EX-99.1 2 ex991-10xk2012.htm EARNINGS RELEASE Ex. 99.1 - 10-K 2012



News

For further information contact:        

Derek Leckow
Vice President
Investor Relations
(717) 849-7863                                    For Immediate Release


DENTSPLY International Reports Record Fourth Quarter and Fiscal 2012 Results


Net sales, excluding precious metals, grew 3.8% for the fourth quarter and 16.4% for the year
Fourth quarter earnings per diluted share of $0.88 on a GAAP basis and $0.56 on an adjusted basis
Fiscal 2012 earnings per diluted share of $2.18 on a GAAP basis and $2.22 on an adjusted basis

York, PA - February 20, 2013 - DENTSPLY International Inc. (NASDAQ: XRAY) today announced sales and earnings for the three months ended December 31, 2012.

Fourth Quarter Results

Net sales in the fourth quarter of 2012 increased 2.1% to $753.3 million from $738.0 million in the fourth quarter of 2011. Net sales, excluding precious metals content, of $703.5 million increased 3.8% from $677.8 million in the fourth quarter of 2011. Constant currency net sales growth, excluding precious metals content, in the fourth quarter was 5.9%, driven by strong internal growth, especially in emerging markets.

Net income attributable to DENTSPLY International for the fourth quarter of 2012 was $126.8 million, or $0.88 per diluted share, compared to $40.6 million, or $0.28 per diluted share in the fourth quarter of 2011. On an adjusted basis, excluding certain items, earnings increased to $0.56 per diluted share from $0.51 per diluted share in the fourth quarter of 2011. A reconciliation of the non-GAAP measure to earnings per share calculated on a GAAP basis is provided in the attached table.

Full Year Results

Net sales for the full year 2012 were a record $2.9 billion, a 15.4% increase over the prior year. Net sales in 2012, excluding precious metal content, were $2.7 billion, a 16.4% increase over 2011. Fiscal 2012 net sales were aided by acquisitions and improving internal growth.

Net income attributable to DENTSPLY International for 2012 was a record $314.2 million, or $2.18 per diluted share, compared to $244.5 million, or $1.70 per diluted share for 2011. On an adjusted basis, excluding certain items, earnings of $2.22 per diluted share increased 9.4% from $2.03 per diluted share in 2011. A reconciliation of this non-GAAP measure to earnings per share on a GAAP basis is provided on the attached table.





Bret Wise, Chairman and Chief Executive Officer, stated “We are pleased to report another record quarter and a strong finish to the year. DENTSPLY continues to innovate and grow above the rate of the global dental consumable market and deliver on its capital deployment plans. In 2012, we substantially improved our leverage ratios and are now in a good position to explore acquisitions, balanced with further debt reduction and return of cash to shareholders through dividends and share repurchases. We believe that the global dental market will continue to grow in 2013, and based on these assumptions and current currency rates, we expect that our adjusted earnings will improve to a range of $2.38 to $2.48 per share for the current year.”

Additional Information

A conference call is scheduled to begin today at 8:30 a.m. (Eastern Time). A live webcast will be accessible via a link on DENTSPLY's web site at www.dentsply.com. Supplemental materials for reference during the call will be available for download in the investor relations section of DENTSPLY's web site. In order to participate in the call, dial (877) 627-6580 for domestic calls, or (913) 312-0833 for international calls. The Conference ID # is 5792145. At that time, you will be able to discuss fourth quarter 2012 results with DENTSPLY's Chairman and Chief Executive Officer, Mr. Bret Wise; President and Chief Operating Officer, Mr. Chris Clark; and Senior Vice President and Chief Financial Officer, Mr. William Jellison.

A rebroadcast of the conference call will be available online at the DENTSPLY web site. You may also access a dial-in replay for one week following the call at (888) 203-1112 (for domestic calls) or (719) 457-0820 (for international calls), Replay Passcode # 5792145.

DENTSPLY International Inc. is a leading manufacturer and distributor of dental and other consumable medical device products. The Company believes it is the world's largest manufacturer of consumable dental products for the professional dental market. For over 110 years, DENTSPLY's commitment to innovation and professional collaboration has enhanced its portfolio of branded consumables and small equipment. Headquartered in the United States, the Company has global operations with sales in more than 120 countries. The Company also has strategically located distribution centers to enable it to better serve its customers and increase its operating efficiency. While the United States and Europe are the Company's largest markets, the Company serves all major markets worldwide. Visit www.dentsply.com for more information about DENTSPLY and its products.

This press release contains forward-looking information (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding future events or the future financial performance of the Company that involve substantial risks and uncertainties. Actual events or results may differ materially from those in the projections or other forward-looking information set forth herein as a result of certain risk factors. These risk factors include, without limitation; the continued strength of dental and medical markets, the timing, success and market reception for our new and existing products, uncertainty with respect to governmental actions with respect to dental and medical products, outcome of litigation and/or governmental enforcement actions, continued support of our products by influential dental and medical professionals, our ability to successfully integrate acquisitions, risks associated with foreign currency exchange rates, and changes in the general economic environment that could affect the business. Changes in such assumptions or factors could produce significantly different results.

For an additional description of risk factors, please refer to the Company's most recent Form 10-K and its subsequent periodic reports on Forms 10-Q filed with the Securities and Exchange Commission.

Non-GAAP Financial Measures

In addition to the results reported in accordance with US GAAP, the Company provides adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share. These adjusted amounts consist of US GAAP amounts excluding, net of tax (1) acquisition related costs, (2) restructuring and other costs, (3) amortization of purchased intangible assets, (4) Orthodontic business continuity costs, (5) income related to credit risk adjustments, (6) certain fair value adjustments at an unconsolidated affiliated company, and (7) income tax related adjustments. Adjusted earnings per diluted common share is calculated by dividing adjusted net income attributable to DENTSPLY International by diluted weighted-average common shares outstanding. Adjusted net income attributable to





DENTSPLY International and adjusted earnings per diluted common share are considered measures not calculated in accordance with US GAAP, and therefore are non-US GAAP measures. These non-US GAAP measures may differ from other companies. Income tax related adjustments may include the impact to adjust the interim effective income tax rate to the expected annual effective tax rate.

The Company believes that the presentation of adjusted net income attributable to DENTSPLY International and adjusted earnings per diluted common share provides important supplemental information to management and investors seeking to understand the Company's financial condition and results of operations. The non-US GAAP financial information should not be considered in isolation from, or as a substitute for, measures of financial performance prepared in accordance with US GAAP.








DENTSPLY INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Twelve Months Ended
 
December 31,
 
December 31,
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2012
 
2011
 
 
 
 
 
 
 
 
Net sales
$
753,288

 
$
738,013

 
$
2,928,429

 
$
2,537,718

Net sales, excluding precious metal content
703,473

 
677,843

 
2,714,698

 
2,332,589

 
 
 
 
 
 
 
 
Cost of products sold
361,235

 
377,056

 
1,372,042

 
1,264,278

 
 
 
 
 
 
 
 
Gross profit
392,053

 
360,957

 
1,556,387

 
1,273,440

   % of Net sales
52.0
%
 
48.9
%
 
53.1
%
 
50.2
%
   % of Net sales, excluding precious metal content
55.7
%
 
53.3
%
 
57.3
%
 
54.6
%
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
287,992

 
293,603

 
1,148,731

 
936,847

 
 
 
 
 
 
 
 
Restructuring and other costs
6,854

 
2,016

 
25,717

 
35,865

 
 
 
 
 
 
 
 
Operating income
97,207

 
65,338

 
381,939

 
300,728

   % of Net sales
12.9
%
 
8.9
%
 
13.0
%
 
11.9
%
   % of Net sales, excluding precious metal content
13.8
%
 
9.6
%
 
14.1
%
 
12.9
%
 
 
 
 
 
 
 
 
Net interest and other expense
11,088

 
14,632

 
51,260

 
44,617

 
 
 
 
 
 
 
 
Income before income taxes
86,119

 
50,706

 
330,679

 
256,111

 
 
 
 
 
 
 
 
Provision for (benefit from) income taxes
(39,630
)
 
9,974

 
8,920

 
11,016

 
 
 
 
 
 
 
 
Equity in net (loss) income attributable
 
 
 
 
 
 
 
  to unconsolidated affiliated company
2,178

 
661

 
(3,270
)
 
2,351

 
 
 
 
 
 
 
 
Net income
127,927

 
41,393

 
318,489

 
247,446

   % of Net sales
17.0
%
 
5.6
%
 
10.9
%
 
9.8
%
   % of Net sales, excluding precious metal content
18.2
%
 
6.1
%
 
11.7
%
 
10.6
%
 
 
 
 
 
 
 
 
Less: Net income attributable to noncontrolling interests
1,127

 
790

 
4,276

 
2,926

 
 
 
 
 
 
 
 
Net income attributable to DENTSPLY International
$
126,800

 
$
40,603

 
$
314,213

 
$
244,520

 
 
 
 
 
 
 
 
   % of Net sales
16.8
%
 
5.5
%
 
10.7
%
 
9.6
%
   % of Net sales, excluding precious metal content
18.0
%
 
6.0
%
 
11.6
%
 
10.5
%
 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
   Basic
$
0.89

 
$
0.29

 
$
2.22

 
$
1.73

   Dilutive
$
0.88

 
$
0.28

 
$
2.18

 
$
1.70

 
 
 
 
 
 
 
 
Cash dividends declared per common share
$
0.055

 
$
0.055

 
$
0.220

 
$
0.205

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
   Basic
142,098

 
141,532

 
141,850

 
141,386

   Dilutive
144,297

 
143,578

 
143,945

 
143,553







DENTSPLY INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
 
 
 
 
 
 
 
December 31,
 
December 31,
 
2012
 
2011
Assets
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
  Cash and cash equivalents
$
80,132

 
$
77,128

  Accounts and notes receivable-trade, net
442,412

 
427,709

  Inventories, net
402,940

 
361,762

  Prepaid expenses and other current assets
185,612

 
146,304

     Total Current Assets
1,111,096

 
1,012,903

 
 
 
 
Property, plant and equipment, net
614,705

 
591,445

Identifiable intangible assets, net
830,642

 
791,100

Goodwill, net
2,210,953

 
2,190,063

Other noncurrent assets, net
204,901

 
169,887

 
 
 
 
     Total Assets
$
4,972,297

 
$
4,755,398

 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
 
 
 
 
Current liabilities
$
927,780

 
$
724,073

Long-term debt
1,222,035

 
1,490,010

Deferred income taxes
232,641

 
249,822

Other noncurrent liabilities
340,398

 
407,342

     Total Liabilities
2,722,854

 
2,871,247

 
 
 
 
Total DENTSPLY International Equity
2,208,698

 
1,848,077

Noncontrolling interests
40,745

 
36,074

     Total Equity
2,249,443

 
1,884,151

 
 
 
 
     Total Liabilities and Equity
$
4,972,297

 
$
4,755,398

 
 
 
 






DENTSPLY INTERNATIONAL INC.
(In thousands)
 
 
 
 
Operating Income Summary:
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-GAAP financial measures.
 
 
 
 
Three Months Ended December 31, 2012
 
 
 
 
Operating Income (Loss)
 
Percentage of Net Sales, Excluding Precious Metal Content
 
 
 
 
Operating Income
$
97,207

 
13.8
 %
 
 
 
 
Amortization of Purchased Intangible Assets
12,388

 
1.8
 %
 
 
 
 
Restructuring and Other Costs
7,006

 
1.0
 %
 
 
 
 
Acquisition-Related Activities
3,619

 
0.5
 %
 
 
 
 
Orthodontics Business Continuity Costs
(152
)
 
 %
 
 
 
 
Adjusted Non-GAAP Operating Income
$
120,068

 
17.1
 %
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2011
 
 
 
 
Operating Income (Loss)
 
Percentage of Net Sales, Excluding Precious Metal Content
 
 
 
 
Operating Income
$
65,338

 
9.6
 %
 
 
 
 
Acquisition-Related Activities
29,348

 
4.4
 %
 
 
 
 
Amortization of Purchased Intangible Assets
10,994

 
1.6
 %
 
 
 
 
Restructuring and Other Costs
1,553

 
0.2
 %
 
 
 
 
Orthodontics Business Continuity Costs
1,246

 
0.2
 %
 
 
 
 
Adjusted Non-GAAP Operating Income
$
108,479

 
16.0
 %
 
 
 
 








DENTSPLY INTERNATIONAL INC.
(In thousands)
 
 
 
 
Operating Income Summary:
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP operating income in total and on a percentage of net sales, excluding precious metal content, to the non-GAAP financial measures.
 
 
 
 
Twelve Months Ended December 31, 2012
 
 
 
 
Operating Income (Loss)
 
Percentage of Net Sales, Excluding Precious Metal Content
 
 
 
 
Operating Income
$
381,939

 
14.1
%
 
 
 
 
Amortization of Purchased Intangible Assets
49,745

 
1.8
%
 
 
 
 
Restructuring and Other Costs
27,103

 
1.0
%
 
 
 
 
Acquisition-Related Activities
14,164

 
0.5
%
 
 
 
 
Orthodontics Business Continuity Costs
920

 
%
 
 
 
 
Adjusted Non-GAAP Operating Income
$
473,871

 
17.5
%
 
 
 

 
 
 
 
Twelve Months Ended December 31, 2011
 
 
 
 
Operating Income (Loss)
 
Percentage of Net Sales, Excluding Precious Metal Content
 
 
 
 
Operating Income
$
300,728

 
12.9
%
 
 
 
 
Acquisition-Related Activities
70,870

 
3.0
%
 
 
 
 
Restructuring and Other Costs
17,883

 
0.8
%
 
 
 
 
Amortization of Purchased Intangible Assets
20,996

 
0.9
%
 
 
 
 
Orthodontics Business Continuity Costs
3,287

 
0.1
%
 
 
 
 
Adjusted Non-GAAP Operating Income
$
413,764

 
17.7
%
 
 
 
 






DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
 
 
 
 
Earnings Summary:
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP net income attributable to DENTSPLY International and on a per share basis to the non-GAAP financial measures.
 
 
 
 
Three Months Ended December 31, 2012
 
 
 
 
Net
 
Diluted
 
Income
 
Per Share
 
 
 
 
Net Income Attributable to DENTSPLY International
$
126,800

 
$
0.88

 
 
 
 
Amortization of Purchased Intangible Assets, Net of Tax
8,466

 
0.06

 
 
 
 
Restructuring and Other Costs, Net of Tax
4,486

 
0.03

 
 
 
 
Acquisition-Related Activities, Net of Tax
2,669

 
0.02

 
 
 
 
Orthodontics Business Continuity Costs, Net of Tax
(93
)
 

 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax
(2,353
)
 
(0.02
)
 
 
 
 
Income Tax-Related Adjustments
(58,617
)
 
(0.41
)
 
 
 
 
Adjusted Non-GAAP Net Income Attributable to DENTSPLY International
$
81,358

 
$
0.56

 
 
 
 
 

 
 
Three Months Ended December 31, 2011
 
 
 
 
Net
 
Diluted
 
Income
 
Per Share
 
 
 
 
Net Income Attributable to DENTSPLY International
$
40,603

 
$
0.28

 
 
 
 
Acquisition-Related Activities, Net of Tax
20,361

 
0.14
 
 
 
 
Amortization of Purchased Intangible Assets, Net of Tax
7,584

 
0.05
 
 
 
 
Income Tax-Related Adjustments
2,677

 
0.02
 
 
 
 
Restructuring and Other Costs, Net of Tax
991

 
0.01
 
 
 
 
Orthodontics Business Continuity Costs, Net of Tax
820

 
0.01

 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax
(423
)
 

 
 
 
 
Adjusted Non-GAAP Net Income Attributable to DENTSPLY International
$
72,613

 
$
0.51

 
 
 
 








DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
 
 
 
 
Earnings Summary:
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP net income attributable to DENTSPLY International and on a per share basis to the non-GAAP financial measures.
 
 
 
 
Twelve Months Ended December 31, 2012
 
 
 
 
Net
 
Diluted
 
Income
 
Per Share
 
 
 
 
Net Income Attributable to DENTSPLY International
$
314,213

 
$
2.18

 
 
 
 
Amortization of Purchased Intangible Assets, Net of Tax
33,612

 
0.23

 
 
 
 
Restructuring and Other Costs, Net of Tax
18,549

 
0.13

 
 
 
 
Acquisition-Related Activities, Net of Tax
9,299

 
0.07

 
 
 
 
Loss on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax
2,927

 
0.02

 
 
 
 
Orthodontics Business Continuity Costs, Net of Tax
600

 

 
 
 
 
Income Tax-Related Adjustments
(59,992
)
 
(0.41
)
 
 
 
 
Adjusted Non-GAAP Net Income Attributable to DENTSPLY International
$
319,208

 
$
2.22

 
 
 
 
 
 
 
 
Twelve Months Ended December 31, 2011
 
 
 
 
Net
 
Diluted
 
Income
 
Per Share
 
 
 
 
Net Income Attributable to DENTSPLY International
$
244,520

 
$
1.70

 
 
 
 
Acquisition-Related Activities, Net of Tax
62,723

 
0.44

 
 
 
 
Amortization of Purchased Intangible Assets, Net of Tax
14,428

 
0.10

 
 
 
 
Restructuring and Other Costs, Net of Tax
11,395

 
0.08

 
 
 
 
Orthodontics Business Continuity Costs, Net of Tax
2,128

 
0.01

 
 
 
 
Credit Risk Adjustment to Outstanding Derivatives, Net of Tax
(783
)
 

 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company, Net of Tax
(2,486
)
 
(0.02
)
 
 
 
 
Income Tax-Related Adjustments
(41,053
)
 
(0.28
)
 
 
 
 
Adjusted Non-GAAP Net Income Attributable to DENTSPLY International
$
290,872

 
$
2.03

 
 
 
 






DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
 
 
 
 
 
Operating Tax Rate Summary:
 
 
 
 
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP effective tax rate as a percentage of income before income taxes to the non-GAAP financial measure.
 
 
 
 
 
 
Three Months Ended December 31, 2012
 
 
 
 
 
 
Pre-tax Income
 
Income Tax Benefit (Expense)
 
Percentage of Pre-Tax Income
 
 
 
 
 
 
As Reported - GAAP Operating Results
$
86,119

 
$
39,630

 
(46.0
%)
 
 
 
 
 
 
Amortization of Purchased Intangible Assets
12,388

 
(3,922
)
 
 
 
 
 
 
 
 
Restructuring and Other Costs
7,006

 
(2,520
)
 
 
 
 
 
 
 
 
Acquisition-Related Activities
3,619

 
(950
)
 
 
 
 
 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company
(43
)
 
13

 
 
 
 
 
 
 
 
Orthodontics Business Continuity Costs
(152
)
 
59

 
 
 
 
 
 
 
 
Income Tax-Related Adjustments

 
(58,817
)
 
 
 
 
 
 
 
 
As Adjusted - Non-GAAP Operating Results
$
108,937

 
$
(26,507
)
 
24.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December 31, 2011
 
 
 
 
 
 
Pre-tax Income
 
Income Tax Benefit (Expense)
 
Percentage of Pre-Tax Income
 
 
 
 
 
 
As Reported - GAAP Operating Results
$
50,706

 
$
(9,974
)
 
19.7
 %
 
 
 
 
 
 
Acquisition-Related Activities
29,348

 
(8,987
)
 
 
 
 
 
 
 
 
Amortization of Purchased Intangible Assets
10,994

 
(3,409
)
 
 
 
 
 
 
 
 
Restructuring and Other Costs
1,553

 
(563
)
 
 
 
 
 
 
 
 
Orthodontics Business Continuity Costs
1,246

 
(426
)
 
 
 
 
 
 
 
 
Loss on Fair Value Adjustments at an Unconsolidated Affiliated Company
8

 
(3
)
 
 
 
 
 
 
 
 
Income Tax-Related Adjustments

 
2,722

 
 
 
 
 
 
 
 
As Adjusted - Non-GAAP Operating Results
$
93,855

 
$
(20,640
)
 
22.0
 %
 
 
 
 
 
 






DENTSPLY INTERNATIONAL INC.
(In thousands, except per share amounts)
 
 
 
 
 
Operating Tax Rate Summary:
 
 
 
 
 
 
 
 
 
 
 
The following tables present the reconciliation of reported GAAP effective tax rate as a percentage of income before income taxes to the non-GAAP financial measure.
 
 
 
 
 
 
Twelve Months Ended December 31, 2012
 
 
 
 
 
 
Pre-tax Income
 
Income Tax Benefit (Expense)
 
Percentage of Pre-Tax Income
 
 
 
 
 
 
As Reported - GAAP Operating Results
$
330,679

 
$
(8,920
)
 
2.7
%
 
 
 
 
 
 
Amortization of Purchased Intangible Assets
49,745

 
(16,133
)
 
 
 
 
 
 
 
 
Restructuring and Other Costs
27,103

 
(8,554
)
 
 
 
 
 
 
 
 
Acquisition-Related Activities
14,164

 
(4,865
)
 
 
 
 
 
 
 
 
Orthodontics Business Continuity Costs
920

 
(320
)
 
 
 
 
 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliated Company
(272
)
 
82

 
 
 
 
 
 
 
 
Income Tax-Related Adjustments

 
(60,192
)
 
 
 
 
 
 
 
 
As Adjusted - Non-GAAP Operating Results
$
422,339

 
$
(98,902
)
 
23.4
%
 
 
 
 
 
 
 
 
 
 
 
 
Twelve Months Ended December 31, 2011
 
 
 
 
 
 
Pre-tax Income
 
Income Tax Benefit (Expense)
 
Percentage of Pre-Tax Income
 
 
 
 
 
 
As Reported - GAAP Operating Results
$
256,111

 
$
(11,016
)
 
4.3
%
 
 
 
 
 
 
Acquisition-Related Activities
83,681

 
(20,958
)
 
 
 
 
 
 
 
 
Amortization of Purchased Intangible Assets
20,996

 
(6,568
)
 
 
 
 
 
 
 
 
Restructuring and Other Costs
17,498

 
(6,333
)
 
 
 
 
 
 
 
 
Orthodontics Business Continuity Costs
3,287

 
(1,159
)
 
 
 
 
 
 
 
 
Gain on Fair Value Adjustments at an Unconsolidated Affiliate Company
(383
)
 
116

 
 
 
 
 
 
 
 
Credit Risk Adjustment to Outstanding Derivatives
(1,275
)
 
492

 
 
 
 
 
 
 
 
Income Tax-Related Adjustments

 
(41,008
)
 
 
 
 
 
 
 
 
As Adjusted - Non-GAAP Operating Results
$
379,915

 
$
(86,434
)
 
22.8
%