Exhibit 99.1
ACM Research Reports First Quarter 2024 Results
FREMONT, Calif., May 08, 2024 (Globe Newswire) – ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and
advanced wafer-level packaging applications, today reported financial results for its first quarter ended March 31, 2024.
“I am pleased with our first quarter results, a solid start for 2024. We delivered 105% revenue growth, record shipments, and strong profitability,”
said ACM’s President and Chief Executive Officer, Dr. David Wang. “Our results demonstrate continued spending on mature nodes by our mainland China customers, contribution from new products, and market share gains at both existing and new
customers.”
Dr. Wang continued, “We anticipate growth for 2024 as a result of our broadening product portfolio and expanding global footprint. We expect
additional market share gains in cleaning with increased customer traction for Tahoe, single wafer high temperature SPM, and supercritical CO2 dry products, continued strength in ECP, and accelerating customer adoption for our furnace
products. We expect to begin initial production at our facility in Lingang, Shanghai this year, and we continue to invest in our U.S. and Korea operations to support the global market opportunity.”
| |
|
Three Months Ended March 31,
|
|
| |
|
GAAP
|
|
|
Non-GAAP(1)
|
|
| |
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
| |
|
(dollars in thousands, except EPS)
|
|
|
Revenue
|
|
$
|
152,191
|
|
|
$
|
74,256
|
|
|
$
|
152,191
|
|
|
$
|
74,256
|
|
|
Gross margin
|
|
|
52.0
|
%
|
|
|
53.8
|
%
|
|
|
52.5
|
%
|
|
|
54.0
|
%
|
|
Income from operations
|
|
$
|
25,232
|
|
|
$
|
8,862
|
|
|
$
|
39,801
|
|
|
$
|
10,930
|
|
|
Net income attributable to ACM Research, Inc.
|
|
$
|
17,433
|
|
|
$
|
7,145
|
|
|
$
|
34,597
|
|
|
$
|
9,867
|
|
|
Basic EPS
|
|
$
|
0.28
|
|
|
$
|
0.12
|
|
|
$
|
0.56
|
|
|
$
|
0.17
|
|
|
Diluted EPS
|
|
$
|
0.26
|
|
|
$
|
0.11
|
|
|
$
|
0.52
|
|
|
$
|
0.15
|
|
| (1) |
Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to
Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized loss on
short-term investments.
|
Outlook
ACM is maintaining its revenue guidance range of $650 million to $725 million for fiscal year 2024. This expectation is based on ACM management’s current assessment of
the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.
Operating Highlights and Recent Announcements
| • |
Shipments. Total shipments in the first quarter of 2024 were $245 million, up 175% from the first quarter of 2023. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer
acceptance for potential revenue in future quarters.
|
| • |
Expanded Advanced Packaging Portfolio with Introduction of Frame Wafer Cleaning Tool. We
introduced our Frame Wafer Cleaning Tool for advanced packaging. The tool effectively cleans semiconductor wafers during the post-debonding cleaning process. The Frame Wafer Cleaning Tool also includes an innovative solvent reclamation
system that provides environmental and cost benefits. We have also successfully completed the installation and qualification of the first tool with a major Chinese manufacturer.
|
First Quarter 2024 Financial Summary
Unless otherwise noted, the following figures refer to the first quarter of 2024 and comparisons are with the first quarter of 2023.
| • |
Revenue was $152.2 million, up 105.0%, reflecting higher sales of single wafer cleaning,
Tahoe and semi-critical cleaning equipment and advanced packaging (excluding ECP), and services and spares.
|
| • |
Gross margin was 52.0% versus 53.8%. Non-GAAP gross margin, which excludes stock-based
compensation, was 52.5% versus 54.0%. Gross margin exceeded ACM’s long-term business model range of 40% to 45%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and
sales volume.
|
| • |
Operating expenses were $53.9 million, an increase of 73.1%. Operating expenses as a
percentage of revenue decreased to 35.4% from 41.9%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $40.1 million, up 37.4%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.3%
from 39.3%.
|
| • |
Operating income was $25.2 million, up from $8.9 million. Operating margin was 16.6% versus 11.9%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $39.8 million, up from $10.9 million. Non-GAAP operating margin, which excludes stock-based compensation, was 26.2% versus 14.7%.
|
| • |
Unrealized loss on short-term investments was $2.6 million. The loss reflects the change in
market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc., in short-term investments. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.
|
| • |
Income tax expense was $4.4 million, compared to $2.9 million.
|
| • |
Net income attributable to ACM Research, Inc. was $17.4 million, up from $7.1 million.
Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $34.6 million, up from $9.9 million.
|
| • |
Net income per diluted share attributable to ACM Research, Inc. was $0.26, compared to
$0.11. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized loss on short-term investments, was $0.52, up from $0.15.
|
| • |
Cash and cash equivalents, plus restricted cash and short-term and long-term time deposits
were $288.3 million at March 31, 2024, versus $304.5 million at December 31, 2023.
|
Conference Call Details
A conference call to discuss results will be held on Wednesday, May 8, 2024, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone,
participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to
the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.
Online Registration: https://register.vevent.com/register/BI7d8a11ab6f694bde910596cd97b8276d
Participants who have not pre-registered may join the webcast by accessing the link at ir.acmrcsh.com/events.
A live and archived webcast will be available on the Investors section of the ACM website at www.acmrcsh.com.
Use of Non-GAAP Financial Measures
ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as
supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In
addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized loss on short-term investments, which ACM also believes are not indicative of
its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”
ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate
its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best
interests of investors for ACM to provide this non-GAAP information.
While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP
financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP
financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be
considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.
Forward-Looking Statements
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,”
“anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are
difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes
with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently
expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or
circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
About ACM Research, Inc.
ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes
that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. ACM is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous
manufacturing steps to improve productivity and product yield.
© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that
practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.
For investor and media inquiries, please contact:
| |
In the United States:
|
The Blueshirt Group
|
| |
|
Steven C. Pelayo, CFA
|
| |
|
+1 (360) 808-5154
|
| |
|
steven@blueshirtgroup.co
|
| |
|
|
| |
In China:
|
The Blueshirt Group Asia
|
| |
|
Gary Dvorchak, CFA
|
| |
|
+86 (138) 1079-1480
|
| |
|
gary@blueshirtgroup.co
|
ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets
| |
|
March 31, 2024
|
|
|
December 31, 2023
|
|
| |
|
(Unaudited)
|
|
|
|
|
| |
|
(In thousands)
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
211,305
|
|
|
$
|
182,090
|
|
|
Restricted cash
|
|
|
808
|
|
|
|
1,083
|
|
|
Short-term time deposits
|
|
|
48,364
|
|
|
|
80,524
|
|
|
Short-term investment
|
|
|
18,648
|
|
|
|
21,312
|
|
|
Accounts receivable, net
|
|
|
296,371
|
|
|
|
283,186
|
|
|
Other receivables
|
|
|
51,316
|
|
|
|
40,065
|
|
|
Inventories, net
|
|
|
581,140
|
|
|
|
545,395
|
|
|
Advances to related party
|
|
|
1,338
|
|
|
|
2,432
|
|
|
Prepaid expenses
|
|
|
20,066
|
|
|
|
20,023
|
|
|
Total current assets
|
|
|
1,229,356
|
|
|
|
1,176,110
|
|
|
Property, plant and equipment, net
|
|
|
218,822
|
|
|
|
201,848
|
|
|
Land use right, net
|
|
|
8,305
|
|
|
|
8,367
|
|
|
Operating lease right-of-use assets, net
|
|
|
6,498
|
|
|
|
7,026
|
|
|
Intangible assets, net
|
|
|
2,803
|
|
|
|
2,538
|
|
|
Long-term time deposits
|
|
|
27,841
|
|
|
|
40,818
|
|
|
Deferred tax assets
|
|
|
21,360
|
|
|
|
20,271
|
|
|
Long-term investments
|
|
|
31,293
|
|
|
|
27,880
|
|
|
Other long-term assets
|
|
|
10,471
|
|
|
|
6,050
|
|
|
Total assets
|
|
$
|
1,556,749
|
|
|
$
|
1,490,908
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
$
|
54,706
|
|
|
$
|
31,335
|
|
|
Current portion of long-term borrowings
|
|
|
6,549
|
|
|
|
6,783
|
|
|
Related party accounts payable
|
|
|
16,243
|
|
|
|
11,407
|
|
|
Accounts payable
|
|
|
135,499
|
|
|
|
141,814
|
|
|
Advances from customers
|
|
|
182,547
|
|
|
|
181,368
|
|
|
Deferred revenue
|
|
|
4,405
|
|
|
|
3,687
|
|
|
Income taxes payable
|
|
|
11,403
|
|
|
|
6,401
|
|
|
FIN-48 payable
|
|
|
12,131
|
|
|
|
12,149
|
|
|
Other payables and accrued expenses
|
|
|
107,098
|
|
|
|
102,951
|
|
|
Current portion of operating lease liability
|
|
|
2,668
|
|
|
|
2,764
|
|
|
Total current liabilities
|
|
|
533,249
|
|
|
|
500,659
|
|
|
Long-term borrowings
|
|
|
53,408
|
|
|
|
53,952
|
|
|
Long-term operating lease liability
|
|
|
3,830
|
|
|
|
4,262
|
|
|
Other long-term liabilities
|
|
|
5,469
|
|
|
|
5,873
|
|
|
Total liabilities
|
|
|
595,956
|
|
|
|
564,746
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
Class A Common stock
|
|
|
6
|
|
|
|
6
|
|
|
Class B Common stock
|
|
|
1
|
|
|
|
1
|
|
|
Additional paid-in capital
|
|
|
646,800
|
|
|
|
629,845
|
|
|
Retained earnings
|
|
|
174,260
|
|
|
|
156,827
|
|
|
Statutory surplus reserve
|
|
|
30,060
|
|
|
|
30,060
|
|
|
Accumulated other comprehensive loss
|
|
|
(54,925
|
)
|
|
|
(49,349
|
)
|
|
Total ACM Research, Inc. stockholders’ equity
|
|
|
796,202
|
|
|
|
767,390
|
|
|
Non-controlling interests
|
|
|
164,591
|
|
|
|
158,772
|
|
|
Total equity
|
|
|
960,793
|
|
|
|
926,162
|
|
|
Total liabilities and equity
|
|
$
|
1,556,749
|
|
|
$
|
1,490,908
|
|
ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income
| |
|
Three Months Ended March 31,
|
|
| |
|
2024
|
|
|
2023
|
|
| |
|
(Unaudited)
(In thousands, except share and per
share data)
|
|
|
Revenue
|
|
$
|
152,191
|
|
|
$
|
74,256
|
|
|
Cost of revenue
|
|
|
73,070
|
|
|
|
34,270
|
|
|
Gross profit
|
|
|
79,121
|
|
|
|
39,986
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
14,173
|
|
|
|
9,337
|
|
|
Research and development
|
|
|
23,918
|
|
|
|
14,029
|
|
|
General and administrative
|
|
|
15,798
|
|
|
|
7,758
|
|
|
Total operating expenses
|
|
|
53,889
|
|
|
|
31,124
|
|
|
Income from operations
|
|
|
25,232
|
|
|
|
8,862
|
|
|
Interest income
|
|
|
1,774
|
|
|
|
1,785
|
|
|
Interest expense
|
|
|
(783
|
)
|
|
|
(695
|
)
|
|
Realized gain from sale of short-term investments
|
|
|
273
|
|
|
|
3,994
|
|
|
Unrealized loss on short-term investments
|
|
|
(2,595
|
)
|
|
|
(654
|
)
|
|
Other income (expense), net
|
|
|
3,080
|
|
|
|
(1,418
|
)
|
|
Loss from equity method investments
|
|
|
(520
|
)
|
|
|
(32
|
)
|
|
Income before income taxes
|
|
|
26,461
|
|
|
|
11,842
|
|
|
Income tax expense
|
|
|
(4,369
|
)
|
|
|
(2,879
|
)
|
|
Net income
|
|
|
22,092
|
|
|
|
8,963
|
|
|
Less: Net income attributable to non-controlling interests
|
|
|
4,659
|
|
|
|
1,818
|
|
|
Net income attributable to ACM Research, Inc.
|
|
$
|
17,433
|
|
|
$
|
7,145
|
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
22,092
|
|
|
|
8,963
|
|
|
Foreign currency translation adjustment, net of tax
|
|
|
(6,829
|
)
|
|
|
9,423
|
|
|
Comprehensive Income
|
|
|
15,263
|
|
|
|
18,386
|
|
|
Less: Comprehensive income attributable to non-controlling interests
|
|
|
3,406
|
|
|
|
3,462
|
|
|
Comprehensive income attributable to ACM Research, Inc.
|
|
$
|
11,857
|
|
|
$
|
14,924
|
|
| |
|
|
|
|
|
|
|
|
|
Net income attributable to ACM Research, Inc. per common share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.28
|
|
|
$
|
0.12
|
|
|
Diluted
|
|
$
|
0.26
|
|
|
$
|
0.11
|
|
| |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding used in computing per share amounts:
|
|
|
|
|
|
|
Basic
|
|
|
61,367,184
|
|
|
|
59,736,764
|
|
|
Diluted
|
|
|
66,242,321
|
|
|
|
65,058,777
|
|
ACM RESEARCH, INC.
Total Revenue by Product Category and by Region
|
|
|
Three Months Ended March 31,
|
|
| |
|
|
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
(Unaudited)
($ in thousands)
|
|
|
Single wafer cleaning, Tahoe and semi-critical cleaning equipment
|
|
$
|
109,470
|
|
|
$
|
36,614
|
|
|
ECP (front-end and packaging), furnace and other technologies
|
|
|
25,800
|
|
|
|
26,598
|
|
|
Advanced packaging (excluding ECP), services & spares
|
|
|
16,921
|
|
|
|
11,044
|
|
|
Total Revenue by Product Category
|
|
$
|
152,191
|
|
|
$
|
74,256
|
|
| |
|
|
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
|
Mainland China
|
|
$ |
152,135
|
|
|
$ |
72,458
|
|
|
Other Regions
|
|
|
56
|
|
|
|
1,798
|
|
|
Total Revenue by Region
|
|
$ |
152,191
|
|
|
$ |
74,256
|
|
ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating
income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line
items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized loss on short-term investments. The following tables reconcile gross margin, operating expenses, operating
income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:
| |
|
Three Months Ended March 31,
|
|
| |
|
2024
|
|
|
2023
|
|
| |
|
Actual
(GAAP)
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
(Non-GAAP)
|
|
|
Actual
(GAAP)
|
|
|
SBC
|
|
|
Other non-
operating
adjustments
|
|
|
Adjusted
(Non-GAAP)
|
|
| |
| |
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
|
152,191
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
152,191
|
|
|
$
|
74,256
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
74,256
|
|
|
Cost of revenue
|
|
|
(73,070
|
)
|
|
|
(781
|
)
|
|
|
-
|
|
|
|
(72,289
|
)
|
|
|
(34,270
|
)
|
|
|
(125
|
)
|
|
|
-
|
|
|
|
(34,145
|
)
|
|
Gross profit
|
|
|
79,121
|
|
|
|
(781
|
)
|
|
|
-
|
|
|
|
79,902
|
|
|
|
39,986
|
|
|
|
(125
|
)
|
|
|
-
|
|
|
|
40,111
|
|
|
Gross margin
|
|
|
52.0
|
%
|
|
|
0.5
|
%
|
|
|
-
|
|
|
|
52.5
|
%
|
|
|
53.8
|
%
|
|
|
0.2
|
%
|
|
|
-
|
|
|
|
54.0
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
(14,173
|
)
|
|
|
(3,027
|
)
|
|
|
-
|
|
|
|
(11,146
|
)
|
|
|
(9,337
|
)
|
|
|
(431
|
)
|
|
|
-
|
|
|
|
(8,906
|
)
|
|
Research and development
|
|
|
(23,918
|
)
|
|
|
(4,503
|
)
|
|
|
-
|
|
|
|
(19,415
|
)
|
|
|
(14,029
|
)
|
|
|
(701
|
)
|
|
|
-
|
|
|
|
(13,328
|
)
|
|
General and administrative
|
|
|
(15,798
|
)
|
|
|
(6,258
|
)
|
|
|
-
|
|
|
|
(9,540
|
)
|
|
|
(7,758
|
)
|
|
|
(811
|
)
|
|
|
-
|
|
|
|
(6,947
|
)
|
|
Total operating expenses
|
|
|
(53,889
|
)
|
|
|
(13,788
|
)
|
|
|
-
|
|
|
|
(40,101
|
)
|
|
|
(31,124
|
)
|
|
|
(1,943
|
)
|
|
|
-
|
|
|
|
(29,181
|
)
|
|
Income (loss) from operations
|
|
$
|
25,232
|
|
|
$
|
(14,569
|
)
|
|
$
|
-
|
|
|
$
|
39,801
|
|
|
$
|
8,862
|
|
|
$
|
(2,068
|
)
|
|
$
|
-
|
|
|
$
|
10,930
|
|
|
Unrealized loss on short-term investments
|
|
|
(2,595
|
)
|
|
|
-
|
|
|
|
(2,595
|
)
|
|
|
-
|
|
|
|
(654
|
)
|
|
|
-
|
|
|
|
(654
|
)
|
|
|
-
|
|
|
Net income (loss)
attributable to ACM Research, Inc.
|
|
$
|
17,433
|
|
|
$
|
(14,569
|
)
|
|
$
|
(2,595
|
)
|
|
$
|
34,597
|
|
|
$
|
7,145
|
|
|
$
|
(2,068
|
)
|
|
$
|
(654
|
)
|
|
$
|
9,867
|
|
|
Basic EPS
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
$
|
0.56
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
$
|
0.17
|
|
|
Diluted EPS
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
$
|
0.52
|
|
|
$
|
0.11
|
|
|
|
|
|
|
|
|
|
|
$
|
0.15
|
|