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ArcBest® Announces Third Quarter 2019 Results

- Third quarter 2019 revenue of $787.6 million, and net income of $16.3 million, or $0.62 per diluted share. On a non‑GAAP(1) basis, third quarter 2019 net income was $27.0 million, or $1.02 per diluted share.

- Asset-Based yield improvement despite a decrease in shipment and tonnage levels

- Asset-Light revenue and operating income decreased due to lower demand

FORT SMITH, Ark., Oct. 31, 2019 /PRNewswire/ -- ArcBest® (ARCB), a leading logistics company with creative problem solvers who deliver innovative solutions, today reported third quarter 2019 revenue of $787.6 million compared to third quarter 2018 revenue of $826.2 million.  Third quarter 2019 operating income was $31.2 million compared to operating income of $56.1 million in third quarter last year.  Third quarter net income was $16.3 million, or $0.62 per diluted share compared to third quarter 2018 net income of $40.8 million, or $1.52 per diluted share.

ArcBest Logo (PRNewsFoto/ArcBest Corporation) (PRNewsfoto/ArcBest Corporation)

Excluding certain items in both periods, as identified in the attached reconciliation tables, including final nonunion pension charges of $6.0 million, or $0.23 per diluted share, eliminating any further nonunion pension expense, non‑GAAP net income was $27.0 million, or $1.02 per diluted share, in third quarter 2019 compared to third quarter 2018 net income of $40.0 million, or $1.49 per diluted share. 

"While below last year's record-setting levels, the third quarter represented one of the best performances achieved for that period in recent history as we continued to see rational pricing amid softer demand compared with last year," said Chairman, President & CEO Judy R. McReynolds. "Revenue for expedite and truckload brokerage services declined as available capacity increased, which has been the case throughout the year, while our managed transportation solutions revenue continued to grow as a result of our team's ability to provide valued expertise."

Asset-Based

Results of Operations

Third Quarter 2019 Versus Third Quarter 2018

  • Revenue of $565.6 million compared to $585.3 million, a per-day decrease of 4.1 percent.
  • Tonnage per day decrease of 4.6 percent, with a ten percent decrease in LTL‑rated freight offset by a double digit percentage increase in truckload‑rated freight.
  • Shipments per day decrease of 3.9 percent.
  • Total weight per shipment decreased 0.7 percent with a decrease in the average LTL‑rated weight per shipment of approximately 6 percent.
  • Total billed revenue per hundredweight increased 1.5 percent. Excluding fuel surcharge, the percentage increase on LTL‑rated freight was in the high‑single digits.
  • Operating income of $31.7 million and an operating ratio of 94.4 percent compared to operating income of $50.2 million and an operating ratio of 91.4 percent. On a non-GAAP basis, operating income of $38.5 million and an operating ratio of 93.2 percent compared to operating income of $51.2 million and an operating ratio of 91.2 percent.

 

1.

U.S. Generally Accepted Accounting Principles

Reduced customer demand during a more moderate economic period resulted in fewer third quarter shipments and lower total freight tonnage in the Asset‑Based operating segment compared to the same period last year.  The lower business levels experienced during the third quarter reflect a reduction in LTL‑rated tonnage partially offset by an increase in TL‑rated, spot shipments.  This Asset‑Based business mix, combined with a decrease in the size of the average LTL‑rated shipment, contributed to a reduction in total third quarter Asset‑Based revenue.  Yield management initiatives continue to generate positive results.  The improvement in third quarter total revenue per hundredweight included additional, solid increases in average LTL pricing above a strong pricing period in 2018.

Lower freight levels adversely impacted productivity in city pickup, dock handling and final shipment delivery contributing to cost increases in these operational areas.  Despite a reduction in fuel expense, increased repair and parts costs contributed to higher third quarter equipment maintenance costs.  Third quarter linehaul costs were below the prior year due to improved utilization of owned equipment combined with reductions in the use of rail and other outside carrier resources.

Asset-Light2

Results of Operations

Third Quarter 2019 Versus Third Quarter 2018

  • Revenue of $253.7 million compared to $255.9 million.
  • Operating income of $3.6 million compared to operating income of $11.1 million. On a non-GAAP basis, operating income of $3.7 million compared to operating income of $9.1 million.
  • Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") of $6.6 million compared to Adjusted EBITDA of $14.9 million.

A reduction in both total shipments and average revenue per shipment associated with lower market demand resulted in a third quarter revenue decline in the Asset-Light ArcBest segment compared to last year.  As seen throughout this year relative to 2018, expedite and truckload brokerage services were the primary reasons for the overall reduction in revenue.  Current market conditions have impacted customer pricing and freight mix.  This, combined with purchased transportation costs that were comparable to those experienced in last year's higher revenue environment, put pressure on third quarter margins and reduced Asset-Light operating income.  Managed transportation services were a significant positive contributor to Asset-Light results as the recent trend of solid demand for these value-added logistics services continued.  Household goods shipments handled within the Asset‑Light business increased and were another positive contributor to this segment's revenue and profitability totals.  At FleetNet, total event growth resulted in improved third quarter operating income.

Closing Comments

"Results for the first nine months remained solid though below last year's record-setting pace, as our customers' need for complex supply chain solutions aligns well with the broad array of services and expertise we provide," said McReynolds. "We expect the trends that began in the first quarter, including more available capacity and softer market demand, to remain prevalent for the rest of the year. We will work to reduce costs where prudent while still investing in innovative technology that enables a best-in-class customer experience and offers the optimum benefit and improved efficiency to ArcBest."

2.

The ArcBest and FleetNet reportable segments, combined, represent Asset-Light operations.

Conference Call

ArcBest will host a conference call with company executives to discuss the 2019 third quarter results. The call will be on Friday, November 1st at 9:30 a.m. EDT (8:30 a.m. CDT). Interested parties are invited to listen by calling (800) 931‑4071. Following the call, a recorded playback will be available through the end of the day on December 15, 2019. To listen to the playback, dial (800) 633-8284 or (402) 977-9140 (for international callers). The conference call ID for the playback is 21930608. The conference call and playback can also be accessed, through December 15, 2019, on ArcBest's website at arcb.com.

Call participants can submit questions this afternoon prior to the conference call by emailing them to ir@arcb.com.  On the call, responses will be provided to as many questions as possible in the time available.

About ArcBest

ArcBest® (ARCB) is a leading logistics company with creative problem solvers who deliver integrated solutions.  We'll find a way to deliver knowledge, expertise and a can-do attitude with every shipment and supply chain solution, household move or vehicle repair.  At ArcBest, we're More Than LogisticsSM.  For more information, visit arcb.com.

Forward-Looking Statements
Certain statements and information in this press release concerning results for the three months ended September 30, 2019 may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Terms such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "foresee," "intend," "may," "plan," "predict," "project," "scheduled," "should," "would," and similar expressions and the negatives of such terms are intended to identify forward-looking statements. These statements are based on management's beliefs, assumptions, and expectations based on currently available information, are not guarantees of future performance, and involve certain risks and uncertainties (some of which are beyond our control). Although we believe that the expectations reflected in these forward-looking statements are reasonable as and when made, we cannot provide assurance that our expectations will prove to be correct. Actual outcomes and results could materially differ from what is expressed, implied, or forecasted in these statements due to a number of factors, including, but not limited to: a failure of our information systems, including disruptions or failures of services essential to our operations or upon which our information technology platforms rely, data breach, and/or cybersecurity incidents; untimely or ineffective development and implementation of new or enhanced technology or processes, including the pilot test program at ABF Freight; failure to realize potential benefits associated with new or enhanced technology or processes, including the pilot test program at ABF Freight, and any write-offs associated therewith; the loss or reduction of business from large customers; competitive initiatives and pricing pressures; relationships with employees, including unions, and our ability to attract and retain employees; unfavorable terms of, or the inability to reach agreement on, future collective bargaining agreements or a workforce stoppage by our employees covered under ABF Freight's collective bargaining agreement; the cost, timing, and performance of growth initiatives; general economic conditions and related shifts in market demand that impact the performance and needs of industries we serve and/or limit our customers' access to adequate financial resources; availability and cost of reliable third-party services; governmental regulations; environmental laws and regulations, including emissions-control regulations; union and nonunion employee wages and benefits, including changes in required contributions to multiemployer plans; our ability to secure independent owner operators and/or operational or regulatory issues related to our use of their services; litigation or claims asserted against us; maintaining our intellectual property rights, brand, and corporate reputation; the loss of key employees or the inability to execute succession planning strategies; default on covenants of financing arrangements and the availability and terms of future financing arrangements; timing and amount of capital expenditures; self-insurance claims and insurance premium costs; the cost, integration, and performance of any recent or future acquisitions; availability of fuel, the effect of volatility in fuel prices and the associated changes in fuel surcharges on securing increases in base freight rates, and the inability to collect fuel surcharges; increased prices for and decreased availability of new revenue equipment, decreases in value of used revenue equipment, and higher costs of equipment-related operating expenses such as maintenance and fuel and related taxes; potential impairment of goodwill and intangible assets; greater than anticipated funding requirements for our nonunion defined benefit pension plan; seasonal fluctuations and adverse weather conditions; regulatory, economic, and other risks arising from our international business; antiterrorism and safety measures; and other financial, operational, and legal risks and uncertainties detailed from time to time in ArcBest's public filings with the Securities and Exchange Commission ("SEC").

For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events, or otherwise.

Financial Data and Operating Statistics

The following tables show financial data and operating statistics on ArcBest® and its reportable segments. 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

















Three Months Ended 


Nine Months Ended 




September 30


September 30




2019


2018


2019


2018




(Unaudited)




($ thousands, except share and per share data)


REVENUES


$

787,563


$

826,158


$

2,270,892


$

2,319,509
















OPERATING EXPENSES(1)



756,355



770,103



2,195,893



2,247,573
















OPERATING INCOME



31,208



56,055



74,999



71,936
















OTHER INCOME (COSTS)














Interest and dividend income



1,768



1,120



4,862



2,360


Interest and other related financing costs



(2,900)



(2,470)



(8,593)



(6,542)


Other, net



(6,734)



(714)



(7,770)



(4,038)





(7,866)



(2,064)



(11,501)



(8,220)
















INCOME BEFORE INCOME TAXES



23,342



53,991



63,498



63,716
















INCOME TAX PROVISION



7,072



13,215



17,964



11,753
















NET INCOME


$

16,270


$

40,776


$

45,534


$

51,963
















EARNINGS PER COMMON SHARE(2)














Basic


$

0.64


$

1.58


$

1.78


$

2.02


Diluted


$

0.62


$

1.52


$

1.72


$

1.94
















AVERAGE COMMON SHARES OUTSTANDING














Basic



25,527,982



25,697,509



25,550,365



25,670,435


Diluted



26,416,595



26,795,659



26,461,668



26,708,259
















CASH DIVIDENDS DECLARED PER COMMON SHARE


$

0.08


$

0.08


$

0.24


$

0.24


_______________________________

1) 

Includes a one-time charge of $37.9 million for the nine months ended September 30, 2018 for the multiemployer pension fund withdrawal liability resulting from the transition agreement ABF Freight, Inc. entered into with the New England Teamsters and Trucking Industry Pension Fund.

2) 

ArcBest uses the two-class method for calculating earnings per share. This method requires an allocation of dividends paid and a portion of undistributed net income (but not losses) to unvested restricted stock for calculating per share amounts.

 

ARCBEST CORPORATION

CONSOLIDATED BALANCE SHEETS











September 30


December 31




2019


2018




(Unaudited)


Note




($ thousands, except share data)


ASSETS








CURRENT ASSETS








Cash and cash equivalents


$

183,838


$

190,186


Short-term investments



124,257



106,806


Accounts receivable, less allowances (2019 - $5,548; 2018 - $7,380)



292,935



297,051


Other accounts receivable, less allowances (2019 - $469; 2018 - $806)



18,122



19,146


Prepaid expenses



25,365



25,304


Prepaid and refundable income taxes



8,186



1,726


Other



5,285



9,007


TOTAL CURRENT ASSETS



657,988



649,226










PROPERTY, PLANT AND EQUIPMENT








Land and structures



339,298



339,640


Revenue equipment



902,289



858,251


Service, office, and other equipment



229,691



199,230


Software



146,789



138,517


Leasehold improvements



10,212



9,365





1,628,279



1,545,003


Less allowances for depreciation and amortization



948,205



913,815





680,074



631,188










GOODWILL



108,320



108,320


INTANGIBLE ASSETS, NET



65,583



68,949


OPERATING RIGHT-OF-USE ASSETS



67,404




DEFERRED INCOME TAXES



6,128



7,468


OTHER LONG-TERM ASSETS



85,135



74,080




$

1,670,632


$

1,539,231










LIABILITIES AND STOCKHOLDERS' EQUITY
















CURRENT LIABILITIES








Accounts payable


$

160,054


$

143,785


Income taxes payable



198



1,688


Accrued expenses



234,863



243,111


Current portion of long-term debt



50,197



54,075


Current portion of operating lease liabilities



18,492




Current portion of pension and postretirement liabilities



1,921



8,659


TOTAL CURRENT LIABILITIES



465,725



451,318










LONG-TERM DEBT, less current portion



248,223



237,600


OPERATING LEASE LIABILITIES, less current portion



52,782




PENSION AND POSTRETIREMENT LIABILITIES, less current portion



32,059



31,504


OTHER LONG-TERM LIABILITIES



38,151



44,686


DEFERRED INCOME TAXES



70,066



56,441










STOCKHOLDERS' EQUITY








Common stock, $0.01 par value, authorized 70,000,000 shares;
issued 2019: 28,801,025 shares; 2018: 28,684,779 shares



288



287


Additional paid-in capital



331,773



325,712


Retained earnings



540,778



501,389


   Treasury stock, at cost, 2019: 3,299,669 shares; 2018: 3,097,634 shares



(101,583)



(95,468)


Accumulated other comprehensive loss



(7,630)



(14,238)


TOTAL STOCKHOLDERS' EQUITY



763,626



717,682




$

1,670,632


$

1,539,231



Note:  The balance sheet at December 31, 2018 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

ARCBEST CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS











Nine Months Ended 




September 30




2019


2018




Unaudited




($ thousands)


 OPERATING ACTIVITIES








Net income


$

45,534


$

51,963


Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation and amortization



79,967



78,305


Amortization of intangibles



3,365



3,394


Pension settlement expense, including termination expense



8,135



1,603


Share-based compensation expense



7,268



6,185


Provision for losses on accounts receivable



832



1,937


Change in deferred income taxes



14,099



3,697


Gain on sale of property and equipment



(1,384)



(188)


Gain on sale of subsidiaries





(1,945)


Changes in operating assets and liabilities:








Receivables



4,216



(47,287)


Prepaid expenses



(265)



1,013


Other assets



(4,236)



(4,826)


Income taxes



(7,883)



5,675


Operating right-of-use assets and lease liabilities, net



526




Multiemployer pension fund withdrawal liability(1)



(435)



22,744


Accounts payable, accrued expenses, and other liabilities



(11,726)



51,309


NET CASH PROVIDED BY OPERATING ACTIVITIES



138,013



173,579










 INVESTING ACTIVITIES








Purchases of property, plant and equipment, net of financings



(69,773)



(39,249)


Proceeds from sale of property and equipment



4,748



2,917


Proceeds from sale of subsidiaries





4,680


Purchases of short-term investments



(105,747)



(67,121)


Proceeds from sale of short-term investments



88,730



47,878


Capitalization of internally developed software



(8,500)



(7,411)


NET CASH USED IN INVESTING ACTIVITIES



(90,542)



(58,306)










 FINANCING ACTIVITIES








Payments on long-term debt



(43,773)



(49,967)


Proceeds from notes payable



9,552




Net change in book overdrafts



(5,570)



(1,975)


Deferred financing costs



(562)



(202)


Payment of common stock dividends



(6,145)



(6,176)


Purchases of treasury stock



(6,115)



(201)


Payments for tax withheld on share-based compensation



(1,206)



(88)


NET CASH USED IN FINANCING ACTIVITIES



(53,819)



(58,609)










NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS



(6,348)



56,664


Cash and cash equivalents at beginning of period



190,186



120,772


CASH AND CASH EQUIVALENTS AT END OF PERIOD


$

183,838


$

177,436










 NONCASH INVESTING ACTIVITIES








Equipment financed


$

40,966


$

71,575


Accruals for equipment received


$

18,949


$

438


Lease liabilities arising from obtaining right-of-use assets


$

26,810


$


_________________________

1)

The nine months ended September 30, 2018 includes a one-time charge related to the multiemployer pension plan withdrawal liability.

 

ARCBEST CORPORATION

FINANCIAL STATEMENT OPERATING SEGMENT DATA AND OPERATING RATIOS





























Three Months Ended 



Nine Months Ended 




September 30



September 30




2019



2018



2019



2018




Unaudited




($ thousands, except percentages)


REVENUES

























Asset-Based


$

565,621





$

585,290





$

1,631,348





$

1,626,644





























ArcBest



199,758






205,449






554,135






587,369




FleetNet



53,976






50,494






158,957






145,045




Total Asset-Light



253,734






255,943






713,092






732,414





























Other and eliminations



(31,792)






(15,075)






(73,548)






(39,549)




Total consolidated revenues


$

787,563





$

826,158





$

2,270,892





$

2,319,509





























OPERATING EXPENSES

























Asset-Based

























Salaries, wages, and benefits


$

296,503


52.4

%


$

292,082


49.9

%


$

873,795


53.6

%


$

848,611


52.2

%

Fuel, supplies, and expenses(1)



65,738


11.6




63,936


10.9




195,502


12.0




191,163


11.7


Operating taxes and licenses



12,865


2.3




12,261


2.1




37,477


2.3




35,927


2.2


Insurance



7,646


1.4




9,448


1.6




23,235


1.4




24,055


1.5


Communications and utilities



5,064


0.9




4,308


0.7




14,181


0.9




12,964


0.8


Depreciation and amortization



23,776


4.2




22,200


3.8




66,370


4.0




64,492


4.0


Rents and purchased transportation



61,102


10.8




70,946


12.1




167,234


10.2




180,332


11.1


Shared services(1)



56,031


9.9




57,472


9.8




161,664


9.9




158,042


9.7


Multiemployer pension fund withdrawal liability charge(2)















37,922


2.3


Gain on sale of property and equipment



(82)





(123)





(1,703)


(0.1)




(522)



Innovative technology costs(1)(3)



4,664


0.8




1,080


0.2




9,200


0.6




2,947


0.2


Other(1)



592


0.1




1,530


0.3




2,878


0.2




3,778


0.2


Total Asset-Based



533,899


94.4

%



535,140


91.4

%



1,549,833


95.0

%



1,559,711


95.9

%


























ArcBest

























Purchased transportation



164,521


82.4

%



164,322


80.0

%



452,178


81.6

%



475,614


81.0

%

Supplies and expenses



2,780


1.4




3,522


1.7




8,412


1.5




10,290


1.7


Depreciation and amortization(4)



2,607


1.3




3,558


1.7




8,813


1.6




10,563


1.8


Shared services



25,032


12.5




23,453


11.4




71,204


12.9




68,857


11.7


Other



2,366


1.2




2,546


1.2




7,224


1.3




6,973


1.2


Restructuring costs















152



Gain on sale of subsidiaries(5)







(1,945)


(0.9)








(1,945)


(0.3)





197,306


98.8

%



195,456


95.1

%



547,831


98.9

%



570,504


97.1

%

FleetNet



52,805


97.8

%



49,406


97.8

%



155,272


97.7

%



141,407


97.5

%

Total Asset-Light



250,111






244,862






703,103






711,911





























Other and eliminations



(27,655)






(9,899)






(57,043)






(24,049)




Total consolidated operating expenses


$

756,355


96.0

%


$

770,103


93.2

%


$

2,195,893


96.7

%


$

2,247,573


96.9

%


























OPERATING INCOME

























Asset-Based


$

31,722





$

50,150





$

81,515





$

66,933





























ArcBest



2,452






9,993






6,304






16,865




FleetNet



1,171






1,088






3,685






3,638




Total Asset-Light



3,623






11,081






9,989






20,503





























Other and eliminations(6)



(4,137)






(5,176)






(16,505)






(15,500)




Total consolidated operating income


$

31,208





$

56,055





$

74,999





$

71,936




______________________

1) 

In third quarter 2019, the presentation of Asset-Based segment expenses was modified to present innovative technology costs as a separate operating expense line item. Previously, innovative technology costs incurred directly by the segment or allocated through shared services were categorized in individual segment expense line items. Certain reclassifications have been made to the prior period operating segment expenses to conform to the current year presentation. There was no impact on the segment's total expenses as a result of the reclassifications.

2) 

The nine months ended September 30, 2018 includes a one-time charge for the multiemployer pension plan withdrawal liability.

3) 

Represents costs associated with the previously announced freight handling pilot test program at ABF Freight.

4) 

Depreciation and amortization consists primarily of amortization of intangibles, including customer relationships, and software associated with acquired businesses.

5) 

Gain recognized in the 2018 periods relates to the sale of the ArcBest segment's military moving businesses in December 2017.

6) 

"Other and eliminations" includes corporate costs for certain unallocated shared service costs which are not attributable to any segment, additional investments to offer comprehensive transportation and logistics services across multiple operating segments, and other investments in ArcBest technology and innovations, including innovative technology costs.

ARCBEST CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES

Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles ("GAAP"). However, management believes that certain non-GAAP performance measures and ratios utilized for internal analysis provide analysts, investors, and others the same information that we use internally for purposes of assessing our core operating performance and provides meaningful comparisons between current and prior period results, as well as important information regarding performance trends. The use of certain non-GAAP measures improves comparability in analyzing our performance because it removes the impact of items from operating results that, in management's opinion, do not reflect our core operating performance. Other companies may calculate non-GAAP measures differently; therefore, our calculation may not be comparable to similarly titled measures of other companies. Certain information discussed in the scheduled conference call could be considered non-GAAP measures. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results. These financial measures should not be construed as better measurements than operating income, operating cash flow, net income or earnings per share, as determined under GAAP.

















Three Months Ended 


Nine Months Ended 



September 30



September 30




2019


2018



2019



2018




(Unaudited)




($ thousands, except per share data)


ArcBest Corporation - Consolidated




























Operating Income














Amounts on GAAP basis


$

31,208


$

56,055


$

74,999


$

71,936


Innovative technology costs, pre-tax(1)



4,727



1,753



11,104



4,060


ELD conversion costs, pre-tax(2)



1,796





2,358




Nonunion pension termination costs, pre-tax(3)



350





350




Multiemployer pension fund withdrawal liability charge, pre-tax(4)









37,922


Restructuring charges, pre-tax(5)





50





766


Gain on sale of subsidiaries, pre-tax(6)





(1,945)





(1,945)


Non-GAAP amounts


$

38,081


$

55,913


$

88,811


$

112,739
















Net Income














Amounts on GAAP basis


$

16,270


$

40,776


$

45,534


$

51,963


Innovative technology costs, after-tax (includes related financing costs)(1)



3,614



1,304



8,462



3,017


ELD conversion costs, after-tax(2)



1,333





1,751




Nonunion pension termination costs, after-tax(3)



260





260




Multiemployer pension fund withdrawal liability charge, after-tax(4)









28,161


Restructuring charges, after-tax(5)





37





566


Gain on sale of subsidiaries, after-tax(6)





(1,437)





(1,437)


Nonunion pension expense, including settlement and termination expense, after-tax(7)



6,011



1,325



7,675



4,146


Life insurance proceeds and changes in cash surrender value



(557)



(1,296)



(2,713)



(2,230)


Tax expense (benefit) from vested RSUs(8)



56



(24)



464



(325)


Deferred tax adjustment for 2017 Tax Reform Act(9)





(825)


null