2nd Quarter Fiscal Year 2018
Earnings Release
Parker Hannifin Corporation
February 1, 2018
Exhibit 99.2
Forward-Looking Statements and
Non-GAAP Financial Measures
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to
unforeseen uncertainties and risks. These statements may be identified from use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “potential,” “continues,”
“plans,” “forecasts,” “estimates,” “projects,” “predicts,” “would,” “intends,” “anticipates,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and include all
statements regarding future performance, earnings projections, events or developments. It is possible that the future performance and earnings projections of the company, including its individual
segments, may differ materially from current expectations, depending on economic conditions within its mobile, industrial and aerospace markets, and the company's ability to maintain and achieve
anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and
growth, innovation and global diversification initiatives. A change in the economic conditions in individual markets may have a particularly volatile effect on segment performance.
Among other factors which may affect future performance and earnings projections are: economic conditions within the company’s key markets, and the company’s ability to maintain and achieve
anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, actions taken to combat the effects of the current economic environment, and
growth, innovation and global diversification initiatives. Additionally, the actual impact of the U.S. Tax Cuts and Jobs Act may affect future performance and earnings projections as the amounts
reflected in this period are preliminary estimates and exact amounts will not be determined until a later date, and there may be other judicial or regulatory interpretations of the U.S. Tax Cuts and
Jobs Act that may also affect these estimates and the actual impact on the company. A change in the economic conditions in individual markets may have a particularly volatile effect on segment
performance. Among other factors which may affect future performance of the company are, as applicable: changes in business relationships with and purchases by or from major customers,
suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms or significant changes in financial condition, changes in contract cost and revenue estimates
for new development programs and changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of
acquisitions and similar transactions, including the integration of CLARCOR; the ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such
divestitures; the determination to undertake business realignment activities and the expected costs thereof and, if undertaken, the ability to complete such activities and realize the anticipated cost
savings from such activities; ability to implement successfully capital allocation initiatives, including timing, price and execution of share repurchases; availability, limitations or cost increases of raw
materials, component products and/or commodities that cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits;
compliance costs associated with environmental laws and regulations; potential labor disruptions; threats associated with and efforts to combat terrorism and cyber-security risks; uncertainties
surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; competitive market conditions and resulting effects on sales and pricing; and global
economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, deflation, interest
rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them unless otherwise required by law.
This presentation reconciles (a) sales amounts reported in accordance with U.S. GAAP to organic sales, which are sales amounts adjusted to remove the effects of acquisitions and the effects of
currency exchange rates, (b) cash flow from operating activities and cash flow from operating activities as a percent of sales in accordance with U.S. GAAP to cash flow from operating activities and
cash flow from operating activities as a percent of sales without the effect of discretionary pension plan contributions, (c) as reported and forecast segment operating income and operating margins
reported in accordance with U.S. GAAP to as reported and forecast segment operating income and operating margins without the effect of business realignment charges and CLARCOR costs to
achieve, (d) Below the Line Items reported in accordance with U.S. GAAP to Below the Line Items without the effect of the gain on sale and write-down of assets, net, and (e) Income tax in
accordance with U.S. GAAP to Income tax without the effect of U.S. Tax Reform one-time impact, net (f) as reported and forecast earnings per diluted share reported in accordance with U.S. GAAP
to as reported and forecast earnings per diluted share without the effect of business realignment charges, CLARCOR costs to achieve and a loss related to the sale of an investment. This
presentation also contains references to EBITDA and adjusted EBITDA. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA
before business realignment charges, CLARCOR costs to achieve, and a loss related to the sale of an investment. Although EBITDA and Adjusted EBITDA are not measures of performance
calculated in accordance with GAAP, we believe that it is useful to an investor in evaluating the results of this quarter versus one year ago. The effects of acquisitions, currency exchange rates,
discretionary pension plan contributions, business realignment charges, CLARCOR costs to achieve, gain on sale and write-down of assets, net and U.S. Tax Reform one-time impact, net are
removed to allow investors and the company to meaningfully evaluate changes in sales, and cash flow from operating activities as a percent of sales, segment operating income, operating margins,
Below the Line Items, Income Tax and earnings per diluted share on a comparable basis from period to period. Full year adjusted guidance removes business realignment charges, CLARCOR costs
to achieve, a gain on sale and write-down of assets, net and U.S. Tax Reform one-time impact, net.
Please visit www.PHstock.com for more information
2
Agenda
3
• Chairman & CEO Comments
• Results & Outlook
• Questions & Answers
Chairman and CEO Comments
4
Summary
Continued momentum for orders
Upside potential remains; Early days of New Win Strategy™
Second Quarter Results
Safety - 22% Reduction in recordable injuries
Second quarter sales record, up 26%; strongest organic growth since Q1FY12
Order rates increased 13%; margins continued to improve
$225 million net one-time charge for U.S. Tax Reform
Going Forward
Near-term capital deployment priorities
Updated EPS midpoint outlook to $7.58 As Reported, $9.85 Adjusted
Continue to drive the Win Strategy™ initiatives
Diluted Earnings Per Share
2nd Quarter FY2018
5
¹Adjusted for Business Realignment Charges, Clarcor Costs to Achieve,
U.S. Tax Reform one-time impact, net and the Gain on Sale and Write-
down of Assets, net
²Adjusted for Business Realignment Charges, Acquisition-related expenses
³Includes $.21 gain from sale of a product line
,
Influences on Adjusted Earnings Per Share
2nd Quarter FY2018 vs. 2nd Quarter FY2017
6
¹Adjusted for Business Realignment Charges, Acquisition-related expenses
²Includes $.21 gain from sale of a product line
³Adjusted for Business Realignment Charges, Clarcor Costs to Achieve,
U.S. Tax Reform one-time impact, net and the Gain on Sale and Write-down
of Assets, net
Sales & Segment Operating Margin
Total Parker
7
$ in millions 2nd Quarter
FY2018
%
Change FY2017
Sales
As Reported 3,371$ 26.2 % 2,671$
Acquisitions 356 13.3 %
Currency 90 3.4 %
Organic Sales 2,925$ 9.5 %
FY2018
% of
Sales FY2017
% of
Sales
S gment Operating Margin
As Reported 478$ 14.2 % 384$ 14.4 %
Business Realignment 13 8
CLARCOR Costs to Achieve 12
Adjusted 503$ 14.9 % 392$ 14.7 %
Sales & Segment Operating Margin
Diversified Industrial North America
8
$ in millions 2nd Quarter
FY2018
%
Change FY2017
Sales
As Reported 1,565$ 39.6 % 1,121$
Acquisitions 295 26.3 %
Currency 7 0.6 %
Organic Sales 1,263$ 12.7 %
FY2018
% of
Sales FY2017
% of
Sales
Segment Operating Margin
As Reported 226$ 14.4 % 184$ 16.4 %
Business Realignment 2 2
CLARCOR Costs to Achieve 9
Adjusted 237$ 15.1 % 186$ 16.6 %
Sales & Segment Operating Margin
Diversified Industrial International
9
$ in millions 2nd Quarter
FY2018
%
Change FY2017
Sales
As Reported 1,256$ 24.8 % 1,006$
Acquisitions 61 6.0 %
Currency 82 8.1 %
Organic Sales 1,113$ 10.7 %
FY2018
% of
Sales FY2017
% of
Sales
S gment Operating Margin
As Reported 165$ 13.1 % 128$ 12.7 %
Business Realignment 10 4
CLARCOR Costs to Achieve 3
Adjusted 178$ 14.2 % 132$ 13.1 %
Sales & Segment Operating Margin
Aerospace Systems
10
$ in millions 2nd Quarter
FY2018
%
Change FY2017
Sales
As Reported 550$ 1.1 % 544$
Acquisitions - - %
Currency 1 0.3 %
Organic Sales 549$ 0.8 %
FY2018
% of
Sales FY2017
% of
Sales
Segment Operating Margin
As Reported 87$ 15.9 % 73$ 13.3 %
Business Realignment 1 1
Adjusted 88$ 16.0 % 74$ 13.5 %
Order Rates
11
Excludes Acquisitions, Divestitures & Currency
3-month year-over-year comparisons of total dollars, except Aerospace Systems
Aerospace Systems is calculated using a 12-month rolling average
Dec 2017 Sep 2017 Dec 2016 Sep 2016
Total Parker 13 %+ 11 %+ 5 %+ 2 %+
Diversified Industrial North America 15 %+ 10 %+ 0% 4 %-
Diversified Industrial International 13 %+ 15 %+ 10 %+ 3 %+
Aerospace Systems 8 %+ 4 %+ 9 %+ 14 %+
Cash Flow from Operating Activities
FY2018 Q2 YTD
12
¹Adjusted for Discretionary Pension Plan Contribution
2nd Quarter Full Year
FY 2018 % of Sales FY 2017 % of Sales
As Reported Cash Flow From Operating Activities 460$ 6.8% 404$ 7.5%
Discretionary Pension Plan Contribution 220$
Adjusted Cash Flow From Operating Activities 460$ 6.8% 624$ 11.5%
Impact of U.S. Tax Reform
13
FY18
$225M net provisional charge
o $287M one-time charge for deemed repatriation of non-US earnings
o $62M benefit to adjust net deferred tax liabilities to new 21% federal rate
U.S. federal statutory tax rate of 28%
o Blend of: 35% rate (1H’18) and 21% rate (2H’18)
Favorable to Cash
Long Term Implications
Ongoing benefits
o Increased Net Income
o Improved mobility of international cash
Deemed repatriation payable over 8 years
Effective tax rate forecasted to be approximately 23%
FY2018 Guidance
EPS Midpoint: $7.58 As Reported, $9.85 Adjusted
14
¹Expected FY18 Adjusted Segment Operating Margins exclude FY18 Business Realignment Charges, Clarcor Costs to Achieve
²Expected FY18 Adjusted Below the Line Items exclude the Gain on Sale and Write-down of Assets, net
³Expected FY18 Tax Rate excludes U.S. Tax Reform one-time impact, net
⁴Expected FY18 Adjusted Earnings Per Share excludes FY18 Business Realignment Charges, Clarcor Costs to Achieve, the
Gain on Sale and Write-down of Assets and U.S. Tax Reform one-time impact, net
Sales Growth vs. Prior Year
Diversified Industrial North America
Diversified Industrial International
Aerospace Systems
Total Parker
Segment Operating Margins As Reported Adjusted¹
Diversified Industrial North America 16.3% - 16.7% 17.0% - 17.4%
Diversified Industrial International 14.0% - 14.4% 15.1% - 15.5%
Aerospace Systems 15.5% - 15.9% 15.8% - 16.2%
Total Parker 15.3% - 15.7% 16.1% - 16.5%
Below the Line Items As Reported Adjusted²
Corporate General & Administrative Expense, Interest and Other $516 $511
Tax Rate As Reported Adjusted³
Full Year 38% 25%
Shares
Diluted Shares Outstanding
Earnings Per Share As Reported Adjusted⁴
Range $7.38 - $7.78 $9.65 - $10.05
136.1 M
21.6% - 25.6%
15.6% - 19.6%
(0.1)% - 1.9%
15.3% - 18.9%
FY2018 Guidance
Reconciliation to Prior Guidance
15
¹Adjusted for Business Realignment Charges, Clarcor Costs to Achieve,
U.S. Tax Reform one-time impact, net and the Gain on Sale and Write-
down of Assets, net
²Adjusted for Business Realignment Charges, Clarcor Costs to Achieve,
Loss related to sale of investment
16
Appendix
• Consolidated Statement of Income
• Adjusted Amounts Reconciliation
• Reconciliation of EPS
• Business Segment Information
• Reconciliation of Total Segment Operating Margin to Adjusted Total
Segment Operating Margin
• Reconciliation of EBITDA to Adjusted EBITDA
• Consolidated Balance Sheet
• Consolidated Statement of Cash Flows
• Reconciliation of Cash Flow from Operations to Adjusted Cash
Flow from Operations
• Reconciliation of Forecasted EPS
• Supplemental Sales Information – Global Technology Platforms
Consolidated Statement of Income
18
(Unaudited) Three Months Ended December 31, Six Months Ended December 31,
(Dollars in thousands except per share amounts) 2017 2016 2017 2016
Net sales 3,370,673$ 2,670,804$ 6,735,324$ 5,413,935$
Cost of sales 2,569,070 2,044,484 5,101,948 4,150,490
Selling, general and administrative expenses 412,462 336,578 814,134 659,547
Interest expense 53,133 33,444 106,688 67,592
Other (income), net (24,213) (64,424) (21,969) (76,661)
Income before income taxes 360,221 320,722 734,523 612,967
Income taxes 303,899 79,322 392,666 161,329
Net income 56,322 241,400 341,857 451,638
Less: Noncontrolling interests 163 95 301 204
Net income attributable to common shareholders 56,159$ 241,305$ 341,556$ 451,434$
Earnings per share attributable to common shareholders:
Basic earnings per share .42$ 1.81$ 2.57$ 3.38$
Diluted earnings per share .41$ 1.78$ 2.51$ 3.33$
Average shares outstanding during period - Basic 133,112,568 133,320,109 133,144,766 133,499,744
Average shares outstanding during period - Diluted 136,194,919 135,812,760 135,874,530 135,596,707
Cash dividends per common share .66$ .63$ 1.32$ 1.26$
Adjusted Amounts Reconciliation
19
SECOND QUARTER FY 2018 U.S. GAAP TO ADJUSTED AMOUNTS RECONCILIATION
SEGMENTS
(Amounts in thousands)
(Unaudited)
As Reported
December 31,
2017
Business
realignment
charges
Clarcor costs to
achieve
Gain on sale and
writedown of assets,
net
Adjusted
December 31,
2017
Segment Operating Income
Industrial:
North America 225,807$ 2,016$ 9,012$ -$ 236,835$
International 164,806 10,720 2,936 178,462
Aerospace 87,148 692 87,840
Total segment operating income 477,761 (13,428) (11,948) - 503,137
Corporate administration 46,942 46,942
Income before interest expense and other 430,819 (13,428) (11,948) - 456,195
Interest expense 53,133 53,133
Other (income) expense 17,465 (8,453) 25,918
Income before income taxes 360,221$ (13,428)$ (11,948)$ 8,453$ 377,144$
SECOND QUARTER FY 2018
SECOND QUARTER 2018 U.S. GAAP TO ADJUSTED AMOUNTS RECONCILIATION
INCOME STATEMENT
(Amounts in thousands, except per share amounts)
(Unaudited)
As Reported
December 31,
2017
Business
realignment
charges
Clarcor costs to
achieve
Gain on sale and
writedown of
assets, net
U.S. Tax Reform one-time
impact, net
Adjusted
December 31,
2017
Net sales 3,370,673$ -$ -$ -$ -$ 3,370,673$
Cost of sales 2,569,070 6,951 6,706 2,555,413
elling, general and administrative expenses 412,462 6,477 5,242 400,743
Interest expense 53,133 53,133
Other (income), net (24,213) (8,453) (15,760)
Income before income taxes 360,221 (13,428) (11,948) 8,453 - 377,144
Income taxes 303,899 3,491 3,106 (2,235) (224,498) 83,764
Net income 56,322 (9,937) (8,842) 6,218 (224,498) 293,380
Less: Noncontrolling interests 163 163
Net income attributable to common shareholders 56,159$ (9,937)$ (8,842)$ 6,218$ (224,498)$ 293,217$
EPS attributable to common shareholders:
Diluted earnings per share 0.41$ (0.07)$ (0.07)$ 0.05$ (1.65)$ 2.15$
SECOND QUARTER FY 2018
Reconciliation of EPS
20
(Unaudited) Three Months Ended December 31, Six Months Ended December 31,
(Amounts in dollars) 2017 2016 2017 2016
Earnings per diluted share .41$ 1.78$ 2.51$ 3.33$
Adjustments:
Business realignment charges 0.07 0.04 0.12 0.10
Clarcor costs to achieve 0.07 - 0.10 -
Gain on sale and w ritedow n of assets, net (0.05) - 0.02 -
U.S. Tax Reform one-time impact, net 1.65 - 1.65 -
Acquisition-related expenses - 0.09 - 0.09
Adjusted earnings per diluted share 2.15$ 1.91$ 4.40$ 3.52$
Business Segment Information
21
(Unaudited) Three Months Ended December 31, Six Months Ended December 31,
(Dollars in thousands) 2017 2016 2017 2016
Net sales
Diversif ied Industrial:
North America 1,565,416$ 1,121,053$ 3,160,107$ 2,288,024$
International 1,255,569 1,005,968 2,494,343 2,020,891
Aerospace Systems 549,688 543,783 1,080,874 1,105,020
Total 3,370,673$ 2,670,804$ 6,735,324$ 5,413,935$
Segment operating income
Diversif ied Industrial:
North America 225,807$ 184,013$ 481,834$ 384,624$
Int rnatio al 164,806 127,517 356,597 264,713
Aerospace Systems 87,148 72,516 164,582 145,797
Total segment operating income 477,761 384,046 1,003,013 795,134
Corporate general and administrative expenses 46,942 43,926 88,292 74,960
Income before interest and other expense 430,819 340,120 914,721 720,174
Interest expense 53,133 33,444 106,688 67,592
Other expense (income) 17,465 (14,046) 73,510 39,615
Income before income taxes 360,221$ 320,722$ 734,523$ 612,967$
22
Reconciliation of Total Segment Operating
Margin to Adjusted Total Segment
Operating Margin
(Unaudited)
(Dollars in thousands)
Operating income Operating margin Operating income Operating margin
Total segment operating income 477,761$ 14.2% 384,046$ 14.4%
Adjustments:
Business realignment charges 13,428 7,897
Clarcor costs to achieve 11,948 -
Adjusted total segment operating income 503,137$ 14.9% 391,943$ 14.7%
Three months ended
December 31, 2017
Three months ended
December 31, 2016
23
Reconciliation of Total Segment Operating
Margin to Adjusted Total Segment
Operating Margin
(Unaudited)
Operating income Operating margin Operating income Operating margin
Total segment operating income 1,003,013$ 14.9% 795,134$ 14.7%
Adjustments:
Business realignment charges 21,654 18,642
Clarcor costs to achieve 17,748 -
Adjusted total segment operating income 1,042,415$ 15.5% 813,776$ 15.0%
December 31, 2017 December 31, 2016
Six months ended Six months ended
Reconciliation of EBITDA to Adjusted EBITDA
24
(Dollars in thousands)
(Unaudited)
Three Months Ended December 31,
2017 2016
Net sales 3,370,673$ 2,670,804$
Earnings before income taxes 360,221$ 320,722$
Depreciation and amortization 118,109 73,752
Interest expense 53,133 33,444
EBITDA 531,463 427,918
Adjustments:
Gain on sale and w ritedow n of assets, net (8,453) -
Business realignment charges 13,428 7,897
Clarcor costs to achieve 11,948 -
Acquisition-related expenses - 15,963
Gain on sale of a product line - (45,053)
Adjusted EBITDA 548,386$ 406,725$
EBITDA margin 15.8% 16.0%
Adjusted EBITDA margin 16.3% 15.2%
Consolidated Balance Sheet
25
(Unaudited) December 31, June 30, December 31,
(Dollars in thousands) 2017 2017 2016
Assets
Current assets:
Cash and cash equivalents 1,024,770$ 884,886$ 1,520,736$
Marketable securities and other investments 107,976 39,318 684,299
Trade accounts receivable, net 1,857,282 1,930,751 1,411,074
Non-trade and notes receivable 313,221 254,987 256,545
Inventories 1,780,262 1,549,494 1,241,593
Prepaid expenses 202,848 120,282 133,592
Total current assets 5,286,359 4,779,718 5,247,839
Plant and equipment, net 1,937,074 1,937,292 1,506,201
Deferred income taxes 36,668 36,057 482,136
Goodw ill 5,698,707 5,586,878 2,813,238
Intangible assets, net 2,174,104 2,307,484 849,692
Other assets 832,269 842,475 832,507
Total assets 15,965,181$ 15,489,904$ 11,731,613$
Liabilities and equity
Current liabilities:
Notes payable 1,248,212$ 1,008,465$ 581,487$
Accounts payable 1,229,336 1,300,496 997,189
Accrued liabilities 896,750 933,762 720,844
Accrued domestic and foreign taxes 163,405 153,137 125,954
Total current liabilities 3,537,703 3,395,860 2,425,474
Long-term debt 4,798,371 4,861,895 2,653,560
Pensions and other postretirement benefits 1,363,466 1,406,082 1,766,209
Deferred income taxes 137,196 221,790 50,809
Other liabilities 609,235 336,931 304,583
Shareholders' equity 5,513,401 5,261,649 4,527,709
Noncontrolling interests 5,809 5,697 3,269
Total liabilities and equity 15,965,181$ 15,489,904$ 11,731,613$
Consolidated Statement of Cash Flows
26
(Unaudited) Six Months Ended December 31,
(Dollars in thousands) 2017 2016
Cash flows from operating activities:
Net income 341,857$ 451,638$
Depreciation and amortization 234,216 149,085
Stock incentive plan compensation 64,267 47,161
(Gain) on sale of business - (44,930)
(Gain) loss on disposal of assets (26,529) 310
(Gain) on sale of marketable securities (1) (230)
Loss on sale and impairment of investments 33,759 -
Net change in receivables, inventories, and trade payables (249,615) 44,802
Net change in other assets and liabilities 123,864 (313,783)
Other, net (61,481) 70,123
Net cash provided by operating activities 460,337 404,176
Cash flows from investing activities:
Acquisitions (net of cash of $1,760 in 2016) - (29,927)
Capital expenditures (144,781) (71,356)
Proceeds from sale of plant and equipment 59,848 4,991
Proceeds from sale of business - 85,610
Purchases of marketable securities and other investments (78,309) (393,909)
Maturities and sales of marketable securities and other investments 12,710 506,642
Other, net 5,143 241
Net cash (used in) provided by investing activities (145,389) 102,292
Cash flows from financing activities:
Net payments for common stock activity (134,360) (194,110)
Net proceeds from debt 127,723 222,425
Divi ends (176,187) (168,990)
Net cash (used in) financing activities (182,824) (140,675)
Effect of exchange rate changes on cash 7,760 (66,710)
Net increase in cash and cash equivalents 139,884 299,083
Cash and cash equivalents at beginning of period 884,886 1,221,653
Cash and cash equivalents at end of period 1,024,770$ 1,520,736$
Reconciliation of Cash Flow from
Operations to Adjusted Cash Flow from
Operations
27
(Unaudited)
(Amounts in thousands)
Six Months Ended
December 31, 2017
Six Months Ended
December 31, 2016
Percent of sales Percent of sales
As reported cash flow from operations 460,337$ 6.8% 404,176$ 7.5%
Discretionary pension contribution - 220,000
Adjusted cash flow from operations 460,337$ 6.8% 624,176$ 11.5%
Reconciliation of Forecasted EPS
28
(Unaudited)
(Amounts in dollars)
Fiscal Year
2018
Forecasted earnings per diluted share $7.38 to $7.78
Adjustments:
Business realignment charges 0.32
Clarcor costs to achieve 0.28
Gain on sale and w ritedow n of assets, net 0.02
U.S. Tax Reform one-time impact, net 1.65
Adjusted forecasted earnings per diluted share $9.65 to $10.05
Supplemental Sales Information
Global Technology Platforms
29
(Unaudited)
(Dollars in thousands)
December 31,
2017
December 31,
2016
December 31,
2017
December 31,
2016
Net sales
Diversif ied Industrial:
Motion Systems 825,695$ 754,772$ 1,635,442$ $ 1,496,422
Flow and Process Control 997,837 783,864 1,993,184 1,608,178
Filtration and Engineered Materials 997,453 588,385 2,025,824 1,204,315
Aerospace Systems 549,688 543,783 1,080,874 1,105,020
Total 3,370,673$ 2,670,804$ 6,735,324$ 5,413,935$
Fiscal Year-to-DateThree Months Ending