$VSAT
VIASAT INC

2018 Q2 Form 10-Q Financial Statement

#000156459018021096 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $438.9M $380.0M
YoY Change 15.48% 4.66%
Cost Of Revenue $344.9M $137.9M
YoY Change 150.2% 8.05%
Gross Profit $94.00M $242.2M
YoY Change -61.19% 2.82%
Gross Profit Margin 21.42% 63.73%
Selling, General & Admin $112.6M $89.17M
YoY Change 26.32% 12.31%
% of Gross Profit 119.83% 36.82%
Research & Development $33.37M $45.07M
YoY Change -25.94% 78.99%
% of Gross Profit 35.5% 18.61%
Depreciation & Amortization $63.79M $50.83M
YoY Change 25.51% 2.12%
% of Gross Profit 67.86% 20.99%
Operating Expenses $146.0M $134.2M
YoY Change 8.77% 28.36%
Operating Profit -$54.48M -$17.95M
YoY Change 203.5% -330.78%
Interest Expense $11.32M $56.00K
YoY Change 20121.43% -98.91%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$65.77M -$17.91M
YoY Change 267.15% -703.74%
Income Tax -$29.20M -$9.180M
% Of Pretax Income
Net Earnings -$35.50M -$9.246M
YoY Change 283.92% -528.65%
Net Earnings / Revenue -8.09% -2.43%
Basic Earnings Per Share -$0.57 -$0.16
Diluted Earnings Per Share -$0.57 -$0.16
COMMON SHARES
Basic Shares Outstanding 59.21M 57.84M
Diluted Shares Outstanding 59.21M 57.84M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.80M $160.6M
YoY Change -65.88% 239.53%
Cash & Equivalents $54.79M $160.6M
Short-Term Investments
Other Short-Term Assets $15.96M $9.443M
YoY Change 68.99% 72.76%
Inventory $220.0M $177.9M
Prepaid Expenses $87.02M $56.75M
Receivables $236.1M $215.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $613.9M $619.7M
YoY Change -0.95% 19.44%
LONG-TERM ASSETS
Property, Plant & Equipment $2.037B $1.694B
YoY Change 20.3% 15.76%
Goodwill $122.5M $120.4M
YoY Change 1.69% 3.31%
Intangibles
YoY Change
Long-Term Investments $169.5M $144.3M
YoY Change 17.44%
Other Assets $742.2M $605.5M
YoY Change 22.56% 67.33%
Total Long-Term Assets $2.930B $2.459B
YoY Change 19.17% 24.67%
TOTAL ASSETS
Total Short-Term Assets $613.9M $619.7M
Total Long-Term Assets $2.930B $2.459B
Total Assets $3.544B $3.079B
YoY Change 15.12% 23.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $149.5M $84.01M
YoY Change 78.0% -11.01%
Accrued Expenses $252.3M $204.2M
YoY Change 23.54% 30.17%
Deferred Revenue $127.4M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $45.30M $19.30M
YoY Change 134.72% 6867.51%
Total Short-Term Liabilities $447.2M $307.5M
YoY Change 45.4% 22.38%
LONG-TERM LIABILITIES
Long-Term Debt $1.073B $830.8M
YoY Change 29.13% -19.65%
Other Long-Term Liabilities $9.086M $7.605M
YoY Change 19.47% -79.93%
Total Long-Term Liabilities $1.082B $838.4M
YoY Change 29.05% -18.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $447.2M $307.5M
Total Long-Term Liabilities $1.082B $838.4M
Total Liabilities $1.652B $1.248B
YoY Change 32.37% -5.67%
SHAREHOLDERS EQUITY
Retained Earnings $277.8M $346.4M
YoY Change -19.8% 25.72%
Common Stock $1.589B $1.480B
YoY Change 7.39% 66.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.882B $1.827B
YoY Change
Total Liabilities & Shareholders Equity $3.544B $3.079B
YoY Change 15.12% 23.58%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$35.50M -$9.246M
YoY Change 283.92% -528.65%
Depreciation, Depletion And Amortization $63.79M $50.83M
YoY Change 25.51% 2.12%
Cash From Operating Activities $53.81M $153.7M
YoY Change -64.98% 147.43%
INVESTING ACTIVITIES
Capital Expenditures $146.6M $109.8M
YoY Change 33.52% -8.92%
Acquisitions $2.070M
YoY Change
Other Investing Activities $2.070M $0.00
YoY Change -100.0%
Cash From Investing Activities -$160.9M -$128.1M
YoY Change 25.6% -9.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.66M 4.942M
YoY Change 1754.71% -94.21%
NET CHANGE
Cash From Operating Activities 53.81M 153.7M
Cash From Investing Activities -160.9M -128.1M
Cash From Financing Activities 91.66M 4.942M
Net Change In Cash -15.38M 30.52M
YoY Change -150.4% 475.91%
FREE CASH FLOW
Cash From Operating Activities $53.81M $153.7M
Capital Expenditures $146.6M $109.8M
Free Cash Flow -$92.82M $43.83M
YoY Change -311.75% -174.96%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:9pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information and actual results could differ from those estimates. Significant estimates made by management include revenue recognition, stock-based compensation, self-insurance reserves, allowance for doubtful accounts, warranty accruals, valuation of goodwill and other intangible assets, patents, orbital slots and other licenses, software development, property, equipment and satellites, long-lived assets, derivatives, contingencies and income taxes including the valuation allowance on deferred tax assets. </p></div>
CY2018Q2 us-gaap Revenue Recognition Customer Acquisitions
RevenueRecognitionCustomerAcquisitions
<div> <p style="text-align:justify;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Arial;font-weight:normal;text-transform:none;font-variant: normal;">Other assets and deferred costs &#8211; contracts with customers</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:4.5pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The adoption of ASU 2014-09 also included the establishment of ASC 340-40, Other Assets and Deferred Costs &#8211; Contracts with Customers. The new standard requires the recognition of an asset from the incremental costs of obtaining a contract with a customer, if the Company expects to recover those costs. The incremental costs of obtaining a contract are those costs that the Company incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained. ASC 340-40 also requires the recognition of an asset from the costs incurred to fulfill a contract when (1) the costs relate directly to a contract or to an anticipated contract that the Company can specifically identify, (2) the costs generate or enhance resources of the Company that will be used in satisfying (or in continuing to satisfy) performance obligations in the future, and (3) the costs are expected to be recovered. Adoption of the standard has resulted in the recognition of an asset related to commission costs incurred primarily in the Company&#8217;s satellite services segment, and recognition of an asset related to costs incurred to fulfill contracts. Costs to acquire customer contracts are amortized over the estimated customer contract life. Costs to fulfill customer contracts are amortized in proportion to the revenue to which the costs relate. For contracts with an estimated amortization period of less than one year, the Company elected the practical expedient and expenses incremental costs immediately. The Company&#8217;s deferred customer contract acquisition costs and costs to fulfill contract balances were $44.2 million and $5.6 million as of June 30, 2018, respectively. Of the Company&#8217;s total deferred customer contract acquisition costs and costs to fulfill contracts, $17.6 million was included in prepaid expenses and other current assets and $32.2 million was included in other assets on the Company&#8217;s condensed consolidated balance sheet as of June 30, 2018. For the three months ended June 30, 2018, the Company amortized $4.4 million in total deferred customer contract acquisition costs and contract fulfillment costs.</p></div>
CY2018Q2 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="margin-bottom:0pt;margin-top:13pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Indemnification provisions </p> <p style="margin-bottom:0pt;margin-top:4pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In the ordinary course of business, the Company includes indemnification provisions in certain of its contracts, generally relating to parties with which the Company has commercial relations. Pursuant to these agreements, the Company will indemnify, hold harmless and agree to reimburse the indemnified party for losses suffered or incurred by the indemnified party, including but not limited to losses relating to third-party intellectual property claims. To date, there have not been any material costs incurred in connection with such indemnification clauses. The Company&#8217;s insurance policies do not necessarily cover the cost of defending indemnification claims or providing indemnification, so if a claim was filed against the Company by any party that the Company has agreed to indemnify, the Company could incur substantial legal costs and damages. A claim would be accrued when a loss is considered probable and the amount can be reasonably estimated. At June 30, 2018 and March&#160;31, 2018, no such amounts were accrued related to the aforementioned provisions. </p></div>
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1600000000
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
Company expects to recognize approximately 50% over the next twelve months, with the balance recognized thereafter
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.50
CY2018Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2018Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
81573000
CY2018Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
4600000
CY2018Q2 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
80852000
CY2018Q2 us-gaap Contract With Customer Asset Gross Current
ContractWithCustomerAssetGrossCurrent
79492000
CY2018Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
115579000
CY2018Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
127355000
CY2018Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
77831000
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
50600000
CY2018Q2 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
4400000
CY2018Q2 us-gaap Advertising Expense
AdvertisingExpense
6600000
CY2017Q2 us-gaap Advertising Expense
AdvertisingExpense
1200000
CY2018Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
6200000
CY2017Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
14600000
CY2018Q2 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
3200000
CY2018Q1 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
3200000
CY2018Q2 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
16400000
CY2018Q1 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
15400000
CY2018Q2 vsat Finite Lived Patents And Other Licenses Accumulated Amortization
FiniteLivedPatentsAndOtherLicensesAccumulatedAmortization
2600000
CY2018Q1 vsat Finite Lived Patents And Other Licenses Accumulated Amortization
FiniteLivedPatentsAndOtherLicensesAccumulatedAmortization
2500000
CY2018Q2 vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
0
CY2017Q2 vsat Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
0
CY2018Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
246788000
CY2018Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
246792000
CY2018Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
11400000
CY2017Q2 us-gaap Capitalized Computer Software Additions
CapitalizedComputerSoftwareAdditions
17800000
CY2018Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
11400000
CY2017Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
9700000
CY2018Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
4500000
CY2018Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
156860000
CY2018Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
184536000
CY2018Q2 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
80852000
CY2018Q1 us-gaap Unbilled Receivables Not Billable At Balance Sheet Date
UnbilledReceivablesNotBillableAtBalanceSheetDate
85156000
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1627000
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2027000
CY2018Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
71901000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
62252000
CY2018Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
47756000
CY2018Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
47465000
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
100361000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
86590000
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
87019000
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
68516000
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
15958000
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
8619000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
217233000
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
219137000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
188675000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
187275000
CY2018Q2 us-gaap Equity Method Investments
EquityMethodInvestments
169454000
CY2018Q1 us-gaap Equity Method Investments
EquityMethodInvestments
163835000
CY2018Q2 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
242894000
CY2018Q1 us-gaap Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
222274000
CY2018Q2 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
17000000
CY2018Q1 vsat Finite Lived Patents And Other Licenses Net
FiniteLivedPatentsAndOtherLicensesNet
16100000
CY2018Q2 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
66022000
CY2018Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
37133000
CY2018Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
115579000
CY2018Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
121439000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
27133000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
46106000
CY2018Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
40710000
CY2018Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
39022000
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4935000
CY2018Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
5357000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
63955000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
51752000
CY2018Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
81573000
CY2018Q1 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
77831000
CY2018Q2 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
14391000
CY2018Q1 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
13769000
CY2018Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1540000
CY2018Q1 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
1557000
CY2018Q2 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
25670000
CY2018Q1 vsat Satellite Performance Incentives Obligation Noncurrent
SatellitePerformanceIncentivesObligationNoncurrent
18181000
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9086000
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
9902000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7004000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7576000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5167000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3341000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3037000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2433000
CY2018Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1154751000
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1062401000
CY2018Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
36550000
CY2018Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
38696000
CY2018Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1072901000
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
978405000
CY2018Q2 vsat Products Warranty Period Maximum
ProductsWarrantyPeriodMaximum
P5Y
CY2018Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6914000
CY2017Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11058000
CY2018Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
475000
CY2017Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
215000
CY2018Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
914000
CY2017Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1470000
CY2018Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
6475000
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9803000
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.444
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.512
CY2018Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
5400000
CY2018Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35

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