EROAD

OTCPK:ERDL.F

Snowflake Description

Reasonable growth potential with imperfect balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

ERDL.F

OTCPK

NZ$181M

Market Cap

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Last updated 2019/03/19 00:41

Company description

EROAD Limited provides electronic on-board units and software as a service to the heavy and light vehicle transport sectors in New Zealand and internationally. The last earnings update was 113 days ago. More info.

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ERDL.F Share Price and Events

7 Day Returns

OTCPK:ERDL.F

2.4%

US Electronic

2.4%

US Market

1 Year Returns

OTCPK:ERDL.F

-0.7%

US Electronic

1.9%

US Market

ERDL.F Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
EROAD (ERDL.F)	0%	0%	-	-	-	-
US Electronic	2.4%	1.2%	19.1%	-0.7%	59.1%	59.5%
US Market	2.4%	1.7%	11.9%	1.9%	38.2%	42.4%

1 Year Return vs Industry and Market

No trading data on ERDL.F.
No trading data on ERDL.F.

Price Volatility

ERDL.F

Industry

5yr Volatility vs Market

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ERDL.F Value

Is EROAD undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

It is not possible to calculate the future cash flow value for EROAD. This is due to cash flow or dividend data being unavailable. The share price is $1.61.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for EROAD's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are EROAD's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

OTCPK:ERDL.F PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-09-30) in NZD	NZ$0.01
NZSE:ERD Share Price **	NZSE (2019-01-14) in NZD	NZ$2.69
United States of America Electronic Industry PE Ratio	Median Figure of 92 Publicly-Listed Electronic Companies	19.59x
United States of America Market PE Ratio	Median Figure of 3,055 Publicly-Listed Companies	17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of EROAD.

OTCPK:ERDL.F PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= NZSE:ERD Share Price ÷ EPS (both in NZD) = 2.69 ÷ 0.01	264.63x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

EROAD is overvalued based on earnings compared to the US Electronic industry average.
EROAD is overvalued based on earnings compared to the United States of America market.

Price based on expected Growth

Does EROAD's expected growth come at a high price?

Raw Data

OTCPK:ERDL.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	264.63x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	94.8%per year
United States of America Electronic Industry PEG Ratio	Median Figure of 60 Publicly-Listed Electronic Companies	1.38x
United States of America Market PEG Ratio	Median Figure of 2,109 Publicly-Listed Companies	1.48x

*Line of best fit is calculated by linear regression .

OTCPK:ERDL.F PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 264.63x ÷ 94.8%	2.79x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

EROAD is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on EROAD's assets?

Raw Data

OTCPK:ERDL.F PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-09-30) in NZD	NZ$0.81
NZSE:ERD Share Price *	NZSE (2019-01-14) in NZD	NZ$2.69
United States of America Electronic Industry PB Ratio	Median Figure of 151 Publicly-Listed Electronic Companies	2.11x
United States of America Market PB Ratio	Median Figure of 5,152 Publicly-Listed Companies	1.87x

OTCPK:ERDL.F PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= NZSE:ERD Share Price ÷ Book Value per Share (both in NZD) = 2.69 ÷ 0.81	3.32x

* Primary Listing of EROAD.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

EROAD is overvalued based on assets compared to the US Electronic industry average.

Value checks

We assess EROAD's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

ERDL.F Future Performance

How is EROAD expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

94.8%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is EROAD expected to grow at an attractive rate?

EROAD's earnings growth is expected to exceed the low risk savings rate of 2.7%.

Growth vs Market Checks

EROAD's earnings growth is expected to exceed the United States of America market average.
EROAD's revenue growth is expected to exceed the United States of America market average.

Annual Growth Rates Comparison

Raw Data

OTCPK:ERDL.F Future Growth Rates Data Sources
Data Point	Source	Value (per year)
OTCPK:ERDL.F Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts	94.8%
OTCPK:ERDL.F Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts	15.1%
United States of America Electronic Industry Earnings Growth Rate	Market Cap Weighted Average	17%
United States of America Electronic Industry Revenue Growth Rate	Market Cap Weighted Average	5.6%
United States of America Market Earnings Growth Rate	Market Cap Weighted Average	14.3%
United States of America Market Revenue Growth Rate	Market Cap Weighted Average	7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

OTCPK:ERDL.F Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (5 months ago)	See Below
Future Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below

All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ERDL.F Future Estimates Data
Date (Data in NZD Millions)	Revenue	Net Income *	Avg. No. Analysts
2021-03-31	85	8	1
2020-03-31	73	3	1
2019-03-31	60	-5	1

OTCPK:ERDL.F Past Financials Data
Date (Data in NZD Millions)	Revenue	Cash Flow	Net Income *
2018-09-30	61	8	1
2018-06-30	56	5	0
2018-03-31	52	2	0
2017-12-31	43	4	-4
2017-09-30	37	4	-9
2017-06-30	35	5	-7
2017-03-31	33	7	-5
2016-12-31	31	6	-4
2016-09-30	29	6	-2
2016-06-30	28	4	-2
2016-03-31	26	3	-1
2015-12-31	24	3	0

*GAAP earnings excluding extraordinary items.

High Growth Checks

EROAD's earnings are expected to grow significantly at over 20% yearly.
EROAD's revenue is expected to grow by 15.1% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

OTCPK:ERDL.F Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (5 months ago)	See Below
Future Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below

All data from EROAD Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ERDL.F Future Estimates Data
Date (Data in NZD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2021-03-31	0.11	0.11	0.11	1.00
2020-03-31	0.04	0.04	0.04	1.00
2019-03-31	-0.07	-0.07	-0.07	1.00

OTCPK:ERDL.F Past Financials Data
Date (Data in NZD Millions)	EPS *
2018-09-30	0.01
2018-06-30	0.01
2018-03-31	0.00
2017-12-31	-0.07
2017-09-30	-0.15
2017-06-30	-0.12
2017-03-31	-0.09
2016-12-31	-0.06
2016-09-30	-0.03
2016-06-30	-0.03
2016-03-31	-0.02
2015-12-31	0.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

EROAD is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the Electronic industry

Future performance checks

We assess EROAD's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
EROAD has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

ERDL.F Past Performance

How has EROAD performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare EROAD's growth in the last year to its industry (Electronic).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

EROAD's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
EROAD has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
EROAD has become profitable in the last year making it difficult to compare the US Electronic industry average.

Earnings and Revenue History

EROAD's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from EROAD Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:ERDL.F Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions)	Revenue	Net Income *	G+A Expenses
2018-09-30	60.50	0.66	1.01
2018-06-30	56.01	0.44	1.01
2018-03-31	51.52	0.21	1.01
2017-12-31	43.50	-4.47	0.50
2017-09-30	36.81	-8.90	0.48
2017-06-30	34.79	-7.08	0.73
2017-03-31	32.76	-5.27	0.99
2016-12-31	31.12	-3.61	1.01
2016-09-30	29.47	-1.95	1.03
2016-06-30	27.82	-1.53	1.00
2016-03-31	26.16	-1.10	0.96
2015-12-31	24.03	0.10	0.88
2015-09-30	21.89	1.29	0.79
2015-06-30	19.72	0.04	0.72
2015-03-31	17.55	-1.22	0.65
2014-12-31	15.53	0.13	0.66
2014-09-30	13.51	1.49	0.66
2014-06-30	11.74	2.22	0.56
2014-03-31	9.96	2.94	0.46
2013-03-31	6.21	-0.30

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

EROAD has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
EROAD used its assets less efficiently than the US Electronic industry average last year based on Return on Assets.
EROAD has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess EROAD's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
EROAD has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

ERDL.F Health

How is EROAD's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up EROAD's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

EROAD's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
EROAD's cash and other short term assets cover its long term commitments.

Balance sheet

This treemap shows a more detailed breakdown of EROAD's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is covered by short term assets, assets are 1.4x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from EROAD Company Filings, last reported 5 months ago.

OTCPK:ERDL.F Past Debt and Equity Data
Date (Data in NZD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-09-30	54.59	35.50	22.27
2018-06-30	54.59	35.50	22.27
2018-03-31	67.16	26.48	21.87
2017-12-31	67.16	26.48	21.87
2017-09-30	42.42	18.11	0.83
2017-06-30	42.42	18.11	0.83
2017-03-31	45.56	7.03	0.94
2016-12-31	45.56	7.03	0.94
2016-09-30	50.50	6.02	6.70
2016-06-30	50.50	6.02	6.70
2016-03-31	50.72	1.00	7.87
2015-12-31	50.72	1.00	7.87
2015-09-30	52.09	0.00	19.17
2015-06-30	52.09	0.00	19.17
2015-03-31	51.76	0.00	34.12
2014-12-31	51.76	0.00	34.12
2014-09-30	51.01	0.00	40.56
2014-06-30	51.01	0.00	40.56
2014-03-31	11.55	3.10	9.16
2013-03-31	1.59	1.99	3.45

EROAD's level of debt (65%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has increased over the past 5 years (38.6% vs 65% today).
Debt is well covered by operating cash flow (23.5%, greater than 20% of total debt).
Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).

Financial health checks

We assess EROAD's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

ERDL.F Dividends

What is EROAD's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

Current annual income from EROAD dividends. Estimated to be 0% next year.

If you bought $2,000 of EROAD shares you are expected to receive $0 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Unable to evaluate EROAD's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
Unable to evaluate EROAD's dividend against the top 25% market benchmark as the company has not reported any payouts.

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

OTCPK:ERDL.F Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 1 Analyst Estimates (S&P Global)	See Below
United States of America Electronic Industry Average Dividend Yield	Market Cap Weighted Average of 38 Stocks	1.5%
United States of America Market Average Dividend Yield	Market Cap Weighted Average of 2004 Stocks	2.5%
United States of America Minimum Threshold Dividend Yield	10th Percentile	0.8%
United States of America Bottom 25% Dividend Yield	25th Percentile	1.4%
United States of America Top 25% Dividend Yield	75th Percentile	3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:ERDL.F Future Dividends Estimate Data
Date (Data in NZ$)	Dividend per Share (annual)	Avg. No. Analysts
2021-03-31	0.00	1.00
2020-03-31	0.00	1.00
2019-03-31	0.00	1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Unable to perform a dividend volatility check as EROAD has not reported any payouts.
Unable to verify if EROAD's dividend has been increasing as the company has not reported any payouts.

Current Payout to shareholders

What portion of EROAD's earnings are paid to the shareholders as a dividend.

Unable to calculate sustainability of dividends as EROAD has not reported any payouts.

Future Payout to shareholders

No need to calculate the sustainability of EROAD's dividends in 3 years as they are not expected to pay a notable one for United States of America.

Income/ dividend checks

We assess EROAD's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can EROAD afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

ERDL.F Management

What is the CEO of EROAD's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Steven Newman

COMPENSATION	NZ$555,859
TENURE AS CEO	12.2 years

CEO Bio

Mr. Steven Newman has been the Chief Executive Officer at EROAD Limited since 2007. Mr. Newman has a wealth of experience to EROAD after a long and successful association with Navman, which he Co-Founded. In his roles as Chief Operating Officer and Chief Executive Officer, he helped establish Navman as a leading international brand within the Marine Electronics, Fleet Tracking, Precision GPS Modules and Consumer Car Navigation sectors. Mr. Newman has been an Executive Director of EROAD Limited since 2007.

CEO Compensation

Steven's compensation has been consistent with company performance over the past year.
Steven's remuneration is about average for companies of similar size in United States of America.

Management Team Tenure

Average tenure of the EROAD management team in years:

1.3

Average Tenure

The average tenure for the EROAD management team is less than 2 years, this suggests a new team.

Management Team

Steven Newman

2.7 yrs

President of North America

AGE

61

TENURE

2.2 yrs

Board of Directors Tenure

Average tenure of the EROAD board of directors in years:

5.9

Average Tenure

The tenure for the EROAD board of directors is about average.

2.7 yrs

Who owns this company?

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Role		Start	End	Shares	Max Price ($)	Value ($)

Management checks

We assess EROAD's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

ERDL.F News

Simply Wall St News

ERDL.F Company Info

Description

EROAD Limited provides electronic on-board units and software as a service to the heavy and light vehicle transport sectors in New Zealand and internationally. It offers products to reduce the time and money spend on road user charges compliance; and manage obligations and risks associated with the Health and Safety at Work Act, as well as fleet management products. The company was founded in 2000 and is based in Auckland, New Zealand.

Details

Name:	EROAD Limited
Ticker:	ERDL.F
Exchange:	OTCPK
Founded:	2000
Market Cap:	NZ$124,145,580
Shares outstanding:	67,306,288
Website:	http://www.eroad.co.nz
Address:	EROAD Limited 260 Oteha Valley Road, Albany, Auckland, 0632, New Zealand

Listings

	Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
	NZSE	ERD	Ordinary Shares	New Zealand Stock Exchange	NZ	NZD	15. Aug 2014
	OTCPK	ERDL.F	Ordinary Shares	Pink Sheets LLC	US	USD	15. Aug 2014

Number of employees

Current staff

207

EROAD employees.

Industry

Industry:	Electronic Equipment and Instruments
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/03/19 00:41
End of day share price update:	2019/01/14 00:00
Last estimates confirmation:	2019/01/23
Last earnings filing:	2018/11/26
Last earnings reported:	2018/09/30
Last annual earnings reported:	2018/03/31

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)