PROS Holdings, Inc. (NYSE: PRO), a big data software company,
today announced financial results for the first quarter ended March 31,
2014.
Total non-GAAP revenue for the first quarter of 2014 was $42.9 million
and represented an increase of 28% over the first quarter of 2013.
CEO Andres Reiner stated, “Our strong performance this quarter resulted
from our long-term diversified growth strategy. Our acquisitions are
having a positive impact on our business and the market is responding to
our differentiated value proposition. PROS is in a strong position
today, and we will continue investing in strategic growth initiatives to
capitalize on the sizeable and growing market opportunity.”
For the quarter ended March 31, 2014, GAAP operating loss was $8.5
million, compared with $0.7 million operating income in the first
quarter of 2013. GAAP net loss for the first quarter was $8.5 million or
$0.29 per share, compared with net income of $1.7 million, or $0.06 per
share, in the first quarter of 2013.
For the quarter ended March 31, 2014, non-GAAP operating income was $0.8
million, compared with $4.1 million in the first quarter of 2013.
Non-GAAP net income for the first quarter of 2014 was $0.3 million, or
$0.01 per share, compared with $4.3 million, or $0.15 per share in the
first quarter of 2013.
Recent Business Highlights
-
Closed the acquisition of Cameleon Software, SA in January 2014, and
recorded the first full quarter of PROS results including the
operations of SignalDemand, Inc. acquired in December 2013.
-
Continued to scale across a diverse range of industries with, among
others, new customers such as a business unit within Cargill, Brasil
Foods, Hub Group, Jet Airways, and Legrand.
-
Experienced record attendance at PROS Outperform big data conferences
in New York and Cannes, where guests heard success stories from PROS
customers such as Arrow Electronics, Celanese Corporation, Ecolab,
Inc., The Gates Corporation, Hewlett Packard Company, Johnson &
Johnson Depuy, Merck Millipore, NewPage Corporation, and Pearson.
-
Won the prestigious CRM
Watchlist Award in recognition of standout technology companies
that have a meaningful, positive impact on their customers' business.
-
Achieved the latest level of product certifications from SAP for
integration with SAP solutions, continuing to provide the most
complete and seamless product integration experience for SAP customers.
Executive Vice President and Chief Financial Officer Charles Murphy
stated, “We are pleased with our first quarter performance, exceeding
the high end of guidance with non-GAAP revenue increasing 28% period
over period. Our recent acquisitions of Cameleon and SignalDemand are
progressing well, and our integration is on track. In summary, this was
a good first quarter, and we believe we are positioned for a strong
performance through 2014.”
The attached table provides a reconciliation of GAAP to non-GAAP
revenue, gross profit, income from operations and net income as well as
net income per share for the quarter ended March 31, 2014.
Financial Outlook
Based on information as of today, PROS anticipates the following:
-
Total non-GAAP revenue for the second quarter of 2014 in the range of
$45.0 million to $46.0 million. The Company is reiterating its full
year revenue guidance with total non-GAAP revenue for the full year
ending December 31, 2014 in the range of $190.0 million to $194.0
million.
-
Non-GAAP operating income of $2.0 million to $3.0 million and non-GAAP
income per share of $0.03 to $0.05 for the second quarter of 2014,
which excludes estimated non-cash share-based compensation charges of
approximately $6.1 million and estimated intangible amortization and
integration-related expenses of approximately $1.7 million. Non-GAAP
operating margin for the full year 2014 expectations remain at
approximately 10%.
-
Non-GAAP estimated tax rate of approximately 40% for the second
quarter and full year 2014.
-
Estimated weighted average of 30.4 million diluted shares outstanding
for the second quarter of 2014 and $30.6 million diluted shares
outstanding for the full year 2014.
Conference Call
In conjunction with this announcement, PROS Holdings, Inc. will
host a conference call on May 8, 2014, at 4:30 p.m. (ET) to discuss the
company’s financial results. To access this call, dial (866) 318-8613
(domestic) or (617) 399-5132 (international). The pass code for the call
is 64494709. Additionally, a live webcast of the conference call will be
available in the “Investor Relations” section of the Company’s web site
at www.pros.com.
Following the conference call, a replay will be available at (888)
286-8010 (domestic) or (617) 801-6888 (international). The replay pass
code is 14932548. An archived webcast of this conference call will also
be available in the “Investor Relations” section of the Company’s web
site at www.pros.com.
About PROS
PROS Holdings, Inc. (NYSE: PRO) is a big data software company that
helps customers outperform in their markets by using big data to sell
more effectively. We apply over two decades of data science experience
to unlock buying patterns and preferences within transaction data to
reveal which opportunities are most likely to close, which offers are
most likely to sell and which prices are most likely to win. PROS offers
big data solutions to optimize sales, pricing, quoting, rebates and
revenue management across more than 40 industries. PROS has implemented
more than 700 solutions in more than 55 countries. The PROS team
comprises more than 900 people around the world. To learn more, visit www.pros.com.
Forward-looking Statements
This press release contains forward-looking statements, including
statements about PROS’ momentum and future financial performance;
positioning; management's confidence and optimism; customer successes;
the success of our acquisitions of Cameleon Software and SignalDemand;
reseller and OEM network growth and reach; big data solutions to
optimize sales, pricing, quoting, rebates and revenue management;
solutions demand; business predictability, shares outstanding and
effective tax rate. The forward-looking statements contained in this
press release are based upon PROS’ historical performance and its
current plans, estimates and expectations and are not a representation
that such plans, estimates or expectations will be achieved. Factors
that could cause actual results to differ materially from those
described herein include risks related to: (a) the risk that we will
face increased competition as part of entering new markets, (b) the risk
that the market for PROS’ sales, pricing, quoting, rebate and revenue
management optimization software does not grow as anticipated, (c) the
challenges associated with selling, installing, and delivering PROS'
products and services, (d) the impact that a slowdown in the world or
any particular economy has on PROS’ business sales cycles, prospects’
and customers’ spending decisions and timing of implementation
decisions, (e) the difficulties and risks associated with developing and
selling complex new products and enhancements with the technical
specifications and functionality desired by customers, (f) the risk that
we will be unable to integrate our acquisitions effectively and on the
timeline we anticipate, (g) the difficulties of making accurate
estimates necessary to complete a project and recognize revenue and risk
that PROS’ revenue model will not continue to provide predictability of
the PROS business, (h) the risk that PROS will not be able to maintain
historical maintenance renewal rates, (i) personnel and other risks
associated with growing a business generally, (j) the risk that
modification or negotiation of contractual arrangements will be
necessary during PROS’ implementations of its solutions, (k) the impact
of currency fluctuations on PROS’ results of operations, (l) civil and
political unrest in regions in which PROS operates and (m) the risk that
reseller and other relationships do not increase sales of PROS’
solutions. Additional information relating to the uncertainty affecting
the PROS business are contained in PROS’ filings with the Securities and
Exchange Commission. These forward-looking statements represent PROS’
expectations as of the date of this press release. Subsequent events may
cause these expectations to change, and PROS disclaims any obligations
to update or alter these forward-looking statements in the future,
whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
PROS has provided in this release certain financial information that has
not been prepared in accordance with GAAP. This information includes
non-GAAP income (loss) from operations, tax rate, net income and diluted
earnings per share. PROS uses these non-GAAP financial measures
internally in analyzing its financial results and believes they are
useful to investors, as a supplement to GAAP measures, in evaluating
PROS’ ongoing operational performance.
Non-GAAP financial measures should not be considered in isolation from,
or as a substitute for, financial information prepared in accordance
with GAAP. Investors are encouraged to review the reconciliation of
these non-GAAP measures to their most directly comparable GAAP financial
measure as detailed above. A reconciliation of GAAP to the non-GAAP
financial measures has been provided in the tables included as part of
this press release. PROS use of non-GAAP financial measures may not be
consistent with the presentations by similar companies in PROS industry.
PROS has also provided in this release, certain forward-looking non-GAAP
financial measures, including non-GAAP revenue, non-GAAP income (loss)
from operations, and non-GAAP tax rates (collectively the "non-GAAP
financial measures") as follows:
Non-GAAP revenue: Business combination accounting principles
under GAAP require us to write down to fair values the software
subscription, maintenance and professional services contracts assumed in
our acquisitions of SignalDemand and Cameleon Software. A portion of
these software subscription and professional services are deferred and
typically recognized over the term of the software subscription
contract, so our GAAP revenues during the term of the contract after the
acquisition does not reflect the full amount of revenues that would have
been reported if the acquired deferred software subscription and
professional services revenues were not written down to fair value. The
revenue for maintenance is deferred and typically recognized over a one
year period, so our GAAP revenues for the one year period after the
acquisition does not reflect the full amount of revenues that would have
been reported if the acquired deferred maintenance revenue was not
written down to fair value. The non-GAAP revenue adjustments eliminate
the effect of the deferred revenue write-down and include the costs
associated with the revenue adjustment. We believe these adjustments to
the revenue from these contracts and to the associated costs are useful
to investors as an additional means to reflect revenue trends of our
business.
Non-GAAP income (loss) from operations: Non-GAAP income (loss)
from operations includes the non-GAAP revenue discussed above and also
excludes the impact of non-recurring acquisition-related expenses,
stock-based compensation, amortization of acquisition-related
intangibles, as well as the tax consequences associated with the
stock-based compensation costs arising from our acquisitions of Signal
Demand and Cameleon Software. The non-GAAP income (loss) from operations
excludes the following items from non-GAAP estimates:
-
Acquisition-Related Expenses: Acquisition related expenses
include transaction fees, due diligence costs and other one-time
direct costs associated with our acquisitions. These amounts are
unrelated to our core performance during any particular period and are
impacted by the timing and size of the acquisitions. We exclude
acquisition related expenses to provide investors a method to compare
of our operating results to prior periods and to our peer companies
because such amounts can vary significantly based on the frequency of
acquisitions and magnitude of acquisition expenses.
-
Share-Based Compensation: Although share-based compensation is
an important aspect of compensation for our employees and executives,
our share-based compensation expense can vary because of changes in
our stock price and market conditions at the time of grant, varying
valuation methodologies, and the variety of award types. Since
share-based compensation expense can vary for reasons that are
generally unrelated to our performance during any particular period,
we believe this could make it difficult for investors to compare our
current financial results to previous and future periods. Therefore,
we believe it is useful to exclude share-based compensation in order
to better understand the performance of our business performance and
allow investors to compare our operating results to peer companies.
-
Amortization of Acquisition-Related Intangibles: We view
amortization of acquisition-related intangible assets, such as the
amortization of the cost associated with an acquired company's
research and development efforts, trade names, customer lists and
customer relationships, as items arising from pre-acquisition
activities determined at the time of an acquisition. While these
intangible assets are continually evaluated for impairment,
amortization of the cost of purchased intangibles is a static expense,
one that is not typically affected by operations during any particular
period.
-
Tax Consequences: In addition, we exclude the tax consequences
associated with stock-based compensation to provide investors with a
useful comparison of our operating results to prior periods and to our
peer companies because such amounts can vary significantly based on
the frequency of acquisitions and the tax rates applicable to
stock-based compensation in certain jurisdictions.
Non-GAAP tax rate: The estimated non-GAAP effective tax rate
adjusts the tax effect to quantify the excluded tax consequences of the
excluded expense items. These non-GAAP estimates are not measurements of
financial performance prepared in accordance with U.S. generally
accepted accounting principles.
These non-GAAP estimates are not measurements of financial performance
prepared in accordance with U.S. generally accepted accounting
principles and we are unable to reconcile these forward-looking non-GAAP
financial measures to their directly comparable GAAP financial measures
because the information described above which are needed to complete a
reconciliation is unavailable at this time without unreasonable effort.
|
PROS Holdings, Inc.
|
Condensed Consolidated Balance Sheets
|
(In thousands, except share amounts)
|
(Unaudited)
|
|
|
|
March 31, 2014
|
|
December 31, 2013
|
Assets:
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
47,040
|
|
|
$
|
44,688
|
|
Accounts and unbilled receivables, net of allowance of $860 and
$1,060, respectively
|
|
50,501
|
|
|
46,566
|
|
Prepaid and other current assets
|
|
7,842
|
|
|
6,157
|
|
Restricted cash - current
|
|
2,478
|
|
|
39,718
|
|
Total current assets
|
|
107,861
|
|
|
137,129
|
|
Restricted cash
|
|
100
|
|
|
100
|
|
Property and equipment, net
|
|
17,750
|
|
|
15,587
|
|
Intangibles
|
|
25,532
|
|
|
8,232
|
|
Goodwill
|
|
23,306
|
|
|
7,024
|
|
Deferred tax assets - noncurrent, net of valuation allowance
|
|
10,505
|
|
|
10,505
|
|
Other long term assets, net
|
|
1,401
|
|
|
1,251
|
|
Total assets
|
|
$
|
186,455
|
|
|
$
|
179,828
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable and other liabilities
|
|
$
|
12,473
|
|
|
$
|
7,839
|
|
Accrued liabilities
|
|
9,039
|
|
|
5,210
|
|
Accrued payroll and other employee benefits
|
|
11,391
|
|
|
9,679
|
|
Deferred revenue
|
|
47,278
|
|
|
42,274
|
|
Total current liabilities
|
|
80,181
|
|
|
65,002
|
|
Long-term deferred revenue
|
|
3,871
|
|
|
2,977
|
|
Other long-term liabilities
|
|
3,484
|
|
|
546
|
|
Total liabilities
|
|
87,536
|
|
|
68,525
|
|
PROS Stockholders' equity:
|
|
|
|
|
|
|
Preferred stock, $0.001 par value, 5,000,000 shares authorized none
issued
|
|
—
|
|
|
—
|
|
Common stock, $0.001 par value, 75,000,000 shares authorized;
33,351,258 and 32,606,228 shares issued, respectively; 28,933,673
and 28,188,643 shares outstanding, respectively
|
|
34
|
|
|
33
|
|
Additional paid-in capital
|
|
100,163
|
|
|
106,880
|
|
Treasury stock, 4,417,585 common shares, at cost
|
|
(13,938
|
)
|
|
(13,938
|
)
|
Retained earnings
|
|
9,873
|
|
|
18,328
|
|
Accumulated other comprehensive loss
|
|
(26
|
)
|
|
—
|
|
Non-controlling interest
|
|
2,813
|
|
|
—
|
|
Total stockholders’ equity
|
|
98,919
|
|
|
111,303
|
|
Total liabilities and stockholders’ equity
|
|
$
|
186,455
|
|
|
$
|
179,828
|
|
|
|
|
|
|
|
|
|
|
|
PROS Holdings, Inc.
|
Condensed Consolidated Statements of Comprehensive Income
|
(In thousands, except share and per share data)
|
(Unaudited)
|
|
|
|
For the Three Months Ended March 31,
|
|
|
2014
|
|
|
2013
|
|
Revenue:
|
|
|
|
|
|
|
License and implementation
|
|
$
|
28,292
|
|
|
$
|
22,592
|
|
Maintenance and support
|
|
12,621
|
|
|
11,034
|
|
Total revenue
|
|
40,913
|
|
|
33,626
|
|
Cost of revenue:
|
|
|
|
|
|
|
License and implementation
|
|
11,433
|
|
|
8,471
|
|
Maintenance and support
|
|
2,576
|
|
|
2,082
|
|
Total cost of revenue
|
|
14,009
|
|
|
10,553
|
|
Gross profit
|
|
26,904
|
|
|
23,073
|
|
Operating expenses:
|
|
|
|
|
|
|
Selling, marketing, general and administrative
|
|
22,455
|
|
|
14,288
|
|
Research and development
|
|
11,559
|
|
|
8,096
|
|
Acquisition-related
|
|
1,390
|
|
|
—
|
|
(Loss) income from operations
|
|
(8,500
|
)
|
|
689
|
|
Other expense, net
|
|
(972
|
)
|
|
(103
|
)
|
(Loss) income before income tax provision
|
|
(9,472
|
)
|
|
586
|
|
Income tax benefit
|
|
(560
|
)
|
|
(1,148
|
)
|
Net (loss) income
|
|
$
|
(8,912
|
)
|
|
$
|
1,734
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to non-controlling interest
|
|
(457
|
)
|
|
—
|
|
Net (loss) income attributable to PROS Holdings, Inc.
|
|
(8,455
|
)
|
|
1,734
|
|
Net (loss) income
|
|
(8,912
|
)
|
|
1,734
|
|
Net (loss) earnings per share:
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.29
|
)
|
|
$
|
0.06
|
|
Diluted
|
|
$
|
(0.29
|
)
|
|
$
|
0.06
|
|
Weighted average number of shares:
|
|
|
|
|
|
|
Basic
|
|
28,667,782
|
|
|
27,757,397
|
|
Diluted
|
|
28,667,782
|
|
|
29,365,342
|
|
|
|
|
|
|
|
|
|
PROS Holdings, Inc.
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
(Unaudited)
|
|
|
|
For the Three Months Ended March 31,
|
|
|
2014
|
|
|
2013
|
|
Operating activities:
|
|
|
|
|
|
|
Net (loss) income
|
|
$
|
(8,912
|
)
|
|
$
|
1,734
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
2,591
|
|
|
967
|
|
Share-based compensation
|
|
4,407
|
|
|
3,420
|
|
Tax (shortfall)/benefit from share-based compensation
|
|
—
|
|
|
(10
|
)
|
Provision for doubtful accounts
|
|
(200
|
)
|
|
(60
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts and unbilled receivables
|
|
6,732
|
|
|
(3,877
|
)
|
Prepaid expenses and other assets
|
|
(812
|
)
|
|
(1,162
|
)
|
Accounts payable and other liabilities
|
|
223
|
|
|
1,070
|
|
Accrued liabilities
|
|
(366
|
)
|
|
980
|
|
Accrued payroll and other employee benefits
|
|
(760
|
)
|
|
(4,549
|
)
|
Deferred revenue
|
|
506
|
|
|
2,748
|
|
Net cash provided by operating activities
|
|
3,409
|
|
|
1,261
|
|
Investing activities:
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
(1,656
|
)
|
|
(948
|
)
|
Acquisition of Cameleon Software, net of cash acquired
|
|
(22,048
|
)
|
|
—
|
|
Capitalized internal-use software development costs
|
|
(730
|
)
|
|
(796
|
)
|
Decrease in restricted cash
|
|
37,240
|
|
|
—
|
|
Net cash provided by (used in) investing activities
|
|
12,806
|
|
|
(1,744
|
)
|
Financing activities:
|
|
|
|
|
|
|
Exercise of stock options
|
|
944
|
|
|
1,409
|
|
Tax withholding related to net share settlement of restricted stock
units
|
|
(12,063
|
)
|
|
(2,022
|
)
|
Increase in Parent's ownership in Cameleon Software
|
|
(2,693
|
)
|
|
—
|
|
Net cash used in financing activities
|
|
(13,812
|
)
|
|
(613
|
)
|
Effect of foreign rates on cash
|
|
(51
|
)
|
|
—
|
|
Net change in cash and cash equivalents
|
|
2,352
|
|
|
(1,096
|
)
|
Cash and cash equivalents:
|
|
|
|
|
|
|
Beginning of period
|
|
44,688
|
|
|
83,558
|
|
End of period
|
|
$
|
47,040
|
|
|
$
|
82,462
|
|
|
|
|
|
|
|
|
|
|
|
PROS Holdings, Inc.
|
Reconciliation of GAAP to Non-GAAP Financial Measures
|
(Dollars in thousands, except per share data)
|
(Unaudited)
|
|
We use these non-GAAP financial measures to assist in the
management of the Company because we believe that this information
provides a more consistent and complete understanding of the
underlying results and trends of the ongoing business due to the
uniqueness of these charges.
|
|
|
|
For the Three Months Ended March 31,
|
|
Quarter over Quarter
|
|
|
|
2014
|
|
|
|
2013
|
|
|
% change
|
GAAP revenue
|
|
$
|
40,913
|
|
|
$
|
33,626
|
|
|
22%
|
Non-GAAP adjustment:
|
|
|
|
|
|
|
Acquisition-related deferred revenue write-down
|
|
$
|
1,966
|
|
|
$
|
—
|
|
|
|
Non-GAAP revenue
|
|
$
|
42,879
|
|
|
$
|
33,626
|
|
|
28%
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
26,904
|
|
|
$
|
23,073
|
|
|
17%
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Acquisition-related deferred revenue write-down
|
|
|
1,141
|
|
|
|
—
|
|
|
|
Acquisition-related expenses
|
|
|
121
|
|
|
|
—
|
|
|
|
Acquisition-related foreign taxes on equity grants
|
|
|
68
|
|
|
|
—
|
|
|
|
Intangible amortization
|
|
|
68
|
|
|
|
—
|
|
|
|
Share-based compensation
|
|
|
722
|
|
|
|
462
|
|
|
|
Non-GAAP gross profit
|
|
$
|
29,024
|
|
|
$
|
23,535
|
|
|
23%
|
|
|
|
|
|
|
|
Non-GAAP gross margin
|
|
|
67.7
|
%
|
|
|
70.0
|
%
|
|
|
|
|
|
|
|
|
|
GAAP (loss) income from operations
|
|
$
|
(8,500
|
)
|
|
$
|
689
|
|
|
(1,334)%
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Acquisition-related deferred revenue write-down
|
|
|
1,141
|
|
|
|
—
|
|
|
|
Acquisition-related expenses
|
|
|
1,390
|
|
|
|
—
|
|
|
|
Acquisition-related foreign taxes on equity grants
|
|
|
942
|
|
|
|
|
|
Intangible amortization
|
|
|
1,353
|
|
|
|
—
|
|
|
|
Accretion expense for acquisition-related contingent consideration
|
|
|
65
|
|
|
|
—
|
|
|
|
Share-based compensation
|
|
|
4,359
|
|
|
|
3,420
|
|
|
|
Total Non-GAAP adjustments
|
|
$
|
9,250
|
|
|
$
|
3,420
|
|
|
|
Non-GAAP income from operations
|
|
$
|
750
|
|
|
$
|
4,109
|
|
|
(82)%
|
|
|
|
|
|
|
|
Non-GAAP income from operations % of total revenue
|
|
|
1.7
|
%
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income
|
|
$
|
(8,912
|
)
|
|
$
|
1,734
|
|
|
(614)%
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
Total Non-GAAP adjustments affecting income (loss) from operations
|
|
|
9,250
|
|
|
|
3,420
|
|
|
|
Acquisition-related foreign currency loss
|
|
|
593
|
|
|
|
—
|
|
|
|
Tax impact related to non-GAAP adjustments
|
|
|
(708
|
)
|
|
|
(833
|
)
|
|
|
Non-GAAP net income
|
|
$
|
223
|
|
|
$
|
4,321
|
|
|
(95)%
|
Non-GAAP income attributable to non-controlling interest
|
|
|
(87
|
)
|
|
|
—
|
|
|
|
Non-GAAP income attributable to PROS Holdings, Inc.
|
|
|
310
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted earnings per share attributable to PROS Holdings,
Inc.
|
|
$
|
0.01
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP earnings per share
|
|
|
30,605
|
|
|
|
29,365
|
|
|
|
|
|
|
|
|
|
|
Detail of non-GAAP share-based compensation expense:
|
|
|
|
|
|
|
Cost of revenue
|
|
$
|
722
|
|
|
$
|
462
|
|
|
|
Selling, marketing, general and administrative
|
|
|
2,672
|
|
|
|
2,222
|
|
|
|
Research and development
|
|
|
965
|
|
|
|
736
|
|
|
|
Total share-based compensation expense
|
|
$
|
4,359
|
|
|
$
|
3,420
|
|
|
|
Copyright Business Wire 2014