DiamondRock Hospitality Results

DiamondRock Hospitality Reports Full Year 2014 RevPAR Growth of 11.6%

DiamondRock Hospitality Company (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 28 premium hotels in the United States, today announced results of operations for the fourth quarter and full year ended December 31, 2014.

DiamondRock

DiamondRock Hospitality Company (NYSE: DRH), a lodging-focused real estate investment trust that owns a portfolio of 28 premium hotels in the United States, today announced results of operations for the fourth quarter and full year ended December 31, 2014.

2014 Operating Highlights

  • Pro Forma RevPAR: Pro Forma RevPAR was $161.44, an increase of 11.6% from 2013.
  • Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 29.53%, an increase of 275 basis points from 2013.
  • Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $248.6 million, an increase of 21.3% from 2013.
  • Adjusted EBITDA: Adjusted EBITDA was $235.8 million, an increase of 19.8% from 2013.
  • Adjusted FFO: Adjusted FFO was $171.5 million and Adjusted FFO per diluted share was $0.87.
  • Dividends: The Company declared four quarterly dividends totaling $0.41 per share during 2014, returning approximately $80 million to shareholders.

Fourth Quarter 2014 Highlights

  • Pro Forma RevPAR: Pro Forma RevPAR was $159.64, an increase of 8.3% from the comparable period of 2013.
  • Pro Forma Hotel Adjusted EBITDA Margin: Pro Forma Hotel Adjusted EBITDA margin was 29.30%, an increase of 196 basis points from 2013.
  • Pro Forma Hotel Adjusted EBITDA: Pro Forma Hotel Adjusted EBITDA was $61.4 million, an increase of 15.7% from 2013.
  • Adjusted EBITDA: Adjusted EBITDA was $60.8 million, an increase of 23.3% from 2013.
  • Adjusted FFO: Adjusted FFO was $41.8 million and Adjusted FFO per diluted share was $0.21.
  • Westin Fort Lauderdale Acquisition: The Company acquired the 432-room Westin Fort Lauderdale Beach Resort for $149 million in December 2014.
  • Non-Core Hotel Disposition: The Company sold the 1,004-room Los Angeles Airport Marriott for proceeds of approximately $160 million in December 2014.
  • Lexington Hotel Refinancing: The Company amended its existing $170.4 million mortgage loan secured by the Lexington Hotel New York City in October 2014. The amendment reduced the interest rate and extended the term of the loan.
  • Dividends: The Company declared a quarterly dividend of $0.1025 per share during the fourth quarter.

Recent Developments

  • Shorebreak Hotel: The Company acquired the Shorebreak Hotel, a 157-room boutique hotel in Huntington Beach, California, for $58.5 million in February 2015.
  • Dividend Increase: The Company announced today a 22% increase in its quarterly dividend to $0.125 per share.
  • January 2015 RevPAR: Pro Forma RevPAR for January 2015 was $130.70, an increase of 8.8% from the comparable period in 2014.

Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company, stated, "The fourth quarter punctuated an excellent 2014 for DiamondRock, in which we delivered industry-leading RevPAR growth and our asset management initiatives drove margin expansion of 275 basis points. Our acquisitions and dispositions are producing excellent results as we continued to position our portfolio to perform well across the cycle."

Operating Results       

Discussions of "Pro Forma" with respect to 2014 operating results include the results of operations of the Inn at Key West and the Westin Fort Lauderdale under previous ownership and exclude the Oak Brook Hills Resort and Los Angeles Airport Marriott, which were sold during 2014, and the Hilton Garden Inn Times Square Central, which opened for business on September 1, 2014.  Please see "Certain Definitions" and "Non-GAAP Financial Measures" attached to this press release for an explanation of the terms "EBITDA," "Adjusted EBITDA," "Hotel Adjusted EBITDA Margin," "FFO" and "Adjusted FFO."

For the quarter ended December 31, 2014, the Company reported the following:

Fourth Quarter

2014

2013

Change

Pro Forma ADR

$212.71

$203.57

4.5

%

Pro Forma Occupancy

75.1

%

72.4

%

2.7 percentage points

Pro Forma RevPAR

$159.64

$147.43

8.3

%

Pro Forma Hotel Adjusted EBITDA Margin

29.30

%

27.34

%

196 basis points

Adjusted EBITDA

$60.8 million

$49.3 million

      $11.5 million

Adjusted FFO

$41.8 million

$33.5 million

       $8.3 million

Adjusted FFO per diluted share

$0.21

$0.17

$0.04

For the year ended December 31, 2014, the Company reported the following:

Year Ended December 31,

2014

2013

Change

Pro Forma ADR

$205.09

$192.86

6.3

%

Pro Forma Occupancy

78.7

%

75.0

%

3.7 percentage points

Pro Forma RevPAR

$161.44

$144.67

11.6

%

Pro Forma Hotel Adjusted EBITDA Margin

29.53

%

26.78

%

275 basis points

Adjusted EBITDA

$235.8 million

$196.9 million

      $38.9 million

Adjusted FFO

$171.5 million

$139.3 million

      $32.2 million

Adjusted FFO per diluted share

$0.87

$0.71

$0.16

Westin Fort Lauderdale Acquisition

The Company acquired the 432-room Westin Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for $149 million, or $345,000 per key, on December 3, 2014. The hotel is expected to exceed the Company's underwriting and the purchase price now represents a 12.0 multiple on projected 2015 Hotel Adjusted EBITDA. In conjunction with the acquisition, the Company terminated the management agreement with Starwood Hotels & Resorts Worldwide and entered into a franchise agreement with Starwood and a new management agreement with HEI Hotels & Resorts to operate the hotel. The Company expects to benefit from several new asset management initiatives at the hotel.

Sale of Los Angeles Airport Marriott

The Company sold the 1,004-room Los Angeles Airport Marriott on December 18, 2014 for approximately $160 million, which included payment for the hotel's replacement reserve, and recognized a gain of $49.7 million. The sales price, including an estimated $15 millionof deferred capital expenditures, represents a 6% capitalization rate on the hotel's 2014 net operating income. In conjunction with the sale, the Company prepaid the existing $82.6 million mortgage secured by the hotel and incurred approximately $1.6 million of defeasance costs. The Company has excluded both the gain and the defeasance costs from its reported Adjusted EBITDA and Adjusted FFO. The hotel generated $14.4 million of Hotel Adjusted EBITDA during the year ended December 31, 2014.

Lexington Hotel Refinancing

The Company amended its existing $170.4 million mortgage loan secured by the Lexington Hotel New York City in October 2014.  The amended loan bears interest at an initial floating rate of LIBOR plus 275 basis points, and features a pricing grid that further reduces the spread to as low as 175 basis points upon achieving certain hotel cash flow hurdles.  The reduced borrowing cost is expected to save the Company more than $1.5 million in annual interest expense.  The amended loan extends the term of the loan by 30 months.

ATM Equity Offering Program

The Company issued common stock under its "at-the-market" equity offering program beginning in November 2014.  As of December 31, 2014, the Company sold 4,217,560 shares of its common stock at an average price of $15.12 for net proceeds of $63.1 million.  Subsequent to December 31, 2014, the Company sold an additional 524,606 shares of its common stock at an average price of $15.18for net proceeds of $7.9 million.  The average price of the shares sold to date under the program is $15.13 and represents a valuation of over 16.5 times 2014 Adjusted EBITDA.

Shorebreak Hotel  Acquisition

The Company acquired the 157-room Shorebreak Hotel located in Huntington Beach, California for $58.5 million on February 6, 2015. The purchase price represents a 12.8 multiple on projected 2015 Hotel Adjusted EBITDA. In conjunction with the acquisition, the Company entered into a new management agreement with Kimpton Hotel and Restaurant Group LLC to operate the hotel.

Capital Expenditures

The Company spent approximately $62.6 million on capital improvements at its hotels in 2014. The majority of the capital improvements related to the substantial completion of the comprehensive renovations of the Westin Washington D.C. City Center, Westin San Diego, Hilton Boston and Hilton Burlington, as well as the guest room renovation at the Hilton Minneapolis.

The Company expects to spend approximately $85 million on capital improvements at its hotels in 2015, which includes carryover from 2014 projects.  Significant projects in 2015 include the addition of 41 rooms at the Hilton Boston Downtown and a partial guestroom renovation at the Chicago Marriott Downtown.

Balance Sheet

As of December 31, 2014, the Company had $144.4 million of unrestricted cash on hand and approximately $1.0 billion of total debt, which consisted solely of property-specific mortgage debt and no outstanding borrowings on the Company's $200 million senior unsecured credit facility.  The Company has approximately $145 million of mortgage debt maturities in 2015 with an average interest rate of 5.8%.  The Company anticipates addressing these maturities with a combination of refinancing proceeds from existing encumbered hotels, proceeds from new mortgage debt on unencumbered hotels, proceeds from the disposition of non-core hotels, capacity under its $200 million senior unsecured credit facility and existing cash balances.

Dividends

The Company's Board of Directors declared a quarterly dividend of $0.1025 per share to stockholders of record as of December 31, 2014.  The dividend was paid on January 12, 2015.  The Company increased its quarterly dividend for 2015 by 22% and its Board of Directors declared a dividend of $0.125 per share for stockholders of record as of March 31, 2015.

Outlook and Guidance

The Company has provided annual guidance for 2015, but does not undertake to update it for any developments in its business.  Achievement of the anticipated results is subject to the risks disclosed in the Company's filings with the U.S. Securities and Exchange Commission.  Pro Forma RevPAR and Pro Forma Hotel Adjusted EBITDA margin growth assume that all of the Company's 28 hotels were owned since January 1, 2014 and exclude the Hilton Garden Inn Times Square Central for the period from January 1, 2014 to August 31, 2014, since the hotel opened on September 1, 2014.

Based on the above assumptions, the Company expects its full year 2015 results to be as follows:

Metric

Low End

High End

Pro Forma RevPAR Growth

6 percent

7 percent

Adjusted EBITDA

$262 million

$272 million

Adjusted FFO

$201 million

$207 million

Adjusted FFO per share

(based on 201 million shares)

$1.00 per share

$1.03 per share

The midpoint of the guidance range above implies Hotel Adjusted EBITDA margin growth of approximately 100 basis points. In addition, the Company expects corporate expenses to be between $23.5 million and $24.0 million in 2015. The Company expects 16.5% to 17.5% of full year 2015 Adjusted EBITDA to be earned during the first quarter of 2015.

The following table is presented to provide investors with selected quarterly Pro Forma operating information for 2014.  The operating information assumes that all of the Company's 28 hotels were owned since January 1, 2014 and excludes the Hilton Garden Inn Times Square Central for the period from January 1, 2014 to August 31, 2014, since the hotel opened for business on September 1, 2014.

Quarter 1, 2014

Quarter 2, 2014

Quarter 3, 2014

Quarter 4, 2014

Full Year 2014

RevPAR

$

139.75

$

173.75

$

173.03

$

159.42

$

161.57

Revenues (in thousands)

$

191,617

$

229,384

$

222,515

$

212,801

$

856,317

Hotel Adjusted EBITDA (in thousands)

$

46,011

$

75,368

$

69,102

$

62,001

$

252,482

        % of full Year

18.2

%

29.9

%

27.4

%

24.5

%

100.0

%

Hotel Adjusted EBITDA Margin

24.01

%

32.86

%

31.05

%

29.14

%

29.48

%

Available Rooms

936,270

946,673

957,076

957,076

3,797,095

About the Company

DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in top gateway markets and destination resort locations.  The Company owns 28 premium quality hotels with over 10,700 rooms. The Company has strategically positioned its hotels to generally be operated under the leading global brands such as Hilton, Marriott, and Westin, as well as boutique hotels in the lifestyle segment.

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

December 31, 

2014

December 31, 

2013

(unaudited)

ASSETS

Property and equipment, net

$

2,764,393

$

2,567,533

Deferred financing costs, net

8,023

7,702

Restricted cash

74,730

89,106

Due from hotel managers

79,827

69,353

Note receivable

50,084

Favorable lease assets, net

34,274

39,936

Prepaid and other assets (1)

52,739

79,474

Cash and cash equivalents

144,365

144,584

Total assets

$

3,158,351

$

3,047,772

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:

Mortgage debt

$

1,038,330

$

1,091,861

Senior unsecured credit facility

Total debt

1,038,330

1,091,861

Deferred income related to key money, net

21,561

23,707

Unfavorable contract liabilities, net

76,220

78,093

Due to hotel managers

59,169

54,225

Dividends declared and unpaid

20,922

16,981

Accounts payable and accrued expenses (2)

113,162

102,214

Total other liabilities

291,034

275,220

Stockholders' Equity:

Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding

Common stock, $0.01 par value; 400,000,000 shares authorized; 199,964,041 and 195,470,791 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively

2,000

1,955

Additional paid-in capital

2,045,755

1,979,613

Accumulated deficit

(218,768)

(300,877)

Total stockholders' equity

1,828,987

1,680,691

Total liabilities and stockholders' equity

$

3,158,351

$

3,047,772

(1)

Includes $40.5 million of deferred tax assets, $4.9 million of prepaid expenses and $7.3 million of other assets as of December 31, 2014.

(2)

Includes $64.8 million of deferred ground rent, $17.2 million of deferred tax liabilities, $11.7 million of accrued property taxes, $6.2 million of accrued capital expenditures and $13.3 million of other accrued liabilities as of December 31, 2014.

 

 

DIAMONDROCK HOSPITALITY COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended 

December 31,

Year Ended

December 31,

2014

2013

2014

2013

(unaudited)

(unaudited)

(unaudited)

Revenues:

Rooms

$

162,999

$

142,864

$

628,870

$

558,751

Food and beverage

48,780

47,239

195,077

193,043

Other

11,848

11,364

48,915

47,894

Total revenues

223,627

201,467

872,862

799,688

Operating Expenses:

Rooms

41,088

38,573

162,870

151,040

Food and beverage

33,547

33,194

135,402

136,454

Management fees

7,945

6,621

30,027

25,546

Other hotel expenses

75,492

71,241

295,826

284,523

Depreciation and amortization

24,074

25,374

99,650

103,895

Hotel acquisition costs

898

2,177

Corporate expenses

6,387

4,971

22,267

23,072

Gain on insurance proceeds

(1,825)

Gain on litigation settlement, net

(10,999)

Total operating expenses

189,431

179,974

735,395

724,530

Operating income

34,196

21,493

137,467

75,158

Interest income

(151)

(1,724)

(3,027)

(6,328)

Interest expense

14,462

14,769

58,278

57,279

Gain on sales of hotel property

(49,719)

(50,969)

Loss on early extinguishment of debt

1,555

1,492

1,616

1,492

Gain on hotel property acquisition

(23,894)

Gain on prepayment of note receivable

(13,550)

Total other (income) expenses, net

(33,853)

14,537

(31,546)

52,443

Income from continuing operations before income taxes

68,049

6,956

169,013

22,715

Income tax (expense) benefit

(4,433)

(128)

(5,636)

1,113

Income from continuing operations

63,616

6,828

163,377

23,828

Income from discontinued operations, net of taxes

22,727

25,237

Net income

$

63,616

$

29,555

$

163,377

$

49,065

Basic and diluted earnings per share:

Continuing operations

$

0.32

$

0.03

$

0.83

$

0.12

Discontinued operations

0.12

0.13

Basic and diluted earnings per share

$

0.32

$

0.15

$

0.83

$

0.25

 

Non-GAAP Financial Measures

We use the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: EBITDA, Adjusted EBITDA, FFO and Adjusted FFO. These measures should not be considered in isolation or as a substitute for measures of performance in accordance with GAAP.  EBITDA, Adjusted EBITDA, FFO and Adjusted FFO, as calculated by us, may not be comparable to other companies that do not define such terms exactly as the Company.

EBITDA and FFO

EBITDA represents net income excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. In addition, covenants included in our indebtedness use EBITDA as a measure of financial compliance. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions.

The Company computes FFO in accordance with standards established by NAREIT, which defines FFO as net income determined in accordance with GAAP, excluding gains or losses from sales of properties and impairment losses, plus depreciation and amortization. The Company believes that the presentation of FFO provides useful information to investors regarding its operating performance because it is a measure of the Company's operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets.  The Company also uses FFO as one measure in assessing its results.

Adjustments to EBITDA and FFO

We adjust EBITDA and FFO when evaluating our performance because we believe that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information to investors regarding our ongoing operating performance and that the presentation of Adjusted EBITDA and Adjusted FFO, when combined with GAAP net income, EBITDA and FFO, is beneficial to an investor's complete understanding of our operating performance.  We adjust EBITDA and FFO for the following items:

  • Non-Cash Ground Rent: We exclude the non-cash expense incurred from the straight line recognition of rent from our ground lease obligations and the non-cash amortization of our favorable lease assets. 
  • Non-Cash Amortization of Favorable and Unfavorable Contracts: We exclude the non-cash amortization of the favorable management contract assets recorded in conjunction with our acquisitions of the Westin Washington D.C. City Center, Westin San Diego, and Hilton Burlington and the non-cash amortization of the unfavorable contract liabilities recorded in conjunction with our acquisitions of the Bethesda Marriott Suites, the Chicago Marriott Downtown, the Renaissance Charleston and the Lexington Hotel New York. The amortization of the favorable and unfavorable contracts does not reflect the underlying operating performance of our hotels. 
  • Cumulative Effect of a Change in Accounting Principle: Infrequently, the Financial Accounting Standards Board (FASB) promulgates new accounting standards that require the consolidated statement of operations to reflect the cumulative effect of a change in accounting principle. We exclude the effect of these one-time adjustments because they do not reflect our actual performance for that period. 
  • Gains or Losses from Early Extinguishment of Debt: We exclude the effect of gains or losses recorded on the early extinguishment of debt because we believe they do not accurately reflect the underlying performance of the Company. 
  • Acquisition Costs: We exclude acquisition transaction costs expensed during the period because we believe they do not reflect the underlying performance of the Company. 
  • Allerton Loan: We exclude the gain from the prepayment of the loan in 2014. Prior to the prepayment, cash payments received during 2010 and 2011 that were included in Adjusted EBITDA and Adjusted FFO and reduced the carrying basis of the loan were deducted from Adjusted EBITDA and Adjusted FFO, calculated based on a straight-line basis over the anticipated term of the loan. 
  • Other Non-Cash and /or Unusual Items: From time to time we incur costs or realize gains that we do not believe reflect the underlying performance of the Company. Such items include, but are not limited to, pre-opening costs, contract termination fees, severance costs, and gains from legal settlements, bargain purchase gains, and insurance proceeds.

In addition, to derive Adjusted EBITDA we exclude gains or losses on dispositions and impairment losses because we believe that including them in EBITDA does not reflect the ongoing performance of our hotels. Additionally, the gains or losses on dispositions and impairment losses represent either accelerated depreciation or excess depreciation in previous periods, and depreciation is excluded from EBITDA.

In addition, to derive Adjusted FFO we exclude any fair value adjustments to debt instruments.  Specifically, we exclude the impact of the non-cash amortization of the debt premium recorded in conjunction with the acquisition of the JW Marriott Denver at Cherry Creek and fair market value adjustments to the Company's interest rate cap agreement.

The following tables are reconciliations of our GAAP net income to EBITDA and Adjusted EBITDA (in thousands):     

Fourth Quarter

Full Year

2014

2013

2014

2013

Net income

$

63,616

$

29,555

$

163,377

$

49,065

Interest expense

14,462

14,769

58,278

57,279

Income tax expense (benefit) (1)

4,433

928

5,636

(16)

Real estate related depreciation and amortization (2)

24,074

25,374

99,650

105,655

EBITDA

106,585

70,626

326,941

211,983

Non-cash ground rent

1,573

1,677

6,453

6,787

Non-cash amortization of favorable and unfavorable contract liabilities, net

(353)

(424)

(1,410)

(1,487)

Gain on sales of hotel property

(49,719)

(22,733)

(50,969)

(22,733)

Gain on hotel property acquisition

(23,894)

Loss on early extinguishment of debt

1,555

1,492

1,616

1,492

Gain on insurance proceeds

(1,825)

Gain on litigation settlement (3)

(10,999)

Gain on prepayment of note receivable

(13,550)

Reversal of previously recognized Allerton income

(291)

(453)

(1,163)

Write-off of key money

(1,082)

(1,082)

Hotel acquisition costs

898

2,177

Pre-opening costs (4)

286

953

Severance costs (5)

(53)

736

3,065

Adjusted EBITDA

$

60,772

$

49,265

$

235,776

$

196,862

(1)

Includes $0.8 million and $1.1 million of income tax expense reported in discontinued operations for the three months and year ended December 31, 2013, respectively.  

(2)

Includes $1.8 million of depreciation expense reported in discontinued operations for the year ended December 31, 2013.  

(3)

Includes $14.0 million of settlement proceeds, net of a $1.2 million contingency fee paid to our legal counsel and $1.8 million of legal fees and other costs incurred over the course of the legal proceedings for year ended December 31, 2014. The $1.8 million of legal fees and other costs were previously recorded as corporate expenses and the repayment of those costs through the settlement proceeds is recorded as a reduction of corporate expenses.

(4)

Classified as other hotel expenses on the consolidated statements of operations.

(5)

Classified as corporate expenses on the consolidated statements of operations.

 

Full Year 2015 Guidance

Low End

High End

Net income

$

97,600

$

102,600

Interest expense

52,800

52,300

Income tax expense

8,000

12,500

Real estate related depreciation and amortization

99,000

100,000

EBITDA

257,400

267,400

Non-cash ground rent

5,700

5,700

Non-cash amortization of favorable and unfavorable contracts, net

(1,400)

(1,400)

Hotel acquisition costs

300

300

Adjusted EBITDA

$

262,000

$

272,000

 

The following tables are reconciliations of our GAAP net income to FFO and Adjusted FFO (in thousands):

Three Months Ended 

December 31,

Year Ended

December 31,

2014

2013

2014

2013

Net income

$

63,616

$

29,555

$

163,377

$

49,065

Real estate related depreciation and amortization (1)

24,074

25,374

99,650

105,655

  Gain on sale of hotel property

(49,719)

(22,733)

(50,969)

(22,733)

FFO

37,971

32,196

212,058

131,987

Non-cash ground rent

1,573

1,677

6,453

6,787

Non-cash amortization of unfavorable contract liabilities, net

(353)

(424)

(1,410)

(1,487)

Gain on hotel property acquisition

(23,894)

Loss on early extinguishment of debt

1,555

1,492

1,616

1,492

Gain on insurance proceeds

(1,825)

Gain on litigation settlement (2)

(10,999)

Gain on prepayment of note receivable

(13,550)

Hotel acquisition costs

898

2,177

Pre-opening costs

286

953

Reversal of previously recognized Allerton income

(291)

(453)

(1,163)

Write-off of key money

(1,082)

(1,082)

Severance costs

(53)

736

3,065

Fair value adjustments to debt instruments

(90)

(65)

(355)

(298)

Adjusted FFO

$

41,787

$

33,503

$

171,507

$

139,301

Adjusted FFO per share

$

0.21

$

0.17

$

0.87

$

0.71

(1)

Includes $1.8 million of depreciation expense reported in discontinued operations for the year ended December 31, 2013. 

(2)

Includes $14.0 million of settlement proceeds, net of a $1.2 million contingency fee paid to our legal counsel and $1.8 mi



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