Scripps Networks Interactive Reports Fourth Quarter Financial Results *Revenues of $605 million, up 9.2 percent *Segment profit of $266 million, up 3.3 percent *Income from continuing operations of $2.02 per share, including adjustments Business Wire KNOXVILLE, Tenn. -- February 7, 2013 Scripps Networks Interactive, Inc. (NYSE: SNI) today reported operating results for the fourthquarter 2012. Consolidated revenues for the quarter increased 9.2 percent to $605 million from the prior-year period. Results for the three-month period ended Dec. 31 reflect solid advertising revenue of $414million, up 5.1percent, and affiliate fee revenue of $174 million, up 18 percent year-over-year. Expenses for the quarter increased 14 percent from the prior-year period to $339 million. The increase wasdriven primarily by higher employee costs and investments in planned domestic and international growth initiatives. Also contributing to the increase was higher programming amortization and marketing expenses to drive viewership at all of the company’s lifestyle television networks. Total segment profit increased 3.3 percent to $266 million. (See note 2 for a definition of segment profit.) Fourth quarter income from continuing operations attributable to Scripps Networks Interactive was $306million, or $2.02 per diluted share, compared with $135 million, or $0.84 in the fourth quarter of 2011. Included in the fourth quarter 2012 figure are: *Favorable tax adjustments of $202 million, or $1.33 per diluted share; and *Asset impairment charges of $22 million, net of tax, or $0.15 per diluted share. In the prior-year period, net income from continuing operations included favorable tax adjustments of $10.5million, or $0.07 per diluted share. Excluding these items in both the current and prior-year periods, fourth quarter 2012 income from continuing operations attributable to Scripps Networks Interactive was $0.84, compared with $0.77 in thefourth quarter of 2011. (See note 1.) “Our solid fourth-quarter and full-year operating results demonstrate the popularity and superior marketing power of our lifestyle television networks and related interactive businesses,” said KennethW.Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “Sincethe launch of HGTV in 1994, our lifestyle media businesses have generated 18 consecutive years of growth, creating tremendous value for our shareholders, delivering uncommon value to our advertisersand distributors and engaging media consumers at the highest levels. Underpinning the company’s success is our commitment to remain focused on lifestyle content categories that touch and inspire the everyday lives of media consumers.” Revenues by network were as follows: *Food Network, $215 million, up 5.2 percent. *HGTV, $200 million, up 5.1 percent. *Travel Channel, $71.1 million, up 5.9 percent. *DIY Network, $30.4 million, up 13 percent. *Cooking Channel, $24.7 million, up 38 percent. *Great American Country (GAC), $7.6 million, up 16 percent. Revenue from the company’s digital businesses, which include its network-branded websites, was $33.2million, up 9.1 percent. Full-year Results Consolidated operating revenue in 2012 was $2.3 billion, up 11 percent from the prior year. Advertising revenue was $1.6 billion, up 9.0 percent from the prior year. Affiliate fee revenue was $688 million, up 17percent from the prior year. Segment profit increased to $1.0 billion, up 6.5 percent from the prior year. Consolidated income from continuing operations attributable to Scripps Networks Interactive was $681million, or $4.44 per share, compared with $473 million, or $2.86 per share in 2011. Consolidated income from continuing operations and per share amounts reflect the items disclosed in note 1 to the results of operations. 2013 Full-year Guidance The company provided the following outlook for 2013. Total revenue is expected to increase 7 percent to 9 percent. Cost of services are expected to increase 12 percent to 14 percent. Selling, general and administrative expenses are expected to increase 7 percent to 9 percent. Other items: *Depreciation and amortization, $115 million to $125 million. *Interest expense, $50 million to $55 million. *Effective tax rate, 28 percent to 30 percent. *Noncontrolling share of net income, $175 million to $185 million. *Capital expenditures, $65 million to $70 million. Conference call The senior management team of Scripps Networks Interactive will discuss the company’s fourth quarter results during a telephone conference call at 10 a.m. ET today. Scripps Networks Interactive will offer a live webcast of the conference call. To access the webcast, visit www.scrippsnetworksinteractive.com and follow the Investors link at the top of the page. The webcast link can be found next to the microphone icon on the investor relations landing page. To access the conference call by telephone, dial 800-230-1092 (U.S.) or 612-288-0337 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, “SNI Fourth Quarter Earnings Call,” to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis. A replay line will be open from 12:30 p.m. ET Feb. 7 until 11:59 p.m. ET Feb. 21. The domestic number to access the replay is 800-475-6701 and the international number is 320-365-3844. The access code for both numbers is 279208. A replay of the conference call also will be available online. To access the audio replay, visit www.scrippsnetworksinteractive.com approximately four hours after the call, choose Investors then follow the Audio Archives link on the top right side of the investor relations landing page. Forward-looking statements This press release contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company’s written policy on forward-looking statements can be found on page F-3 of its 2011 Form 10-K filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made. About Scripps Networks Interactive Scripps Networks Interactive is one of the leading developers of lifestyle-oriented content for television and the Internet, where on-air programming is complemented with online video, social media areas and e-commerce components on companion websites and broadband vertical channels. The company’s media portfolio includes popular lifestyle television and Internet brands Food Network, HGTV, Travel Channel, DIY Network, Cooking Channel and country music network Great American Country. SCRIPPS NETWORKS INTERACTIVE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three months ended Twelve months ended December 31, December 31, (in thousands, except per 2012 2011 Change 2012 2011 Change share data) Operating $ 604,665 $ 553,489 9.2 % $ 2,307,182 $ 2,072,048 11.3 % revenues Cost of services, excluding depreciation (165,855) (143,594) 15.5 % (610,836) (526,865) 15.9 % and amortization of intangible assets Selling, general and (172,919) (152,436) 13.4 % (655,473) (567,902) 15.4 % administrative Depreciation and amortization (28,159) (23,609) 19.3 % (107,591) (90,080) 19.4 % of intangible assets Write-down of (19,663) (19,663) goodwill Gains (losses) on disposal of 856 (666) 754 (603) property and equipment Operating 218,925 233,184 (6.1)% 914,373 886,598 3.1 % income Interest (12,869) (9,773) 31.7 % (50,814) (36,121) 40.7 % expense Equity in earnings of 14,597 20,094 (27.4)% 60,864 49,811 22.2 % affiliates Miscellaneous, 651 6,316 13,340 (17,188) net Income from continuing operations 221,304 249,821 (11.4)% 937,763 883,100 6.2 % before income taxes Income tax benefit 123,170 (71,586) (88,107) (246,452) (64.2)% (provision) Income from continuing 344,474 178,235 93.3 % 849,656 636,648 33.5 % operations, net of tax Income (loss) from discontinued (61,252) operations, net of tax Net income 344,474 178,235 93.3 % 849,656 575,396 47.7 % Net income attributable to (38,673) (43,234) (10.5)% (168,178) (163,838) 2.6 % noncontrolling interests Net income attributable $ 305,801 $ 135,001 $ 681,478 $ 411,558 65.6 % to SNI Income from continuing operations attributable to SNI common shareholders per basic $ 2.03 $ 0.85 $ 4.48 $ 2.87 share of common stock Income from continuing operations attributable to SNI common shareholders per diluted $ 2.02 $ 0.84 $ 4.44 $ 2.86 share of common stock Weighted average basic 150,546 159,727 152,180 164,657 shares outstanding Weighted average 151,711 160,399 153,327 165,572 diluted shares outstanding Net income per share amounts may not foot since each is calculated independently. SCRIPPS NETWORKS INTERACTIVE, INC. CONSOLIDATED BALANCE SHEETS (unaudited) As of December 31, December 31, 2012 2011 (in thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 437,525 $ 760,092 Accounts receivable (less allowances: 2012- 565,298 553,022 $5,514; 2011- $5,000) Programs and program licenses 395,017 336,305 Deferred income taxes 26,338 1,799 Other current assets 60,098 64,750 Total current assets 1,484,276 1,715,968 Investments 489,703 455,267 Property and equipment, net 237,308 219,845 Goodwill 551,821 510,484 Other intangible assets, net 678,500 556,095 Programs and program licenses (less current 371,856 299,089 portion) Deferred income taxes 148,501 Other non-current assets 176,833 204,922 Total Assets $ 4,138,798 $ 3,961,670 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 12,633 $ 12,482 Program rights payable 36,274 50,402 Customer deposits and unearned revenue 44,903 52,814 Employee compensation and benefits 56,553 49,920 Accrued marketing and advertising costs 10,689 6,838 Other accrued liabilities 91,577 60,443 Total current liabilities 252,629 232,899 Deferred income taxes 100,002 Long-term debt 1,384,216 1,383,945 Other liabilities (less current portion) 237,402 148,429 Total liabilities 1,874,247 1,865,275 Redeemable noncontrolling interest 136,500 162,750 Equity: SNI shareholders' equity: Preferred stock, $.01 par - authorized: 25,000,000 shares; none outstanding Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding: 2012 - 114,570,332 1,146 1,228 shares; 2011 - 122,828,359 shares Voting - authorized: 60,000,000 shares; issued and outstanding: 2012 - 34,317,173 343 343 shares; 2011 - 34,317,173 shares Total 1,489 1,571 Additional paid-in capital 1,405,699 1,346,429 Retained earnings 452,598 364,073 Accumulated other comprehensive income (38,862) (33,347) (loss) Total SNI shareholders' equity 1,820,924 1,678,726 Noncontrolling interest 307,127 254,919 Total equity 2,128,051 1,933,645 Total Liabilities and Equity $ 4,138,798 $ 3,961,670 SCRIPPS NETWORKS INTERACTIVE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Twelve months ended December 31, 2012 2011 (in thousands) (unaudited) Cash Flows from Operating Activities: Net income $ 849,656 $ 575,396 Loss (income) from discontinued operations 61,252 Income from continuing operations, net of tax 849,656 636,648 Depreciation and amortization of intangible 107,591 90,080 assets Write-down of goodwill 19,663 Amortization of network distribution costs 23,687 42,353 Program amortization 487,138 429,935 Equity in earnings of affiliates (60,864) (49,811) Program payments (623,484) (521,243) Capitalized network distribution incentives (2,948) (6,872) Dividends received from equity investments 61,896 39,420 Deferred income taxes (284,271) 34,300 Stock and deferred compensation plans 39,492 26,920 Changes in certain working capital accounts: Accounts receivable (4,461) (48,029) Other assets (7,228) 628 Accounts payable (2,157) 2,806 Accrued employee compensation and benefits 10,249 39 Accrued income taxes (2,365) 21,497 Other liabilities (5,688) 23,131 Other, net 8,777 (6,140) Cash provided by (used in) continuing 614,683 715,662 operating activities Cash provided by (used in) discontinued 13,253 operating activities Cash provided by (used in) operating 614,683 728,915 activities Cash Flows from Investing Activities: Additions to property and equipment (63,416) (54,113) Purchase of long-term investments (17,089) (402,217) Purchase of note receivable due from UKTV (137,308) Collections (funds advanced) on note 12,264 receivable Purchase of subsidiary companies, net of cash (119,036) acquired Purchase of noncontrolling interest (3,400) Other, net (48,003) 1,881 Cash provided by (used in) continuing (235,280) (595,157) investing activities Cash provided by (used in) discontinued 10,000 141,786 investing activities Cash provided by (used in) investing (225,280) (453,371) activities Cash Flows from Financing Activities: Proceeds from long-term debt 599,390 Payments on long-term debt (100,000) Dividends paid (73,109) (61,788) Dividends paid to noncontrolling interests (166,351) (70,500) Noncontrolling interest capital contribution 52,804 Repurchase of Class A common stock (600,285) (500,048) Proceeds from stock options 121,665 24,491 Deferred loan costs (4,558) Other, net 6,675 (5,517) Cash provided by (used in) financing (711,405) (65,726) activities Effect of exchange rate changes on cash and (565) 377 cash equivalents Increase (decrease) in cash and cash (322,567) 210,195 equivalents Cash and cash equivalents: Beginning of year 760,092 549,897 End of period $ 437,525 $ 760,092 Supplemental Cash Flow Disclosures: Interest paid, excluding amounts capitalized $ 46,682 $ 32,847 Income taxes paid 348,158 184,114 Notes to Results of Operations 1. OTHER CHARGES AND CREDITS Income tax adjustments - Our tax provision in the fourth quarter of 2012 reflects an income tax benefit of $213million arising from the reversal of valuation allowances on deferred tax assets related to capital loss carry forwards. Previously, the Company had estimated that it would be unable to use any of the capital loss carry forwards generated from the sales of the Shopzilla and uSwitch businesses. As a consequence of a restructuring that was completed to achieve a more efficient tax structure, the Company recognized a $574 million capital gain that utilized substantially all of its capital loss carry forwards. As the capital losses are not available in states in which the Company does not file unitary income tax returns, state tax expenses totaling $23.1 million were also recognized. Our fourth quarter 2012 tax provision also includes an $11.8 million favorable tax adjustment that reflects expiring statutes of limitations in certain tax jurisdictions and the related reduction of our liability for uncertain tax positions. These fourth quarter 2012 income tax adjustments increased year-to-date net income attributable to SNI by $202 million, $1.33 per share. Our tax provision in the fourth quarter of 2011 includes a favorable tax adjustment primarily attributed to expiring statutes of limitations in certain tax jurisdictions and the related reduction of our liability for uncertain tax positions. Net income attributable to SNI was increased $10.5 million, $0.07 per share. In the third quarter of 2011, we recorded $14.5 million of favorable income tax adjustments attributed to reaching agreements with certain tax authorities for positions taken in prior period returns and adjustments to foreign income items, state apportionment factors and credits reflected in our filed tax returns. These 2011 income tax adjustments increased year-to-date net income attributable to SNI by $25.0 million, $0.15per share. Asset write-downs - In connection with our annual impairment test for goodwill, we recorded a $19.7million non-cash charge in the fourth quarter of 2012 to write-down the goodwill associated with RealGravity to fair value. Equity in earnings of affiliates for the fourth quarter of 2012 also reflects a non-cash charge of $5.9million to reduce the carrying value of our investments to their estimated fair value. These charges decreased net income attributable to SNI by $22.0million, $0.15 per share. UKTV - In August 2011, the Company announced that SNI would be acquiring a 50-percent equity interest in UKTV for £239million and £100million to acquire the outstanding preferred stock and debt due to Virgin Media, Inc. from UKTV. To minimize the cash flow volatility resulting from British Pound to U.S. dollar currency exchange rate changes, we subsequently entered into foreign currency forward contracts that effectively set the U.S. dollar value for the transaction. We settled these foreign currency exchange forward contracts around the September 30, 2011 closing of the transaction and recognized losses from the contracts totaling $25.3 million. These losses reported within the “Miscellaneous” caption in our consolidated statements of operations reduced net income attributed to SNI $15.7 million, $0.10 per share. Operating results in 2011 include transaction related costs of $6.5 million associated with our acquisition of a 50-percent equity interest in UKTV. Net income attributable to SNI was decreased $4.0million, $0.02 per share. Food Network Partnership noncontrolling interest - In August 2010, we contributed the Cooking Channel to the Food Network Partnership (the “Partnership”). At the close of our 2010 fiscal year, the noncontrolling owner had not made a required pro-rata capital contribution to the Partnership and as a result its ownership interest was diluted from 31 percent to 25 percent. Accordingly, following the Cooking Channel contribution, profits from the partnership were allocated to the noncontrolling owner at its reduced ownership percentage. In February 2011, the noncontrolling owner made the pro-rata contribution to the Partnership and its ownership interest was returned to the pre-dilution percentage as if the contribution had been made as of the date of the Cooking Channel contribution. The retroactive impact of restoring the noncontrolling owner’s interest in the Partnership increased net income attributed to noncontrolling interest $8.0million in the first quarter of 2011. Year-to-date net income attributable to SNI was decreased $4.7 million, $0.03per share. Discontinued operations - Discontinued operations in 2011 reflect a loss on divestiture of $54.8 million related to the sale of the Shopzilla business. No income tax benefit related to the capital losses attributed to the sale was recognized. Year-to-date net income attributable to SNI was decreased $0.33per share. 2. SEGMENT INFORMATION We determine our business segments based upon our management and internal reporting structure. We manage our operations through one reportable operating segment, Lifestyle Media. Lifestyle Media includes our national television networks, Food Network, HGTV, Travel Channel, DIY Network, Cooking Channel and Great American Country (“GAC”). Lifestyle Media also includes websites that are associated with the aforementioned television brands and other Internet-based businesses serving food, home and travel related categories. The Food Network and Cooking Channel are included in the Food Network Partnership of which we own approximately 69%. We also own 65% of Travel Channel. Each of our networks is distributed by cable and satellite distributors and telecommunication service providers. The results of businesses not separately identified as reportable segments are included within our corporate and other caption. Corporate and other includes the results of the lifestyle-oriented channels we operate in Europe, the Middle East, Africa and Asia, operating results from the international licensing of our national networks’ programming, and other interactive and digital business initiatives that are not associated with our Lifestyle Media or international businesses. Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, restructuring activities, investment results and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Refer to Note 4—Non-GAAP Financial Measures, for reconciliations to GAAP measures. Items excluded from segment profit generally result from decisions made in prior periods or from decisions made by corporate executives rather than the managers of the business segments. Depreciation and amortization charges are the result of decisions made in prior periods regarding the allocation of resources and are therefore excluded from the measure. Financing, tax structure and divestiture decisions are generally made by corporate executives. Excluding these items from our business segment performance measure enables us to evaluate business segment operating performance for the current period based upon current economic conditions and decisions made by the managers of those business segments in the current period. Information regarding the operating performance of our business segments and a reconciliation to our results of operations is as follows: (in thousands) Three months ended Twelve months ended December 31, December 31, 2012 2011 Change 2012 2011 Change Segment operating revenues: Lifestyle $ 584,851 $ 547,867 6.8 % $ 2,256,367 $ 2,045,030 10.3 % Media Corporate and other / 19,814 5,622 50,815 27,018 88.1 % intersegment eliminations Total operating $ 604,665 $ 553,489 9.2 % $ 2,307,182 $ 2,072,048 11.3 % revenues Segment profit (loss): Lifestyle $ 287,468 $ 280,729 2.4 % $ 1,135,557 $ 1,049,934 8.2 % Media Corporate and (21,577) (23,270) (7.3)% (94,684) (72,653) 30.3 % other Total segment 265,891 257,459 3.3 % 1,040,873 977,281 6.5 % profit Depreciation and amortization (28,159) (23,609) 19.3 % (107,591) (90,080) 19.4 % of intangible assets Write-down of (19,663) (19,663) goodwill Gains (losses) on disposal of 856 (666) 754 (603) property and equipment Interest (12,869) (9,773) 31.7 % (50,814) (36,121) 40.7 % expense Equity in earnings of 14,597 20,094 (27.4)% 60,864 49,811 22.2 % affiliates Miscellaneous, 651 6,316 13,340 (17,188) net Income from continuing operations $ 221,304 $ 249,821 (11.4)% $ 937,763 $ 883,100 6.2 % before income taxes Operating results from our international operations and the costs associated with other interactive and digital business initiatives increased the segment loss at corporate and other by $1.6million in the fourth quarter of 2012 and $18.8 million for the year-to-date period of 2012 compared with $3.1 million in the fourth quarter of 2011 and $7.4 million for the year-to-date period of 2011. Corporate costs in 2011 also include transaction related costs of $6.5 million that were associated with our acquisition of a 50-percent equity interest in UKTV. 3. SUPPLEMENTAL FINANCIAL INFORMATION Our Lifestyle Media division earns revenue primarily from the sale of advertising time on our national television networks, affiliate fees paid by cable and satellite television operators that carry our network programming, the licensing of its content to third parties, the licensing of its brands for consumer products such as books and kitchenware, and from the sale of advertising on our Lifestyle Media affiliated websites. Supplemental information for Lifestyle Media is as follows: (in Three months ended Twelve months ended thousands) December 31, December 31, 2012 2011 Change 2012 2011 Change Operating revenues by brand: Food Network $ 214,584 $ 204,066 5.2 % $ 830,746 $ 745,605 11.4 % HGTV 200,212 190,576 5.1 % 786,285 731,769 7.4 % Travel 71,133 67,174 5.9 % 280,387 262,055 7.0 % Channel DIY Network 30,391 26,915 12.9 % 121,612 102,995 18.1 % Cooking 24,668 17,829 38.4 % 88,531 65,610 34.9 % Channel GAC 7,622 6,581 15.8 % 24,549 25,004 (1.8)% Digital 33,183 30,420 9.1 % 111,629 101,890 9.6 % Businesses Other 3,238 4,416 (26.7)% 13,005 10,928 19.0 % Intrasegment (180) (110) (377) (826) eliminations Operating revenues by type: Advertising $ 409,405 $ 392,615 4.3 % $ 1,554,422 $ 1,430,144 8.7 % Network affiliate 166,925 145,361 14.8 % 667,741 582,178 14.7 % fees, net Other 8,521 9,891 (13.9)% 34,204 32,708 4.6 % Subscribers (1): Food Network 99,700 99,600 0.1 % HGTV 98,800 98,900 (0.1)% Travel 94,700 94,900 (0.2)% Channel DIY Network 58,400 56,500 3.4 % Cooking 60,100 58,200 3.3 % Channel GAC 62,700 62,200 0.8 % (1)Subscriber counts are according to the Nielsen Homevideo Index of homes that receive cable networks. 4. NON-GAAP FINANCIAL MEASURES In addition to the results prepared in accordance with GAAP provided in this release, the Company has presented segment profit. A reconciliation of segment profit to operating income determined in accordance with GAAP for each business segment is as follows: (in thousands) Three months ended Twelve months ended December 31, December 31, 2012 2011 2012 2011 Operating income $ 218,925 $ 233,184 $ 914,373 $ 886,598 Depreciation and amortization of intangible assets: Lifestyle Media 24,938 23,099 98,857 88,030 Corporate and other 3,221 510 8,734 2,050 Write-down of goodwill 19,663 19,663 Losses (gains) on disposal of property and equipment: Lifestyle Media 534 532 637 469 Corporate and other (1,390) 134 (1,391) 134 Total segment profit $ 265,891 $ 257,459 $ 1,040,873 $ 977,281 The Company defines free cash flow as cash provided by operating activities less dividends paid to noncontrolling interests and acquisitions of property and equipment. The Company measures free cash flow as it believes it is an important indicator for management and investors as to the Company’s liquidity, including its ability to reduce debt, make strategic investments and return capital to shareholders. A reconciliation of free cash flow is as follows: (in thousands) Three months ended Twelve months ended December 31, December 31, 2012 2011 2012 2011 Segment profit $ 265,891 $ 257,459 $ 1,040,873 $ 977,281 Income taxes paid (93,412) (46,732) (348,158) (184,114) Interest paid (7,083) (158) (46,682) (32,847) Working capital and 15,690 (27,099) (31,350) (44,658) other Cash provided by continuing operating 181,086 183,470 614,683 715,662 activities Dividends paid to noncontrolling (18,170) (11,824) (166,351) (70,500) interests Additions to property (29,358) (16,758) (63,416) (54,113) and equipment Free cash flow $ 133,558 $ 154,888 $ 384,916 $ 591,049 Since segment profit and free cash flow are non-GAAP measures, they should be considered in addition to, but not as a substitute for, operating income, net income, cash flow provided by operating activities and other measures of financial performance reported in accordance with GAAP. Contact: Scripps Networks Interactive, Inc. Mark Kroeger, 865-560-5007 email@example.com or Mike Gallentine, 865-560-4473 firstname.lastname@example.org
Scripps Networks Interactive Reports Fourth Quarter Financial Results
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