AmeriCredit Reports Fourth Quarter and Fiscal Year 2006 Operating Results.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- AMERICREDIT AmeriCredit Corp.(NYSE: ACF) is a Fort Worth-based company that provides car loans, both directly and through automobile dealerships, to medium- and high-risk customers in the United States and Canada. Their headquarters is located in Fort Worth, Texas. CORP. (NYSE NYSE See: New York Stock Exchange :ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ): --4th Quarter earnings of $79 million, $0.55 per share --Loan originations increased to $1.73 billion --Charge-offs declined to 3.9% --FY07 earnings per share guidance updated AMERICREDIT CORP. (NYSE:ACF) today announced net income of $79 million, or $0.55 per share, for its fiscal fourth quarter ended June June: see month. 30, 2006. AmeriCredit reported net income of $77 million, or $0.48 per share, for the same period a year earlier. Net income for the quarter ended June 30, 2006, included a $6 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. loss ($9 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ), or $0.04 per share, related to the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of the 9 1/4 Senior Notes due in May 2009. For the fiscal year ended June 30, 2006, AmeriCredit reported net income of $306 million, or $2.08 per share, versus earnings of $286 million, or $1.73 per share, for the fiscal year ended June 30, 2005. Automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of loan purchases increased to $1.73 billion for the fourth quarter of fiscal year 2006, compared to $1.45 billion for the June 2005 quarter. Loan purchases for the fiscal year ended June 30, 2006, were $6.21 billion compared to $5.03 billion for fiscal year 2005. Managed auto receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed totaled $12.20 billion at June 30, 2006. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net charge-offs totaled 3.9% of average managed auto receivables for the June 2006 quarter compared to 4.2% for the June 2005 quarter. Net charge-offs for the fiscal year ended June 30, 2006, were 5.2% compared to 5.7% for fiscal year 2005. Managed auto receivables 31-to-60 days delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. were 5.1% of the portfolio at June 30, 2006, compared to 5.2% at June 30, 2005. Accounts more than 60 days delinquent were 2.1% of the portfolio at June 30, 2006, compared to 2.2% at June 30, 2005. "AmeriCredit experienced a strong finish to fiscal year 2006 as loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. increased and charge-offs declined this quarter," said President and Chief Executive Officer Dan Berce. "We continued executing our growth strategies, and we are still benefiting from a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. economic environment." Unrestricted cash totaled $513 million at June 30, 2006. During the June 2006 quarter, the Company repurchased $106 million of its common stock. The Company has repurchased a total of $923 million of its common stock since inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program in April 2004. At June 30, 2006, the Company had $77 million remaining under its board approved stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $2.01 billion at June 30, 2006, resulting in a managed assets-to-equity ratio of 6.1 at June 30, 2006. "During the June quarter, our primary uses of excess cash were the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of additional shares of stock, the redemption of outstanding unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. , and the acquisition of Bay View Acceptance Corporation," said Chief Financial Officer Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Choate Perfected, complete, or certain. A choate right is an undefeatable right that is totally valid and cannot be subsequently lessened or altered by later claims. . "Growth in our managed receivables combined with deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of excess capital helped us improve our return on equity to 15.3% in fiscal year 2006 compared to 13.4% last year." Regulation FD Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The Company anticipates some risks and uncertainties with its business. The following net income forecast remains unchanged from guidance provided on April 24, 2006. The earnings per share forecast has been updated to reflect stock repurchased through June 30, 2006. Net income and EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. forecasts
Fiscal year ending
June 30, 2007
--------------------
Net income ($ millions) $305 - $335
Earnings per share $2.15 - $2.35
The forecasts include the results of Bay View Acceptance Corporation for fiscal year 2007. The Company completed this acquisition on May 1, 2006. Bay View Acceptance Corporation provides specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. auto financing options to customers with prime credit scores. Therefore, its net interest margin and credit losses are historically lower than AmeriCredit's. The forecasts for fiscal year 2007 incorporate, but are not limited to, the following assumptions: --New loan origination volume of $7.2 to $7.8 billion; --Net interest margin of 12.0 to 13.0 percent of average receivables; --Operating expenses of 2.8 to 3.2 percent of the portfolio; --Net charge-offs to average between 4.5 and 5.5 percent overall for the fiscal year, but varying seasonally by quarter; and --Annualized provision for loan losses as a percent of average receivables to range between 5.0 and 6.0 percent. These forecasts do not include any future share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. activity or future disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of all or a portion of the Company's investment in DealerTrack. AmeriCredit will host a conference call for analysts and investors today at 5:30 p.m. Eastern Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time. For a live Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the broadcast of this conference call, please go to the Company's Web site to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. About AmeriCredit AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . AmeriCredit has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one million customers and $12 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com. Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission including the Company's annual report on Form 10-K/A for the year ended June 30, 2005. Such risks include -- but are not limited to -- variable economic conditions, adverse portfolio performance, volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. wholesale values, reliance on warehouse financing and capital markets, the ability to continue to securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. its loan portfolio, the continued availability of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for its securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. transactions on acceptable terms, fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. interest rates, increased competition, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes and exposure to litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially.
AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Revenue:
Finance charge
income $458,874 $344,224 $1,641,125 $1,217,696
Servicing income 13,417 33,026 75,209 177,585
Other income 15,552 16,949 95,004 55,565
------------ ------------ ------------ ------------
487,843 394,199 1,811,338 1,450,846
------------ ------------ ------------ ------------
Costs and
expenses:
Operating
expenses 84,683 77,825 336,153 312,637
Provision for
loan losses 157,051 114,792 567,545 418,711
Interest expense 120,804 79,756 419,360 264,276
Restructuring
charges 919 82 3,045 2,823
------------ ------------ ------------ ------------
363,457 272,455 1,326,103 998,447
------------ ------------ ------------ ------------
Income before
income taxes 124,386 121,744 485,235 452,399
Income tax
provision 45,542 44,802 179,052 166,490
------------ ------------ ------------ ------------
Net income $78,844 $76,942 $306,183 $285,909
============ ============ ============ ============
Earnings per
share:
Basic $0.61 $0.52 $2.29 $1.88
============ ============ ============ ============
Diluted $0.55 $0.48 $2.08 $1.73
============ ============ ============ ============
Weighted average
shares 129,139,155 146,885,157 133,837,116 152,184,740
============ ============ ============ ============
Weighted average
shares and
assumed
incremental
shares 144,286,513 162,669,064 148,824,916 167,242,658
============ ============ ============ ============
Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)
June 30, March 31, June 30,
2006 2006 2005
------------ ------------ ------------
Cash and cash equivalents $513,240 $700,800 $663,501
Finance receivables, net 11,097,008 9,770,018 8,297,750
Interest-only receivables from
Trusts 3,645 5,891 29,905
Investments in Trust
receivables 41,018 98,374 239,446
Restricted cash - gain on sale
Trusts 59,961 98,943 272,439
Restricted cash -
securitization notes payable 860,935 803,110 633,900
Restricted cash - warehouse
credit facilities 140,042 101,981 455,426
Property and equipment, net 57,225 58,343 92,000
Deferred income taxes 78,789 60,795 53,759
Other assets 216,002 209,981 208,912
------------ ------------ ------------
Total assets $13,067,865 $11,908,236 $10,947,038
============ ============ ============
Warehouse credit facilities $2,106,282 $1,435,134 $990,974
Securitization notes payable 8,518,849 7,867,074 7,166,028
Senior notes -- 153,869 166,755
Convertible debt 200,000 200,000 200,000
Funding payable 54,623 54,559 158,210
Accrued taxes and expenses 155,799 160,899 133,736
Other liabilities 23,426 20,998 9,419
------------ ------------ ------------
Total liabilities 11,058,979 9,892,533 8,825,122
------------ ------------ ------------
Shareholders' equity 2,008,886 2,015,703 2,121,916
------------ ------------ ------------
Total liabilities and
shareholders' equity $13,067,865 $11,908,236 $10,947,038
============ ============ ============
Consolidated Statements of Cash Flows
(Unaudited, Dollars in Thousands)
Three Months Ended Fiscal Year Ended
June 30, June 30,
----------------------- -----------------------
2006 2005 2006 2005
----------- ----------- ----------- -----------
Cash flows from
operating activities:
Net income $78,844 $76,942 $306,183 $285,909
Adjustments to
reconcile net income
to net cash provided
by operating
activities:
Depreciation and
amortization 7,669 10,133 35,304 38,267
Accretion and
amortization of
loan fees (7,527) 347 (20,062) 16,962
Provision for loan
losses 157,051 114,792 567,545 418,711
Deferred income
taxes (15,293) (38,412) (37,405) (31,220)
Accretion of present
value discount (9,466) (14,693) (40,153) (78,066)
Impairment of credit
enhancement assets -- -- 457 1,122
Stock-based
compensation
expense 3,896 5,114 16,586 11,468
Other 2,539 (153) (6,451) 214
Changes in assets and
liabilities:
Other assets 34,355 (21,712) 117,650 (25,578)
Accrued taxes and
expenses (6,785) 7,083 21,677 (23,827)
----------- ----------- ----------- -----------
Net cash provided by
operating activities 245,283 139,441 961,331 613,962
----------- ----------- ----------- -----------
Cash flows from
investing activities:
Purchase of
receivables (2,053,660) (1,583,509) (7,147,471) (5,447,444)
Principal collections
and recoveries on
receivables 1,263,928 924,877 4,373,044 3,202,788
Distributions from
gain on sale Trusts,
net of swap payments 108,395 201,705 454,531 547,011
Net (purchases) sales
of property and
equipment (1,320) (1,169) 29,234 (7,676)
Acquisition of Bay
View, net of cash
acquired (61,764) -- (61,764) --
Net change in
restricted cash and
other (64,039) (461,070) 135,787 (363,585)
----------- ----------- ----------- -----------
Net cash used by
investing activities (808,460) (919,166) (2,216,639) (2,068,906)
----------- ----------- ----------- -----------
Cash flows from
financing activities:
Net change in
warehouse credit
facilities 443,270 (270,283) 887,430 490,974
Net change in
securitization notes
payable 184,085 1,292,565 884,069 1,559,762
Net change in senior
notes and other (155,849) (8,584) (174,573) (34,853)
Repurchase of common
stock (106,024) (161,676) (528,070) (362,570)
Proceeds from issuance
of common stock 8,319 11,421 32,467 42,201
----------- ----------- ----------- -----------
Net cash provided by
financing activities 373,801 863,443 1,101,323 1,695,514
----------- ----------- ----------- -----------
Net (decrease)
increase in cash and
cash equivalents (189,376) 83,718 (153,985) 240,570
Effect of Canadian
exchange rate changes
on cash and cash
equivalents 1,816 (214) 3,724 1,481
Cash and cash
equivalents at
beginning of period 700,800 579,997 663,501 421,450
----------- ----------- ----------- -----------
Cash and cash
equivalents at end of
period $513,240 $663,501 $513,240 $663,501
=========== =========== =========== ===========
Other Financial Data
(Unaudited, Dollars in Thousands)
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Loan originations $1,734,065 $1,452,275 $6,208,004 $5,031,325
Loans securitized 1,297,300 2,255,216 5,000,007 4,913,319
Average on-book
receivables $11,248,944 $8,439,498 $9,993,061 $7,653,875
Average gain on
sale receivables 560,251 2,537,068 1,223,469 3,586,581
------------ ------------ ------------ ------------
Average managed
receivables $11,809,195 $10,976,566 $11,216,530 $11,240,456
============ ============ ============ ============
June 30, March 31, June 30,
2006 2006 2005
------------ ------------ ------------
On-book
receivables $11,775,665 $10,382,505 $8,838,968
Gain on sale
receivables 421,037 750,637 2,163,941
------------ ------------ ------------
Managed
receivables $12,196,702 $11,133,142 $11,002,909
============ ============ ============
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------------- -------------------------
2006 2005 2006 2005
------------ ------------ ------------ ------------
Operating expenses $84,683 $77,825 $336,153 $312,637
Operating expenses
as a percent of
average managed
receivables 2.9% 2.8% 3.0% 2.8%
Tax rate 36.61% 36.80% 36.90% 36.80%
June 30, March 31, June 30,
2006 2006 2005
--------- --------- ---------
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days 5.0% 4.5% 4.3%
Greater than 60 days 2.0 1.5 1.8
--------- --------- ---------
Total 7.0% 6.0% 6.1%
========= ========= =========
Gain on sale:
(% of ending gain on sale receivables)
31 - 60 days 9.2% 7.0% 8.8%
Greater than 60 days 3.8 3.3 3.9
--------- --------- ---------
Total 13.0% 10.3% 12.7%
========= ========= =========
Total portfolio:
(% of ending managed receivables)
31 - 60 days 5.1% 4.7% 5.2%
Greater than 60 days 2.1 1.6 2.2
--------- --------- ---------
Total 7.2% 6.3% 7.4%
========= ========= =========
Three Months Fiscal Year
Ended Ended
June 30, June 30,
--------------- ---------------
2006 2005 2006 2005
------- ------- ------- -------
Contracts receiving a payment deferral
as an average quarterly percentage of
average receivables outstanding:
On-book (% of average on-book
receivables) 6.2% 5.2% 6.1% 5.0%
======= ======= ======= =======
Gain on sale (% of average gain on
sale receivables) 6.7% 9.0% 8.6% 9.4%
======= ======= ======= =======
Total portfolio (% of average
managed receivables) 6.2% 6.1% 6.4% 6.4%
======= ======= ======= =======
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Net charge-offs:
On-book $107,751 $71,805 $467,386 $320,037
Gain on sale 7,584 44,070 111,243 326,114
--------- --------- --------- ---------
$115,335 $115,875 $578,629 $646,151
========= ========= ========= =========
Net charge-offs as a percent
of average receivables:
On-book 3.8% 3.4% 4.7% 4.2%
========= ========= ========= =========
Gain on sale 5.4% 7.0% 9.1% 9.1%
========= ========= ========= =========
Total portfolio 3.9% 4.2% 5.2% 5.7%
========= ========= ========= =========
Net recoveries as a percent of
gross repossession charge-
offs:
On-book 50.3% 51.4% 49.3% 47.1%
========= ========= ========= =========
Gain on sale 45.8% 43.7% 41.8% 39.2%
========= ========= ========= =========
Total portfolio 49.9% 48.3% 47.8% 43.1%
========= ========= ========= =========
June 30, March 31, June 30,
2006 2006 2005
------------ ------------ -----------
On-book receivables:
Principal $11,775,665 $10,382,505 $8,838,968
Allowance for loan losses and
nonaccretable acquisition
fees (678,657) (612,487) (541,218)
------------ ------------ -----------
$11,097,008 $9,770,018 $8,297,750
============ ============ ===========
Allowance as a percentage of
on-book receivables 5.8% 5.9% 6.1%
============ ============ ===========
The Company's net margin as reflected on the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of income, excluding a $9 million pre-tax gain on the partial sale of the Company's investment in DealerTrack Holdings, Inc., realized during the year ended June 30, 2006, as well as a $9 million pre-tax loss on the redemption of the Company's 9 1/4% Senior Notes due 2009, realized during the quarter and year ended June 30, 2006, is as follows:
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------- -----------------------
2006 2005 2006 2005
--------- --------- ----------- -----------
Finance charge income $458,874 $344,224 $1,641,125 $1,217,696
Other income 24,759 16,949 95,364 55,565
Interest expense (120,804) (79,756) (419,360) (264,276)
--------- --------- ----------- -----------
Net margin $362,829 $281,417 $1,317,129 $1,008,985
========= ========= =========== ===========
Three Months Ended Fiscal Year Ended
June 30, June 30,
------------------- -----------------------
2006 2005 2006 2005
--------- --------- ----------- -----------
Finance charge income 16.4% 16.4% 16.4% 15.9%
Other income 0.9 0.8 1.0 0.7
Interest expense (4.3) (3.8) (4.2) (3.4)
--------- --------- ----------- -----------
Net margin as a percent
of average on-book
receivables 13.0% 13.4% 13.2% 13.2%
========= ========= =========== ===========
The following table provides additional information for comparative purposes related to the Company's acquisition on May 1, 2006:
Three Months Ended
June 30, 2006
-------------------------
AmeriCredit Total
Core Portfolio
------------ ------------
Originations $1,655,765 $1,734,065
Average managed receivables $11,272,893 $11,809,195
Net charge-offs $114,353 $115,335
Net charge-offs as a percent of average
receivables 4.1% 3.9%
============ ============
Contracts receiving a payment deferral as an
average quarterly percentage of average
receivables outstanding 6.5% 6.2%
============ ============
Net margin $358,102 $362,829
============ ============
Net margin as a percent of average on-book
receivables 13.3% 13.0%
============ ============
June 30, 2006
-------------------------
AmeriCredit Total
Core Portfolio
------------ ------------
Managed receivables $11,391,037 $12,196,702
Loan delinquency:
(% of ending managed receivables)
31 - 60 days 5.5% 5.1%
Greater than 60 days 2.2 2.1
------------ ------------
Total 7.7% 7.2%
============ ============
Allowance as a percentage of on-book
receivables 6.1% 5.8%
============ ============
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