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Travel and Tourism in Australia to 2019

February 2015 | 159 pages | ID: TCCF82AB01EEN
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Product Synopsis

Australia's tourism sector continued to perform well in 2014, with positive growth across inbound and domestic categories. High expenditure of AUD30.9 billion (US$28 billion) by international visitors in 2014, and AUD77.6 billion (US$70.5 billion) by domestic travelers places the Australian tourism sector in a strong position to achieve the 2020 target of AUD115 billion (US$104.4 billion) in overnight expenditure. The growth was largely driven by a strong increase in tourists from Japan, Singapore, Malaysia, South Korea, and Indonesia which grew by 22.4%, 10.7%, 13.8%, 8%, and 13.8%, respectively. This signals that Australia's tourism board is moving in the right direction as it outlines in Tourism 2020 plan to expand inflows and expenditure from key Asian markets. The 2020 plan will be taken-up in three phases and the first phase 'Setting the foundations' spanned from 2011 to 2014 ended recently. The first phase was aimed to increase investment in the sector, ensure sufficient levels of skilled labor, and work with aviation partners to ensure adequate capacity on relevant routes.

Introduction and Landscape
  • The Australian economy is expected to grow at a CAGR of 5.54% over the forecast period while the unemployment rate is projected to decrease from 6.2% in 2014 to 5.7% in 2019. Healthy economic growth and decreasing unemployment will benefit the growth of Australian domestic and outbound tourism over the forecast period
  • Domestic trips expanded by 5% in 2014 totaling 78.3 million while expenditure valued AUD77.6 billion (US$70.5 billion), registering a growth of 3.5%.However, the expenditure declined by -2.4% in 2013 despite a growth in the number of tourists. The decline was largely attributed to a contraction in business expenditure, indicating that business travelers and companies exercised caution in business spending as currency started to depreciate in 2013
  • The 2020 Tourism Industry Potential lists the prime targets of the Australian government's tourism strategy, Tourism 2020. It outlines the tourism sector's collective goal to generate AUD115 billion (US$104.4 billion) to AUD140 billion (US$127.1 billion) in overnight visitor expenditure (including both inbound and domestic) by 2020
  • Australia's leading airlines - the Qantas Group and Virgin Australia, reported a combined loss of AUD3.4 billion (US$3.1 billion) in 2013-2014, while combined revenues declined by only 1.3% i.e. AUD290.7 million (US$264 million). The combined loss was primarily attributed to increased expenses incurred by both airlines over the fiscal year, exacerbated by the Australian dollar (AUD)depreciating 11% against the US dollar (US$)in 2013-2014
  • The occupancy rate in Australia increased by 1.5% to 66.9% in 2013-2014, and has been fueled by slow growth in national room supply. The trend is expected to continue in short term with occupancies projected to rise by another 1.7% annually until December 2016. This trend will be seen particularly in Adelaide, Melbourne and Sydney, as strong demand has increased occupancy rates in these cities, in comparison to the national average. Increased occupancy rates in these cities will translate into strong revenue growth and RevPAR. In 2013-2014, occupancy rate in Sydney, Melbourne and Adelaide increased by 6.1%, 7% and 5.3% respectively. In line with this trend, revenues grew by 8.5%, 7.6% and 6.2%
  • Avis Budget Group Inc. acquired New Zealand-based Apex Car Rentals for a consideration of US$29 million in cash, along with the book value of Apex's rental fleet and potential earn-out payments based on its financial performance in 2012. The takeover of Apex which has a fleet of over 4,000 rental cars throughout locations in Australia and New Zealand will strengthen Avis's presence in these two countries
Key Features and Benefits

The report provides detailed market analysis, information, and insights, including:
  • Historic and forecast tourist volumes covering the entire AustralianTravel and Tourism sector
  • Detailed analysis of tourist spending patterns in Australia for various categories in the Travel and Tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries, and others
  • Detailed market classification across each category, with analysis using similar metrics
  • Detailed analysis of the airline, hotel, car rental, and travel intermediaries industries
Key Market Issues
  • Make strategic business decisions using historic and forecast market data related to the AustralianTravel and Tourism sector
  • Understand the demand-side dynamics within theAustralianTravel and Tourism sector, along with key market trends and growth opportunities
1 EXECUTIVE SUMMARY

1.1 Key Trends and Issues
  1.1.1 Approved Destination Scheme (ADS) and Working Holiday Program
  1.1.2 Qantas and Virgin record losses

2 THE TRAVEL AND TOURISM SECTOR IN CONTEXT

2.1 Tourist attractions

3 COUNTRY FACT SHEET

4 TOURISM FLOWS

4.1 The Market
  4.1.1 Domestic tourism
    4.1.1.1 Inbound tourism
  4.1.2 Outbound tourism
4.2 Key Developments
  4.2.1 Tourism 2020
  4.2.2 Approved destination status
  4.2.3 Working Holiday Program
  4.2.4 Asia - key market
  4.2.5 Campaigns
  4.2.6 South Australia
  4.2.7 Currency
4.3 TTIC View
  4.3.1 Domestic tourism
  4.3.2 Inbound tourism
  4.3.3 Outbound tourism

5 AIRLINES

5.1 The Market
5.2 Key Developments
  5.2.1 Major airlines record losses
  5.2.2 Acquisitions
  5.2.3 Airport infrastructure development
  5.2.4 Launch of new routes
5.3 Competitive Landscape
5.4 TTIC View

6 HOTELS

6.1 The Market
6.2 Key Developments
  6.2.1 Hotel development pipeline
  6.2.2 Strong occupancy rate in Adelaide, Melbourne and Sydney
  6.2.3 Aloft brand to enter Australia
6.3 Competitive Landscape
6.4 TTIC View

7 CAR RENTAL

7.1 The Market
7.2 Key Developments
  7.2.1 Lack of alternatives and ease of using international driving license
  7.2.2 Currency
  7.2.3 Avis acquires Apex
7.3 Competitive Landscape
7.4 TTIC View

8 TRAVEL INTERMEDIARIES

8.1 The Market
8.2 Key Developments
  8.2.1 Empty -nester demographic - major driver of travel intermediaries during historic period
8.3 TTIC View

9 TOURISM BOARD PROFILE

9.1 Tourist Board Description
9.2 Target Market

10 AIRPORT PROFILES

10.1 Australia Airports
  10.1.1 Overview
  10.1.2 Operator profile
  10.1.3 Routes

11 COMPANY PROFILES - AIRLINES

11.1 Company Profile: Qantas Airways Limited
  11.1.1 Qantas Airways Limited - company overview
  11.1.2 Qantas Airways Limited -business description
  11.1.3 Qantas Airways Limited - main services
  11.1.4 Qantas Airways Limited -history
  11.1.5 Qantas Airways Limited -SWOT analysis
  11.1.6 Qantas Airways Limited -strengths
  11.1.7 Qantas Airways Limited -weaknesses
  11.1.8 Qantas Airways Limited -opportunities
  11.1.9 Qantas Airways Limited -threats
  11.1.10 Qantas Airways Limited - key employees
11.2 Company Profile: Virgin Australia International Airlines Pty Ltd
  11.2.1 Virgin Australia International Airlines Pty Ltd - company overview
  11.2.2 Virgin Australia International Airlines Pty Ltd - main services
  11.2.3 Virgin Australia International Airlines Pty Ltd - key employees
11.3 Company Profile: Jetstar Airways Pty Ltd
  11.3.1 Jetstar Airways Pty Ltd - company overview
  11.3.2 Jetstar Airways Pty Ltd - main services
  11.3.3 Jetstar Airways Pty Ltd - key employees
11.4 Company Profile: Emirates Australia
  11.4.1 Emirates Australia - company overview
  11.4.2 Emirates Australia - main services
  11.4.3 Emirates Australia - key employees
11.5 Company Profile: Singapore Airlines Australia
  11.5.1 Singapore Airlines Australia - company overview
  11.5.2 Singapore Airlines Australia - main services
  11.5.3 Singapore Airlines Australia - key employees

12 COMPANY PROFILES - HOTELS

12.1 Company Profile: Choice Hotels Australasia Pty. Ltd.
  12.1.1 Choice Hotels Australasia Pty. Ltd. - company overview
  12.1.2 Choice Hotels Australasia Pty. Ltd. - main services
  12.1.3 Choice Hotels Australasia Pty. Ltd. - key employees
12.2 Company Profile: Accor Hotels Australia
  12.2.1 Accor Hotels Australia - company overview
  12.2.2 Accor Hotels Australia - main services
  12.2.3 Accor Hotels Australia - key employees
12.3 Company Profile: Best Western Australasia
  12.3.1 Best Western Australasia - company overview
  12.3.2 Best Western Australasia - main services and brands
  12.3.3 Best Western Australasia - key employees
12.4 Company Profile: Mantra Group
  12.4.1 Mantra Group- company overview
  12.4.2 Mantra Group- main services and brands
  12.4.3 Mantra Group- key employees
12.5 Company Profile: Australian Leisure and Hospitality Group
  12.5.1 Australian Leisure and Hospitality Group- company overview
  12.5.2 Australian Leisure and Hospitality Group- main services and brands
  12.5.3 Australian Leisure and Hospitality Group- key employees

13 COMPANY PROFILES - TRAVEL INTERMEDIARIES

13.1 Company Profile: Stella Travel Services (Australia) Pty Limited
  13.1.1 Stella Travel Services (Australia) Pty Limited- company overview
  13.1.2 Stella Travel Services (Australia) Pty Limited- main services
  13.1.3 Stella Travel Services (Australia) Pty Limited- key employees
13.2 Company Profile: Qantas Holidays Limited
  13.2.1 Qantas Holidays Limited - company overview
  13.2.2 Qantas Holidays Limited - main services and brands
  13.2.3 Qantas Holidays Limited - key employees
13.3 Company Profile: STA Travel Pty Ltd
  13.3.1 STA Travel Pty Ltd - company overview
  13.3.2 STA Travel Pty Ltd - main services
  13.3.3 STA Travel Pty Ltd - key employees
13.4 Company Profile: Travel.com.au Limited
  13.4.1 Travel.com.au Limited - company overview
  13.4.2 Travel.com.au Limited - main services
  13.4.3 Travel.com.au Limited - key employees
13.5 Company Profile: Flight Centre Travel Group Limited
  13.5.1 Flight Centre Travel Group Limited - company overview
  13.5.2 Flight Centre Travel Group Limited -business description
  13.5.3 Flight Centre Travel Group Limited - main services and brands
  13.5.4 Flight Centre Travel Group Limited -history
  13.5.5 Flight Centre Travel Group Limited -SWOT analysis
  13.5.6 Flight Centre Travel Group Limited -strengths
  13.5.7 Flight Centre Travel Group Limited -weaknesses
  13.5.8 Flight Centre Travel Group Limited -opportunities
  13.5.9 Flight Centre Travel Group Limited -threats
  13.5.10 Flight Centre Travel Group Limited - key employees

14 COMPANY PROFILES - CAR RENTAL

14.1 Company Profile: Avis Australia
  14.1.1 Avis Australia - company overview
  14.1.2 Avis Australia - main services and brands
  14.1.3 Avis Australia - key employees
14.2 Company Profile: Hertz Australia Pty Limited
  14.2.1 Hertz Australia Pty Limited - company overview
  14.2.2 Hertz Australia Pty Limited - main services and brands
  14.2.3 Hertz Australia Pty Limited - key employees
14.3 Company Profile: RedspotSixt Rent a Car
  14.3.1 RedspotSixt Rent a Car - company overview
  14.3.2 RedspotSixt Rent a Car - main services and brands
  14.3.3 RedspotSixt Rent a Car - key employees
14.4 Company Profile: Budget Rent a Car Australia Pty Ltd
  14.4.1 Budget Rent a Car Australia Pty Ltd - company overview
  14.4.2 Budget Rent a Car Australia Pty Ltd - main services and brands
  14.4.3 Budget Rent a Car Australia Pty Ltd - key employees
14.5 Company Profile: Europcar Australia
  14.5.1 Europcar Australia - company overview
  14.5.2 Europcar Australia - main services and brands
  14.5.3 Europcar Australia - key employees

15 MARKET DATA ANALYSIS

15.1 Tourism Output
  15.1.1 Total tourism output
  15.1.2 Direct tourism output
  15.1.3 Indirect tourism output
  15.1.4 Tourism output per employee
  15.1.5 Direct tourism output per employee
  15.1.6 Indirect tourism output per employee
15.2 Tourism Employment
  15.2.1 Total tourism employment
  15.2.2 Direct tourism employment
  15.2.3 Indirect tourism employment
  15.2.4 Tourism employee compensation
  15.2.5 Total gross income generated by total tourism employment
15.3 Domestic Tourism
  15.3.1 Domestic trips by purpose of visit
  15.3.2 Number of overnight stays - domestic trips
  15.3.3 Total domestic tourist expenditure
  15.3.4 Average expenditure per domestic tourist by category
15.4 Inbound Tourism
  15.4.1 International arrivals by region
  15.4.2 International arrivals by purpose of visit
  15.4.3 International arrivals by mode of transport
  15.4.4 Number of overnight stays - inbound trips
  15.4.5 Total inbound tourism expenditure by category
  15.4.6 Average international tourist expenditure by category
15.5 Outbound Tourism Flows
  15.5.1 International departures by region
  15.5.2 International departures by purpose of visit
  15.5.3 International departures by mode of transport
  15.5.4 Number of overnight stays - international trips
  15.5.5 Total outbound tourism expenditure by category
  15.5.6 Average outbound expenditure per resident by category
15.6 Airlines
  15.6.1 Seats available
  15.6.2 Seats sold by carrier type - business travel
  15.6.3 Seats sold by carrier type - leisure travel
  15.6.4 Load factor by carrier type
  15.6.5 Passenger kilometers available by carrier type
  15.6.6 Revenue-generating passenger kilometers by carrier type
  15.6.7 Revenue per passenger by carrier type
  15.6.8 Total revenue by carrier type
15.7 Hotels
  15.7.1 Establishments by hotel category
  15.7.2 Available rooms by hotel category
  15.7.3 Room occupancy rate by hotel category
  15.7.4 Room nights available by hotel category
  15.7.5 Room nights occupied by hotel category
  15.7.6 Average revenue per available room by hotel category
  15.7.7 Revenue per occupied room by hotel category
  15.7.8 Total revenue per available room by hotel category
  15.7.9 Total revenue by hotel category and customer type
  15.7.10 Guests by hotel category and customer type
15.8 Car Rentals
  15.8.1 Market value by customer type and rental location
  15.8.2 Fleet size
  15.8.3 Rental occasions and days
  15.8.4 Rental length
  15.8.5 Average rental length
  15.8.6 Utilization rate
  15.8.7 Average revenue per day
15.9 Travel Intermediaries
  15.9.1 Market value by product type
  15.9.2 Online revenues by type of intermediary or provider
  15.9.3 Online revenues by type of tourist
  15.9.4 In-store revenues by type of intermediary
  15.9.5 In-store revenues by type of tourist
  15.9.6 Travel agent revenues from domestic tourism by sales channel
  15.9.7 Travel agent revenues from international tourism by sales channel
  15.9.8 Tour operator revenues from domestic tourism, by sales channel
  15.9.9 Tour operator revenues from international tourism, by sales channel
  15.9.10 Other intermediaries revenues from domestic tourism, by sales channel
  15.9.11 Other intermediaries revenues from international tourism by sales channel

16 APPENDIX

16.1 What is this Report About?
16.2 Definitions
16.3 Methodology
16.4 Contact Travel & Tourism Intelligence Center
16.5 About Travel & Tourism Intelligence Center
16.6 Travel & Tourism Intelligence Center Services
16.7 Disclaimer

LIST OF TABLES

Table 1: Australia - Tourist Arrivals from Top 10 Countries (Thousand), 2010-2019
Table 2: Australia -Tourist Arrivals to Perth, 2012-2013
Table 3: Australia -Tourist Arrivals to Sydney, 2012-2013
Table 4: Australia -Tourist Arrivals to Melbourne, 2012-2013
Table 5: Australia -Tourist Arrivals to Cairns, 2012-2013
Table 6: Australia - Tourist Departures to Top10 Countries (Thousand), 2010-2019
Table 7: Australia - Market Classification by Visitor Spend Potential
Table 8: Australia - Market Classification by Target Customer
Table 9: Australia - Top 10 Hotels (Volume), 2014
Table 10: Tourism Australia - Key Facts and Locations
Table 11: Sydney Kingsford Smith International Airport, Sydney - Overview
Table 12: Melbourne Tullamarine International Airport, Melbourne - Overview
Table 13: Brisbane International Airport, Brisbane - Overview
Table 14: Perth Airport, Perth - Overview
Table 15: Adelaide Airport, Adelaide - Overview
Table 16: Qantas Airways Limited, Key Facts
Table 17: Qantas Airways Limited, Main Services and Brands
Table 18: Qantas Airways Limited, History
Table 19: Qantas Airways Limited, Key Employees
Table 20: Virgin Australia International Airlines Pty Ltd, Key Facts
Table 21: Virgin Australia International Airlines Pty Ltd, Main Services
Table 22: Virgin Australia International Airlines Pty Ltd, Key Employees
Table 23: Jetstar Airways Pty Ltd, Key Facts
Table 24: Jetstar Airways Pty Ltd, Main Services
Table 25: Jetstar Airways Pty Ltd, Key Employees
Table 26: Emirates Australia, Key Facts
Table 27: Emirates Australia, Main Services
Table 28: Emirates Australia, Key Employees
Table 29: Singapore Airlines Australia, Key Facts
Table 30: Singapore Airlines Australia, Main Services
Table 31: Singapore Airlines Australia, Key Employees
Table 32: Choice Hotels Australasia Pty. Ltd., Key Facts
Table 33: Choice Hotels Australasia Pty. Ltd., Main Services
Table 34: Choice Hotels Australasia Pty. Ltd., Key Employees
Table 35: Accor Hotels Australia, Key Facts
Table 36: Accor Hotels Australia, Main Services and Brands
Table 37: Accor Hotels Australia, Key Employees
Table 38: Best Western Australasia, Key Facts
Table 39: Best Western Australasia, Main Services
Table 40: Best Western Australasia, Key Employees
Table 41: Mantra Group, Key Facts
Table 42: Marriott Hotels Australia, Main Services and Brands
Table 43: Mantra Group, Key Employees
Table 44: Australian Leisure and Hospitality Group, Key Facts
Table 45: Australian Leisure and Hospitality Group, Main Services and Brands
Table 46: Australian Leisure and Hospitality Group, Key Employees
Table 47: Stella Travel Services (Australia) Pty Limited, Key Facts
Table 48: Stella Travel Services (Australia) Pty Limited, Main Services
Table 49: Stella Travel Services (Australia) Pty Limited, Key Employees
Table 50: Qantas Holidays Limited, Key Facts
Table 51: Qantas Holidays Limited, Main Services and Brands
Table 52: Qantas Holidays Limited, Key Employees
Table 53: STA Travel Pty Ltd, Key Facts
Table 54: STA Travel Pty Ltd, Main Services
Table 55: STA Travel Pty Ltd, Key Employees
Table 56: Travel.com.au Limited, Key Facts
Table 57: Travel.com.au Limited, Main Services
Table 58: Travel.com.au Limited, Key Employees
Table 59: Flight Centre Travel Group Limited, Key Facts
Table 60: Flight Centre Travel Group Limited, Main Services and Brands
Table 61: Flight Centre Travel Group Limited, History
Table 62: Flight Centre Travel Group Limited, Key Employees
Table 63: Avis Australia, Key Facts
Table 64: Avis Australia, Main Services and Brands
Table 65: Avis Australia, Key Employees
Table 66: Hertz Australia Pty Limited, Key Facts
Table 67: Hertz Australia Pty Limited, Main Services and Brands
Table 68: Hertz Australia Pty Limited, Key Employees
Table 69: RedspotSixt Rent a Car, Key Facts
Table 70: RedspotSixt Rent a Car, Main Services and Brands
Table 71: RedspotSixt Rent a Car, Key Employees
Table 72: Budget Rent a Car Australia Pty Ltd, Key Facts
Table 73: Budget Rent a Car Australia Pty Ltd, Main Services and Brands
Table 74: Budget Rent a Car Australia Pty Ltd, Key Employees
Table 75: Europcar Australia, Key Facts
Table 76: Europcar Australia, Main Services and Brands
Table 77: Europcar Australia, Key Employees
Table 78: Australia - Total Tourism Output by Category (AUD Billion), 2010-2019
Table 79: Australia - Direct Tourism Output by Category (AUD Billion), 2010-2019
Table 80: Australia - Indirect Tourism Output by Category (AUD Billion), 2010-2019
Table 81: Australia - Total Tourism Output Generated per Employee by Category (AUD Thousand), 2010-2019
Table 82: Australia - Direct Tourism Output Generated per Employee by Category (AUD Thousand), 2010-2019
Table 83: Australia - Indirect Tourism Output Generated per Employee by Category (AUD Thousand), 2010-2019
Table 84: Australia - Total Tourism Employment by Category (Thousand), 2010-2019
Table 85: Australia - Total Tourism Employment as a Percentage of Total Employment by Category (%), 2010-2019
Table 86: Australia - Direct Tourism Employment by Category (Thousand), 2010-2019
Table 87: Australia - Direct Tourism Employment as a Percentage of Total Employment by Category (%), 2010-2019
Table 88: Australia - Indirect Tourism Employment by Category (Thousand), 2010-2019
Table 89: Australia - Indirect Tourism Employment as a Percentage of Total Employment by Category (%), 2010-2019
Table 90: Australia - Average Salary per Employee by Category (AUD Thousand), 2010-2019
Table 91: Australia - Total Gross Income Generated by Total Tourism Employment by Category (AUD Billion), 2010-2019
Table 92: Australia - Number of Trips by Purpose (Million), 2010-2019
Table 93: Australia - Overnight Stays (Million), 2010-2019
Table 94: Australia - Total Domestic Tourism Expenditure by Category (AUD Billion), 2010-2019
Table 95: Australia - Average Expenditure per Domestic Tourist by Category (AUD), 2010-2019
Table 96: Australia - International Arrivals by Region (Thousand), 2010-2019
Table 97: Australia - International Arrivals by Purpose of Visit (Thousand), 2010-2019
Table 98: Australia - International Arrivals by Mode of Transport (Thousand), 2010-2019
Table 99: Australia - Overnight Stays (Thousand), 2010-2019
Table 100: Australia - Total Inbound Tourism Expenditure by Category (AUD Billion), 2010-2019
...

The Australian government considers tourism a priority sector and under its Tourism 2020 plans, intends to provide support to key competitors, state and territory governments to increase total overnight expenditure by 2020. The main components of Tourism 2020 are to expand inflows and expenditure from key Asian markets, to build competitive digital capabilities, to encourage investment by implementing regulatory reforms and to increase the sector’s labor supply. Economic growth will help support government efforts to strengthen the sector. Australia’s economy grew at a CAGR of 3.6% in 2012 − the fastest rate of growth since 2007. Despite a host of challenges, including an appreciation in the exchange rate and the rising popularity and increasing accessibility of new destinations overseas, the nation’s total international arrivals still increased by 4.6% in 2012 to reach 6.15 million tourists.

Rising levels of consumer confidence to bolster domestic tourist volumes

Domestic tourist volume increased to 73.4 million tourist trips in 2012, expanding at a CAGR of 0.5% during the review period. Over the forecast period, trip volumes will increase at a CAGR of 1.5% to reach 79.1 million by 2017. The key growth drivers over the forecast period will be improved economic conditions, increasing employment, rising consumer confidence, a slight depreciation in the Australian dollar against other major currencies and government initiatives to increase domestic tourism.

Improving economic conditions in key source markets

Despite a decline in 2009 due to the global financial crisis, the number of inbound tourists increased at a CAGR of 2.4% during the review period, with total arrivals standing at 6.15 million in 2012. By 2017, annual foreign tourist arrivals are expected to have reached 7.3 million, expanding at a CAGR of 3.62% over the forecast period. The key drivers of this growth are anticipated to be improving economic conditions in key source markets, greater access to travel services at competitive prices and government efforts to promote Australia as an attractive tourist destination.

Outbound tourism is expected to rise at a CAGR of 7.24% over the forecast period, with the total number of departures rising from 8.2 million in 2012 to 11.6 million departures in 2017. The expansion of air transport capacity to key outbound destinations and improvements in consumer sentiment are expected to facilitate this growth.

Air traffic volume increase

Australia’s air traffic volume, both domestically and internationally, continued to increase during the review period. Passengers carried reached 86 million in 2012, having expanded at a CAGR of 3.63% during the review period. Acceleration in the pace of growth over the forecast period is projected, a trend that is anticipated to be driven by the expansion in tourism flows and improving economic conditions. The number of passengers carried is expected to increase at a CAGR of 4.17% over the forecast period to reach 105.5 million in 2017.



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