fixed-price 27% 26% 31% Usage-priced 55 55 28 DynaMark 15 17 10 Insurance 3 2 79 ------ ------ Total revenues 100% 100% 27 ====== ====== The increase in usage revenues in the quarter ended December 31, 1995, compared with the same period the prior year, was due to continuing growth in usage of the Company's scoring services distributed through the three major credit bureaus in the United States, including the PreScore(R) and ScoreNet(R) services, and growth in the number of credit accounts managed under the services delivered through third-party processors. Revenues from sales of credit application scoring systems, credit application processing software, and credit account management systems were all up significantly in the quarter ended December 31, 1995, compared with the quarter ended December 31, 1994, accounting for the growth in fixed-price credit revenues. Insurance revenues increased by 79 percent due to growth in the acceptance of both end-user custom products and the insurance scoring services distributed through consumer reporting agencies. DynaMark's revenue growth was well below the Company average, primarily because of the loss of one large project to a competitor. 7 Revenues from credit bureau-related services have increased rapidly in each of the last three fiscal years and accounted for approximately 39 percent of revenues in fiscal 1995. Revenues from services provided through bankcard processors also increased in each of these years, due primarily to increases in the number of accounts at each of the major processors. While the Company has been very successful in extending or renewing its agreements with credit bureaus and bankcard processors in the past, and believes it will generally be able to do so in the future, the loss of one or more such alliances could have a significant impact on revenues and operating margin. Revenues generated through the Company's alliances with Equifax, Inc., TRW, Inc. and Trans Union Corporation each accounted for approximately nine to eleven percent of the Company's total revenues in fiscal 1995. Potential new government regulation of the use of credit bureau data could have an impact on the use of any of the Company's credit bureau scoring services including PreScore(R) and ScoreNet(R). Bills which would substantially amend the Fair Credit Reporting Act were introduced in each of the last three Congresses and at least two such bills were introduced in 1995. These bills would impose new restrictions on the use of credit bureau data to prescreen solicitation lists. Bills and regulations have also been introduced, and, in some cases enacted, at the state level that affect the use of credit bureau data in various ways, including restricting the use of such data in making insurance underwriting decisions. State regulation of credit bureau data, particularly regulations imposing requirements on the credit bureaus or users of credit bureau information which differ from those existing under federal law, may also have an adverse impact on bureau scoring services. The Company believes certain enacted or pending state legislation and regulation of credit bureau data in connection with insurance underwriting has had a negative impact on its efforts to sell insurance risk scores through credit reporting agencies. However, the Company cannot predict whether any other particular federal or state legislation affecting credit bureau information or credit scoring is likely to be enacted in the foreseeable future, or the extent to which the passage of such legislation might affect the Company's business. Revenues derived from outside of the United States represented approximately 14 percent of total revenues in the quarter ended December 31, 1995, compared with 11 percent of total revenues in the same period a year earlier. During the period from 1990 through 1994, while the rate of account growth in the U.S. bankcard industry was slowing and many of the Company's largest institutional clients were merging and consolidating, the Company generated above-average growth in revenues--even after correcting for the effect of the DynaMark acquisition--from its bankcard-related scoring and account management business by deepening its penetration of large banks and other credit issuers. The Company's revenues grew by 26 percent in fiscal 1995 which is closer to what the Company believes is a sustainable, long-term growth rate than the growth rates in 1990 through 1994. The Company believes much of its future growth prospects will depend on several important factors, including those discussed above and its ability (1) to develop new, high value products and services for its present client base of major U.S. consumer credit issuers; (2) to increase its penetration of established or emerging credit markets outside the U.S. and Canada; and (3) to expand--either directly or through further acquisitions--into relatively undeveloped or underdeveloped markets for its products and services such as direct marketing, insurance, small business lending, and health care information management. Over the long term, in addition to the factors discussed above, the Company's rate of revenue growth--excluding growth due to acquisitions--is limited by the rate at which it can recruit and absorb additional professional staff. While the increasing percentage of usage revenues may loosen this constraint to some extent, management believes it will continue to exist indefinitely. On the other hand, despite the high penetration the Company has already achieved in certain markets, the opportunities for application of its core competencies are much greater than it can pursue. Thus, the Company believes it can continue to grow revenues, within the personnel constraint, for the foreseeable future. At times management may forego short-term revenue growth in order to devote limited resources to opportunities which it believes have exceptional long-term potential. This occurred in the period from 1988 through 1990 when the Company devoted significant resources to developing the usage priced services distributed through credit bureaus and third-party processors. Cumulative revenue since 1987, net of the DynaMark acquisition, is very close to the Company's twenty-year historical average revenue growth of 21 percent. Expenses The following table sets forth for the periods indicated (a) the percentage of revenues represented by certain line items in the Company's consolidated statement of income and (b) the percentage change in such items from the same quarter in the prior fiscal year. 8 Period-to-Period Percentage of Revenue Percentage Changes --------------------- ------------------ Quarter Ended Quarter Ended 12/31/95 December 31, Compared ------------- to Quarter Ended 1995 1994 12/31/94 ---- ---- ------------------ Revenues .......................... 100% 100% 27% Costs and expenses: Cost of revenues ............... 40 36 41 Sales and marketing ............ 17 21 1 Research and development ....... 2 5 (37) General and administrative ..... 23 20 46 Amortization of intangibles..... 1 1 (13) ---- ---- Total costs and expenses ....... 83 83 27 ---- ---- Income from operations ............ 17 17 30 Interest and other income, net..... 1 1 (15) ---- ---- Income before income taxes ........ 18 18 26 Income tax provision .............. 7 7 28 ---- ---- Net income ........................ 11% 11% 25% ==== ==== Costs of Revenues Cost of revenues consists primarily of personnel, travel, and related overhead costs; costs of computer service bureaus; the amounts paid by the Company to credit bureaus for scores and related information in connection with the ScoreNet Service, and depreciation. The cost of revenues, as a percentage of net revenues, increased in the quarter ended December 31, 1995, as compared with the same quarter a year earlier, primarily because DynaMark's revenues were below planned levels while corresponding expenses could not be reduced on a short-term basis. Sales and Marketing Sales and marketing expenses consist principally of personnel, travel, overhead, advertising and other promotional expenses. These expenses, as a percentage of revenues, decreased primarily due to reductions in advertising expenses. Research and Development Research and development expenses include the personnel and related overhead costs incurred in product development, researching mathematical and statistical algorithms, and developing software tools that are aimed at improving productivity and management control. Research and development expenses, as a percentage of revenues, decreased from the same period of fiscal 1995 because of lower research and development efforts with respect to credit bureau products. General and Administrative General and administrative expenses consist mainly of compensation expenses for certain senior management, corporate facilities expenses, the costs of administering benefit plans, legal expenses, and the costs of operating administrative functions such as finance and computer information systems. As a percentage of revenues these expenses increased significantly compared with the same quarter of fiscal 1995 primarily due to increases in office space, expenditures made to improve the Company's information systems and technology infrastructure, and the research associated with exploring new business opportunities, particularly in the area of health care information management. Significant increases in the levels of such expenses occurred during the later part of fiscal 1995. General and administrative expenses for the quarter ended December 31, 1995, were five percent higher than in the immediately preceding quarter. 9 Financial Condition Working capital increased from $24,393,000 at September 30, 1995 to $25,861,000 at December 31, 1995; and cash and investments increased from $25,118,000 at September 30, 1995, to $27,776,000 at December 31, 1995. The Company has no long-term debt other than capital lease and employee incentive obligations. The Company believes that cash and marketable securities on hand are adequate to meet its capital and liquidity needs for the foreseeable future. Interim Periods The Company believes that all the necessary adjustments have been included in the amounts shown in the consolidated financial statements contained in Item 1 above for the three-month periods ended December 31, 1995 and 1994 to state fairly the results for such interim periods. This includes all normal recurring adjustments that the Company considers necessary for a fair statement thereof, in accordance with generally accepted accounting principles. This report should be read in conjunction with the Company's 1995 Form 10-K. Quarterly results may be affected by fluctuations in revenues associated with credit card solicitations, by the timing of orders for and deliveries of certain ASAP and TRIAD systems, and by the seasonality of ScoreNet purchases. With the exception of the cost of ScoreNet data purchased by the Company, most of its operating expenses are not affected by short-term fluctuations in revenue, and thus such revenue fluctuations may have a significant impact on operating results. However, in recent years, these fluctuations were generally offset by the strong growth in revenues from services delivered through credit bureaus and third-party bankcard processors. Management believes that neither the quarterly variation in revenues and net income, nor the results of operations for any particular quarter, are necessarily indicative of results of operations for full fiscal years. Accordingly, management believes that the Company's results should be evaluated on an annual basis. PART II - OTHER INFORMATION ITEM 4. Submission of Matters to a Vote of Security Holders. At the Annual Meeting of Stockholders of the Company held on February 6, 1996, the Company's stockholders voted in favor of: (i) the election of eight directors to the Company's Board of Directors, (ii) an amendment of the Company's Restated Certificate of Incorporation increasing the number of authorized shares of Common Stock from 15,000,000 to 35,000,000 shares; (iii) amendments to the Company's 1992 Long-term Incentive Plan; and (iv) the ratification of KPMG Peat Marwick LLP as the Company's independent auditors. The number of votes for, withheld and against, as well as the number of abstentions and broker non-votes as to each matter approved at the Annual Meeting of Stockholders were as follows:
Broker Matter For Withheld Against Abstain Non-votes - ------ --- -------- ------- ------- --------- Election of Directors Bryant J. Brooks, Jr. 11,017,187 125,305 N/A N/A 0 H. Robert Heller 11,017,008 125,484 N/A N/A 0 Guy R. Henshaw 11,016,006 126,486 N/A N/A 0 David S.P. Hopkins 11,017,987 124,505 N/A N/A 0 Robert M. Oliver 11,017,787 124,705 N/A N/A 0 Larry E. Rosenberger 11,018,787 123,705 N/A N/A 0 Robert D. Sanderson 10,925,564 216,928 N/A N/A 0 John D. Woldrich 11,018,787 123,705 N/A N/A 0 Increase in Authorized Shares of Common Stock 9,054,262 N/A 2,046,888 41,342 0 Amendments to 1992 Long-term Incentive Plan 8,902,611 N/A 967,261 19,904 1,252,716 Ratification of Auditors 11,121,453 N/A 13,390 7,649 0
10 ITEM 6. Exhibits and Reports on Form 8-K. (a) Exhibits: 11.1 Computation of Earnings per Share. 24.1 Power of Attorney (see page 12 of this Form 10-Q). 27 Financial Data Schedule. (b) Reports on Form 8-K: None. 11 SIGNATURES 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 thereunto duly authorized. FAIR, ISAAC AND COMPANY, INCORPORATED DATE: February 12, 1996 By GERALD DE KERCHOVE ----------------------------------- Gerald de Kerchove Executive Vice President POWER OF ATTORNEY KNOW ALL PERSONS BY THESE PRESENTS, that the person whose signature appears below constitutes and appoints PETER L. McCORKELL his attorney-in-fact, with full power of substitution, for him in any and all capacities, to sign any amendments to this Report on Form 10-Q and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the date indicated. DATE: February 12, 1996 By PATRICIA COLE ----------------------------------- Patricia Cole Controller (Chief Accounting Officer) 12 EXHIBIT INDEX TO FAIR, ISAAC AND COMPANY, INCORPORATED REPORT ON FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 1995 Sequentially Exhibit No. Exhibit Numbered Page - ----------- ------- ------------- 11.1 Computation of net income per common share. 14 24.1 Power of Attorney 12 27 Financial Data Schedule 15 13 EX-11.1 2 EXHIBIT 11.1 Exhibit 11.1 FAIR, ISAAC AND COMPANY, INCORPORATED COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS EXCEPT PER SHARE DATA) Three months ended December 31, 1995 1994 Primary Earnings Per Share: Weighted Average Common Shares Outstanding 12,282 12,124 Shares Issuable Upon Exercise of Stock Options 759 760 Less Shares Assumed to be Repurchased (280) (208) ------------ ----------- Weighted Average Common Shares, as Adjusted 12,761 12,676 =========== =========== Net Income $ 3,524 $ 2,882 =========== =========== Primary Earnings per Share $ 0.28 $ 0.22 =========== =========== Fully Diluted Earnings Per Share: Weighted Average Common Shares Outstanding 12,282 12,124 Shares Issuable Upon Exercise of Stock Options 755 760 Less Shares Assumed to be Repurchased (303) (156) ------------ ----------- Weighted Average Common Shares, as Adjusted 12,734 12,728 =========== =========== Net Income $ 3,524 $ 2,882 =========== =========== Fully Diluted Earnings Per Share $ 0.28 $ 0.22 =========== =========== EX-27 3 FINANCIAL DATA SCHEDULE
5 This schedule contains Summary Financial Information extracted from the Consolidated Balance Sheets and Income Statements and is qualified in its entirety by reference to such financial statements. 1,000 3-MOS SEP-30-1995 DEC-31-1995 11,929 4,496 18,442 330 0 46,177 31,851 13,629 87,678 20,316 0 125 0 0 60,490 87,678 32,628 32,628 0 26,972 0 0 46 5,973 2,449 3,524 0 0 0 3,524 .28 .28
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