GB Group |
Strong organic growth in H122 |
H122 results |
Software & comp services |
1 December 2021 |
Share price performance
Business description
Next events
Analyst
GB Group is a research client of Edison Investment Research Limited |
GB Group (GBG) reported a strong performance in H122, with organic constant currency revenue growth of 12.6% y-o-y and an adjusted operating margin of 25.5%. The Acuant acquisition completed on 29 November and the group’s immediate focus is on combining the two companies and pushing forward with growth plans. Our forecasts are substantially unchanged.
Year end |
Revenue (£m) |
Adj. operating profit* (£m) |
PBT* |
Diluted EPS* |
DPS |
P/E |
03/20 |
199.1 |
47.9 |
45.7 |
17.9 |
0.0 |
43.0 |
03/21 |
217.7 |
57.9 |
56.7 |
22.4 |
6.4 |
34.4 |
03/22e |
234.0 |
55.1 |
53.5 |
19.4 |
3.5 |
39.6 |
03/23e |
295.7 |
70.8 |
67.6 |
20.1 |
3.6 |
38.3 |
03/24e |
332.0 |
79.5 |
76.9 |
22.4 |
3.7 |
34.3 |
Note: *Adjusted operating profit, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
Strong underlying organic growth in H122
In H122, GBG reported revenue growth of 5.4% y-o-y or 12.6% on an organic constant currency basis, with all divisions growing at a double-digit rate. Adjusting for exceptional revenue benefits from cryptocurrency trading and the US stimulus programme, GBG generated underlying revenue growth of 17.6%. The adjusted operating margin of 25.5% was ahead of the pre-Acuant target of 22–23% but is expected to decline to more normal levels in H222 as hiring accelerates and one-off revenues do not repeat. The company closed H122 with net cash of £39.5m. Our forecasts are substantially unchanged.
Focus shifts to integration of Acuant
The outlook for H222 is in line with board expectations and the focus now shifts to integrating the recently completed Acuant acquisition. The deal strengthens the group’s presence in the US, the largest identity verification market globally, and broadens GBG’s product range. The combined group is now in a better position to meet customer requirements for end-to-end solutions, providing a point of differentiation from high-profile, privately owned point solution providers.
Valuation: Not fully capturing growth potential
The stock has regained some ground since the 19 November placing at 725p. On our revised estimates, including Acuant from 1 December, GBG is trading at a premium to identity management (IDM) peers but at a discount to higher-growth, lower-profitability identity access management (IAM) and cybersecurity (CS) peers. However, our reverse DCF calculates that the share price is factoring in revenue growth of only 8.5% from FY25, well below the double-digit growth rate previously factored in by the market. Considering that Acuant is expected to grow faster than the original GBG, this appears overly conservative. Using a 12% growth rate (the lower end of new management guidance) from FY25 would imply a per share value of 950p.
Review of H122 results
Exhibit 1: GB Group H122 results highlights
£m |
H122 |
H121 |
y-o-y |
Revenues |
109.2 |
103.5 |
5.4% |
Gross profit |
76.9 |
72.6 |
5.9% |
Gross margin |
70.5% |
70.2% |
0.3% |
Adjusted operating profit |
27.8 |
26.8 |
3.5% |
Adjusted operating margin |
25.5% |
25.9% |
-0.5% |
Reported operating profit |
14.8 |
15.7 |
-5.2% |
Reported operating margin |
13.6% |
15.1% |
-1.5% |
Adjusted diluted EPS (p) |
10.9 |
10.4 |
4.8% |
Reported basic EPS (p) |
5.7 |
6.1 |
-6.6% |
Net cash/(debt) |
39.5 |
-2.7 |
N/A |
Source: GB Group
GBG reported H122 results substantially in line with its 21 October trading update. Revenue was 5.4% higher y-o-y. Adjusting for the businesses sold in FY21 and currency, GBG revenue grew 12.6% y-o-y on an organic, constant currency basis in H122. Adjusted operating profit grew at a slower pace, reflecting the resumption of spending on items such as travel and marketing and the start of an increase in headcount. The company has changed how it reports adjusted EPS to a method consistent with our normalised EPS calculations. Previously it reported adjusted EPS using adjusted PBT less reported tax, but now adjusts the tax charge to reflect the exclusion of items such as share-based payments and exceptionals, resulting in an effective tax rate of 19.4% for H122. The company repaid its remaining debt in H221 and closed H122 with gross/net cash of £39.5m. In H122, the company converted 112.6% of EBITDA to cash, compared to an artificially high 154.9% in H121 (benefiting from delayed cash payments during the pandemic).
Organic growth across all divisions
Exhibit 2: Divisional performance
£m |
H122 |
H121 |
y-o-y |
Constant currency organic growth |
Revenues |
||||
Fraud |
15.5 |
12.9 |
19.7% |
17.0% |
Identity |
63.7 |
63.1 |
1.0% |
10.4% |
Location |
29.9 |
26.6 |
12.3% |
15.4% |
Other |
0.0 |
0.9 |
(96%) |
N/A |
Total revenues |
109.2 |
103.5 |
5.4% |
12.6% |
Adjusted operating profit |
||||
Fraud |
4.9 |
2.2 |
119.8% |
|
Identity |
28.1 |
23.3 |
20.6% |
|
Location |
10.7 |
7.8 |
37.1% |
|
Other + central overheads |
-15.9 |
-6.5 |
145.1% |
|
Total adjusted operating profit |
27.8 |
26.8 |
3.5% |
|
Adjusted operating margin |
||||
Fraud |
31.5% |
17.2% |
14.4% |
|
Identity |
44.2% |
37.0% |
7.2% |
|
Location |
35.7% |
29.2% |
6.4% |
|
Other + central overheads |
N/A |
N/A |
N/A |
|
Total adjusted operating margin |
25.5% |
25.9% |
-0.5% |
Source: GB Group
The table above shows that each division reported double-digit organic constant currency revenue growth in H122. Fraud was the highest, at 17.0%, partially reflecting weaker demand in H121 due to pandemic restrictions. Location saw strong growth of 15.4%, after 9% growth in H121, helped by the shift to e-commerce. Identity, which included the Employ & Comply business that was sold in H221, saw 10.4% growth on an organic constant currency basis. In H121 the Identity business benefited from c £10m in revenue from the US stimulus programme. In H122, this contributed a further £3m and GBG also benefited from exceptionally high cryptocurrency trading volumes, which added an extra £4m. Stripping out the effect of acquisitions (£0.5m), disposals (£3.3m), currency (£3.7m) and one-off revenue benefits, the company calculates that underlying revenue growth was 17.6% (ie H122 clean revenue £101.7m versus H121 clean revenue £86.5m).
We note that GBG has revised how it reports central overheads. Previously, an element of central cost was allocated to each division. Now any resource that is used across the group is included in central overheads, leaving only those costs controlled by the divisions within their reporting structure. This split is not yet available for any prior periods so margins for H122 are not comparable with H121 at a divisional level. At a group level, the adjusted operating margin declined 0.5pp, but at 25.5% was still materially above the company’s pre-Acuant target range of 22–23%. Having put the brakes on spending during H121 as an initial reaction to managing through the pandemic, the company resumed investment in the business from H221.
Providing more transparency on revenue composition
GBG previously reported divisional revenue split into three revenue categories: licence, transactional and services. It has amended this to give more clarity on the types of licence and the proportion of revenue contracted on a consumption (or transactional) basis. The table below shows the new reporting by revenue type including comparatives for H121 and FY21.
Exhibit 3: Revenue by type and by division (£000s)
Group revenues by type |
H121 |
H221 |
FY21 |
H122 |
y-o-y growth |
Consumption-based |
16,010 |
16,740 |
32,750 |
15,448 |
-4% |
Term-based |
27,634 |
34,610 |
62,244 |
32,428 |
17% |
Subscription revenues |
43,644 |
51,350 |
94,994 |
47,876 |
10% |
Consumption |
54,654 |
56,611 |
111,265 |
57,123 |
5% |
Other |
5,247 |
6,153 |
11,400 |
4,155 |
-21% |
Total revenue |
103,545 |
114,114 |
217,659 |
109,154 |
5% |
Location |
|||||
Consumption-based |
8,978 |
9,406 |
18,384 |
8,423 |
-6% |
Term-based |
15,616 |
21,783 |
37,399 |
19,095 |
22% |
Subscription revenues |
24,594 |
31,189 |
55,783 |
27,518 |
12% |
Consumption |
1,669 |
1,301 |
2,970 |
1,982 |
19% |
Other |
357 |
559 |
916 |
405 |
13% |
Total revenue |
26,620 |
33,049 |
59,669 |
29,905 |
12% |
Identity |
|||||
Consumption-based |
6,743 |
6,975 |
13,718 |
6,586 |
-2% |
Term-based |
2,830 |
2,108 |
4,938 |
1,563 |
-45% |
Subscription revenues |
9,573 |
9,083 |
18,656 |
8,149 |
-15% |
Consumption |
52,482 |
54,691 |
107,173 |
54,471 |
4% |
Other |
1,059 |
1,197 |
2,256 |
1,108 |
5% |
Total revenue |
63,114 |
64,971 |
128,085 |
63,728 |
1% |
Fraud |
|||||
Consumption-based |
289 |
359 |
648 |
439 |
52% |
Term-based |
9,188 |
10,719 |
19,907 |
11,770 |
28% |
Subscription revenues |
9,477 |
11,078 |
20,555 |
12,209 |
29% |
Consumption |
503 |
619 |
1,122 |
670 |
33% |
Other |
2,952 |
3,815 |
6,767 |
2,604 |
-12% |
Total revenue |
12,932 |
15,512 |
28,444 |
15,483 |
20% |
Other |
|||||
Consumption-based |
- |
- |
- |
- |
N/A |
Term-based |
- |
- |
- |
- |
N/A |
Subscription revenues |
- |
- |
- |
- |
N/A |
Consumption |
- |
- |
- |
- |
N/A |
Other |
879 |
582 |
1,461 |
38 |
-96% |
Total revenue |
879 |
582 |
1,461 |
38 |
-96% |
Source: GB Group
To clarify, a consumption-based subscription licence is one where the customer pays in advance for a set number of transactions in a given period of time. If the customer does not use all the transactions paid for in the period, they are forfeited. Conversely, a consumption contract is one where the customer pays in arrears based on the number of transactions undertaken in a period. More than 85% of the Identity business is contracted on a consumption basis, ie customers pay per verification. Conversely, nearly 80% of Fraud revenue is contracted on a subscription licence basis, with most licences for a multi-year term and only a small proportion on a consumption basis. The Location business has more than 90% of revenue from subscription licences, with more than two-thirds of these on a consumption basis. At a group level, this results in 44% of revenue generated from subscription licences (32% consumption-based, 68% term-based), 52% from consumption-based contracts and 4% from Other (mainly services).
Acuant acquisition completed
The company completed the acquisition of Acuant on 29 November (see Accelerating growth with Acuant acquisition). As a reminder, the company believes that this business can grow revenue by 25% pa in the medium term, having grown 22% in the 12 months to 30 September 2021. Management has put in place 100-day and 200-day plans for the combined group and will initially focus on low-hanging fruit such as plugging GBG’s data into Acuant’s products and using GBG’s salesforce in EMEA and APAC to sell Acuant solutions. Acuant’s channel network will also be useful to help sell GBG’s products and to help GBG gain access to new verticals such as automotive, healthcare and government.
Outlook and changes to forecasts
The outlook for H222 and FY22 is in line with board expectations. At a group level, we make minimal changes to our forecasts, which were updated last week for the Acuant acquisition. At a divisional level, we have revised our margin forecasts to reflect the new way of allocating central costs.
Exhibit 4: Changes to forecasts
£m |
FY22e |
FY23e |
FY24e |
|||||||||
Old |
New |
Change |
y-o-y |
Old |
New |
Change |
y-o-y |
Old |
New |
Change |
y-o-y |
|
Revenues |
233.6 |
234.0 |
0.2% |
7.5% |
295.1 |
295.7 |
0.2% |
26.4% |
332.0 |
332.0 |
(0.0%) |
12.3% |
Gross profit |
168 |
168 |
0.2% |
10.4% |
212.4 |
212.9 |
0.2% |
26.4% |
239.1 |
239.0 |
(0.0%) |
12.3% |
Gross margin |
72.0% |
72.0% |
0.0% |
1.9% |
72.0% |
72.0% |
0.0% |
0.0% |
72.0% |
72.0% |
0.0% |
0.0% |
EBITDA |
58.8 |
58.8 |
(0.0%) |
(4.2%) |
74.7 |
74.7 |
0.0% |
27.0% |
83.6 |
83.6 |
0.0% |
11.9% |
EBITDA margin |
25.2% |
25.1% |
(0.0%) |
(3.1%) |
25.3% |
25.3% |
(0.0%) |
0.1% |
25.2% |
25.2% |
0.0% |
(0.1%) |
EBITA |
55.1 |
55.1 |
(0.0%) |
(4.8%) |
70.8 |
70.8 |
0.0% |
28.5% |
79.5 |
79.5 |
0.0% |
12.3% |
EBITA margin |
23.6% |
23.6% |
(0.0%) |
(3.0%) |
24.0% |
24.0% |
(0.0%) |
0.4% |
24.0% |
24.0% |
0.0% |
0.0% |
PBT |
53.5 |
53.5 |
(0.0%) |
(5.6%) |
67.6 |
67.6 |
0.0% |
26.4% |
76.9 |
76.9 |
0.0% |
13.7% |
EPS - normalised, diluted (p) |
18.6 |
19.4 |
4.4% |
(13.2%) |
20.1 |
20.1 |
0.0% |
3.4% |
22.4 |
22.4 |
0.0% |
11.5% |
EPS - reported (p) |
8.9 |
8.9 |
(0.0%) |
(35.7%) |
13.3 |
13.3 |
0.0% |
50.3% |
15.9 |
15.9 |
0.0% |
19.4% |
DPS (p) |
3.5 |
3.5 |
0.0% |
(45.3%) |
3.6 |
3.6 |
0.0% |
2.9% |
3.7 |
3.7 |
0.0% |
2.8% |
Net debt/(cash) |
109.3 |
106.6 |
(2.5%) |
N/A |
61.8 |
59.0 |
(4.6%) |
(44.6%) |
10.9 |
8.2 |
(24.7%) |
(86.1%) |
Net debt/EBITDA (x) |
1.9 |
1.8 |
0.8 |
0.8 |
0.1 |
0.1 |
||||||
Divisional forecasts |
||||||||||||
Revenue |
||||||||||||
Identity |
131.5 |
135.6 |
3.1% |
5.9% |
185.2 |
189.8 |
2.5% |
40.0% |
211.8 |
216.9 |
2.4% |
14.3% |
Location |
72.2 |
66.2 |
(8.3%) |
11.0% |
78.0 |
71.5 |
(8.3%) |
8.0% |
85.8 |
78.0 |
(9.1%) |
9.0% |
Fraud |
29.9 |
32.1 |
7.5% |
13.0% |
31.9 |
34.3 |
7.6% |
6.8% |
34.5 |
37.1 |
7.7% |
8.1% |
Group |
233.6 |
234.0 |
0.2% |
7.5% |
295.1 |
295.7 |
0.2% |
26.3% |
332.0 |
332.0 |
(0.0%) |
12.3% |
Adjusted operating profit |
||||||||||||
Identity |
41.0 |
53.8 |
31.2% |
12.6% |
55.2 |
68.9 |
24.7% |
28.1% |
62.4 |
78.1 |
25.2% |
13.4% |
Location |
21.7 |
23.2 |
7.0% |
19.0% |
23.4 |
24.3 |
4.0% |
4.9% |
25.7 |
25.7 |
(0.0%) |
5.8% |
Fraud |
6.3 |
9.6 |
53.6% |
80.9% |
7.2 |
10.3 |
43.5% |
6.8% |
7.9 |
10.4 |
31.2% |
0.9% |
Other |
(13.8) |
(31.5) |
128.1% |
(15.0) |
(32.7) |
118.0% |
(16.5) |
(34.7) |
110.3% |
|||
Group |
55.1 |
55.1 |
(0.0%) |
-4.8% |
70.8 |
70.8 |
0.0% |
28.5% |
79.5 |
79.5 |
0.0% |
12.3% |
Adjusted operating margin |
||||||||||||
Identity |
31.2% |
39.7% |
29.8% |
36.3% |
29.4% |
36.0% |
||||||
Location |
30.0% |
35.0% |
30.0% |
34.0% |
30.0% |
33.0% |
||||||
Fraud |
21.0% |
30.0% |
22.5% |
30.0% |
23.0% |
28.0% |
||||||
Group |
23.6% |
23.6% |
24.0% |
24.0% |
24.0% |
24.0% |
Source: Edison Investment Research
Exhibit 5: Financial summary
£'000s |
2017 |
2018 |
2019 |
2020 |
2021 |
2022e |
2023e |
2024e |
||
March |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
PROFIT & LOSS |
||||||||||
Revenue |
|
|
87,468 |
119,702 |
143,504 |
199,101 |
217,659 |
233,965 |
295,654 |
331,964 |
Cost of Sales |
(20,302) |
(27,092) |
(36,060) |
(54,914) |
(65,096) |
(65,510) |
(82,783) |
(92,950) |
||
Gross Profit |
67,166 |
92,610 |
107,444 |
144,187 |
152,563 |
168,455 |
212,871 |
239,014 |
||
EBITDA |
|
|
18,734 |
28,741 |
34,080 |
51,739 |
61,410 |
58,805 |
74,712 |
83,613 |
Operating Profit (before amort. and except.) |
17,006 |
26,311 |
32,031 |
47,945 |
57,896 |
55,121 |
70,821 |
79,540 |
||
Acquired intangible amortisation |
(4,022) |
(7,885) |
(10,316) |
(19,008) |
(17,671) |
(18,500) |
(18,500) |
(18,500) |
||
Exceptionals |
(1,410) |
(2,143) |
(4,003) |
(1,552) |
448 |
(5,000) |
0 |
0 |
||
Share of associate |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Share based payments |
(994) |
(2,375) |
(2,287) |
(4,541) |
(5,170) |
(5,687) |
(6,256) |
(6,881) |
||
Operating Profit |
10,580 |
13,908 |
15,425 |
22,844 |
35,503 |
25,934 |
46,065 |
54,159 |
||
Net Interest |
(498) |
(508) |
(689) |
(2,218) |
(1,240) |
(1,648) |
(3,205) |
(2,666) |
||
Profit Before Tax (norm) |
|
|
16,508 |
25,803 |
31,342 |
45,727 |
56,656 |
53,473 |
67,616 |
76,874 |
Profit Before Tax (FRS 3) |
|
|
10,082 |
13,400 |
14,736 |
20,626 |
34,263 |
24,286 |
42,860 |
51,493 |
Tax |
668 |
(2,746) |
(2,583) |
(3,562) |
(7,385) |
(5,235) |
(9,238) |
(11,099) |
||
Profit After Tax (norm) |
13,206 |
20,642 |
24,760 |
35,210 |
44,481 |
42,778 |
51,388 |
57,655 |
||
Profit After Tax (FRS 3) |
10,750 |
10,654 |
12,153 |
17,064 |
26,878 |
19,051 |
33,622 |
40,394 |
||
Ave. Number of Shares Outstanding (m) |
131.6 |
150.6 |
158.1 |
193.6 |
195.2 |
215.1 |
252.6 |
254.1 |
||
EPS - normalised (p) |
|
|
10.0 |
13.7 |
15.7 |
18.2 |
22.8 |
19.9 |
20.3 |
22.7 |
EPS - normalised and fully diluted (p) |
|
9.9 |
13.5 |
15.4 |
17.9 |
22.4 |
19.4 |
20.1 |
22.4 |
|
EPS - (IFRS) (p) |
|
|
8.2 |
7.1 |
7.7 |
8.8 |
13.8 |
8.9 |
13.3 |
15.9 |
Dividend per share (p) |
2.4 |
2.7 |
3.0 |
0.0 |
6.4 |
3.5 |
3.6 |
3.7 |
||
Gross Margin (%) |
76.8 |
77.4 |
74.9 |
72.4 |
70.1 |
72.0 |
72.0 |
72.0 |
||
EBITDA Margin (%) |
21.4 |
24.0 |
23.7 |
26.0 |
28.2 |
25.1 |
25.3 |
25.2 |
||
Operating Margin (before GW and except.) (%) |
19.4 |
22.0 |
22.3 |
24.1 |
26.6 |
23.6 |
24.0 |
24.0 |
||
BALANCE SHEET |
||||||||||
Fixed Assets |
|
|
105,653 |
170,284 |
438,683 |
430,219 |
394,564 |
924,994 |
908,486 |
892,071 |
Intangible Assets |
98,753 |
161,372 |
425,646 |
414,505 |
377,663 |
906,163 |
887,713 |
869,313 |
||
Tangible Assets |
2,856 |
4,700 |
4,815 |
9,420 |
6,937 |
8,867 |
10,809 |
12,794 |
||
Other fixed assets |
4,044 |
4,212 |
8,222 |
6,294 |
9,964 |
9,964 |
9,964 |
9,964 |
||
Current Assets |
|
|
48,914 |
61,121 |
76,522 |
95,984 |
85,653 |
139,846 |
174,691 |
205,667 |
Debtors |
30,569 |
37,969 |
54,992 |
66,554 |
58,617 |
65,510 |
82,783 |
92,950 |
||
Cash |
17,618 |
22,753 |
21,189 |
27,499 |
21,135 |
68,435 |
86,007 |
106,816 |
||
Other |
727 |
399 |
341 |
1,931 |
5,901 |
5,901 |
5,901 |
5,901 |
||
Current Liabilities |
|
|
(44,444) |
(56,942) |
(77,030) |
(86,459) |
(90,000) |
(99,560) |
(123,824) |
(138,351) |
Creditors |
(36,436) |
(56,100) |
(70,302) |
(80,280) |
(86,338) |
(95,808) |
(120,072) |
(134,599) |
||
Contingent consideration |
(7,122) |
(45) |
(5,287) |
(6,179) |
(3,662) |
(3,752) |
(3,752) |
(3,752) |
||
Short term borrowings |
(886) |
(797) |
(1,441) |
0 |
0 |
0 |
0 |
0 |
||
Long Term Liabilities |
|
|
(15,940) |
(16,711) |
(116,707) |
(94,810) |
(25,961) |
(195,501) |
(158,511) |
(120,391) |
Long term borrowings |
(11,499) |
(8,451) |
(85,447) |
(62,139) |
0 |
(175,000) |
(145,000) |
(115,000) |
||
Contingent consideration |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Other long-term liabilities |
(4,441) |
(8,260) |
(31,260) |
(32,671) |
(25,961) |
(20,501) |
(13,511) |
(5,391) |
||
Net Assets |
|
|
94,183 |
157,752 |
321,468 |
344,934 |
364,256 |
769,779 |
800,841 |
838,995 |
CASH FLOW |
||||||||||
Operating Cash Flow |
|
|
16,305 |
31,620 |
27,779 |
48,498 |
72,631 |
56,605 |
81,704 |
87,973 |
Net Interest |
(498) |
(545) |
(689) |
(1,768) |
(1,211) |
(1,641) |
(3,205) |
(2,666) |
||
Tax |
(2,193) |
(3,247) |
(2,930) |
(6,386) |
(14,205) |
(10,695) |
(16,228) |
(19,218) |
||
Capex |
(2,227) |
(2,018) |
(1,625) |
(1,339) |
(738) |
(3,250) |
(3,400) |
(3,550) |
||
Acquisitions/disposals |
(36,840) |
(70,363) |
(255,101) |
(81) |
2,545 |
(460,000) |
0 |
0 |
||
Financing |
24,755 |
56,668 |
157,339 |
(1,553) |
3,476 |
297,635 |
(2,483) |
(2,607) |
||
Dividends |
(2,775) |
(3,582) |
(4,049) |
(5,761) |
(5,883) |
(6,677) |
(8,816) |
(9,122) |
||
Net Cash Flow |
(3,473) |
8,533 |
(79,276) |
31,610 |
56,615 |
(128,022) |
47,572 |
50,810 |
||
Opening net debt/(cash) |
|
|
(8,673) |
(5,233) |
(13,505) |
65,699 |
34,640 |
(21,135) |
106,565 |
58,993 |
HP finance leases initiated |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
||
Other |
33 |
(261) |
72 |
(551) |
(840) |
322 |
0 |
0 |
||
Closing net debt/(cash) |
|
|
(5,233) |
(13,505) |
65,699 |
34,640 |
(21,135) |
106,565 |
58,993 |
8,184 |
Source: GB Group, Edison Investment Research
|
|