ACXM Acxiom Holdngs (delisted)

Acxiom® Corporation (Nasdaq: ACXM), a global leader in interactive marketing, today announced financial results for the second quarter of fiscal year 2011 ended September 30, 2010. Acxiom will hold a conference call at 10:00 a.m. CDT today to further discuss this information. Interested parties are invited to listen to the call, which will be broadcast via the Internet at www.acxiom.com. The company will reference presentation slides that will be available on the website prior to the call.

John Meyer, Acxiom’s chief executive officer and president, said, “I am pleased that we have delivered another quarter of solid financial performance. We continue to see revenue growth as evidenced by the year-over-year revenue increase of almost eight percent. This translated into an impressive 29 percent increase in operating income over the second quarter of last year. In addition to executing in the near term, we invested in several projects that should provide for continued future growth.”

Second Quarter 2011 Highlights:

• Revenue increased by 7.6% in the current quarter ended September 30, 2010 to $291.7 million, compared to $271.1 million for the quarter ended September 30, 2009.
• Income from operations of $27.3 million in the current year second quarter, up 28.5%, compared to income from operations of $21.2 million in the second quarter of the prior year.
• Earnings per diluted share of $0.16 in the current quarter, compared to earnings per diluted share of $0.12 in the second quarter of fiscal 2010.
• Operating cash flow of $43.0 million, compared to $60.7 million in the second quarter a year ago.
• Free cash flow available to equity of $9.7 million, compared to $29.4 million in the second quarter a year ago. Free cash flow available to equity is a non-GAAP financial measure; a reconciliation to the comparable GAAP measure, operating cash flow, is attached to this news release.

Operational Highlights:

• Information Services: Revenue for the quarter ended September 30, 2010 was $225.6 million, up 7.3%, compared to $210.2 million for the quarter ended September 30, 2009. Income from operations for the current second quarter was $23.0 million, up 14.9% compared to $20.0 million in the prior-year second quarter.
• Information Products: Revenue for the quarter increased 8.5% to $66.1 million, compared with $60.9 million in the second quarter a year ago. Income from operations for the quarter was $4.4 million, compared to $1.2 million in the second quarter of the previous year.

Fiscal Year 2011 Year-To-Date Highlights:

• Revenue increased by 6.6% in the current year six-month period, to $562.1 million, compared to $527.1 million for the same period last year.
• Income from operations of $49.4 million for the first six months of fiscal year 2011, up 46.4%, compared to income from operations of $33.7 million in the comparable six-month period of fiscal 2010.
• Earnings per diluted share of $0.28 for the current year six-month period, compared to earnings per diluted share of $0.17 in the comparable six-month period last year.
• Operating cash flow of $60.0 million in the current fiscal year six-month period, compared to $76.9 million in the prior year six-month period.
• Free cash flow available to equity of $3.4 million for the six months ended September 30, 2010, compared to $16.3 million for the six months ended September 30, 2009. Free cash flow available to equity is a non-GAAP financial measure; a reconciliation to the comparable GAAP measure, operating cash flow, is attached to this news release.

Web Link to Financials

You may link to http://www.acxiom.com/FY11_Q2_Financials for the detailed financial information we typically attach to our earnings releases.

About Acxiom

Acxiom is a recognized leader in marketing services and technology that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Acxiom leverages over 40 years of experience in data management to deliver high-performance, highly secure, reliable information management services. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific, the Middle East and South America. For more information about Acxiom, visit www.acxiom.com.

Forward Looking Statements

This release and today’s conference call may contain forward-looking statements including, without limitation, statements regarding an improvement in the economic outlook, and the possibility of continued future growth. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. The following are factors, among others, that could cause actual results to differ materially from these forward-looking statements: the possibility that certain contracts may not generate the anticipated revenue or profitability or may not be closed within the anticipated time frames; the possibility that significant customers may experience extreme, severe economic difficulty or otherwise reduce the amount of business they do with us; the possibility that we will not successfully complete customer contract requirements on time or meet the service levels specified in the contracts, which may result in contract penalties or lost revenue; the possibility that we may not be able to attract, retain or motivate qualified technical, sales and leadership associates, or that we may lose key associates to other organizations; the possibility that we will not be able to continue to receive credit upon satisfactory terms and conditions; the possibility that negative changes in economic conditions in general or other conditions might lead to a reduction in demand for our products and services; the possibility that there will be changes in consumer or business information industries and markets that negatively impact the company; the possibility that the historical seasonality of our business may change; the possibility that we will not be able to achieve cost reductions and avoid unanticipated costs; the possibility that the fair value of certain of our assets may not be equal to the carrying value of those assets now or in future time periods; the possibility that changes in accounting pronouncements may occur and may impact these forward-looking statements; the possibility that we may encounter difficulties when entering new markets or industries; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our Annual Reports on Form 10-K for the year ended March 31, 2010, which was filed with the Securities and Exchange Commission on May 26, 2010.

With respect to the provision of products or services outside our primary base of operations in the United States, all of the above factors apply, along with the difficulty of doing business in numerous sovereign jurisdictions due to differences in scale, competition, culture, laws and regulations.

We undertake no obligation to update the information contained in this press release or any other forward-looking statement.

Acxiom is a registered trademark of Acxiom Corporation.

ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share)       For the Three Months Ended September 30 $ % 2010 2009 Variance Variance   Revenue: Services 225,584 210,213 15,371 7.3% Products 66,085 60,892 5,193 8.5% Total revenue 291,669 271,105 20,564 7.6%   Operating costs and expenses: Cost of revenue Services 175,687 165,792 (9,895) (6.0%) Products 48,320 46,129 (2,191) (4.7%) Total cost of revenue 224,007 211,921 (12,086) (5.7%)   Services gross margin 22.1% 21.1% Products gross margin 26.9% 24.2% Total gross margin 23.2% 21.8%   Selling, general and administrative 40,274 37,964 (2,310) (6.1%) Gains, losses and other items, net 78 (27) (105) 388.9%   Total operating costs and expenses 264,359 249,858 (14,501) (5.8%)   Income from operations 27,310 21,247 6,063 28.5%   Other income (expense): Interest expense (6,260) (5,423) (837) (15.4%) Other, net 111 223 (112) (50.2%)   Total other income (expense) (6,149) (5,200) (949) (18.3%)   Earnings before income taxes 21,161 16,047 5,114 31.9%   Income taxes 8,464 6,602 (1,862) (28.2%)   Net earnings 12,697 9,445 3,252 34.4%   Less: Net earnings (loss) attributable to noncontrolling interest (584) - (584) -   Net earnings attributable to Acxiom 13,281 9,445 3,836 40.6%   Earnings per share:   Basic 0.16 0.12 0.04 33.3%   Diluted 0.16 0.12 0.04 33.3%   Earnings per share attributable to Acxiom stockholders:   Basic 0.17 0.12 0.05 41.7%   Diluted 0.16 0.12 0.04 33.3% ACXIOM CORPORATION AND SUBSIDIARIES       CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share)     For the Six Months Ended September 30, $ % 2010 2009 Variance Variance   Revenue: Services 436,240 409,539 26,701 6.5% Products 125,824 117,547 8,277 7.0% Total revenue 562,064 527,086 34,978 6.6%   Operating costs and expenses: Cost of revenue Services 340,337 325,368 (14,969) (4.6%) Products 94,091 92,048 (2,043) (2.2%) Total cost of revenue 434,428 417,416 (17,012) (4.1%)   Services gross margin 22.0% 20.6% Products gross margin 25.2% 21.7% Total gross margin 22.7% 20.8%   Selling, general and administrative 78,229 75,607 (2,622) (3.5%) Gains, losses and other items, net 21 320 299 93.4%   Total operating costs and expenses 512,678 493,343 (19,335) (3.9%)   Income from operations 49,386 33,743 15,643 46.4%   Other income (expense): Interest expense (12,158) (10,928) (1,230) (11.3%) Other, net (340) 105 (445) (423.8%)   Total other income (expense) (12,498) (10,823) (1,675) (15.5%)   Earnings before income taxes 36,888 22,920 13,968 60.9%   Income taxes 14,755 9,281 (5,474) (59.0%)   Net earnings 22,133 13,639 8,494 62.3%   Less: Net earnings (loss) attributable to noncontrolling interest (953) - (953) -   Net earnings attributable to Acxiom 23,086 13,639 9,447 69.3%   Earnings per share:   Basic 0.28 0.17 0.11 64.7%   Diluted 0.27 0.17 0.10 58.8%   Earnings per share attributable to Acxiom stockholders:   Basic 0.29 0.17 0.12 70.6%   Diluted 0.28 0.17 0.11 64.7% ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share)       For the Three Months Ended   September 30, September 30, 2010 2009   Basic earnings per share:   Numerator - net earnings 12,697 9,445   Denominator - weighted-average shares outstanding 80,046 78,915   Basic earnings per share 0.16 0.12   Diluted earnings per share:   Numerator - net earnings 12,697 9,445   Denominator - weighted-average shares outstanding 80,046 78,915   Dilutive effect of common stock options, warrants and restricted stock 1,236 464   81,282 79,379   Diluted earnings per share 0.16 0.12           Basic earnings per share attributable to Acxiom stockholders:   Numerator - net earnings attributable to Acxiom 13,281 9,445   Denominator - weighted-average shares outstanding 80,046 78,915   Basic earnings per share attributable to Acxiom stockholders 0.17 0.12   Diluted earnings per share attributable to Acxiom stockholders:   Numerator - net earnings attributable to Acxiom 13,281 9,445   Denominator - weighted-average shares outstanding 80,046 78,915   Dilutive effect of common stock options, warrants, and restricted stock 1,236 464   81,282 79,379   Diluted earnings per share attributable to Acxiom stockholders 0.16 0.12 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF EARNINGS PER SHARE (Unaudited) (In thousands, except earnings per share)       For the Six Months Ended   September 30, September 30, 2010 2009   Basic earnings per share:   Numerator - net earnings 22,133 13,639   Denominator - weighted-average shares outstanding 79,894 78,791   Basic earnings per share 0.28 0.17   Diluted earnings per share:   Numerator - net earnings 22,133 13,639   Denominator - weighted-average shares outstanding 79,894 78,791   Dilutive effect of common stock options, warrants and restricted stock 1,475 404   81,369 79,195   Diluted earnings per share 0.27 0.17           Basic earnings per share attributable to Acxiom stockholders:   Numerator - net earnings attributable to Acxiom 23,086 13,639   Denominator - weighted-average shares outstanding 79,894 78,791   Basic earnings per share attributable to Acxiom stockholders 0.29 0.17   Diluted earnings per share attributable to Acxiom stockholders:   Numerator - net earnings attributable to Acxiom 23,086 13,639   Denominator - weighted-average shares outstanding 79,894 78,791   Dilutive effect of common stock options, warrants, and restricted stock 1,475 404   81,369 79,195   Diluted earnings per share attributable to Acxiom stockholders 0.28 0.17 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)       For the Three Months Ended   September 30, September 30, Revenue: 2010 2009   Information services 225,584 210,213 Information products 66,085 60,892   Total revenue 291,669 271,105     Income from operations:   Information services 22,952 19,971 Information products 4,436 1,249 Other (78) 27   Total income from operations 27,310 21,247   Margin:   Information services 10.2% 9.5% Information products 6.7% 2.1%   Total margin 9.4% 7.8% ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)       For the Six Months Ended   September 30, September 30, Revenue: 2010 2009   Information services 436,240 409,539 Information products 125,824 117,547   Total revenue 562,064 527,086     Income from operations:   Information services 43,831 35,809 Information products 5,576 (1,746) Other (21) (320)   Total income from operations 49,386 33,743   Margin:   Information services 10.0% 8.7% Information products 4.4% -1.5%   Total margin 8.8% 6.4% ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)         September 30, March 31, $ % 2010 2010 Variance Variance Assets Current assets: Cash and cash equivalents 199,384 224,104 (24,720) (11.0%) Trade accounts receivable, net 174,353 168,522 5,831 3.5% Deferred income taxes 11,885 11,874 11 0.1% Refundable income taxes 7,942 - 7,942 100.0% Other current assets 51,998 54,205 (2,207) (4.1%)   Total current assets 445,562 458,705 (13,143) (2.9%)   Property and equipment 869,611 824,084 45,527 5.5% Less - accumulated depreciation and amortization 616,035 587,245 28,790 4.9%   Property and equipment, net 253,576 236,839 16,737 7.1%   Software, net of accumulated amortization 34,821 38,845 (4,024) (10.4%) Goodwill 488,160 470,261 17,899 3.8% Purchased software licenses, net of accumulated amortization 46,522 51,356 (4,834) (9.4%) Deferred costs, net 82,465 68,914 13,551 19.7% Data acquisition costs 20,216 21,931 (1,715) (7.8%) Other assets, net 16,300 16,569 (269) (1.6%)   1,387,622 1,363,420 24,202 1.8%   Liabilities and Stockholders' Equity Current liabilities: Current installments of long-term debt 31,366 42,106 10,740 25.5% Trade accounts payable 34,097 42,774 8,677 20.3% Accrued payroll and related expenses 34,272 36,517 2,245 6.1% Other accrued expenses 80,724 75,632 (5,092) (6.7%) Deferred revenue 55,603 55,567 (36) (0.1%) Income taxes - 2,460 2,460 100.0%   Total current liabilities 236,062 255,056 18,994 7.4%   Long-term debt 450,452 458,629 8,177 1.8%   Deferred income taxes 65,044 61,284 (3,760) (6.1%)   Other liabilities 13,367 9,954 (3,413) (34.3%)   Stockholders' equity: Common stock 11,729 11,662 67 0.6% Additional paid-in capital 826,142 814,929 11,213 1.4% Retained earnings 505,329 482,243 23,086 4.8% Accumulated other comprehensive income (loss) 8,248 4,167 4,081 97.9% Treasury stock, at cost (738,601) (738,601) 0 0.0% Total Acxiom stockholders' equity 612,847 574,400 38,447 6.7% Noncontrolling interest 9,850 4,097 5,753 140.4%   Total equity 622,697 578,497 44,200 7.6%   1,387,622 1,363,420 24,202 1.8% ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)     For the Three Months Ended   September 30,       2010   2009   Cash flows from operating activities: Net earnings 12,697 9,445 Non-cash operating activities: Depreciation and amortization 37,720 41,147 Deferred income taxes 2,508 6,223 Non-cash stock compensation expense 3,488 3,261 Changes in operating assets and liabilities: Accounts receivable 8,338 2,526 Other assets (6,684) (1,190) Deferred costs (12,640) (2,438) Accounts payable and other liabilities (861) 6,920 Deferred revenue (1,600) (5,191) Net cash provided by operating activities 42,966 60,703 Cash flows from investing activities: Capitalized software (1,341) (2,431) Capital expenditures (21,734) (14,462) Data acquisition costs (2,625) (3,004) Net cash paid in acquisitions (10,949) 357 Net cash used by investing activities (36,649) (19,540) Cash flows from financing activities: Payments of debt (27,603) (41,402) Sale of common stock 1,019 236 Proceeds from partner's contributions 133 - Net cash used by financing activities (26,451) (41,166) Effect of exchange rate changes on cash 1,061 (33)   Net change in cash and cash equivalents (19,073) (36) Cash and cash equivalents at beginning of period 218,457 167,670 Cash and cash equivalents at end of period 199,384 167,634   Supplemental cash flow information: Cash paid (received) during the period for: Interest 5,896 5,328 Income taxes 17,724 792 Payments on capital leases and installment payment arrangements 5,411 7,504 Payments on software and data license liabilities 164 1,840 Other debt payments, excluding line of credit 2,028 2,058 Prepayment of debt 20,000 30,000 Noncash investing and financing activities:

Acquisition of property and equipment under capital lease and installment payment arrangements

7,382 6,564 Software licenses and maintenance acquired under software obligation - 611 ACXIOM CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Dollars in thousands)     For the Six Months Ended   September 30,       2010   2009   Cash flows from operating activities: Net earnings 22,133 13,639 Non-cash operating activities: Depreciation and amortization 73,706 81,742 Deferred income taxes 3,943 8,719 Non-cash stock compensation expense 6,460 5,650 Changes in operating assets and liabilities: Accounts receivable (8,498) (1,809) Other assets (8,151) 3,461 Deferred costs (22,621) (3,344) Accounts payable and other liabilities (7,982) (25,098) Deferred revenue 964 (6,091) Net cash provided by operating activities 59,954 76,869 Cash flows from investing activities: Capitalized software (2,567) (4,815) Capital expenditures (30,486) (21,893) Data acquisition costs (6,951) (8,781) Payments received from investments 175 - Net cash paid in acquisitions (12,927) 357 Net cash used by investing activities (52,756) (35,132) Cash flows from financing activities: Payments of debt (36,567) (55,126) Sale of common stock 4,820 2,663 Acquisition of treasury stock - (307) Proceeds from partner's contributions 133 - Net cash used by financing activities (31,614) (52,770) Effect of exchange rate changes on cash (304) 1,501   Net increase (decrease) in cash and cash equivalents (24,720) (9,532) Cash and cash equivalents at beginning of period 224,104 177,166 Cash and cash equivalents at end of period 199,384 167,634   Supplemental cash flow information: Cash paid (received) during the period for: Interest 11,676 10,586 Income taxes 21,082 (4,260) Payments on capital leases and installment payment arrangements 11,379 15,298 Payments on software and data license liabilities 1,057 5,718 Other debt payments, excluding line of credit 4,131 4,110 Prepayment of debt 20,000 30,000 Noncash investing and financing activities:

Acquisition of property and equipment under capital lease and installment payment arrangements

17,650 10,387 Software licenses and maintenance acquired under software obligation - 611 ACXIOM CORPORATION AND SUBSIDIARIES CALCULATION OF FREE CASH FLOW AVAILABLE TO EQUITY AND RECONCILIATION TO OPERATING CASH FLOW (Unaudited) (Dollars in thousands)                                   06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 09/30/10 FY2011   Net cash provided by operating activities 16,166 60,703 74,509 87,904 239,282 16,988 42,966 59,954   Plus: Sale of assets - - 1,058 - 1,058 - - -   Less: Capitalized software (2,384) (2,431) (1,846) (1,596) (8,257) (1,226) (1,341) (2,567) Capital expenditures (7,431) (14,462) (9,479) (26,536) (57,908) (8,752) (21,734) (30,486) Data acquisition costs (5,777) (3,004) (5,450) (4,577) (18,808) (4,326) (2,625) (6,951) Payments on capital leases and installment payment arrangements (7,794) (7,504) (7,309) (7,090) (29,697) (5,968) (5,411) (11,379) Payments on software and data license liabilities (3,878) (1,840) (416) (1,392) (7,526) (893) (164) (1,057) Other required debt payments (2,052) (2,058) (2,091) (3,597) (9,798) (2,103) (2,028) (4,131)   Total (13,150) 29,404 48,976 43,116 108,346 (6,280) 9,663 3,383   ACXIOM CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except earnings per share)                                     Q2 FY10 to Q2 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 09/30/10 FY2011 % $ Revenue: Services 199,326 210,213 218,340 221,553 849,432 210,656 225,584 436,240 7.3% 15,371 Products 56,655 60,892 65,467 66,789 249,803 59,739 66,085 125,824 8.5% 5,193 Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 291,669 562,064 7.6% 20,564   Operating costs and expenses: Cost of revenue Services 159,576 165,792 163,206 166,085 654,659 164,650 175,687 340,337 -6.0% (9,895) Products 45,919 46,129 46,727 45,835 184,610 45,771 48,320 94,091 -4.7% (2,191) Total cost of revenue 205,495 211,921 209,933 211,920 839,269 210,421 224,007 434,428 -5.7% (12,086)     Selling, general and administrative 37,643 37,964 43,477 43,013 162,097 37,955 40,274 78,229 -6.1% (2,310) Gains, losses and other items, net 347 (27) 538 (1,802) (944) (57) 78 21 388.9% (105)   Total operating costs and expenses 243,485 249,858 253,948 253,131 1,000,422 248,319 264,359 512,678 -5.8% (14,501)   Income from operations 12,496 21,247 29,859 35,211 98,813 22,076 27,310 49,386 28.5% 6,063 % Margin 4.9% 7.8% 10.5% 12.2% 9.0% 8.2% 9.4% 8.8% Other income (expense) Interest expense (5,505) (5,423) (5,687) (5,865) (22,480) (5,898) (6,260) (12,158) 15.4% (837) Other, net (118) 223 198 122 425 (451) 111 (340) -50.2% (112) Total other income (expense) (5,623) (5,200) (5,489) (5,743) (22,055) (6,349) (6,149) (12,498) 18.3% (949)   Earnings before income taxes 6,873 16,047 24,370 29,468 76,758 15,727 21,161 36,888 31.9% 5,114 Income taxes 2,679 6,602 10,212 13,106 32,599 6,291 8,464 14,755 -28.2% (1,862)   Net earnings 4,194 9,445 14,158 16,362 44,159 9,436 12,697 22,133 34.4% 3,252  

 

Less: Net earnings (loss) attributable to noncontrolling interest

- - (104) (286) (390)   (369) (584) (953)   - (584)   Net earnings attributable to Acxiom 4,194 9,445 14,262 16,648 44,549 9,805 13,281 23,086 40.6% 3,836  

Diluted earnings per share attributable to Acxiom shareholders

0.05 0.12 0.18 0.21 0.56 0.12 0.16 0.28 33.3% 0.04 ACXIOM CORPORATION AND SUBSIDIARIES RESULTS BY SEGMENT (Unaudited) (Dollars in thousands)                                       Q2 FY10 to Q2 FY11 06/30/09 09/30/09 12/31/09 03/31/10 FY2010 06/30/10 09/30/10 FY2011 % $ Revenue:   Services 199,326 210,213 218,340 221,553 849,432 210,656 225,584 436,240 7.3% 15,371 Products 56,655 60,892 65,467 66,789 249,803 59,739 66,085 125,824 8.5% 5,193   Total revenue 255,981 271,105 283,807 288,342 1,099,235 270,395 291,669 562,064 7.6% 20,564   Income from operations:   Services 15,838 19,971 27,565 27,639 91,013 20,879 22,952 43,831 14.9% 2,981 Products (2,995) 1,249 2,832 5,770 6,856 1,140 4,436 5,576 255.2% 3,187 Other (347) 27 (538) 1,802 944 57 (78) (21) -388.9% (105)   Total income from operations 12,496 21,247 29,859 35,211 98,813 22,076 27,310 49,386 28.5% 6,063   Margin:   Services 7.9% 9.5% 12.6% 12.5% 10.7% 9.9% 10.2% 10.0% Products -5.3% 2.1% 4.3% 8.6% 2.7% 1.9% 6.7% 4.4%   Total 4.9% 7.8% 10.5% 12.2% 9.0% 8.2% 9.4% 8.8%

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