Delaware (State or Other Jurisdiction of Incorporation or Organization) | 82-1273460 (IRS Employer Identification Number) |
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)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||
Cannae Common Stock, $0.0001 par value | CNNE | New York Stock Exchange |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
Exhibit | Description | ||||
99.1 |
Cannae Holdings, Inc. | |||||
Date: | August 8, 2019 | By: | /s/ Richard L. Cox | ||
Name: | Richard L. Cox | ||||
Title: | Chief Financial Officer |
• | On May 21, 2019, Cannae received net proceeds of $100.5 million upon the closing of its sale of 2,000,000 shares of common stock of Ceridian HCM Holding Inc. ("Ceridian") as part of an underwritten secondary public offering |
• | Dun & Bradstreet (“DNB”) management successfully achieved approximately $153 million of annualized cost savings through June 30, 2019, as part of DNB’s $200 million cost reduction plan |
• | DNB completed the acquisition of Lattice Engines on July 1, 2019, Cannae invested an additional $23.5 million in DNB in conjunction with the acquisition. Lattice Engines provides DNB with the ability to rapidly integrate solutions and deliver an enhanced offering to the market |
• | On July 23, 2019, Cannae partnered with Motive Partners to close an investment in QOMPLX, Inc. ("QOMPLX"). Cannae funded $15.0 million at close and will fund an additional $15.0 million by December 2019 as part of a cumulative $79.0 million preferred equity financing of QOMPLX by various investors. Cannae's total investment will represent 19.9% of QOMPLX's outstanding voting equity |
• | QOMPLX provides advanced data analytics, simulation modeling, and AI-enabled planning through its FractalOS platform and applications, allowing enterprises of all sizes to accelerate time-to-market and rate of innovation. |
• | Total book value of portfolio company investments was $1.186 billion, or $16.42 per share, as of June 30, 2019 compared to total book value of $1.125 billion, or $15.58 per share, at December 31, 2018 |
• | Dayforce revenue increased 27.1% to $134.5 million from $105.8 million, on a constant currency basis, in the second quarter of 2018 |
• | Cloud revenue, which includes both Dayforce and Powerpay, increased 22.3% to $155.7 million from $127.3 million, on a constant currency basis, in the second quarter of 2018 |
• | Total revenue, which includes revenue from both Ceridian’s Cloud and Bureau solutions, increased 9.7% to $196.3 million from $179.0 million in the second quarter of 2018, on a constant currency basis |
• | Excluding the effect of foreign currency fluctuations, Dayforce revenue increased 28.0% year-over-year, Cloud revenue increased 23.7% year-over-year, and total revenue increased 10.9% year-over-year |
• | Operating profit was $18.7 million compared to a loss of $8.4 million in the second quarter of 2018. |
• | Adjusted EBITDA increased 22.6% to $44.0 million from $35.9 million in the second quarter of 2018. Adjusted EBITDA margin was 22.4% compared to 20.1%, in the second quarter of 2018 |
• | 4,006 Dayforce customers were live on the platform at the end of the second quarter of 2019, up from 3,308 at the end of the second quarter of 2018 |
• | Cannae acquired a minority stake in DNB of 24.5% on February 8, 2019 and reports its equity in earnings or loss of DNB pursuant to the equity method of accounting on a one quarter lag |
• | For the period from February 8, 2019 through March 31, 2019 during which Cannae owned DNB, DNB generated total revenue of $174.1 million and net loss of $81.1 million |
• | For the full quarter ended March 31, 2019, DNB generated total revenue of $352.8 million and net loss of $284.1 million compared to total revenue of $408.9 million and net earnings of $58.3 million in 2018 |
• | For the February 8, 2019 through March 31, 2019 period during which Cannae owned DNB, Adjusted Revenue was $196.2 million and Adjusted EBITDA was $62.9 million |
• | For the full quarter ended March 31, 2019, DNB generated Adjusted Revenue of $400.8 million and Adjusted EBITDA of $129.2 million compared to Adjusted Revenue of $408.9 million and Adjusted EBITDA of $117.6 million in 2018 |
• | $266.5 million in total revenue and a net loss of $11.6 million for the second quarter, versus $276.2 million in total revenue and a net loss of $5.9 million in the second quarter of 2018 |
• | EBITDA of $(0.7) million for the second quarter of 2019, versus EBITDA of $8.6 million in the second quarter of 2018 |
• | ABRH same store sales decreased 1.4% in the second quarter, as O'Charley's declined by 2.4%, Village Inn declined by 1.0% and Bakers Square increased by 5.2%. Ninety Nine same store sales increased by 1.5% |
• | Strategic initiatives designed to improve profitability including closure of 47 underperforming restaurants since the third quarter of 2018, rationalization of general and administrative expenses including headcount reductions and IT spending efficiencies, and closure of Legendary Baking’s Santa Ana Plant are expected to yield more than $20 million in cost savings while having no expected adverse impact on the customer experience for the balance of the restaurant portfolio. |
• | T-System generated $12.9 million in total revenue and a net loss of $3.8 million for the second quarter of 2019, versus $14.8 million in total revenue and a net loss of $2.1 million in the second quarter of 2018 |
• | EBITDA of $(0.2) million for the second quarter, versus EBITDA of $2.6 million for the second quarter of 2018 |
Consolidated | Restaurant Group | T-System | Corporate and Other | |||||||||||||
Three Months Ended | ||||||||||||||||
June 30, 2019 | ||||||||||||||||
Restaurant revenue | $ | 266.5 | $ | 266.5 | $ | — | $ | — | ||||||||
Other operating revenue | 18.6 | — | 12.9 | 5.7 | ||||||||||||
Total operating revenue | 285.1 | 266.5 | 12.9 | 5.7 | ||||||||||||
Cost of restaurant revenue | 231.6 | 231.6 | — | — | ||||||||||||
Personnel costs | 30.9 | 14.5 | 7.8 | 8.6 | ||||||||||||
Depreciation and amortization | 13.3 | 9.4 | 3.4 | 0.5 | ||||||||||||
Other operating expenses | 33.8 | 23.9 | 4.8 | 5.1 | ||||||||||||
Total operating expenses | 309.6 | 279.4 | 16.0 | 14.2 | ||||||||||||
Operating loss | $ | (24.5 | ) | $ | (12.9 | ) | $ | (3.1 | ) | $ | (8.5 | ) | ||||
Interest and investment income | $ | 1.4 | $ | — | $ | — | $ | 1.4 | ||||||||
Interest expense | (5.5 | ) | (1.5 | ) | (1.4 | ) | (2.6 | ) | ||||||||
Realized gains and losses | 74.5 | 2.8 | (0.5 | ) | 72.2 | |||||||||||
Total other income (expense) | 70.4 | 1.3 | (1.9 | ) | 71.0 | |||||||||||
Earnings (loss) before tax | $ | 45.9 | $ | (11.6 | ) | $ | (5.0 | ) | $ | 62.5 | ||||||
Income tax expense (benefit) | $ | 8.5 | $ | — | $ | (1.2 | ) | $ | 9.7 | |||||||
(Loss) earnings from equity investees | (22.4 | ) | — | — | (22.4 | ) | ||||||||||
Net (loss) earnings | 15.0 | (11.6 | ) | (3.8 | ) | 30.4 | ||||||||||
Non-controlling interests | (4.5 | ) | (4.4 | ) | (0.1 | ) | — | |||||||||
Net earnings (loss) attributable to Cannae common shareholders | $ | 19.5 | $ | (7.2 | ) | $ | (3.7 | ) | $ | 30.4 | ||||||
EPS attributable to Cannae common shareholders - basic | $ | 0.27 | ||||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | 0.27 | ||||||||||||||
Cannae weighted average shares - basic | 71.6 | |||||||||||||||
Cannae weighted average shares - diluted | 71.9 | |||||||||||||||
Earnings (loss) before tax | $ | 45.9 | $ | (11.6 | ) | $ | (5.0 | ) | $ | 62.5 | ||||||
Interest expense | $ | (5.5 | ) | $ | (1.5 | ) | $ | (1.4 | ) | $ | (2.6 | ) | ||||
Depreciation and amortization | 13.3 | 9.4 | 3.4 | 0.5 | ||||||||||||
EBITDA | $ | 64.7 | $ | (0.7 | ) | $ | (0.2 | ) | $ | 65.6 | ||||||
EBITDA margin | 22.7 | % | — | % | — | % | 1,150.9 | % |
Consolidated | Restaurant Group | T-System | Corporate and Other | |||||||||||||
Three Months Ended | ||||||||||||||||
June 30, 2018 | ||||||||||||||||
Restaurant revenue | $ | 276.2 | $ | 276.2 | $ | — | $ | — | ||||||||
Other operating revenue | 26.1 | — | 14.8 | 11.3 | ||||||||||||
Total operating revenue | 302.3 | 276.2 | 14.8 | 11.3 | ||||||||||||
Cost of restaurant revenue | 240.1 | 240.1 | — | — | ||||||||||||
Personnel costs | 90.3 | 11.0 | 8.5 | 70.8 | ||||||||||||
Depreciation and amortization | 14.9 | 10.7 | 3.7 | 0.5 | ||||||||||||
Other operating expenses | 25.1 | 17.9 | 3.7 | 3.5 | ||||||||||||
Total operating expenses | 370.4 | 279.7 | 15.9 | 74.8 | ||||||||||||
Operating loss | $ | (68.1 | ) | $ | (3.5 | ) | $ | (1.1 | ) | $ | (63.5 | ) | ||||
Interest and investment income | $ | 1.6 | $ | — | $ | — | $ | 1.6 | ||||||||
Interest (expense) income | (0.2 | ) | (3.8 | ) | (1.5 | ) | 5.1 | |||||||||
Realized gains and losses | 66.5 | 1.4 | — | 65.1 | ||||||||||||
Total other income (expense) | 67.9 | (2.4 | ) | (1.5 | ) | 71.8 | ||||||||||
(Loss) earnings before tax | $ | (0.2 | ) | $ | (5.9 | ) | $ | (2.6 | ) | $ | 8.3 | |||||
Income tax expense (benefit) | $ | 2.6 | $ | — | $ | (0.5 | ) | $ | 3.1 | |||||||
(Loss) earnings from equity investees | (19.6 | ) | — | — | (19.6 | ) | ||||||||||
Net (loss) earnings | (22.4 | ) | (5.9 | ) | (2.1 | ) | (14.4 | ) | ||||||||
Non-controlling interests | (2.6 | ) | (2.7 | ) | — | 0.1 | ||||||||||
Net loss attributable to Cannae common shareholders | $ | (19.8 | ) | $ | (3.2 | ) | $ | (2.1 | ) | $ | (14.5 | ) | ||||
EPS attributable to Cannae common shareholders - basic | $ | (0.28 | ) | |||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | (0.28 | ) | |||||||||||||
Cannae weighted average shares - basic | 71.1 | |||||||||||||||
Cannae weighted average shares - diluted | 71.1 | |||||||||||||||
(Loss) earnings before tax | $ | (0.2 | ) | $ | (5.9 | ) | $ | (2.6 | ) | $ | 8.3 | |||||
Interest (expense) income | $ | (0.2 | ) | $ | (3.8 | ) | $ | (1.5 | ) | $ | 5.1 | |||||
Depreciation and amortization | 14.9 | 10.7 | 3.7 | 0.5 | ||||||||||||
EBITDA | $ | 14.9 | $ | 8.6 | $ | 2.6 | $ | 3.7 | ||||||||
EBITDA margin | 4.9 | % | 3.1 | % | 17.6 | % | 32.7 | % |
Consolidated | Restaurant Group | T-System | Corporate and Other | |||||||||||||
Six Months Ended | ||||||||||||||||
June 30, 2019 | ||||||||||||||||
Restaurant revenue | $ | 524.3 | $ | 524.3 | $ | — | $ | — | ||||||||
Other operating revenue | 35.3 | — | 25.1 | 10.2 | ||||||||||||
Total operating revenue | 559.6 | 524.3 | 25.1 | 10.2 | ||||||||||||
Cost of restaurant revenue | 458.6 | 458.6 | — | — | ||||||||||||
Personnel costs | 55.3 | 27.3 | 16.1 | 11.9 | ||||||||||||
Depreciation and amortization | 27.2 | 19.1 | 6.9 | 1.2 | ||||||||||||
Other operating expenses | 57.6 | 40.0 | 8.7 | 8.9 | ||||||||||||
Total operating expenses | 598.7 | 545.0 | 31.7 | 22.0 | ||||||||||||
Operating loss | $ | (39.1 | ) | $ | (20.7 | ) | $ | (6.6 | ) | $ | (11.8 | ) | ||||
Interest and investment income | $ | 12.4 | $ | — | $ | — | $ | 12.4 | ||||||||
Interest expense | (9.2 | ) | (2.5 | ) | (2.8 | ) | (3.9 | ) | ||||||||
Realized gains and losses | 76.1 | 3.5 | (0.5 | ) | 73.1 | |||||||||||
Total other income (expense) | 79.3 | 1.0 | (3.3 | ) | 81.6 | |||||||||||
Earnings (loss) before tax | $ | 40.2 | $ | (19.7 | ) | $ | (9.9 | ) | $ | 69.8 | ||||||
Income tax expense (benefit) | $ | 3.7 | $ | (0.1 | ) | $ | (2.4 | ) | $ | 6.2 | ||||||
(Loss) earnings from equity investees | (19.5 | ) | — | — | (19.5 | ) | ||||||||||
Net earnings (loss) | 17.0 | (19.6 | ) | (7.5 | ) | 44.1 | ||||||||||
Non-controlling interests | (7.6 | ) | (7.3 | ) | (0.4 | ) | 0.1 | |||||||||
Net earnings (loss) attributable to Cannae common shareholders | $ | 24.6 | $ | (12.3 | ) | $ | (7.1 | ) | $ | 44.0 | ||||||
EPS attributable to Cannae common shareholders - basic | $ | 0.34 | ||||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | 0.34 | ||||||||||||||
Cannae weighted average shares - basic | 71.6 | |||||||||||||||
Cannae weighted average shares - diluted | 71.8 | |||||||||||||||
Earnings (loss) before tax | $ | 40.2 | $ | (19.7 | ) | $ | (9.9 | ) | $ | 69.8 | ||||||
Interest (expense) income | $ | (9.2 | ) | $ | (2.5 | ) | $ | (2.8 | ) | $ | (3.9 | ) | ||||
Depreciation and amortization | 27.2 | 19.1 | 6.9 | 1.2 | ||||||||||||
EBITDA | $ | 76.6 | $ | 1.9 | $ | (0.2 | ) | $ | 74.9 | |||||||
EBITDA margin | 13.7 | % | 0.4 | % | — | % | 734.3 | % |
Six Months Ended | Consolidated | Restaurant Group | T-System | Corporate and Other | ||||||||||||
June 30, 2018 | ||||||||||||||||
Restaurant revenue | $ | 550.0 | $ | 550.0 | $ | — | $ | — | ||||||||
Other operating revenue | 44.7 | — | 30.2 | 14.5 | ||||||||||||
Total operating revenue | 594.7 | 550.0 | 30.2 | 14.5 | ||||||||||||
Cost of restaurant revenue | 480.9 | 480.9 | — | — | ||||||||||||
Personnel costs | 114.4 | 23.0 | 17.4 | 74.0 | ||||||||||||
Depreciation and amortization | 29.2 | 21.4 | 7.3 | 0.5 | ||||||||||||
Other operating expenses | 46.3 | 33.8 | 7.4 | 5.1 | ||||||||||||
Total operating expenses | 670.8 | 559.1 | 32.1 | 79.6 | ||||||||||||
Operating loss | $ | (76.1 | ) | $ | (9.1 | ) | $ | (1.9 | ) | $ | (65.1 | ) | ||||
Interest and investment income | $ | 2.9 | $ | — | $ | — | $ | 2.9 | ||||||||
Interest (expense) income | (3.2 | ) | (7.5 | ) | (1.5 | ) | 5.8 | |||||||||
Realized gains and losses | 66.5 | 1.4 | — | 65.1 | ||||||||||||
Total other income (expense) | 66.2 | (6.1 | ) | (1.5 | ) | 73.8 | ||||||||||
(Loss) earnings before tax | $ | (9.9 | ) | $ | (15.2 | ) | $ | (3.4 | ) | $ | 8.7 | |||||
Income tax benefit | $ | (2.9 | ) | $ | — | $ | (2.3 | ) | $ | (0.6 | ) | |||||
(Loss) earnings from equity investees | (20.7 | ) | 0.1 | — | (20.8 | ) | ||||||||||
Net earnings (loss) | (27.7 | ) | (15.1 | ) | (1.1 | ) | (11.5 | ) | ||||||||
Non-controlling interests | (6.8 | ) | (6.8 | ) | — | — | ||||||||||
Net loss attributable to Cannae common shareholders | $ | (20.9 | ) | $ | (8.3 | ) | $ | (1.1 | ) | $ | (11.5 | ) | ||||
EPS attributable to Cannae common shareholders - basic | $ | (0.30 | ) | |||||||||||||
EPS attributable to Cannae common shareholders - diluted | $ | (0.30 | ) | |||||||||||||
Cannae weighted average shares - basic | 70.8 | |||||||||||||||
Cannae weighted average shares - diluted | 70.9 | |||||||||||||||
(Loss) earnings before tax | $ | (9.9 | ) | $ | (15.2 | ) | $ | (3.4 | ) | $ | 8.7 | |||||
Interest (expense) income | $ | (3.2 | ) | $ | (7.5 | ) | $ | (1.5 | ) | $ | 5.8 | |||||
Depreciation and amortization | 29.2 | 21.4 | 7.3 | 0.5 | ||||||||||||
EBITDA | $ | 22.5 | $ | 13.7 | $ | 5.4 | $ | 3.4 | ||||||||
EBITDA margin | 3.8 | % | 2.5 | % | 17.9 | % | 23.4 | % |
June 30, 2019 | December 31, 2018 | |||||||
in millions | (Unaudited) | (Unaudited) | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 73.7 | $ | 323.0 | ||||
Other current assets | 91.6 | 128.7 | ||||||
Total current assets | $ | 165.3 | $ | 451.7 | ||||
Ceridian equity investment | $ | 380.5 | $ | 359.7 | ||||
Dun & Bradstreet equity investment | 497.5 | — | ||||||
Other equity method investments | 35.3 | 37.5 | ||||||
Lease assets | 228.4 | — | ||||||
Property and equipment, net | 160.4 | 176.4 | ||||||
Software & intangible assets | 158.0 | 175.8 | ||||||
Goodwill | 164.8 | 164.8 | ||||||
Other non-current assets | 82.2 | 93.6 | ||||||
Total assets | $ | 1,872.4 | $ | 1,459.5 | ||||
Current liabilities: | ||||||||
A/P & other current liabilities | $ | 170.6 | $ | 154.1 | ||||
Notes payable, current | 5.9 | 5.9 | ||||||
Total current liabilities | $ | 176.5 | $ | 160.0 | ||||
Notes payable, non-current | $ | 195.2 | $ | 42.2 | ||||
Other non-current liabilities | 248.3 | 57.6 | ||||||
Total liabilities | $ | 620.0 | $ | 259.8 | ||||
Additional paid in capital | $ | 1,150.9 | $ | 1,146.2 | ||||
Retained earnings | 90.9 | 45.8 | ||||||
Less: Treasury stock, 10,638 shares as of June 30, 2019 and December 31, 2018, respectively, at cost | (0.2 | ) | (0.2 | ) | ||||
Accumulated other comprehensive loss | (56.1 | ) | (67.2 | ) | ||||
Non-controlling interests | 66.9 | 75.1 | ||||||
Cannae shareholder's equity | $ | 1,252.4 | $ | 1,199.7 | ||||
Total liabilities and equity | $ | 1,872.4 | $ | 1,459.5 |
Adjusted Book Value Summary | June 30, 2019 | December 31, 2018 | |||||||
(Unaudited) | (Unaudited) | ||||||||
Dun & Bradstreet | $ | 503.6 | $ | — | |||||
Ceridian | 375.7 | 365.4 | |||||||
American Blue Ribbon Holdings | 99.3 | 112.8 | |||||||
Ninety Nine | 60.9 | 57.7 | |||||||
T-System | 186.3 | 193.5 | |||||||
Holding company cash and short-term investments | 20.1 | 308.2 | |||||||
Other Investments | 89.6 | 87.0 | |||||||
CDAY Margin Loan | (150.0 | ) | — | ||||||
Cannae Book Value | $ | 1,185.5 | $ | 1,124.6 | |||||
Outstanding Cannae shares | 72.2 | 72.2 | |||||||
Cannae Book Value per Share | $ | 16.42 | $ | 15.58 |
Period from February 8, 2019 to March 31, 2019 | Three Months Ended March 31, | ||||||||||
2019 | 2019 | 2018 | |||||||||
(Dollar in millions) | |||||||||||
Revenue | $ | 174.1 | $ | 352.8 | $ | 408.9 | |||||
Deferred revenue purchase accounting adjustment | 22.1 | 22.1 | — | ||||||||
International operations lag adjustment | — | 25.9 | — | ||||||||
Adjusted Revenue | $ | 196.2 | $ | 400.8 | $ | 408.9 |
Period from February 8, 2019 to March 31, 2019 | Three Months Ended March 31, | ||||||||||
2019 | 2019 | 2018 | |||||||||
(Dollar in millions) | |||||||||||
Net (loss) earnings | $ | (81.1 | ) | $ | (284.1 | ) | $ | 58.3 | |||
Interest expense | 49.1 | 54.6 | 14.1 | ||||||||
Interest and other (income) expense, net | (5.4 | ) | 80.3 | (0.3 | ) | ||||||
Income tax (benefit) expense | (30.4 | ) | (64.5 | ) | 13.8 | ||||||
Depreciation and amortization | 80.5 | 91.6 | 21.1 | ||||||||
Equity in net earnings of affiliates | (0.1 | ) | (0.6 | ) | (0.5 | ) | |||||
EBITDA | 12.6 | (122.7 | ) | 106.5 | |||||||
Deferred revenue purchase accounting adjustment | 22.1 | 22.1 | — | ||||||||
International operations lag adjustment | — | 2.7 | — | ||||||||
Equity-based compensation | 0.5 | 12.2 | (0.9 | ) | |||||||
Merger & acquisition costs | 12.6 | 199.4 | 0.9 | ||||||||
Restructuring and transition costs | 19.5 | 19.9 | 11.0 | ||||||||
Other incremental (reduced) expenses due to purchase accounting | (4.4 | ) | (4.4 | ) | 0.1 | ||||||
Adjusted EBITDA | $ | 62.9 | $ | 129.2 | $ | 117.6 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
*As Adjusted | *As Adjusted | |||||||||||||||
(Dollar in millions) | ||||||||||||||||
Operating profit | $ | 18.7 | $ | (8.4 | ) | $ | 46.1 | $ | 19.6 | |||||||
Depreciation and amortization | 14.6 | 14.2 | 29.0 | 28.1 | ||||||||||||
Other (expense) income, net | (1.5 | ) | (0.6 | ) | (3.1 | ) | 1.6 | |||||||||
EBITDA from continuing operations | 31.8 | 5.2 | 72.0 | 49.3 | ||||||||||||
Sponsorship management fees | — | 11.5 | — | 12.0 | ||||||||||||
Intercompany foreign exchange loss (gain) | 0.2 | — | 0.5 | (2.8 | ) | |||||||||||
Share-based compensation | 9.6 | 12.0 | 15.6 | 14.7 | ||||||||||||
Severance charges | 1.5 | 1.1 | 3.6 | 3.0 | ||||||||||||
Restructuring consulting fees | 0.9 | 2.4 | 2.1 | 2.5 | ||||||||||||
Transaction costs | — | 3.7 | — | 3.7 | ||||||||||||
Adjusted EBITDA | $ | 44.0 | $ | 35.9 | $ | 93.8 | $ | 82.4 |