NEW YORK, July 31, 2023 /PRNewswire/ -- ÃÛÌÒ´«Ã½ Corporation (NYSE: L) today released its second quarter 2023 financial results.Ìý
Second Quarter highlights:Ìý
ÃÛÌÒ´«Ã½ Corporation reported net income of $360 million, or $1.58 per share, in the second quarter of 2023 compared to $167 million, or $0.68 per share, in the second quarter of 2022. The year-over-year increase in net income was driven by higher net income from its consolidated subsidiaries and higher net investment income at the parent company. The following bullets highlight key drivers of these results:
CEO commentary:
"ÃÛÌÒ´«Ã½ had another solid quarter with each of our consolidated subsidiaries performing well. ÃÛÌÒ´«Ã½ reported stellar results, despite high industry catastrophe losses. The company also recorded its highest ever quarterly underlying underwriting income."
–ÌýÌýÌýÌýÌý James S. Tisch, President and CEO, ÃÛÌÒ´«Ã½ Corporation
Consolidated highlights: | ||||
June 30, | ||||
Three Months | Six Months | |||
(In millions, except per share data) | 2023 | 2022 (a) | 2023 | 2022 (a) |
Net income attributable to ÃÛÌÒ´«Ã½ Corporation before ÌýÌý net investment gains (losses) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 347 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 203 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 747 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 528 |
Net investment gains (losses): | ||||
ÃÛÌÒ´«Ã½ | (23) | (36) | (48) | (39) |
ÃÛÌÒ´«Ã½ Hotels & Co | 36 | 36 | ||
Total net investment gains (losses): | 13 | (36) | (12) | (39) |
Net income attributable to ÃÛÌÒ´«Ã½ Corporation | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 167 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 735 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 489 |
Net income per share | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.58 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.68 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.19 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.98 |
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June 30, 2023 | December 31, 2022 (a) | ||
Book value per share | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 64.59 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 60.81 | |
Book value per share excluding AOCI | 78.56 | 74.88 |
(a) | As of January 1, 2023, ÃÛÌÒ´«Ã½ Corporation adopted Accounting Standards Update 2018-12, "Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), which was applied retrospectively effective January 1, 2021. Previously reported amounts have been adjusted to reflect application of the new guidance. See pages 4 and 5 of this release for more information. |
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Three months ended June 30, 2023 compared to 2022
ÃÛÌÒ´«Ã½:
Boardwalk:
ÃÛÌÒ´«Ã½ Hotels:
Corporate & Other:
Six months ended JuneÌý30, 2023 compared to 2022
ÃÛÌÒ´«Ã½ Corporation reported net income of $735 million, or $3.19 per share, compared to $489 million, or $1.98 per share, in 2022. The following are key highlights:
Share Repurchases:
Reconciliation of GAAP Measures to Non-GAAP Measures
This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. ÃÛÌÒ´«Ã½ utilizes core income, Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and ÃÛÌÒ´«Ã½ Hotels utilizes Adjusted EBITDA. These measures are defined and reconciled to the most comparable GAAP measures on pages 6 and 7 of this release.
Earnings Remarks and Conference Calls
For ÃÛÌÒ´«Ã½ Corporation
For ÃÛÌÒ´«Ã½
About ÃÛÌÒ´«Ã½ Corporation
ÃÛÌÒ´«Ã½ Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries. For more information, please visit .
Forward-Looking Statements
Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the ÃÛÌÒ´«Ã½. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the ÃÛÌÒ´«Ã½'s overall business and financial performance can be found in the ÃÛÌÒ´«Ã½'s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the ÃÛÌÒ´«Ã½'s website (). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The ÃÛÌÒ´«Ã½ expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the ÃÛÌÒ´«Ã½'s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
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ÃÛÌÒ´«Ã½ Corporation and Subsidiaries Selected Financial Information | ||||
June 30, | ||||
Three Months | Six Months | |||
(In millions) | 2023 | 2022 | 2023 | 2022 |
Revenues: | ||||
ÃÛÌÒ´«Ã½ Financial (a) | $ÌýÌýÌýÌýÌýÌýÌý 3,304 | $ÌýÌýÌýÌýÌýÌýÌý 2,926 | $ÌýÌýÌýÌýÌýÌýÌý 6,456 | $ÌýÌýÌýÌýÌýÌýÌý 5,811 |
Boardwalk Pipelines | 365 | 325 | 762 | 706 |
ÃÛÌÒ´«Ã½ Hotels & Co (b) | 254 | 200 | 446 | 352 |
Investment income (loss) and other (c) | 11 | (63) | 53 | (79) |
Total | $ÌýÌýÌýÌýÌýÌýÌý 3,934 | $ÌýÌýÌýÌýÌýÌýÌý 3,388 | $ÌýÌýÌýÌýÌýÌýÌý 7,717 | $ÌýÌýÌýÌýÌýÌýÌý 6,790 |
Income (Loss) Before Income Tax: | ||||
ÃÛÌÒ´«Ã½ Financial (a) (d) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 361 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 227 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 732 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 582 |
Boardwalk Pipelines | 76 | 52 | 192 | 174 |
ÃÛÌÒ´«Ã½ Hotels & Co (b) | 101 | 64 | 135 | 86 |
Corporate: | ||||
Investment income (loss), net | 11 | (65) | 53 | (81) |
Other (e) | (41) | (43) | (85) | (87) |
Total (d) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 508 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 235 | $ÌýÌýÌýÌýÌýÌýÌý 1,027 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 674 |
Net Income (Loss) Attributable to ÃÛÌÒ´«Ã½ Corporation: | ||||
ÃÛÌÒ´«Ã½ Financial (a) (d) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 170 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 523 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 435 |
Boardwalk Pipelines | 57 | 39 | 143 | 130 |
ÃÛÌÒ´«Ã½ Hotels & Co (b) | 74 | 44 | 98 | 59 |
Corporate: | ||||
Investment income (loss), net | 9 | (51) | 42 | (64) |
Other (e) | (35) | (35) | (71) | (71) |
Net income attributable to ÃÛÌÒ´«Ã½ Corporation (d) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 167 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 735 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 489 |
(a) | The three months ended June 30, 2023 and 2022 include net investment losses of $32 million and $59 million ($23 million and $36 million after tax and noncontrolling interests). The six months ended June 30, 2023 and 2022 include net investment losses of $67 million and $70 million ($48 million and $39 million after tax and noncontrolling interests). |
(b) | Includes a gain of $46 million ($36 million after tax) for the three and six months ended June 30, 2023 related to ÃÛÌÒ´«Ã½ Hotels & Co's acquisition of an additional equity interest and consolidation of a previously unconsolidated joint venture property. |
(c) | Includes investment income (loss) from the parent company's cash and investments. |
(d) | The effects of adopting ASU 2018-12 on the Selected Financial Information were as follows: |
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Three Months Ended June 30, 2022 | As Reported | Effect of Adoption | As Adjusted | ||
(In millions) | |||||
Income (Loss) Before Income Tax: | |||||
ÃÛÌÒ´«Ã½ Financial | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 245 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (18) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 227 | ||
Total | 253 | (18) | 235 | ||
Net Income (Loss) Attributable to ÃÛÌÒ´«Ã½ Corporation: | |||||
ÃÛÌÒ´«Ã½ Financial | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 183 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (13) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 170 | ||
Total | 180 | (13) | 167 |
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Six Months Ended June 30, 2022 | As Reported | Effect of Adoption | As Adjusted | ||
(In millions) | |||||
Income (Loss) Before Income Tax: | |||||
ÃÛÌÒ´«Ã½ Financial | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 623 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (41) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 582 | ||
Total | 715 | (41) | 674 | ||
Net Income (Loss) Attributable to ÃÛÌÒ´«Ã½ Corporation: | |||||
ÃÛÌÒ´«Ã½ Financial | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 464 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý (29) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 435 | ||
Total | 518 | (29) | 489 |
(e) | Consists of parent company interest expense, corporate expenses, and the equity income (loss) of Altium Packaging. |
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ÃÛÌÒ´«Ã½ Corporation and Subsidiaries Consolidated Financial Review | ||||
June 30, | ||||
Three Months | Six Months | |||
(In millions, except per share data) | 2023 | 2022 | 2023 | 2022 |
Revenues: | ||||
Insurance premiums | $ÌýÌýÌýÌýÌýÌýÌý 2,347 | $ÌýÌýÌýÌýÌýÌýÌý 2,155 | $ÌýÌýÌýÌýÌýÌýÌý 4,595 | $ÌýÌýÌýÌýÌýÌýÌý 4,214 |
Net investment income | 592 | 366 | 1,161 | 798 |
Investment gains (losses) (a) | 14 | (59) | (21) | (70) |
Operating revenues and other | 981 | 926 | 1,982 | 1,848 |
Total | 3,934 | 3,388 | 7,717 | 6,790 |
Expenses: | ||||
Insurance claims and policyholders' benefits (b) | 1,779 | 1,601 | 3,432 | 3,079 |
Operating expenses and other | 1,647 | 1,552 | 3,258 | 3,037 |
Total | 3,426 | 3,153 | 6,690 | 6,116 |
Income before income tax (b) | 508 | 235 | 1,027 | 674 |
Income tax expense (b) | (120) | (48) | (235) | (135) |
Net income (b) | 388 | 187 | 792 | 539 |
Amounts attributable to noncontrolling interests (b) | (28) | (20) | (57) | (50) |
Net income attributable to ÃÛÌÒ´«Ã½ Corporation (b) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 360 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 167 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 735 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 489 |
Net income per share attributable to ÃÛÌÒ´«Ã½ Corporation (b) | $ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.58 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌý 0.68 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌý 3.19 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌý 1.98 |
Weighted average number of shares | 227.97 | 245.94 | 230.78 | 247.20 |
(a) | Includes a gain of $46 million ($36 million after tax) for the three and six months ended June 30, 2023 related to ÃÛÌÒ´«Ã½ Hotels & Co's acquisition of an additional equity interest and consolidation of a previously unconsolidated joint venture property. |
(b) | The effects of adopting ASU 2018-12 on the Consolidated Financial Review were as follows: |
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Three Months Ended June 30, 2022 | As Reported | Effect of Adoption | As Adjusted | ||
(In millions) | |||||
Insurance claims and policyholders' benefits | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,583 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 18 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 1,601 | ||
Income before income tax | 253 | (18) | 235 | ||
Income tax expense | (51) | 3 | (48) | ||
Net income | 202 | (15) | 187 | ||
Amounts attributable to noncontrolling interests | (22) | 2 | (20) | ||
Net income attributable to ÃÛÌÒ´«Ã½ Corporation | 180 | (13) | 167 | ||
Net income per share attributable to ÃÛÌÒ´«Ã½ Corporation | 0.73 | (0.05) | 0.68 |
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Six Months Ended June 30, 2022 | As Reported | Effect of Adoption | As Adjusted | ||
(In millions) | |||||
Insurance claims and policyholders' benefits | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,038 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 41 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 3,079 | ||
Income before income tax | 715 | (41) | 674 | ||
Income tax expense | (143) | 8 | (135) | ||
Net income | 572 | (33) | 539 | ||
Amounts attributable to noncontrolling interests | (54) | 4 | (50) | ||
Net income attributable to ÃÛÌÒ´«Ã½ Corporation | 518 | (29) | 489 | ||
Net income per share attributable to ÃÛÌÒ´«Ã½ Corporation | 2.09 | (0.11) | 1.98 |
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Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:
ÃÛÌÒ´«Ã½ Financial Corporation
Core income is calculated by excluding from ÃÛÌÒ´«Ã½'s net income attributable to ÃÛÌÒ´«Ã½ Corporation the after-tax effects of investment gains (losses). In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains (losses) because these are generally driven by economic factors that are not necessarily reflective of ÃÛÌÒ´«Ã½'s primary operations. The following table presents a reconciliation of ÃÛÌÒ´«Ã½ net income attributable to ÃÛÌÒ´«Ã½ Corporation to core income:
June 30, | ||||
Three Months | Six Months | |||
(In millions) | 2023 | 2022 | 2023 | 2022 |
ÃÛÌÒ´«Ã½ net income attributable to ÃÛÌÒ´«Ã½ Corporation | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 255 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 170 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 523 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 435 |
Investment losses | 25 | 40 | 53 | 43 |
Consolidating adjustments including noncontrolling interests | 28 | 20 | 57 | 50 |
Core income | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 308 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 230 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 633 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 528 |
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Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk net income attributable to ÃÛÌÒ´«Ã½ Corporation to EBITDA:
June 30, | ||||
Three Months | Six Months | |||
(In millions) | 2023 | 2022 | 2023 | 2022 |
Boardwalk net income attributable to ÃÛÌÒ´«Ã½ Corporation | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 57 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 39 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 143 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 130 |
Interest | 35 | 42 | 72 | 84 |
Income tax expense | 19 | 13 | 49 | 44 |
Depreciation and amortization | 102 | 99 | 203 | 194 |
EBITDA | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 213 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 193 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 467 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 452 |
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ÃÛÌÒ´«Ã½ Hotels & Co
Adjusted EBITDA is calculated by excluding from ÃÛÌÒ´«Ã½ Hotels & Co's EBITDA, state and local government development grants, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including ÃÛÌÒ´«Ã½ Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying ÃÛÌÒ´«Ã½ Hotels & Co's ownership percentage to the underlying equity method investment's components of EBITDA and excluding distributions in excess of basis.
The following table presents a reconciliation of ÃÛÌÒ´«Ã½ Hotels & Co net income attributable to ÃÛÌÒ´«Ã½ Corporation to Adjusted EBITDA:
June 30, | ||||
Three Months | Six Months | |||
(In millions) | 2023 | 2022 | 2023 | 2022 |
ÃÛÌÒ´«Ã½ Hotels & Co net income attributable to ÃÛÌÒ´«Ã½ Corporation | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 74 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 44 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 98 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 59 |
Interest | (1) | 4 | 4 | 8 |
Income tax expense | 27 | 20 | 37 | 27 |
Depreciation and amortization | 17 | 16 | 33 | 31 |
EBITDA | 117 | 84 | 172 | 125 |
Gain on asset acquisition | (46) | (46) | ||
Asset impairments | 9 | 14 | 9 | 14 |
Equity investment adjustments: | ||||
ÃÛÌÒ´«Ã½ Hotels & Co's equity method income | (41) | (53) | (72) | (79) |
Pro rata Adjusted EBITDA of equity method investments | 62 | 71 | 124 | 124 |
Consolidating adjustments | (1) | (1) | (2) | (2) |
Adjusted EBITDA | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 100 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 115 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 185 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 182 |
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The following table presents a reconciliation of ÃÛÌÒ´«Ã½ Hotels & Co's equity method income to Pro rata Adjusted EBITDA of equity method investments:
June 30, | ||||
Three Months | Six Months | |||
(In millions) | 2023 | 2022 | 2023 | 2022 |
ÃÛÌÒ´«Ã½ Hotels & Co's equity method income | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 41 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 53 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 72 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 79 |
Pro rata share of equity method investments: | ||||
Interest | 12 | 9 | 23 | 18 |
Income tax expense | ||||
Depreciation and amortization | 12 | 12 | 25 | 25 |
Distributions in excess of basis | (3) | (3) | 3 | 2 |
Consolidation adjustments | 1 | |||
Pro rata Adjusted EBITDA of equity method investments | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 62 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 71 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 124 | $ÌýÌýÌýÌýÌýÌýÌýÌýÌýÌý 124 |
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