ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS
Order backlog at
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In this release, the Company is providing US-GAAP results as well as non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company's business results and trends. For a description of the Company's non-GAAP definitions see page 4 below, "Non-GAAP financial data". Unless otherwise stated, all financial data presented is US-GAAP financial data.
Management Comment:
"
Second quarter 2024 results:
Revenues in the second quarter of 2024 were
Aerospace revenues were similar to the revenues in the second quarter of 2023. C4I and Cyber revenues increased by 11% in the second quarter of 2024, as compared to the second quarter of 2023 mainly due to radio systems sales. ISTAR and EW revenues increased by 9% mainly due to Electronic Warfare and Electro-Optic systems sales in
For distribution of revenues by segments and geographic regions see the tables on page 12.
Non-GAAP(*) gross profit amounted to
Research and development expenses, net were
Marketing and selling expenses, net were
General and administrative expenses, net were
Non-GAAP(*) operating income was
Financial expenses, net were
Taxes on income were
Non-GAAP(*) net income attributable to the Company's shareholders in the second quarter of 2024 was
Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were
The Company's order backlog as of
Cash flow provided by operating activities in the six months ended June 30, 2024 was
* see page 4
Impact of the "Swords of Iron" War on the Company:
On
Since the commencement of hostilities,
While the vast majority of our facilities in
The extent of the effects of the war on the Company's performance will depend on future developments of the war that are difficult to predict at this time, including its duration and scope. We continue to monitor the situation closely.
* Non-GAAP financial data:
The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring activities, uncompensated costs related to "Swords of Iron" war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past, and future periods.
Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.
We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company's ongoing performance that enable these users to perform trend analysis using comparable data.
Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company's shareholders while considering changes in the number of diluted shares over comparable periods.
We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company's shareholders on a per-share basis.
The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.
Investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. They should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP Supplemental Financial Data: |
|||||||||
(US Dollars in millions, except for per share amounts) |
|||||||||
|
|||||||||
|
Six |
|
Six |
|
Three |
|
Three |
|
Year |
GAAP gross profit |
$ 763.8 |
|
$ 733.7 |
|
$ 389.7 |
|
$ 372.2 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of purchased intangible assets(*) |
10.6 |
|
13.6 |
|
4.2 |
|
6.6 |
|
27.3 |
Restructuring of a subsidiary's activities |
— |
|
— |
|
— |
|
— |
|
17.5 |
Stock based compensation |
0.9 |
|
1.0 |
|
0.5 |
|
0.5 |
|
1.8 |
Uncompensated labor costs related to "Swords of Iron" war |
4.3 |
|
— |
|
1.8 |
|
— |
|
4.3 |
Non-GAAP gross profit |
$ 779.6 |
|
$ 748.3 |
|
$ 396.2 |
|
$ 379.3 |
|
|
Percent of revenues |
24.5 % |
|
26.3 % |
|
24.4 % |
|
26.1 % |
|
25.7 % |
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
$ 221.8 |
|
$ 195.5 |
|
$ 116.5 |
|
$ 101.6 |
|
$ 369.1 |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of purchased intangible assets(*) |
18.4 |
|
21.8 |
|
8.1 |
|
10.6 |
|
43.9 |
Restructuring of a subsidiary's activities |
— |
|
— |
|
— |
|
— |
|
17.5 |
Stock based compensation |
5.7 |
|
6.8 |
|
3.3 |
|
3.3 |
|
12.1 |
Uncompensated labor costs related to "Swords of Iron" war |
6.2 |
|
— |
|
2.6 |
|
— |
|
6.1 |
Non-GAAP operating income |
$ 252.1 |
|
$ 224.1 |
|
$ 130.5 |
|
$ 115.5 |
|
$ 448.7 |
Percent of revenues |
7.9 % |
|
7.9 % |
|
8.0 % |
|
7.9 % |
|
7.5 % |
|
|
|
|
|
|
|
|
|
|
GAAP net income attributable to |
$ 152.0 |
|
$ 124.4 |
|
$ 78.4 |
|
$ 62.4 |
|
$ 215.1 |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of purchased intangible assets(*) |
18.4 |
|
21.8 |
|
8.1 |
|
10.6 |
|
43.9 |
Restructuring of a subsidiary's activities |
— |
|
— |
|
— |
|
— |
|
17.5 |
Stock based compensation |
5.7 |
|
6.8 |
|
3.3 |
|
3.3 |
|
12.1 |
Uncompensated labor costs related to "Swords of Iron" war |
6.2 |
|
— |
|
2.6 |
|
— |
|
6.1 |
Revaluation of investment measured under fair value option |
7.4 |
|
— |
|
7.4 |
|
— |
|
3.0 |
Non-operating foreign exchange (gains) losses |
(12.3) |
|
2.4 |
|
(4.9) |
|
(1.4) |
|
12.0 |
Tax effect and other tax items, net |
(4.0) |
|
(2.8) |
|
(2.2) |
|
(1.4) |
|
(10.9) |
Non-GAAP net income attributable to |
$ 173.4 |
|
$ 152.6 |
|
$ 92.7 |
|
$ 73.5 |
|
$ 298.8 |
Percent of revenues |
5.5 % |
|
5.4 % |
|
5.7 % |
|
5.1 % |
|
5.0 % |
|
|
|
|
|
|
|
|
|
|
GAAP diluted net EPS |
$ 3.41 |
|
$ 2.79 |
|
$ 1.76 |
|
$ 1.40 |
|
$ 4.82 |
Adjustments, net |
0.48 |
|
0.63 |
|
0.32 |
|
0.25 |
|
1.88 |
Non-GAAP diluted net EPS |
$ 3.89 |
|
$ 3.42 |
|
$ 2.08 |
|
$ 1.65 |
|
$ 6.70 |
(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.
Recent Events:
On
On
On
On
On
Dividend:
The Board of Directors declared a dividend of
Conference Call:
The Company will be hosting a conference call today,
To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Number: 1-866-744-5399
Israel Dial-in Number: 03-918-0644
International Dial-in Number: 972-3-918-0644
at
The conference call will also be broadcast live on
Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: 1-888-782-4291 (US and
About
Driven by its agile, collaborative culture, and leveraging Israel's technology ecosystem,
For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn channels.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flows
Consolidated revenue distribution by geographical regions and by segments
Company Contact:
Dr. Tel: +972-77-2946663
Dr. Tel: +972-77-2947169
Tel: +972-77-2947602 |
|
This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding
Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.
(FINANCIAL TABLES TO FOLLOW)
|
|||
CONSOLIDATED BALANCE SHEETS |
|||
(In thousands of US Dollars) |
|||
|
|||
|
As of
|
|
As of
|
Assets |
|
|
|
Cash and cash equivalents |
$ 120,662 |
|
$ 197,429 |
Short-term bank deposits |
18,160 |
|
10,518 |
Trade and unbilled receivables and contract assets, net |
2,941,362 |
|
2,716,762 |
Other receivables and prepaid expenses |
317,340 |
|
285,352 |
Inventories, net |
2,698,651 |
|
2,298,019 |
Total current assets |
6,096,175 |
|
5,508,080 |
|
|
|
|
Investments in affiliated companies and other companies |
145,727 |
|
145,350 |
Long-term trade and unbilled receivables and contract assets |
415,603 |
|
364,719 |
Long-term bank deposits and other receivables |
80,777 |
|
87,648 |
Deferred income taxes, net |
23,602 |
|
23,423 |
Severance pay fund |
195,129 |
|
206,943 |
Total |
860,838 |
|
828,083 |
|
|
|
|
Operating lease right of use assets |
526,099 |
|
425,884 |
Property, plant and equipment, net |
1,173,176 |
|
1,087,950 |
|
1,863,299 |
|
1,889,585 |
Total assets |
$ 10,519,587 |
|
$ 9,739,582 |
|
|
|
|
Liabilities and Equity |
|
|
|
Short-term bank credit and loans |
$ 704,285 |
|
$ 576,594 |
Current maturities of long-term loans and Series B, C and D Notes |
73,364 |
|
75,286 |
Operating lease liabilities |
72,488 |
|
67,390 |
Trade payables |
1,276,826 |
|
1,254,126 |
Other payables and accrued expenses |
1,222,019 |
|
1,194,347 |
Contract liabilities |
2,058,219 |
|
1,656,103 |
Total current liabilities |
5,407,201 |
|
4,823,846 |
|
|
|
|
Long-term loans, net of current maturities |
28,330 |
|
41,227 |
Series B, C and D Notes, net of current maturities |
272,157 |
|
342,847 |
Employee benefit liabilities |
485,364 |
|
510,416 |
Deferred income taxes and tax liabilities, net |
56,967 |
|
55,240 |
Contract liabilities |
510,379 |
|
354,319 |
Operating lease liabilities |
449,815 |
|
363,100 |
Other long-term liabilities |
285,092 |
|
298,296 |
Total long-term liabilities |
2,088,104 |
|
1,965,445 |
|
|
|
|
|
3,021,235 |
|
2,947,503 |
Non-controlling interests |
3,047 |
|
2,788 |
Total equity |
3,024,282 |
|
2,950,291 |
Total liabilities and equity |
$ 10,519,587 |
|
$ 9,739,582 |
|
|||||||||
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||
(In thousands of US Dollars, except for share and per share amounts) |
|||||||||
|
|||||||||
|
Six months |
|
Six months |
|
Three months |
|
Three months |
|
Year ended |
Revenues |
$ 3,180,108 |
|
$ 2,847,383 |
|
$ 1,626,157 |
|
$ 1,453,895 |
|
$ 5,974,744 |
Cost of revenues |
2,416,274 |
|
2,113,711 |
|
1,236,472 |
|
1,081,739 |
|
4,491,790 |
Gross profit |
763,834 |
|
733,672 |
|
389,685 |
|
372,156 |
|
1,482,954 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development, net |
215,320 |
|
203,750 |
|
116,799 |
|
93,432 |
|
424,420 |
Marketing and selling, net |
176,795 |
|
181,878 |
|
87,713 |
|
101,718 |
|
359,141 |
General and administrative, net |
149,872 |
|
152,564 |
|
68,690 |
|
75,424 |
|
330,285 |
Total operating expenses |
541,987 |
|
538,192 |
|
273,202 |
|
270,574 |
|
1,113,846 |
Operating income |
221,847 |
|
195,480 |
|
116,483 |
|
101,582 |
|
369,108 |
|
|
|
|
|
|
|
|
|
|
Financial expenses, net |
(60,266) |
|
(56,269) |
|
(29,081) |
|
(32,057) |
|
(137,827) |
Other income (expenses), net |
3,267 |
|
(3,524) |
|
(2,029) |
|
(1,678) |
|
(4,787) |
Income before income taxes |
164,848 |
|
135,687 |
|
85,373 |
|
67,847 |
|
226,494 |
Taxes on income |
(22,859) |
|
(17,943) |
|
(11,261) |
|
(9,248) |
|
(22,913) |
Income after taxes on income |
141,989 |
|
117,744 |
|
74,112 |
|
58,599 |
|
203,581 |
|
|
|
|
|
|
|
|
|
|
Equity in net earnings of affiliated companies |
10,341 |
|
6,852 |
|
4,492 |
|
3,824 |
|
12,275 |
|
|
|
|
|
|
|
|
|
|
Net income |
$ 152,330 |
|
$ 124,596 |
|
$ 78,604 |
|
$ 62,423 |
|
$ 215,856 |
|
|
|
|
|
|
|
|
|
|
Less: net income attributable to non-controlling interests |
(292) |
|
(176) |
|
(239) |
|
(72) |
|
(725) |
Net income attributable to |
$ 152,038 |
|
$ 124,420 |
|
$ 78,365 |
|
$ 62,351 |
|
$ 215,131 |
|
|
|
|
|
|
|
|
|
|
Earnings per share attributable to |
|
|
|
|
|
|
|
|
|
Basic net earnings per share |
$ 3.42 |
|
$ 2.81 |
|
$ 1.76 |
|
$ 1.41 |
|
$ 4.85 |
Diluted net earnings per share |
$ 3.41 |
|
$ 2.79 |
|
$ 1.76 |
|
$ 1.40 |
|
$ 4.82 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computation of: |
|
|
|
|
|
|
|
|
|
Basic earnings per share (in thousands) |
44,469 |
|
44,346 |
|
44,476 |
|
44,348 |
|
44,375 |
Diluted earnings per share (in thousands) |
44,641 |
|
44,548 |
|
44,623 |
|
44,637 |
|
44,592 |
|
|||||
CONSOLIDATED STATEMENTS OF CASH FLOW |
|||||
(In thousands of US Dollars) |
|||||
|
|||||
|
Six months |
|
Six months |
|
Year ended |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
Net income |
$ 152,330 |
|
$ 124,596 |
|
$ 215,856 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
78,122 |
|
80,735 |
|
164,799 |
Stock-based compensation |
5,705 |
|
6,761 |
|
12,141 |
Amortization of series B, C and D related issuance costs, net |
248 |
|
311 |
|
579 |
Deferred income taxes and reserve, net |
6,045 |
|
(448) |
|
(13,165) |
Gain on sale of property, plant and equipment |
(317) |
|
(232) |
|
(651) |
Loss on sale of investment, remeasurement of investments held under fair value method |
7,834 |
|
— |
|
4,990 |
Equity in net (earnings) losses of affiliated companies, net of dividend received (*) |
(4,999) |
|
(1,808) |
|
10,046 |
Changes in operating assets and liabilities, net of amounts acquired: |
|
|
|
|
|
Increase in trade and unbilled receivables and prepaid expenses |
(300,943) |
|
(109,320) |
|
(96,594) |
Increase in inventories, net |
(405,263) |
|
(269,281) |
|
(351,594) |
Increase (decrease) in trade payables and other payables and accrued expenses |
(47,845) |
|
(43,738) |
|
175,446 |
Severance, pension and termination indemnities, net |
(23,272) |
|
(13,337) |
|
(24,331) |
Increase in contract liabilities |
558,352 |
|
15,032 |
|
16,187 |
Net cash (used in) provided by operating activities |
25,997 |
|
(210,729) |
|
113,709 |
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
Purchase of property, plant and equipment and other assets |
(115,528) |
|
(97,237) |
|
(187,037) |
Acquisition of subsidiaries, net of cash assumed |
— |
|
(10,380) |
|
(10,380) |
Investments in affiliated companies and other companies, net |
(1,098) |
|
(1,035) |
|
(5,416) |
Proceeds from sale of property, plant and equipment |
4,362 |
|
590 |
|
1,466 |
Proceeds from sale of a subsidiary and an investment |
7,376 |
|
— |
|
151 |
Investment in short-term deposits, net |
(7,591) |
|
(25,584) |
|
(9,467) |
Investment in long-term deposits, net |
(441) |
|
83 |
|
83 |
Net cash used in investing activities |
(112,920) |
|
(133,563) |
|
(210,600) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
Issuance of shares |
6 |
|
1 |
|
30 |
Issuance of commercial paper |
36,380 |
|
— |
|
313,620 |
Repayment of long-term loans |
(11,203) |
|
(226,118) |
|
(246,231) |
Proceeds from long-term bank loans |
— |
|
— |
|
20,000 |
Repayment of Series B, C and D Notes |
(61,862) |
|
(62,434) |
|
(62,434) |
Dividends paid (**) |
(44,473) |
|
(44,857) |
|
(89,248) |
Change in short-term bank credit and loans, net |
91,308 |
|
578,272 |
|
147,475 |
Net cash provided by financing activities |
10,156 |
|
244,864 |
|
83,212 |
Net decrease in cash and cash equivalents |
(76,767) |
|
(99,428) |
|
(13,679) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD |
$ 197,429 |
|
$ 211,108 |
|
$ 211,108 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
$ 120,662 |
|
$ 111,680 |
|
$ 197,429 |
(*) Dividend received from affiliated companies and partnerships |
$ 5,342 |
|
$ 5,044 |
|
$ 22,321 |
(**)
Dividends paid during 2023 included approximately
|
|||||||||||||||||||
DISTRIBUTION OF REVENUES |
|||||||||||||||||||
(In millions of US Dollars) |
|||||||||||||||||||
Consolidated revenues by geographical regions: |
|||||||||||||||||||
|
|||||||||||||||||||
|
Six |
|
% |
|
Six |
|
% |
|
Three |
|
% |
|
Three |
|
% |
|
Year |
|
% |
Israel |
$ 896.0 |
|
28.2 |
|
$ 499.9 |
|
17.6 |
|
$ 444.0 |
|
27.3 |
|
$ 244.5 |
|
16.8 |
|
$ 1,167.2 |
|
19.5 |
|
695.6 |
|
21.9 |
|
690.0 |
|
24.2 |
|
368.4 |
|
22.7 |
|
337.7 |
|
23.2 |
|
1,417.7 |
|
23.7 |
|
857.3 |
|
27.0 |
|
832.9 |
|
29.3 |
|
472.5 |
|
29.1 |
|
464.1 |
|
31.9 |
|
1,776.4 |
|
29.7 |
|
542.8 |
|
17.1 |
|
653.9 |
|
23.0 |
|
235.7 |
|
14.5 |
|
315.3 |
|
21.7 |
|
1,263.8 |
|
21.2 |
|
73.9 |
|
2.3 |
|
58.2 |
|
2.0 |
|
39.7 |
|
2.4 |
|
28.0 |
|
1.9 |
|
120.7 |
|
2.0 |
Other countries |
114.5 |
|
3.5 |
|
112.5 |
|
3.9 |
|
65.9 |
|
4.0 |
|
64.3 |
|
4.5 |
|
228.9 |
|
3.9 |
Total revenue |
$ 3,180.1 |
|
100.0 |
|
$ 2,847.4 |
|
100.0 |
|
$ 1,626.2 |
|
100.0 |
|
$ 1,453.9 |
|
100.0 |
|
$ 5,974.7 |
|
100.0 |
Consolidated revenues by segments: |
|||||||||
|
|||||||||
|
Six months |
|
Six months |
|
Three months |
|
Three months |
|
Year ended |
Aerospace |
|
|
|
|
|
|
|
|
|
External customers |
$ 782.2 |
|
$ 784.1 |
|
$ 414.7 |
|
$ 421.9 |
|
$ 1,613.2 |
Intersegment revenue |
120.9 |
|
123.7 |
|
66.5 |
|
65.1 |
|
260.1 |
Total |
903.1 |
|
907.8 |
|
481.2 |
|
487.0 |
|
1,873.3 |
C4I and Cyber |
|
|
|
|
|
|
|
|
|
External customers |
359.6 |
|
318.9 |
|
175.1 |
|
157.1 |
|
668.4 |
Intersegment revenue |
25.1 |
|
25.5 |
|
12.6 |
|
11.6 |
|
52.7 |
Total |
384.7 |
|
344.4 |
|
187.7 |
|
168.7 |
|
721.1 |
ISTAR and EW |
|
|
|
|
|
|
|
|
|
External customers |
561.6 |
|
492.7 |
|
264.4 |
|
243.4 |
|
996.9 |
Intersegment revenue |
103.3 |
|
94.7 |
|
54.4 |
|
49.3 |
|
182.5 |
Total |
664.9 |
|
587.4 |
|
318.8 |
|
292.7 |
|
1,179.4 |
Land |
|
|
|
|
|
|
|
|
|
External customers |
741.4 |
|
554.7 |
|
380.7 |
|
276.2 |
|
1,241.0 |
Intersegment revenue |
41.4 |
|
40.8 |
|
22.0 |
|
17.9 |
|
65.2 |
Total |
782.8 |
|
595.5 |
|
402.7 |
|
294.1 |
|
1,306.2 |
|
|
|
|
|
|
|
|
|
|
External customers |
735.3 |
|
697.0 |
|
391.3 |
|
355.3 |
|
1,455.2 |
Intersegment revenue |
1.7 |
|
3.7 |
|
1.6 |
|
— |
|
9.7 |
Total |
737.0 |
|
700.7 |
|
392.9 |
|
355.3 |
|
1,464.9 |
Revenues |
|
|
|
|
|
|
|
|
|
Total revenues (external customers and intersegment) for reportable segments |
3,472.5 |
|
3,135.8 |
|
1,783.3 |
|
1,597.8 |
|
6,544.9 |
Less - intersegment revenue |
(292.4) |
|
(288.4) |
|
(157.1) |
|
(143.9) |
|
(570.2) |
Total revenues |
$ 3,180.1 |
|
$ 2,847.4 |
|
$ 1,626.2 |
|
$ 1,453.9 |
|
$ 5,974.7 |
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