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þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 23-3079390 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
1300 Morris Drive, Chesterbrook, PA | 19087-5594 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
1
March 31, | September 30, | |||||||
(in thousands, except share and per share data) | 2010 | 2009 | ||||||
(Unaudited) | ||||||||
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 1,199,872 | $ | 1,009,368 | ||||
Accounts receivable, less allowances for returns and doubtful accounts:
|
||||||||
$350,427 at March 31, 2010 and $370,303 at September 30, 2009
|
3,948,478 | 3,916,509 | ||||||
Merchandise inventories
|
4,980,895 | 4,972,820 | ||||||
Prepaid expenses and other
|
37,785 | 55,056 | ||||||
|
||||||||
Total current assets
|
10,167,030 | 9,953,753 | ||||||
|
||||||||
Property and equipment, at cost:
|
||||||||
Land
|
36,067 | 35,665 | ||||||
Buildings and improvements
|
295,685 | 292,903 | ||||||
Machinery, equipment and other
|
770,014 | 694,555 | ||||||
|
||||||||
Total property and equipment
|
1,101,766 | 1,023,123 | ||||||
Less accumulated depreciation
|
(435,965 | ) | (403,885 | ) | ||||
|
||||||||
Property and equipment, net
|
665,801 | 619,238 | ||||||
|
||||||||
|
||||||||
Goodwill and other intangible assets
|
2,854,637 | 2,859,064 | ||||||
Other assets
|
134,820 | 140,685 | ||||||
|
||||||||
|
||||||||
TOTAL ASSETS
|
$ | 13,822,288 | $ | 13,572,740 | ||||
|
||||||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 8,434,934 | $ | 8,517,162 | ||||
Accrued expenses and other
|
312,169 | 315,657 | ||||||
Current portion of long-term debt
|
503 | 1,068 | ||||||
Deferred income taxes
|
678,792 | 645,723 | ||||||
|
||||||||
Total current liabilities
|
9,426,398 | 9,479,610 | ||||||
|
||||||||
|
||||||||
Long-term debt, net of current portion
|
1,358,505 | 1,176,933 | ||||||
Other liabilities
|
205,463 | 199,728 | ||||||
|
||||||||
Stockholders’ equity:
|
||||||||
Common stock, $0.01 par value — authorized: 600,000,000 shares; issued and
outstanding: 486,662,447 shares and 281,578,939 shares at March 31, 2010,
respectively, and 482,941,212 shares and 287,922,263 shares
at September 30, 2009, respectively
|
4,867 | 4,829 | ||||||
Additional paid-in capital
|
3,817,201 | 3,737,835 | ||||||
Retained earnings
|
3,206,322 | 2,919,760 | ||||||
Accumulated other comprehensive loss
|
(38,293 | ) | (46,096 | ) | ||||
|
||||||||
|
6,990,097 | 6,616,328 | ||||||
Treasury stock, at cost: 205,083,508 shares at March 31, 2010 and 195,018,949
shares at September 30, 2009
|
(4,158,175 | ) | (3,899,859 | ) | ||||
|
||||||||
Total stockholders’ equity
|
2,831,922 | 2,716,469 | ||||||
|
||||||||
|
||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$ | 13,822,288 | $ | 13,572,740 | ||||
|
2
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
(in thousands, except per share data) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
|
||||||||||||||||
Revenue
|
$ | 19,300,627 | $ | 17,311,651 | $ | 38,636,486 | $ | 34,650,028 | ||||||||
Cost of goods sold
|
18,688,559 | 16,759,180 | 37,461,048 | 33,607,709 | ||||||||||||
|
||||||||||||||||
Gross profit
|
612,068 | 552,471 | 1,175,438 | 1,042,319 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Distribution, selling, and administrative
|
279,491 | 279,209 | 559,730 | 551,235 | ||||||||||||
Depreciation
|
16,601 | 15,607 | 33,259 | 30,660 | ||||||||||||
Amortization
|
4,086 | 3,827 | 8,225 | 7,683 | ||||||||||||
Facility consolidations, employee severance and other
|
(37 | ) | 4,262 | (85 | ) | 5,291 | ||||||||||
Intangible asset impairments
|
700 | 1,300 | 700 | 1,300 | ||||||||||||
|
||||||||||||||||
Operating income
|
311,227 | 248,266 | 573,609 | 446,150 | ||||||||||||
Other loss
|
268 | 504 | 545 | 933 | ||||||||||||
Interest expense, net
|
19,279 | 14,521 | 36,546 | 28,704 | ||||||||||||
|
||||||||||||||||
Income from continuing operations before income taxes
|
291,680 | 233,241 | 536,518 | 416,513 | ||||||||||||
Income taxes
|
110,672 | 89,199 | 204,203 | 159,942 | ||||||||||||
|
||||||||||||||||
Income from continuing operations
|
181,008 | 144,042 | 332,315 | 256,571 | ||||||||||||
Loss from discontinued operations, net of income taxes
|
— | (655 | ) | — | (2,128 | ) | ||||||||||
|
||||||||||||||||
Net income
|
$ | 181,008 | $ | 143,387 | $ | 332,315 | $ | 254,443 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Earnings per share:
|
||||||||||||||||
|
||||||||||||||||
Basic earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.64 | $ | 0.48 | $ | 1.17 | $ | 0.84 | ||||||||
Discontinued operations
|
— | — | — | (0.01 | ) | |||||||||||
Rounding
|
— | (0.01 | ) | — | — | |||||||||||
|
||||||||||||||||
Total
|
$ | 0.64 | $ | 0.47 | $ | 1.17 | $ | 0.83 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Diluted earnings per share:
|
||||||||||||||||
Continuing operations
|
$ | 0.63 | $ | 0.47 | $ | 1.15 | $ | 0.83 | ||||||||
Discontinued operations
|
— | — | — | (0.01 | ) | |||||||||||
Rounding
|
— | — | — | 0.01 | ||||||||||||
|
||||||||||||||||
Total
|
$ | 0.63 | $ | 0.47 | $ | 1.15 | $ | 0.83 | ||||||||
|
||||||||||||||||
|
||||||||||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
281,926 | 302,446 | 284,478 | 305,586 | ||||||||||||
Diluted
|
287,162 | 304,584 | 289,262 | 307,446 | ||||||||||||
|
||||||||||||||||
Cash dividends declared per share of common stock
|
$ | 0.08 | $ | 0.05 | $ | 0.16 | $ | 0.10 |
3
Six months ended | ||||||||
March 31, | ||||||||
(in thousands) | 2010 | 2009 | ||||||
|
||||||||
OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 332,315 | $ | 254,443 | ||||
Loss from discontinued operations
|
— | 2,128 | ||||||
|
||||||||
Income from continuing operations
|
332,315 | 256,571 | ||||||
Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:
|
||||||||
Depreciation, including amounts charged to cost of goods sold
|
39,607 | 36,131 | ||||||
Amortization, including amounts charged to interest expense
|
10,785 | 9,712 | ||||||
Provision for doubtful accounts
|
16,758 | 16,359 | ||||||
Provision for deferred income taxes
|
41,475 | 26,142 | ||||||
Share-based compensation
|
16,791 | 14,599 | ||||||
Other
|
3,379 | (910 | ) | |||||
Changes in operating assets and liabilities, excluding the effects of
acquisitions and dispositions:
|
||||||||
Accounts receivable
|
(21,006 | ) | (290,245 | ) | ||||
Merchandise inventories
|
(22,943 | ) | (385,242 | ) | ||||
Prepaid expenses and other assets
|
23,749 | 25,855 | ||||||
Accounts payable, accrued expenses, and income taxes
|
(94,583 | ) | 322,296 | |||||
Other liabilities
|
66 | 2,056 | ||||||
|
||||||||
Net cash provided by operating activities-continuing operations
|
346,393 | 33,324 | ||||||
Net cash used in operating activities-discontinued operations
|
— | (906 | ) | |||||
|
||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
346,393 | 32,418 | ||||||
|
||||||||
|
||||||||
INVESTING ACTIVITIES
|
||||||||
Capital expenditures
|
(88,037 | ) | (68,587 | ) | ||||
Proceeds from sale of PMSI
|
— | 14,936 | ||||||
Other
|
134 | — | ||||||
|
||||||||
Net cash used in investing activities-continuing operations
|
(87,903 | ) | (53,651 | ) | ||||
Net cash used in investing activities-discontinued operations
|
— | (1,138 | ) | |||||
|
||||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(87,903 | ) | (54,789 | ) | ||||
|
||||||||
|
||||||||
FINANCING ACTIVITIES
|
||||||||
Long-term debt borrowings
|
396,696 | — | ||||||
Borrowings under revolving and securitization credit facilities
|
561,459 | 1,604,658 | ||||||
Repayments under revolving and securitization credit facilities
|
(780,637 | ) | (1,596,360 | ) | ||||
Purchases of common stock
|
(255,199 | ) | (179,879 | ) | ||||
Exercises of stock options, including excess tax benefits of $9,454 and $617
in fiscal 2010 and 2009, respectively
|
64,496 | 4,415 | ||||||
Cash dividends on common stock
|
(45,754 | ) | (30,798 | ) | ||||
Debt issuance costs and other
|
(9,047 | ) | (2,450 | ) | ||||
|
||||||||
NET CASH USED IN FINANCING ACTIVITIES
|
(67,986 | ) | (200,414 | ) | ||||
|
||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
190,504 | (222,785 | ) | |||||
Cash and cash equivalents at beginning of period
|
1,009,368 | 878,114 | ||||||
|
||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$ | 1,199,872 | $ | 655,329 | ||||
|
4
5
Goodwill at September 30, 2009
|
$ | 2,542,352 | ||
Foreign currency translation
|
2,768 | |||
Other
|
(707 | ) | ||
|
||||
Goodwill at March 31, 2010
|
$ | 2,544,413 | ||
|
6
March 31, 2010 | September 30, 2009 | |||||||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
Indefinite-lived
intangibles-trade
names
|
$ | 240,733 | $ | — | $ | 240,733 | $ | 241,554 | $ | — | $ | 241,554 | ||||||||||||
Finite-lived
intangibles:
|
||||||||||||||||||||||||
Customer
relationships
|
121,977 | (63,142 | ) | 58,835 | 121,419 | (56,679 | ) | 64,740 | ||||||||||||||||
Other
|
35,442 | (24,786 | ) | 10,656 | 33,100 | (22,682 | ) | 10,418 | ||||||||||||||||
|
||||||||||||||||||||||||
Total other
intangible
assets
|
$ | 398,152 | $ | (87,928 | ) | $ | 310,224 | $ | 396,073 | $ | (79,361 | ) | $ | 316,712 | ||||||||||
|
March 31, | September 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Blanco revolving credit facility at 2.23% and 2.25%, respectively, due 2011
|
$ | 55,000 | $ | 55,000 | ||||
Receivables securitization facility due 2011
|
— | — | ||||||
Multi-currency revolving credit facility at 2.25% and 0.92%, respectively, due 2011
|
8,790 | 224,026 | ||||||
$400,000, 5 5/8% senior notes due 2012
|
399,206 | 399,058 | ||||||
$500,000, 5 7/8% senior notes due 2015
|
498,457 | 498,339 | ||||||
$400,000, 4 7/8% senior notes due 2019
|
396,804 | — | ||||||
Other
|
751 | 1,578 | ||||||
|
||||||||
Total debt
|
1,359,008 | 1,178,001 | ||||||
Less current portion
|
503 | 1,068 | ||||||
|
||||||||
Total, net of current portion
|
$ | 1,358,505 | $ | 1,176,933 | ||||
|
7
8
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net income
|
$ | 181,008 | $ | 143,387 | $ | 332,315 | $ | 254,443 | ||||||||
Foreign currency translation adjustments and other
|
4,525 | (1,175 | ) | 7,803 | (11,241 | ) | ||||||||||
|
||||||||||||||||
Comprehensive income
|
$ | 185,533 | $ | 142,212 | $ | 340,118 | $ | 243,202 | ||||||||
|
Three months ended | Six months ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
(in thousands) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Weighted average common shares outstanding-basic
|
281,926 | 302,446 | 284,478 | 305,586 | ||||||||||||
Effect of dilutive securities: stock options,
restricted stock, and restricted stock units
|
5,236 | 2,138 | 4,784 | 1,860 | ||||||||||||
|
||||||||||||||||
Weighted average common shares outstanding-diluted
|
287,162 | 304,584 | 289,262 | 307,446 | ||||||||||||
|
9
Employee | Lease Cancellation | |||||||||||
Severance | Costs and Other | Total | ||||||||||
Balance as of September 30, 2009
|
$ | 7,876 | $ | 3,549 | $ | 11,425 | ||||||
Expense recorded during the period
|
(85 | ) | — | (85 | ) | |||||||
Payments made during the period
|
(1,947 | ) | (411 | ) | (2,358 | ) | ||||||
|
||||||||||||
Balance as of March 31, 2010
|
$ | 5,844 | $ | 3,138 | $ | 8,982 | ||||||
|
10
11
12
13
14
March 31, 2010 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 1,115,717 | $ | 56,383 | $ | 27,772 | $ | — | $ | 1,199,872 | ||||||||||
Accounts receivable, net
|
128 | 1,275,592 | 2,672,758 | — | 3,948,478 | |||||||||||||||
Merchandise inventories
|
— | 4,863,790 | 117,105 | — | 4,980,895 | |||||||||||||||
Prepaid expenses and other
|
180 | 35,647 | 1,958 | — | 37,785 | |||||||||||||||
|
||||||||||||||||||||
Total current assets
|
1,116,025 | 6,231,412 | 2,819,593 | — | 10,167,030 | |||||||||||||||
|
||||||||||||||||||||
Property and equipment, net
|
— | 637,070 | 28,731 | — | 665,801 | |||||||||||||||
Goodwill and other intangible assets
|
— | 2,716,667 | 137,970 | — | 2,854,637 | |||||||||||||||
Other assets
|
11,848 | 122,421 | 551 | — | 134,820 | |||||||||||||||
Intercompany investments and
advances
|
2,723,824 | 1,953,282 | (144,753 | ) | (4,532,353 | ) | — | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 3,851,697 | $ | 11,660,852 | $ | 2,842,092 | $ | (4,532,353 | ) | $ | 13,822,288 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | — | $ | 8,272,750 | $ | 162,184 | $ | — | $ | 8,434,934 | ||||||||||
Accrued expenses and other
|
(274,692 | ) | 578,683 | 8,178 | — | 312,169 | ||||||||||||||
Current portion of long-term
debt
|
— | 346 | 157 | — | 503 | |||||||||||||||
Deferred income taxes
|
— | 678,792 | — | — | 678,792 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
(274,692 | ) | 9,530,571 | 170,519 | — | 9,426,398 | ||||||||||||||
|
||||||||||||||||||||
Long-term debt, net of current portion
|
1,294,467 | 249 | 63,789 | — | 1,358,505 | |||||||||||||||
Other liabilities
|
— | 203,166 | 2,297 | — | 205,463 | |||||||||||||||
|
||||||||||||||||||||
Total stockholders’ equity
|
2,831,922 | 1,926,866 | 2,605,487 | (4,532,353 | ) | 2,831,922 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total liabilities and
stockholders’ equity
|
$ | 3,851,697 | $ | 11,660,852 | $ | 2,842,092 | $ | (4,532,353 | ) | $ | 13,822,288 | |||||||||
|
15
September 30, 2009 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Current assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 927,049 | $ | 58,900 | $ | 23,419 | $ | — | $ | 1,009,368 | ||||||||||
Accounts receivable, net
|
66 | 1,292,822 | 2,623,621 | — | 3,916,509 | |||||||||||||||
Merchandise inventories
|
— | 4,856,637 | 116,183 | — | 4,972,820 | |||||||||||||||
Prepaid expenses and other
|
67 | 52,816 | 2,173 | — | 55,056 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total current assets
|
927,182 | 6,261,175 | 2,765,396 | — | 9,953,753 | |||||||||||||||
|
||||||||||||||||||||
Property and equipment, net
|
— | 589,838 | 29,400 | — | 619,238 | |||||||||||||||
Goodwill and other intangible assets
|
— | 2,719,324 | 139,740 | — | 2,859,064 | |||||||||||||||
Other assets
|
9,645 | 129,817 | 1,223 | — | 140,685 | |||||||||||||||
Intercompany investments and advances
|
2,405,087 | 1,938,742 | (152,302 | ) | (4,191,527 | ) | — | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 3,341,914 | $ | 11,638,896 | $ | 2,783,457 | $ | (4,191,527 | ) | $ | 13,572,740 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Current liabilities:
|
||||||||||||||||||||
Accounts payable
|
$ | — | $ | 8,360,776 | $ | 156,386 | $ | — | $ | 8,517,162 | ||||||||||
Accrued expenses and other
|
(271,952 | ) | 581,354 | 6,255 | — | 315,657 | ||||||||||||||
Current portion of long-term debt
|
— | 346 | 722 | — | 1,068 | |||||||||||||||
Deferred income taxes
|
— | 645,723 | — | — | 645,723 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total current liabilities
|
(271,952 | ) | 9,588,199 | 163,363 | — | 9,479,610 | ||||||||||||||
|
||||||||||||||||||||
Long-term debt, net of current portion
|
897,397 | 412 | 279,124 | — | 1,176,933 | |||||||||||||||
Other liabilities
|
— | 197,496 | 2,232 | — | 199,728 | |||||||||||||||
|
||||||||||||||||||||
Total stockholders’ equity
|
2,716,469 | 1,852,789 | 2,338,738 | (4,191,527 | ) | 2,716,469 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total liabilities and
stockholders’ equity
|
$ | 3,341,914 | $ | 11,638,896 | $ | 2,783,457 | $ | (4,191,527 | ) | $ | 13,572,740 | |||||||||
|
16
Three months ended March 31, 2010 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Revenue
|
$ | — | $ | 18,884,847 | $ | 446,948 | $ | (31,168 | ) | $ | 19,300,627 | |||||||||
Cost of goods sold
|
— | 18,292,376 | 396,183 | — | 18,688,559 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 592,471 | 50,765 | (31,168 | ) | 612,068 | ||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Distribution, selling, and administrative
|
— | 300,865 | 9,794 | (31,168 | ) | 279,491 | ||||||||||||||
Depreciation
|
— | 15,750 | 851 | — | 16,601 | |||||||||||||||
Amortization
|
— | 3,241 | 845 | — | 4,086 | |||||||||||||||
Facility consolidations, employee severance
and other
|
— | (37 | ) | — | — | (37 | ) | |||||||||||||
Intangible asset impairments
|
— | 700 | — | — | 700 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating income
|
— | 271,952 | 39,275 | — | 311,227 | |||||||||||||||
Other loss (income)
|
— | 271 | (3 | ) | — | 268 | ||||||||||||||
Interest expense, net
|
675 | 15,815 | 2,789 | — | 19,279 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
(Loss) income before income taxes and equity in
earnings of subsidiaries
|
(675 | ) | 255,866 | 36,489 | — | 291,680 | ||||||||||||||
Income taxes
|
(236 | ) | 98,105 | 12,803 | — | 110,672 | ||||||||||||||
Equity in earnings of subsidiaries
|
181,447 | — | — | (181,447 | ) | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 181,008 | $ | 157,761 | $ | 23,686 | $ | (181,447 | ) | $ | 181,008 | |||||||||
|
17
Three months ended March 31, 2009 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Revenue
|
$ | — | $ | 16,974,495 | $ | 364,649 | $ | (27,493 | ) | $ | 17,311,651 | |||||||||
Cost of goods sold
|
— | 16,437,775 | 321,405 | — | 16,759,180 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 536,720 | 43,244 | (27,493 | ) | 552,471 | ||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Distribution, selling,
and administrative
|
— | 293,287 | 13,415 | (27,493 | ) | 279,209 | ||||||||||||||
Depreciation
|
— | 14,922 | 685 | — | 15,607 | |||||||||||||||
Amortization
|
— | 3,149 | 678 | — | 3,827 | |||||||||||||||
Facility consolidations,
employee severance
and other
|
— | 4,262 | — | — | 4,262 | |||||||||||||||
Intangible asset impairments
|
— | 1,300 | — | — | 1,300 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating income
|
— | 219,800 | 28,466 | — | 248,266 | |||||||||||||||
Other loss
|
— | 503 | 1 | — | 504 | |||||||||||||||
Interest (income) expense, net
|
(890 | ) | 12,389 | 3,022 | — | 14,521 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Income from continuing operations before
income taxes and equity
in earnings of subsidiaries
|
890 | 206,908 | 25,443 | — | 233,241 | |||||||||||||||
Income taxes
|
311 | 80,172 | 8,716 | — | 89,199 | |||||||||||||||
Equity in earnings of subsidiaries
|
142,808 | — | — | (142,808 | ) | — | ||||||||||||||
|
||||||||||||||||||||
Income from continuing operations
|
143,387 | 126,736 | 16,727 | (142,808 | ) | 144,042 | ||||||||||||||
Loss from discontinued operations
|
— | (655 | ) | — | — | (655 | ) | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 143,387 | $ | 126,081 | $ | 16,727 | $ | (142,808 | ) | $ | 143,387 | |||||||||
|
18
Six months ended March 31, 2010 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Revenue
|
$ | — | $ | 37,791,819 | $ | 906,776 | $ | (62,109 | ) | $ | 38,636,486 | |||||||||
Cost of goods sold
|
— | 36,655,488 | 805,560 | — | 37,461,048 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 1,136,331 | 101,216 | (62,109 | ) | 1,175,438 | ||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Distribution, selling,
and administrative
|
— | 594,460 | 27,379 | (62,109 | ) | 559,730 | ||||||||||||||
Depreciation
|
— | 31,577 | 1,682 | — | 33,259 | |||||||||||||||
Amortization
|
— | 6,501 | 1,724 | — | 8,225 | |||||||||||||||
Facility consolidations,
employee severance
and other
|
— | (85 | ) | — | — | (85 | ) | |||||||||||||
Intangible asset impairments
|
— | 700 | — | — | 700 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating income
|
— | 503,178 | 70,431 | — | 573,609 | |||||||||||||||
Other loss (income)
|
— | 550 | (5 | ) | — | 545 | ||||||||||||||
Interest expense, net
|
1,225 | 29,400 | 5,921 | — | 36,546 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
(Loss) income before income
taxes and equity in
earnings of subsidiaries
|
(1,225 | ) | 473,228 | 64,515 | — | 536,518 | ||||||||||||||
Income taxes
|
(429 | ) | 181,640 | 22,992 | — | 204,203 | ||||||||||||||
Equity in earnings of subsidiaries
|
333,111 | — | — | (333,111 | ) | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 332,315 | $ | 291,588 | $ | 41,523 | $ | (333,111 | ) | $ | 332,315 | |||||||||
|
19
Six months ended March 31, 2009 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Revenue
|
$ | — | $ | 33,949,092 | $ | 755,922 | $ | (54,986 | ) | $ | 34,650,028 | |||||||||
Cost of goods sold
|
— | 32,940,994 | 666,715 | — | 33,607,709 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Gross profit
|
— | 1,008,098 | 89,207 | (54,986 | ) | 1,042,319 | ||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Distribution, selling,
and administrative
|
— | 578,133 | 28,088 | (54,986 | ) | 551,235 | ||||||||||||||
Depreciation
|
— | 29,271 | 1,389 | — | 30,660 | |||||||||||||||
Amortization
|
— | 6,295 | 1,388 | — | 7,683 | |||||||||||||||
Facility consolidations,
employee severance
and other
|
— | 5,291 | — | — | 5,291 | |||||||||||||||
Intangible asset impairments
|
— | 1,300 | — | — | 1,300 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating income
|
— | 387,808 | 58,342 | — | 446,150 | |||||||||||||||
Other loss
|
— | 932 | 1 | — | 933 | |||||||||||||||
Interest (income) expense, net
|
(3,061 | ) | 24,843 | 6,922 | — | 28,704 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Income from continuing operations before
income taxes and equity
in earnings of subsidiaries
|
3,061 | 362,033 | 51,419 | — | 416,513 | |||||||||||||||
Income taxes
|
1,071 | 140,873 | 17,998 | — | 159,942 | |||||||||||||||
Equity in earnings of subsidiaries
|
252,453 | — | — | (252,453 | ) | — | ||||||||||||||
|
||||||||||||||||||||
Income from continuing operations
|
254,443 | 221,160 | 33,421 | (252,453 | ) | 256,571 | ||||||||||||||
Loss from discontinued operations
|
— | (2,128 | ) | — | — | (2,128 | ) | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 254,443 | $ | 219,032 | $ | 33,421 | $ | (252,453 | ) | $ | 254,443 | |||||||||
|
20
Six months ended March 31, 2010 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 332,315 | $ | 291,588 | $ | 41,523 | $ | (333,111 | ) | $ | 332,315 | |||||||||
Adjustments to reconcile net income
to net cash (used in) provided by
operating activities
|
(334,544 | ) | 53,515 | (38,004 | ) | 333,111 | 14,078 | |||||||||||||
|
||||||||||||||||||||
Net cash (used in) provided by operating
activities
|
(2,229 | ) | 345,103 | 3,519 | — | 346,393 | ||||||||||||||
|
||||||||||||||||||||
Capital expenditures
|
— | (86,157 | ) | (1,880 | ) | — | (88,037 | ) | ||||||||||||
Other
|
— | 22 | 112 | — | 134 | |||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities
|
— | (86,135 | ) | (1,768 | ) | — | (87,903 | ) | ||||||||||||
|
||||||||||||||||||||
Long-term debt borrowings
|
396,696 | — | — | — | 396,696 | |||||||||||||||
Net repayments under revolving and
securitization credit facilities
|
— | — | (219,178 | ) | — | (219,178 | ) | |||||||||||||
Purchases of common stock
|
(255,199 | ) | — | — | — | (255,199 | ) | |||||||||||||
Exercise of stock options, including
excess tax benefit
|
64,496 | — | — | — | 64,496 | |||||||||||||||
Cash dividends on common stock
|
(45,754 | ) | — | — | — | (45,754 | ) | |||||||||||||
Debt issuance costs and other
|
(8,687 | ) | (357 | ) | (3 | ) | — | (9,047 | ) | |||||||||||
Intercompany financing and advances
|
39,345 | (261,128 | ) | 221,783 | — | — | ||||||||||||||
|
||||||||||||||||||||
Net cash provided by (used in) financing
activities
|
190,897 | (261,485 | ) | 2,602 | — | (67,986 | ) | |||||||||||||
|
||||||||||||||||||||
Increase (decrease) in cash and cash
equivalents
|
188,668 | (2,517 | ) | 4,353 | — | 190,504 | ||||||||||||||
Cash and cash equivalents at beginning
of period
|
927,049 | 58,900 | 23,419 | — | 1,009,368 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 1,115,717 | $ | 56,383 | $ | 27,772 | $ | — | $ | 1,199,872 | ||||||||||
|
21
Six months ended March 31, 2009 | ||||||||||||||||||||
Guarantor | Non-Guarantor | Consolidated | ||||||||||||||||||
(in thousands) | Parent | Subsidiaries | Subsidiaries | Eliminations | Total | |||||||||||||||
|
||||||||||||||||||||
Net income
|
$ | 254,443 | $ | 219,032 | $ | 33,421 | $ | (252,453 | ) | $ | 254,443 | |||||||||
Loss from discontinued operations
|
— | 2,128 | — | — | 2,128 | |||||||||||||||
|
||||||||||||||||||||
Income from continuing operations
|
254,443 | 221,160 | 33,421 | (252,453 | ) | 256,571 | ||||||||||||||
Adjustments to reconcile income from
continuing operations to net cash
provided by (used in) operating activities
|
(188,879 | ) | 11,244 | (298,065 | ) | 252,453 | (223,247 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided by (used in) operating
activities — continuing operations
|
65,564 | 232,404 | (264,644 | ) | — | 33,324 | ||||||||||||||
Net cash used in operating activities —
discontinued operations
|
— | (906 | ) | — | — | (906 | ) | |||||||||||||
|
||||||||||||||||||||
Net cash provided by (used in) operating
activities
|
65,564 | 231,498 | (264,644 | ) | — | 32,418 | ||||||||||||||
|
||||||||||||||||||||
Capital expenditures
|
— | (62,911 | ) | (5,676 | ) | — | (68,587 | ) | ||||||||||||
Proceeds from the sale of PMSI
|
— | 14,936 | — | — | 14,936 | |||||||||||||||
|
||||||||||||||||||||
Net cash used in investing
activities — continuing operations
|
— | (47,975 | ) | (5,676 | ) | — | (53,651 | ) | ||||||||||||
Net cash used in investing activities —
discontinued operations
|
— | (1,138 | ) | — | — | (1,138 | ) | |||||||||||||
|
||||||||||||||||||||
Net cash used in investing activities
|
— | (49,113 | ) | (5,676 | ) | — | (54,789 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net borrowings under revolving and
securitization credit facilities
|
— | — | 8,298 | — | 8,298 | |||||||||||||||
Purchases of common stock
|
(179,879 | ) | — | — | — | (179,879 | ) | |||||||||||||
Debt issuance costs and other
|
(2,890 | ) | 601 | (161 | ) | — | (2,450 | ) | ||||||||||||
Exercise of stock options, including
excess tax benefit
|
4,415 | — | — | — | 4,415 | |||||||||||||||
Cash dividends on common stock
|
(30,798 | ) | — | — | — | (30,798 | ) | |||||||||||||
Intercompany financing and advances
|
(51,166 | ) | (203,237 | ) | 254,403 | — | — | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash (used in) provided by
financing activities
|
(260,318 | ) | (202,636 | ) | 262,540 | — | (200,414 | ) | ||||||||||||
|
||||||||||||||||||||
Decrease in cash and cash equivalents
|
(194,754 | ) | (20,251 | ) | (7,780 | ) | — | (222,785 | ) | |||||||||||
Cash and cash equivalents at beginning of
period
|
719,570 | 100,623 | 57,921 | — | 878,114 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents
at end of period
|
$ | 524,816 | $ | 80,372 | $ | 50,141 | $ | — | $ | 655,329 | ||||||||||
|
22
23
Three months ended March 31, | ||||||||||||
(dollars in thousands) | 2010 | 2009 | Change | |||||||||
|
||||||||||||
Revenue
|
$ | 19,300,627 | $ | 17,311,651 | 11.5 | % | ||||||
|
||||||||||||
|
||||||||||||
Gross profit
|
$ | 612,068 | $ | 552,471 | 10.8 | % | ||||||
|
||||||||||||
|
||||||||||||
Operating income
|
$ | 311,227 | $ | 248,266 | 25.4 | % | ||||||
|
||||||||||||
|
||||||||||||
Percentages of revenue:
|
||||||||||||
Gross profit
|
3.17 | % | 3.19 | % | ||||||||
Operating expenses
|
1.56 | % | 1.76 | % | ||||||||
Operating income
|
1.61 | % | 1.43 | % |
Six months ended March 31, | ||||||||||||
(dollars in thousands) | 2010 | 2009 | Change | |||||||||
|
||||||||||||
Revenue
|
$ | 38,636,486 | $ | 34,650,028 | 11.5 | % | ||||||
|
||||||||||||
|
||||||||||||
Gross profit
|
$ | 1,175,438 | $ | 1,042,319 | 12.8 | % | ||||||
|
||||||||||||
|
||||||||||||
Operating income
|
$ | 573,609 | $ | 446,150 | 28.6 | % | ||||||
|
||||||||||||
|
||||||||||||
Percentages of revenue:
|
||||||||||||
Gross profit
|
3.04 | % | 3.01 | % | ||||||||
Operating expenses
|
1.56 | % | 1.72 | % | ||||||||
Operating income
|
1.48 | % | 1.29 | % |
24
25
26
2010 | 2009 | |||||||||||||||
Weighted-Average | Weighted-Average | |||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||||||
Interest expense
|
$ | 19,598 | 5.31 | % | $ | 15,900 | 4.83 | % | ||||||||
Interest income
|
(319 | ) | 0.16 | % | (1,379 | ) | 1.03 | % | ||||||||
|
||||||||||||||||
Interest expense, net
|
$ | 19,279 | $ | 14,521 | ||||||||||||
|
2010 | 2009 | |||||||||||||||
Weighted-Average | Weighted-Average | |||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | |||||||||||||
Interest expense
|
$ | 37,240 | 5.04 | % | $ | 32,262 | 5.06 | % | ||||||||
Interest income
|
(694 | ) | 0.17 | % | (3,558 | ) | 1.76 | % | ||||||||
|
||||||||||||||||
Interest expense, net
|
$ | 36,546 | $ | 28,704 | ||||||||||||
|
27
Outstanding | Additional | |||||||
Balance | Availability | |||||||
|
||||||||
Fixed-Rate Debt:
|
||||||||
$400,000, 5 5/8% senior notes due 2012
|
$ | 399,206 | $ | — | ||||
$500,000, 5 7/8% senior notes due 2015
|
498,457 | — | ||||||
$400,000, 4 7/8% senior notes due 2019
|
396,804 | — | ||||||
Other
|
751 | — | ||||||
|
||||||||
|
||||||||
Total fixed-rate debt
|
1,295,218 | — | ||||||
|
||||||||
|
||||||||
Variable-Rate Debt:
|
||||||||
Blanco revolving credit facility due 2011
|
55,000 | — | ||||||
Multi-currency revolving credit facility due 2011
|
8,790 | 672,706 | ||||||
Receivables securitization facility due 2011
|
— | 700,000 | ||||||
Other
|
— | 1,518 | ||||||
|
||||||||
Total variable-rate debt
|
63,790 | 1,374,224 | ||||||
|
||||||||
|
||||||||
Total debt, including current portion
|
$ | 1,359,008 | $ | 1,374,224 | ||||
|
28
29
Payments Due by Period | ||||||||||||||||||||
Within 1 | After 5 | |||||||||||||||||||
Total | Year | 1-3 Years | 4-5 Years | Years | ||||||||||||||||
Debt, including interest payments
|
$ | 1,777,784 | $ | 127,171 | $ | 540,675 | $ | 97,750 | $ | 1,012,188 | ||||||||||
Operating leases
|
242,982 | 52,071 | 73,490 | 37,482 | 79,939 | |||||||||||||||
Other commitments
|
518,319 | 222,635 | 240,851 | 46,912 | 7,921 | |||||||||||||||
|
||||||||||||||||||||
Total
|
$ | 2,539,085 | $ | 401,877 | $ | 855,016 | $ | 182,144 | $ | 1,100,048 | ||||||||||
|
30
31
32
33
34
Total Number of | Approximate Dollar | |||||||||||||||
Total | Shares Purchased | Value of | ||||||||||||||
Number of | Average Price | as Part of Publicly | Shares that May Yet Be | |||||||||||||
Shares | Paid per | Announced | Purchased | |||||||||||||
Period | Purchased | Share | Programs | Under the Programs | ||||||||||||
January 1 to January 31
|
1,654,827 | $ | 25.93 | 1,654,827 | $ | 380,658,677 | ||||||||||
February 1 to February 28
|
2,326,638 | $ | 27.00 | 2,213,035 | $ | 320,950,633 | ||||||||||
March 1 to March 31
|
282,000 | $ | 27.92 | 282,000 | $ | 313,078,127 | ||||||||||
|
||||||||||||||||
Total
|
4,263,465 | 4,149,862 | ||||||||||||||
|
a) |
In November 2008, the Company announced a program to purchase up to $500 million of its
outstanding shares of common stock, subject to market conditions. During the six months
ended March 31, 2010, the Company purchased 2.8 million shares for $68.1 million to complete
its authorization under this program.
|
|
b) |
In November 2009, the Company announced a new program to purchase up to $500 million of
its outstanding shares of common stock, subject to market conditions. During the six months
ended March 31, 2010, the Company purchased 7.2 million shares under this program for $186.9
million. There is no expiration date related to this new program.
|
|
c) |
Employees surrendered 113,603 shares in February 2010 to meet tax-withholding obligations
upon vesting of restricted stock.
|
35
3.1 |
Amended and Restated Certificate of Incorporation of the Registrant.
|
|||
|
||||
3.2 |
Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2
to the Registrant’s Current Report on Form 8-K filed on March 9, 2010).
|
|||
|
||||
‡10.1 |
Registrant’s 2002 Employee Stock Purchase Plan, as amended, dated as of January 1, 2010.
|
|||
|
||||
10.2 |
Receivables Sale Agreement, dated as of July 10, 2003, between AmerisourceBergen Drug
Corporation, as Originator, and Amerisource Receivables Financial Corporation, as Buyer.*
|
|||
|
||||
10.3 |
Receivables Purchase Agreement, dated as of July 10, 2003, among Amerisource Receivables
Financial Corporation, as Seller, AmerisourceBergen Drug Corporation, as Initial Servicer,
Wachovia Bank, National Association, as Administrator and various purchaser groups.*
|
|||
|
||||
10.4 |
Credit Agreement, dated as of November 14, 2006, among Registrant, JP Morgan Chase Bank,
N.A., J.P. Morgan Europe Limited, The Bank of Nova Scotia and the other financial
institutions party thereto.
|
|||
|
||||
31.1 |
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
|||
|
||||
31.2 |
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
|||
|
||||
32.1 |
Section 1350 Certification of Chief Executive Officer
|
|||
|
||||
32.2 |
Section 1350 Certification of Chief Financial Officer
|
|||
|
||||
101 |
Financial statements from the Quarterly Report on Form 10-Q of AmerisourceBergen
Corporation for the quarter ended March 31, 2010, formatted in Extensible Business
Reporting Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated
Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the
Notes to Consolidated Statements tagged as blocks of text.
|
‡ |
Each marked exhibit is a management contract or a compensatory plan, contract or
arrangement in which a director or executive officer of the Registrant participates or has
participated.
|
|
* |
Portions of certain exhibits to this agreement have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. Such information
has been filed separately with the Securities and Exchange Commission.
|
36
AMERISOURCEBERGEN CORPORATION
|
||||
May 7, 2010 | /s/ R. David Yost | |||
R. David Yost | ||||
President and Chief Executive Officer | ||||
May 7, 2010 | /s/ Michael D. DiCandilo | |||
Michael D. DiCandilo | ||||
Executive Vice President and Chief Financial Officer |
37
Exhibit | ||||
Number | Description | |||
|
||||
The Registrant is filing Exhibits 10.2, 10.3 and 10.4 to this Report in order to include certain schedules and exhibits to those Exhibits that were not previously filed with the Exhibits. | ||||
|
||||
3.1 |
Amended and Restated Certificate of Incorporation of the Registrant.
|
|||
|
||||
3.2 |
Amended and Restated Bylaws of the Registrant (incorporated by reference to Exhibit 3.2
to the Registrant’s Current Report on Form 8-K filed on March 9, 2010).
|
|||
|
||||
‡10.1 |
Registrant’s 2002 Employee Stock Purchase Plan, as amended, dated as of January 1, 2010.
|
|||
|
||||
10.2 |
Receivables Sale Agreement, dated as of July 10, 2003, between AmerisourceBergen Drug
Corporation, as Originator, and Amerisource Receivables Financial Corporation, as Buyer.*
|
|||
|
||||
10.3 |
Receivables Purchase Agreement, dated as of July 10, 2003, among AmeriSource Receivables
Financial Corporation, as Seller, AmerisourceBergen Drug Corporation, as Initial Servicer,
Wachovia Bank, National Association, as Administrator and various purchaser groups.*
|
|||
|
||||
10.4 |
Credit Agreement, dated as of November 14, 2006, among Registrant, JP Morgan Chase Bank,
N.A., J.P. Morgan Europe Limited, The Bank of Nova Scotia and the other financial
institutions party thereto.
|
|||
|
||||
31.1 |
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
|||
|
||||
31.2 |
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
|||
|
||||
32.1 |
Section 1350 Certification of Chief Executive Officer
|
|||
|
||||
32.2 |
Section 1350 Certification of Chief Financial Officer
|
|||
|
||||
101 |
Financial statements from the Quarterly Report on Form 10-Q of AmerisourceBergen
Corporation for the quarter ended March 31, 2010, formatted in Extensible Business Reporting
Language (XBRL): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of
Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) the Notes to
Consolidated Statements tagged as blocks of text.
|
‡ |
Each marked exhibit is a management contract or a compensatory plan, contract or
arrangement in which a director or executive officer of the Registrant participates or has
participated.
|
|
* |
Portions of certain exhibits to this agreement have been omitted pursuant to a request
for confidential treatment filed with the Securities and Exchange Commission. Such
information has been filed separately with the Securities and Exchange Commission.
|
38
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|