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CST: 19/09/2019 07:37:57   

Ducommun Reports Results for the Fourth Quarter Ended December 31, 2018

202 Days ago

Revenue $164 Million; Gross Margin 19.9%; Backlog* $864 Million

SANTA ANA, Calif., Feb. 28, 2019 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its fourth quarter and year ended December 31, 2018.

Fourth Quarter 2018 Highlights

  • Revenue of $164.2 million
  • GAAP net income of $0.7 million, or $0.06 per diluted share
  • Adjusted net income for the quarter of $5.2 million, or $0.44 per diluted share
  • Gross margin increased 180 basis points year-over-year to 19.9%
  • Adjusted EBITDA of $19.4 million

“I am happy to report that Ducommun had a strong finish to 2018,” said Stephen G. Oswald, chairman, president, and chief executive officer. “Fourth quarter revenue grew significantly, up 15% year-over-year, to $164 million, gross margins posted an impressive improvement to 19.9%, and the backlog* rose to $864 million, which is a new all-time record, and up over $125 million from the end of 2017. We also completed our restructuring activities on time and as committed, without any customer disruptions, positioning us as leaner and better-focused on the Company’s core capabilities and platforms. The success last year was also indicative of the many actions taken to improve the leadership, streamline our operations, increase capacity utilization, and reflects the hard work and dedication of our team members in serving customers and reaching our goals. In addition, we’ve strengthened our position as a leading electronics and structural provider to the world’s top commercial aerospace and defense platforms by leveraging innovation and recent acquisitions to win business and penetrate new markets. As we begin 2019, I expect continued success in the marketplace and capturing more growth opportunities along with posting solid financial results.”

Fourth Quarter Results

Net revenue for the fourth quarter of 2018 was $164.2 million, compared to $142.3 million for the fourth quarter of 2017. The 15.4% increase year-over-year was due to the following:

  • $17.0 million higher revenue in the Company’s commercial aerospace end-use markets due to additional content and increasing build rates on the Company’s large aircraft platforms; and
  • $8.1 million higher revenue within the Company’s military and space end-use markets due to increased shipments on the Company’s missile platforms; partially offset by
  • $3.2 million lower revenue within the Company’s industrial end-use markets.

Net income for the fourth quarter of 2018 was $0.7 million, or $0.06 per diluted share, compared to $9.5 million, or $0.82 per diluted share, for the fourth quarter of 2017. The year-over-year decrease was due to a tax benefit of $14.5 million in the prior year period as a result of the 2017 Tax Cuts and Jobs Act. This decrease was partially offset by higher gross profit of $6.9 million due to higher revenue and improved operating performance, and lower restructuring charges of $4.9 million, of which $0.5 million was included in cost of sales in the prior year.

Gross profit for the fourth quarter of 2018 was $32.7 million, or 19.9% of revenue, compared to gross profit of $25.8 million, or 18.1% of revenue, for the fourth quarter of 2017. The increase in gross margin percentage year-over-year was due to lower compensation and benefits costs, favorable product mix, and favorable manufacturing volume, partially offset by an increase in other manufacturing costs.

Operating income for the fourth quarter of 2018 was $6.3 million, or 3.8% of revenue, compared to an operating loss of $(2.6) million, or (1.8)% of revenue, in the comparable period last year. The year-over-year improvement in operating income of $8.9 million was due to higher revenue and lower restructuring charges of $4.9 million, of which $0.5 million was included in cost of sales in the prior year, partially offset by higher SG&A expenses of $2.5 million.

Interest expense for the fourth quarter of 2018 was $3.8 million compared to $2.8 million in the comparable period of 2017. The year-over-year increase was due to a higher debt balance as a result of the acquisition of Certified Thermoplastics Co., LLC (“CTP”) in April 2018 and higher interest rates.

Adjusted EBITDA for the fourth quarter of 2018 was $19.4 million, or 11.8% of revenue, compared to $13.8 million, or 9.7% of revenue, for the comparable period in 2017.

* The Company defines backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and firm delivery dates of 24 months or less. Backlog as of December 31, 2018 was $864.4 million compared to $726.5 million as of December 31, 2017. Under ASC 606, the Company defines remaining performance obligations as customer placed purchase orders with firm fixed price and firm delivery dates. The remaining performance obligations disclosed under ASC 606 were $722.8 million.

Business Segment Information

Electronic Systems

Electronic Systems reported net revenue for the current quarter of $85.3 million, compared to $77.2 million for the fourth quarter of 2017. The year-over-year increase was due to the following:

  • $6.8 million higher revenue within the Company’s commercial aerospace end-use markets due to additional content and higher build rates on the Company’s large aircraft platforms; and
  • $4.5 million higher revenue within the Company’s military and space end-use markets due to increased demand, which favorably impacted the Company’s missile platforms; partially offset by
  • $3.2 million lower revenue within the Company’s industrial end-use markets.

Electronic Systems operating income for the current year fourth quarter of $7.5 million, or 8.7% of revenue, compared to $6.9 million, or 8.9% of revenue, for the comparable quarter in 2017. The year-over-year increase was due to lower inventory purchase accounting adjustments of $1.2 million, partially offset by higher restructuring charges of $1.2 million.

Structural Systems

Structural Systems reported net revenue for the current quarter of $78.9 million, compared to $65.1 million for the fourth quarter of 2017. The year-over-year increase was due to the following:

  • $10.2 million higher revenue within the Company’s commercial aerospace end-use markets due to higher build rates on the Company’s large aircraft platforms; and
  • $3.6 million higher revenue within the Company’s military and space end-use markets due to increased shipments on the Company’s rotary-wing aircraft platforms.

Structural Systems operating income for the current-year fourth quarter was $5.7 million, or 7.2% of revenue, compared to an operating loss of $(2.6) million, or (4.0)% of revenue, for the fourth quarter of 2017. The year-over-year increase was due to lower restructuring charges of $4.7 million and improved operating performance.

Corporate General and Administrative (“CG&A”) Expense

CG&A expense for the fourth quarter of 2018 was $6.9 million, or 4.2% of total Company revenue, compared to $6.9 million, or 4.8% of total Company revenue, in the comparable quarter in the prior year. The CG&A expense was essentially flat in the current year quarter due to higher compensation and benefit costs of $0.8 million and higher other debt refinancing costs of $0.7 million, partially offset by lower restructuring charges of $1.5 million.

Conference Call

A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president, and chief executive officer, and Douglas L. Groves, the Company’s vice president, chief financial officer and treasurer, will be held today, February 28, 2019 at 2:00 p.m. PT (5:00 p.m. ET) to review these financial results. To participate in the teleconference, please call 844-239-5278 (international 574-990-1017) approximately ten minutes prior to the conference time. The participant passcode is 7476038. Mr. Oswald and Mr. Groves will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes.

This call is being webcast and can be accessed directly at the Ducommun website at www.ducommun.com. Conference call replay will be available after that time at the same link or by dialing 855-859-2056, passcode 7476038.

About Ducommun Incorporated

Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the Company specializes in two core areas - Electronic Systems and Structural Systems - to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit www.ducommun.com.

Forward Looking Statements

This press release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, earnings guidance, the Company’s restructuring plan and any statements about the Company’s plans, strategies and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend” and similar expressions in this press release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: whether the anticipated pre-tax restructuring charges will be sufficient to address all anticipated restructuring costs, including related to employee separation, facilities consolidation, inventory write-down and other asset impairments; whether the expected cost savings from the restructuring will ultimately be obtained in the amount and during the period anticipated; whether the restructuring in the affected areas will be sufficient to build a more cost efficient, focused, higher margin enterprise with higher returns for the Company's shareholders; the impact of the Company’s debt service obligations and restrictive debt covenants; the Company’s end-use markets are cyclical; the Company depends upon a selected base of industries and customers; a significant portion of the Company’s business depends upon U.S. Government defense spending; the Company is subject to extensive regulation and audit by the Defense Contract Audit Agency; contracts with some of the Company’s customers contain provisions which give the its customers a variety of rights that are unfavorable to the Company; further consolidation in the aerospace industry could adversely affect the Company’s business and financial results; the Company’s ability to successfully make acquisitions, including its ability to successfully integrate, operate or realize the projected benefits of such businesses; the Company relies on its suppliers to meet the quality and delivery expectations of its customers; the Company uses estimates when bidding on fixed-price contracts which estimates could change and result in adverse effects on its financial results; the impact of existing and future laws and regulations; the impact of existing and future accounting standards and tax rules and regulations; environmental liabilities could adversely affect the Company’s financial results; cyber security attacks, internal system or service failures may adversely impact the Company’s business and operations; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the Securities and Exchange Commission (which are available from the SEC’s EDGAR database at www.sec.gov, at various SEC reference facilities in the United States and through the Company’s website).

Note Regarding Non-GAAP Financial Information

This release contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax expense [benefit], depreciation, amortization, stock-based compensation expense, restructuring charges, inventory purchase accounting adjustments, loss on extinguishment of debt, and other debt refinancing costs). In addition, certain prior period amounts have been reclassified to conform to current year's presentation.

The Company believes the presentation of these non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare Ducommun’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies. We define backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and firm delivery dates of 24 months or less. The majority of the LTAs do not meet the definition of a contract under ASC 606 and thus, the backlog amount disclosed herein is greater than the backlog amount disclosed under ASC 606. Backlog is subject to delivery delays or program cancellations, which are beyond our control. Backlog is affected by timing differences in the placement of customer orders and tends to be concentrated in several programs to a greater extent than our net revenues. Backlog in industrial markets tends to be of a shorter duration and is generally fulfilled within a three month period. As a result of these factors, trends in our overall level of backlog may not be indicative of trends in our future net revenues.

CONTACTS:

  Douglas L. Groves, Vice President, Chief Financial Officer and Treasurer, 657.335.3665
  Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com

[Financial Tables Follow]

 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
 
    December 31,
 2018
  December 31,
 2017
Assets        
Current Assets        
Cash and cash equivalents   $ 10,263     $ 2,150  
Accounts receivable, net   67,819     74,064  
Contract assets   86,665      
Inventories   101,125     122,161  
Production cost of contracts   11,679     11,204  
Other current assets   9,839     11,435  
Total Current Assets   287,390     221,014  
Property and Equipment, Net   107,045     110,252  
Goodwill   136,057     117,435  
Intangibles, Net   112,092     114,693  
Non-Current Deferred Income Taxes   308     261  
Other Assets   5,251     3,098  
Total Assets   $ 648,143     $ 566,753  
Liabilities and Shareholders’ Equity        
Current Liabilities        
Accounts payable   $ 69,274     $ 51,907  
Contract liabilities   17,145      
Accrued liabilities   37,786     28,329  
Current portion of long-term debt   2,330      
Total Current Liabilities   126,535     80,236  
Long-Term Debt, Less Current Portion   226,961     216,055  
Non-Current Deferred Income Taxes   18,070     15,981  
Other Long-Term Liabilities   19,752     18,898  
Total Liabilities   391,318     331,170  
Commitments and Contingencies        
Shareholders’ Equity        
Common stock   114     113  
Additional paid-in capital   83,712     80,223  
Retained earnings   180,356     161,364  
Accumulated other comprehensive loss   (7,357 )   (6,117 )
Total Shareholders’ Equity   256,825     235,583  
Total Liabilities and Shareholders’ Equity   $ 648,143     $ 566,753  
                 


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Quarterly Information Unaudited)
(In thousands, except per share amounts)
 
    Three Months Ended   Years Ended
    December 31,
 2018
  December 31,
 2017
  December 31,
 2018
  December 31,
 2017
Net Revenues   $ 164,183     $ 142,258     $ 629,307     $ 558,183  
Cost of Sales   131,486     116,486     506,711     455,050  
Gross Profit   32,697     25,772     122,596     103,133  
Selling, General and Administrative Expenses   22,531     20,064     84,007     79,139  
Restructuring Charges   3,887     8,296     14,671     8,360  
Operating Income (Loss)   6,279     (2,588 )   23,918     15,634  
Interest Expense   (3,838 )   (2,826 )   (13,024 )   (8,870 )
Loss on Extinguishment of Debt   (926 )       (926 )    
Other Income, Net   276     357     303     845  
Income (Loss) Before Taxes   1,791     (5,057 )   10,271     7,609  
Income Tax Expense (Benefit)   1,118     (14,541 )   1,236     (12,468 )
Net Income   $ 673     $ 9,484     $ 9,035     $ 20,077  
Earnings Per Share                
Basic earnings per share   $ 0.06     $ 0.84     $ 0.79     $ 1.78  
Diluted earnings per share   $ 0.06     $ 0.82     $ 0.77     $ 1.74  
Weighted-Average Number of Common Shares Outstanding                
Basic   11,415     11,246     11,390     11,290  
Diluted   11,713     11,504     11,659     11,558  
                 
Gross Profit %   19.9 %   18.1 %   19.5 %   18.5 %
SG&A %   13.7 %   14.1 %   13.3 %   14.2 %
Operating Income (Loss) %   3.8 %   (1.8 )%   3.9 %   2.8 %
Net Income %   0.4 %   6.7 %   1.4 %   3.6 %
Effective Tax (Benefit) Rate   62.4 %   (287.5 )%   12.0 %   (163.8 )%
                         


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited) / (In thousands)
 
    Three Months Ended   Years Ended
    %
Change
  December 31, 2018   December 31, 2017   % of Net  Revenues
2018
  % of Net  Revenues
2017
  %
Change
  December 31, 2018   December 31, 2017   % of Net  Revenues
2018
  %of Net  Revenues
2017
Net Revenues                                        
Electronic Systems   10.5 %   $ 85,262     $ 77,170     51.9 %   54.2 %   6.7 %   $ 337,868     $ 316,723     53.7 %   56.7 %
Structural Systems   21.3 %   78,921     65,088     48.1 %   45.8 %   20.7 %   291,439     241,460     46.3 %   43.3 %
Total Net Revenues   15.4 %   $ 164,183     $ 142,258     100.0 %   100.0 %   12.7 %   $ 629,307     $ 558,183     100.0 %   100.0 %
Segment Operating Income (Loss)                                        
Electronic Systems       $ 7,453     $ 6,856     8.7 %   8.9 %       $ 30,916     $ 31,236     9.2 %   9.9 %
Structural Systems       5,683     (2,592 )   7.2 %   (4.0 )%       19,063     5,790     6.5 %   2.4 %
        13,136     4,264                 49,979     37,026          
Corporate General and Administrative Expenses (1)       (6,857 )   (6,853 )   (4.2 )%   (4.8 )%       (26,061 )   (21,392 )   (4.1 )%   (3.8 )%
Total Operating Income (Loss)       $ 6,279     $ (2,589 )   3.8 %   (1.8 )%       $ 23,918     $ 15,634     3.8 %   2.8 %
Adjusted EBITDA                                        
Electronic Systems                                        
Operating Income (Loss)       $ 7,453     $ 6,856                 $ 30,916     $ 31,236          
Other Income       92     357                 119     645          
Depreciation and Amortization       3,201     3,681                 14,223     13,888          
Restructuring Charges       2,370     1,190                 4,776     1,190          
Inventory Purchase Accounting Adjustments           1,111                     1,235          
        13,116     13,195     15.4 %   17.1 %       50,034     48,194     14.8 %   15.2 %
Structural Systems                                        
Operating Income (Loss)       5,683     (2,592 )               19,063     5,790          
Other Income       184                     184     200          
Depreciation and Amortization       3,015     1,981                 10,525     8,860          
Restructuring Charges       1,149     5,802                 7,897     5,866          
Inventory Purchase Accounting Adjustments                           622              
        10,031     5,191     12.7 %   8.0 %       38,291     20,716     13.1 %   8.6 %
Corporate General and Administrative Expenses (1)                                        
Operating loss       (6,857 )   (6,853 )               (26,061 )   (21,392 )        
Depreciation and Amortization       445     34                 548     97          
Stock-Based Compensation Expense       1,626     411                 5,040     4,675          
Restructuring Charges       321     1,782                 2,119     1,782          
Other Debt Refinancing Costs       697                     697              
        (3,768 )   (4,626 )               (17,657 )   (14,838 )        
Adjusted EBITDA       $ 19,379     $ 13,760     11.8 %   9.7 %       $ 70,668     $ 54,072     11.2 %   9.7 %
                                         
Capital Expenditures                                        
Electronic Systems       $ 1,628     $ 763                 $ 6,719     $ 5,019          
Structural Systems       2,539     3,462                 9,104     20,679          
Corporate Administration       139                     514     775          
Total Capital Expenditures       $ 4,306     $ 4,225                 $ 16,337     $ 26,473          
  1. Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP OPERATING INCOME AND AS A PERCENTAGE OF NET REVENUES RECONCILIATION
(Unaudited)
(In thousands)
 
    Three Months Ended   Years Ended
GAAP To Non-GAAP Net Revenues   December 31,
 2018
  December 31,
 2017
  December 31,
 2018
  December 31,
 2017
Total Ducommun Net Revenues   $ 164,183     $ 142,258     $ 629,307     $ 558,183  
Effect of Adoption of ASC 606   1,584         (15,712 )    
Adjusted Total Ducommun Net Revenues   $ 165,767     $ 142,258     $ 613,595     $ 558,183  
                 
Electronic Systems Net Revenues   $ 85,262     $ 77,170     $ 337,868     $ 316,723  
Effect of Adoption of ASC 606   3,128         (7,120 )    
Adjusted Electronic Systems Net Revenues   $ 88,390     $ 77,170     $ 330,748     $ 316,723  
                 
Structural Systems Net Revenues   $ 78,921     $ 65,088     $ 291,439     $ 241,460  
Effect of Adoption of ASC 606   (1,544 )       (8,592 )    
Adjusted Structural Systems Net Revenues   $ 77,377     $ 65,088     $ 282,847     $ 241,460  
                                 


    Three Months Ended   Years Ended
GAAP To Non-GAAP Operating Income   December 31,
 2018
  December 31,
 2017
  %
of Net  Revenues
2018
  %
of Net  Revenues
2017
  December 31,
 2018
  December 31,
 2017
  %
of Net  Revenues
2018
  %
of Net  Revenues
2017
GAAP Operating income   $ 6,279     $ (2,589 )           $ 23,918     $ 15,634          
                                 
GAAP Operating income - Electronic Systems   $ 7,453     $ 6,856             $ 30,916     $ 31,236          
Adjustments:                                
Effect of Adoption of ASC 606   (460 )               (2,370 )            
Restructuring charges   2,370     1,190             4,776     1,190          
Inventory purchase accounting adjustments       1,111                 1,235          
Adjusted operating income - Electronic Systems   9,363     9,157     10.6 %   11.9 %   33,322     33,661     10.1 %   10.6 %
                                 
GAAP Operating income - Structural Systems   5,683     (2,592 )           19,063     5,790          
Adjustments:                                
Effect of Adoption of ASC 606   1,435                 (1,884 )            
Restructuring charges   1,149     5,802             7,897     5,866          
Inventory purchase accounting adjustments                   622              
Adjusted operating income - Structural Systems   8,267     3,210     10.7 %   4.9 %   25,698     11,656     9.1 %   4.8 %
                                 
GAAP Operating loss - Corporate   (6,857 )   (6,853 )           (26,061 )   (21,392 )        
Adjustment:                                
Restructuring charges   321     1,782             2,119     1,782          
Other debt refinancing costs   697                 697              
Adjusted operating loss - Corporate   (5,839 )   (5,071 )           (23,245 )   (19,610 )        
Total adjustments   5,512     9,885             11,857     10,073          
Adjusted operating income   $ 11,791     $ 7,296     7.1 %   5.1 %   $ 35,775     $ 25,707     5.8 %   4.6 %
                                                         


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP EARNINGS AND EARNINGS PER SHARE RECONCILIATION
(Unaudited)
(In thousands, except per share amounts)
 
    Three Months Ended   Years Ended
GAAP To Non-GAAP Earnings   December 31,
 2018
  December 31,
 2017
  December 31,
 2018
  December 31,
 2017
GAAP Net income   $ 673     $ 9,484     $ 9,035     $ 20,077  
  Adjustments:                
  Tax Cuts Jobs Act (1)(3)       (12,590 )       (12,590 )
  Restructuring charges (2)(3)   3,187     6,879     12,277     6,929  
  Inventory purchase accounting adjustments (2)(3)       871     516     968  
  Loss on extinguishment of debt (2)   769         769      
  Other debt refinancing costs (2)   579         579      
  Total adjustments   4,535     (4,840 )   14,141     (4,693 )
Adjusted net income   $ 5,208     $ 4,644     $ 23,176     $ 15,384  


    Three Months Ended   Years Ended
GAAP Earnings Per Share To Non-GAAP Earnings Per Share   December 31,
 2018
  December 31,
 2017
  December 31,
 2018
  December 31,
 2017
GAAP Diluted Earnings Per Share (“EPS”)   $ 0.06     $ 0.82     $ 0.77     $ 1.74  
  Adjustments:                
  Tax Cuts Jobs Act (1)(3)       (1.10 )       (1.09 )
  Restructuring charges (2)(3)   0.27     0.60     1.05     0.60  
  Inventory purchase accounting adjustments (2)(3)       0.08     0.05     0.08  
  Loss on extinguishment of debt (2)   0.06         0.07      
  Other debt refinancing costs (2)   0.05         0.05      
  Total adjustments   0.38     (0.42 )   1.22     (0.41 )
Adjusted Diluted EPS   $ 0.44     $ 0.40     $ 1.99     $ 1.33  
                 
Shares used for adjusted diluted EPS   11,713     11,504     11,659     11,558  
  1. Net impact of Tax Cuts Jobs Act and $0.5 million in 2016 state income tax adjustments.
  2. Includes tax rate of 17.0% for 2018 adjustments.
  3. Includes tax rate of 21.6% for 2017 adjustments. 

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