SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1995 Commission File Number 1-3761
TEXAS INSTRUMENTS INCORPORATED
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 75-0289970
------------------------ ------------------------------------
(State of Incorporation) (I.R.S. Employer Identification No.)
13500 North Central Expressway, P.O. Box 655474, Dallas, Texas 75265-5474
-----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 214-995-3773
---------------------------------------------------------------
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
---- ----
188,812,117
- - - - - -----------------------------------------------------------------------------
Number of shares of Registrant's common stock outstanding
as of September 30, 1995
PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements.
- - - - - ------------------------------
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Financial Statements
(In millions of dollars, except per-share amounts.)
For Three Months Ended For Nine Months Ended
---------------------- ---------------------
Sept 30 Sept 30 Sept 30 Sept 30
Income 1995 1994 1995 1994
- - - - - ------ ------- ------- ------- -------
Net revenues............................................... $ 3,425 $ 2,574 $ 9,525 $ 7,533
Operating costs and expenses:
Cost of revenues......................................... 2,446 1,852 6,747 5,441
General, administrative and marketing.................... 406 333 1,209 1,029
Employees' retirement and profit sharing plans........... 136 98 384 271
------- ------- ------- -------
Total.................................................. 2,988 2,283 8,340 6,741
------- ------- ------- -------
Profit from operations..................................... 437 291 1,185 792
Other income (expense) net................................. 6 1 42 4
Interest on loans.......................................... 12 11 38 33
------- ------- ------- -------
Income before provision for income taxes................... 431 281 1,189 763
Provision for income taxes................................. 142 95 392 260
------- ------- ------- -------
Net income................................................. $ 289 $ 186 $ 797 $ 503
======= ======= ======= =======
Earnings per common and common equivalent share............ $ 1.48 $ 0.97 $ 4.13 $ 2.64
Cash dividends declared per share of common stock.......... $ 0.17 $ 0.12 $ 0.46 $ 0.34
Cash Flows
- - - - - ----------
Net cash provided by operating activities.............................................. $ 1,135 $ 1,101
Cash flows from investing activities:
Additions to property, plant and equipment........................................... (914) (756)
Purchases of short-term investments.................................................. (606) (602)
Sales and maturities of short-term investments....................................... 801 562
------- -------
Net cash used in investing activities.................................................. (719) (796)
Cash flows from financing activities:
Payments on long term debt........................................................... (5) (82)
Dividends paid on common stock....................................................... (78) (56)
Sales and other common stock transactions............................................ 99 109
Other................................................................................ 67 22
------- -------
Net cash provided by (used in) financing activities.................................... 83 (7)
Effect of exchange rate changes on cash................................................ 9 11
------- -------
Net increase in cash and cash equivalents.............................................. 508 309
Cash and cash equivalents, January 1................................................... 760 404
------- -------
Cash and cash equivalents, September 30................................................ $ 1,268 $ 713
======= =======
2
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
(In millions of dollars, except per-share amounts.)
Sept. 30 Dec. 31
Balance Sheet 1995 1994
- - - - - ------------- -------- -------
Assets
Current assets:
Cash and cash equivalents.......................................... $ 1,268 $ 760
Short-term investments............................................. 335 530
Accounts receivable, less allowance for losses of
$41 million in 1995 and $37 million in 1994...................... 2,205 1,442
Inventories:
Raw materials.................................................... 308 237
Work in process.................................................. 593 553
Finished goods................................................... 354 318
Less progress billings........................................... (192) (226)
------- -------
Inventories (net of progress billings)......................... 1,063 882
------- -------
Prepaid expenses................................................... 52 66
Deferred income taxes.............................................. 360 337
------- -------
Total current assets............................................. 5,283 4,017
------- -------
Property, plant and equipment at cost................................ 5,239 4,895
Less accumulated depreciation...................................... (2,384) (2,327)
------- -------
Property, plant and equipment (net).............................. 2,855 2,568
------- -------
Deferred income taxes................................................ 267 243
Other assets......................................................... 239 161
------- -------
Total assets......................................................... $ 8,644 $ 6,989
======= =======
Liabilities and Stockholders' Equity
Current liabilities:
Loans payable and current portion long-term debt................... $ 64 $ 12
Accounts payable................................................... 893 678
Accrued and other current liabilities.............................. 1,937 1,509
------- -------
Total current liabilities........................................ 2,894 2,199
------- -------
Long-term debt....................................................... 822 808
Accrued retirement costs............................................. 791 740
Deferred credits and other liabilities............................... 288 203
Stockholders' equity:
Preferred stock, $25 par value. Authorized - 10,000,000 shares.
Participating cumulative preferred. None issued.................. -- --
Common stock, $1 par value. Authorized - 300,000,000 shares.
Shares issued: 1995 - 188,949,681; 1994 - 92,786,992............. 189 93
Paid-in capital.................................................... 1,050 1,041
Retained earnings.................................................. 2,622 1,912
Less treasury common stock at cost.
Shares: 1995 - 137,564; 1994 - 104,170........................... (12) (6)
Other.............................................................. -- (1)
------- -------
Total stockholders' equity....................................... 3,849 3,039
------- -------
Total liabilities and stockholders' equity........................... $ 8,644 $ 6,989
======= =======
3
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Notes to Financial Statements
Earnings per common and common equivalent share are based on average
common and common equivalent shares outstanding (195.1 and 192.0 million
shares for the third quarters of 1995 and 1994, and 193.3 and 191.0 million
shares for the nine months ended September 30, 1995 and 1994). Shares
issuable upon exercise of dilutive stock options and upon conversion of
dilutive convertible debentures are included in average common and common
equivalent shares outstanding. Share amounts have been retroactively adjusted
for the two-for-one stock split effective August 18, 1995.
Results for the first nine months of 1994 include the following first
quarter items: special pretax charges of $132 million and one-time royalty
revenues of $69 million.
The statements of income, statements of cash flows and balance sheet at
September 30, 1995, are not audited but reflect all adjustments which are of a
normal recurring nature and are, in the opinion of management, necessary to a
fair statement of the results of the periods shown.
4
ITEM 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Continued semiconductor market strength across all geographic regions and
improved semiconductor operating performance led the Registrant (the
"company" or "TI") to record third quarter financial results. This marks
the sixth consecutive quarter of record financial performance, and
consistent with its goal of increasing shareholder value, TI posted a return
on invested capital of 23.3 percent for the four quarters ending
September 30,1995.
FINANCIAL SUMMARY
Net revenues for the third quarter of 1995 were $3425 million, up 33 percent
from $2574 million in the third quarter of 1994. The increase resulted
primarily from strong growth in semiconductor revenues.
Profit from operations for the quarter was $437 million, up 50 percent from
$291 million in the third quarter of 1994. Most of the profit increase came
from significant improvement in semiconductor operating profit and higher
royalties. Net income for the quarter was $289 million, compared with $186
million in the third quarter of 1994. Earnings per share, after the effect
of a previously announced 2-for-1 stock split, were $1.48, an increase of 53
percent from $0.97 in the third quarter of 1994.
SEMICONDUCTORS
TI's third-quarter 1995 semiconductor revenues and operating profits were up
substantially over the year-ago period, and also exceeded the previous
record achieved in the second quarter of 1995. Operating margins were up
from the third quarter of 1994, on higher revenues and improved
manufacturing efficiencies. Margins also increased over the second quarter
of 1995, despite the impact of the weaker yen.
TI's semiconductor orders were up strongly in all geographic regions and for
all business entities from the third quarter of 1994. New orders remained
at the high level of the second quarter of 1995, despite the effects of the
weaker yen and the traditionally slower summer vacation period. TI's
quarterly customer survey shows that semiconductor inventories were at
record low levels during the quarter. Growth in orders is being driven
primarily by computer and telecommunications equipment manufacturers.
Orders for TI's Digital Signal Processing Solutions (DSPS) -- which include
digital signal processors, mixed-signal/analog devices, system expertise and
software algorithms -- continue to grow faster than the total semiconductor
market. To meet this increased demand, TI is diverting some of its standard
memory capacity to digital signal processors, mixed-signal/analog and other
advanced logic products. In addition, the majority of semiconductor capital
expenditures in 1995 support digital signal processor and mixed-
signal/analog production.
5
Strong new product revenues in the PC/multimedia and wireless communications
market segments contributed to a record revenue quarter in mixed-
signal/analog products. TI is increasing its research and development (R&D)
and capital investments in mixed-signal/analog products to support continued
growth.
Phase one of TI's newest wafer fab in Dallas reached full wafer start
capacity during the quarter. As previously announced, the company is
accelerating construction of the second phase of this fab, for production of
advanced microprocessors and logic products. Production at this facility is
expected to be pulled forward to late 1996, several months ahead of the
original schedule. Progress also continues in expanding capacity at TI's
TECH Semiconductor joint venture for 16-megabit dynamic random access
memories (DRAMs) in Singapore, and the TI-Acer joint venture recently
announced a second wafer fab that will produce 16- and 64-megabit DRAMs
beginning in 1997. Memory capacity is being added at the KTI joint venture
in Japan, and construction is progressing at the TwinStar memory joint
venture near Dallas.
Stable prices and strong demand continue for TI's DRAMs. Orders and revenues
for DRAMs reached record levels during the quarter.
DEFENSE ELECTRONICS
TI's defense electronics revenues were up slightly compared with the third
quarter of 1994, and margins remained stable. Revenues were down slightly
from the second quarter of 1995, and TI expects revenues for the full year
to be down from 1994.
During the quarter, TI received a phase-funded contract award from the Naval
Air Systems Command for engineering and manufacturing development of the
Joint Standoff Weapon (JSOW) Unitary Weapon System. TI recently completed
the first free-flight demonstration of a powered version of the JSOW
missile. During the quarter, the TI/Martin Javelin joint venture delivered
initial production units of the world's first "fire and forget" infantry
antitank weapon. TI also won the Combat Vehicle-Driver Viewer Enhancement
for the Bradley Fighting Vehicle, the first military application of TI's
uncooled infrared technology.
The Office of Naval Research named TI the first recipient of the Best
Manufacturing Practices Center of Excellence award, which recognizes
outstanding contributions to improving American competitiveness.
MATERIALS & CONTROLS
Revenues in TI's materials and controls business were up over the third
quarter of 1994; however, margins were down slightly, with increased
investments in new products.
6
PERSONAL PRODUCTIVITY PRODUCTS
Revenues in TI's personal productivity products business were essentially
flat from the year-ago period. During the quarter, TI broadened its family
of notebook computers with the introduction of the Extensa(TM) line, to
address the value segment of the market. Volumes of TI's award-winning
TravelMate(TM) 5000 Pentium(R) notebook computers were not sufficient to
offset lower margins and substantially higher marketing investments, and as
a result, the business operated at a loss during the quarter.
EMERGING OPPORTUNITIES
TI is investing in its software product line to extend its leadership in
software development tools, while continuing to streamline operations and
focus on strategic opportunities.
Several potential customers have announced their intention to develop
business projectors and large screen display systems using TI's Digital
Light Processing(TM) (DLP(TM)) systems based on the Digital Micromirror
Device(TM). TI's factory for production of DLP engines is in the start-up
mode, and business projector products from customers are expected to be
available in late 1995 or early 1996.
TI continues to explore other opportunities for the commercialization of
emerging digital solutions for the networked society. During the quarter,
the company announced plans to jointly develop software technology for
advanced voice-related services with two subsidiaries of SBC Communications
Inc. TI also announced its entry into the market for delivery of integrated
voice, data, and video through its Local Multipoint Distribution Services
(LMDS) system for broadband wireless communications.
SUMMARY
TI continues to see strong semiconductor demand across all geographic
regions, particularly for digital signal processors, mixed-signal/analog and
DRAMs. The company expects growth of the worldwide semiconductor market to
be about 40 percent in 1995, the third consecutive year of strong growth.
To support customer requirements, TI's 1995 capital expenditures are now
expected to reach $1.45 billion, up from the previously planned $1.3
billion.
INTERNATIONAL QUALITY RECOGNITION
Over the past several years, TI has focused on deploying a worldwide quality
strategy to achieve growth, profitability, business excellence and total
customer satisfaction. In September, TI Europe was named the winner of the
1995 European Quality Award, presented by the European Foundation for
Quality Management to the company judged to be the most successful proponent
of Total Quality management. The award is equivalent to the U.S. Malcolm
Baldrige National Quality Award.
7
ADDITIONAL FINANCIAL INFORMATION
Change in orders, Change in net revenues,
Segment 3Q95 vs. 3Q94 3Q95 vs. 3Q94
- - - - - ------------ ----------------- -----------------------
Components up 55% up 47%
Defense Electronics down 61% up 5%
Digital Products up 11% up 7%
Total up 16% up 33%
Change in orders, Change in net revenues,
Segment YTD95 vs. YTD94 YTD95 vs. YTD94
- - - - - ------------ ----------------- ----------------------
Components up 48% up 39%
Defense Electronics down 21% down 1%
Digital Products up 10% up 8%
Total up 29% up 26%
TI's orders for the third quarter of 1995 were $3390 million, compared with
$2926 million in the same period of 1994. Higher semiconductor orders
accounted for the majority of the increase in the components segment. The
decrease in defense electronics orders reflected timing of receipt of orders
in mature production programs, primarily Paveway, and reduced HARM
quantities. The increase in digital products orders was in custom
manufacturing services.
TI's revenues in the third quarter of 1995 were $3425 million, compared with
$2574 million in the third quarter of 1994. The increase in components
segment revenues resulted primarily from higher semiconductor revenues,
attributable mainly to increased shipments and new products. The increase
in digital products segment revenues was in custom manufacturing services.
Profit from operations for the third quarter was $437 million, compared with
$291 million in the third quarter of 1994. Components segment profit was up
significantly, primarily because of substantial improvement in semiconductor
operations and higher royalties. The digital segment operated at a loss in
the third quarter of 1995, because of lower margins and higher marketing
expenses in notebook computers and software, and investments in
commercialization of telecommunications systems.
8
For the first nine months of 1995, TI's orders were $10164 million, up 29
percent from the first nine months of 1994. The increase in components
segment orders resulted from increased semiconductor orders. The decrease
in defense segment orders was related primarily to timing of receipt of
orders. The increase in digital segment orders was primarily in custom
manufacturing services.
Net revenues for the first nine months of 1995 were $9525 million, up 26
percent from $7533 million in the first nine months of 1994. The increase
in components segment revenues reflected higher semiconductor revenues,
attributable to new products and increased shipments. The increase in
digital segment revenues was in custom manufacturing services.
TI's profit from operations for the first nine months of 1995 was $1185
million, compared with $792 million in the first nine months of 1994.
Essentially all the increase was in the components segment, resulting from
improved semiconductor operations and higher ongoing royalties.
Results for the first nine months of 1995 include several cost-reduction
actions in the first quarter, including consolidations in TI's custom
manufacturing services and personal productivity products businesses. These
costs were more than offset by favorable first-quarter adjustments to prior-
period accruals for ongoing royalties because of higher than expected
shipments by some licensees. First nine months of 1994 results included
$132 million of pretax charges taken in the first quarter for costs related
to restructuring TI's European operations, primarily in the components
segment, and the divestiture of non-strategic product lines, primarily in
digital products. First nine months of 1994 results also included $69
million in one-time royalty revenues in the first quarter, approximately
offsetting the restructuring charge in the components segment.
TI's financial condition remains strong. Cash flow from operating
activities net of additions to property, plant, and equipment was a positive
$221 million for the first nine months of 1995. During this period, cash
and cash equivalents plus short-term investments increased by $313 million
to $1603 million. In January, the company reduced to zero (from $125
million) the outstanding balance of its asset securitization agreement, and
terminated this agreement effective January 30, 1995. Total debt at the end
of the third quarter of 1995 is up by $66 million compared to year-end 1994
primarily due to increased borrowings in international entities. TI's third
quarter debt-to-total-capital ratio remained at the second quarter level of
.19, down .02 from the year-end 1994 value.
As previously reported, most of the company's existing semiconductor patent-
license agreements expire at the end of 1995 or early in 1996. The
remaining agreements, which have expiration dates ranging from 1998 to 2001,
will provide ongoing royalties, and TI continues to expect a significant
ongoing stream of royalty revenue throughout the remainder of the decade.
9
Negotiations are under way with licensees for renewal of the expiring
agreements. However, these negotiations by their nature are not predictable
as to outcome or timing. TI will not accrue royalties in the absence of
agreements. As in prior years, negotiations are dependent on the strength
of the company's entire patent portfolio relative to the strength of the
patent portfolios of licensees, the use by each party of the other's
patents, the sales volume of each party, and other factors.
TI's backlog of unfilled orders as of September 30, 1995, was $4535 million,
up $373 million from the end of last year's third quarter. Backlog is up
$622 million from year-end 1994, primarily because of increases in
semiconductors, and down $36 million from the end of the second quarter of
1995, primarily because of lower backlog in defense electronics.
TI-funded R&D expense was $221 million in the third quarter of 1995,
compared with $168 million in the same period of 1994. For the first nine
months of 1995, TI-funded R&D was $648 million, compared with $499 million
for the first nine months of 1994. The increases were driven primarily by
investments in semiconductors and digital imaging.
Capital expenditures in the third quarter of this year were $392 million,
compared with $297 million in the third quarter of 1994, and $914 million
for the first nine months of 1995, compared with $756 million in the first
nine months of 1994. Capital expenditures for 1995 are now projected to be
$1.45 billion.
Depreciation in the third quarter of 1995 was $192 million, compared with
$170 million in the third quarter of 1994, and $551 million for the first
nine months of 1995, compared with $486 million in the same period of 1994.
Return on invested capital (ROIC) and return on common equity (ROCE) are
measures TI uses to monitor progress in building shareholder value. For the
four quarters ending September 30, 1995, ROIC was 23.3 percent, and ROCE was
29.3 percent. For the four quarters ending September 30, 1994, ROIC was
18.4 percent, and ROCE was 25.4 percent.
10
PART II - OTHER INFORMATION
ITEM 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Designation of
Exhibits in
this Report Description of Exhibit
-------------- -----------------------------
11 Computation of primary and
fully diluted earnings per
common and common equivalent
share.
12 Computation of Ratio of
Earnings to Fixed Charges and
Ratio of Earnings to Combined
Fixed Charges and Preferred
Stock Dividends.
27 Financial Data Schedule
(b) Report on Form 8-K
None.
11
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TEXAS INSTRUMENTS INCORPORATED
BY: WILLIAM A. AYLESWORTH
William A. Aylesworth
Senior Vice President,
Treasurer and
Chief Financial Officer
Date: October 19, 1995
12
Exhibit Index
Designation of Paper (P)
Exhibits in or
this Report Description of Exhibit Electronic (E)
- - - - - ---------------- ----------------------- --------------
11 Computation of primary and E
fully diluted earnings per
common and common equivalent
share.
12 Computation of Ratio of E
Earnings to Fixed Charges and
Ratio of Earnings to Combined
Fixed Charges and Preferred
Stock Dividends.
27 Financial Data Schedule E
EXHIBIT 11
----------
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
PRIMARY AND FULLY DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
(In thousands, except per-share amounts.)
For Three Months Ended For Nine Months Ended
---------------------- ---------------------
Sept 30 Sept 30 Sept 30 Sept 30
1995 1994 1995 1994
-------- -------- -------- --------
Net income................................................... $288,661 $185,652 $796,884 $503,292
Add:
Interest, net of tax and profit sharing effect, on
convertible debentures assumed converted............... 416 666 1,233 1,995
------ ------- ------- -------
Adjusted net income.......................................... $289,077 $186,318 $798,117 $505,287
======= ======= ======= =======
Earnings per Common and Common Equivalent Share:
Weighted average common shares outstanding................... 188,300 184,859 187,070 183,724
Weighted average common equivalent shares:
Stock option and compensation plans...................... 3,804 2,333 3,273 2,500
Convertible debentures................................... 2,975 4,787 2,980 4,813
------- ------- ------- -------
Weighted average common and common equivalent shares......... 195,079 191,979 193,323 191,037
======= ======= ======= =======
Earnings per Common and Common Equivalent Share.............. $ 1.48 $ 0.97 $ 4.13 $ 2.64
Earnings per Common Share Assuming Full Dilution:
Weighted average common shares outstanding................... 188,300 184,859 187,070 183,724
Weighted average common equivalent shares:
Stock option and compensation plans...................... 4,014 2,333 4,283 2,525
Convertible debentures................................... 2,975 4,787 2,980 4,813
------- ------- ------- -------
Weighted average common and common equivalent shares......... 195,289 191,979 194,333 191,062
======= ======= ======= =======
Earnings per Common Share Assuming Full Dilution............. $ 1.48 $ 0.97 $ 4.11 $ 2.64
EXHIBIT 12
----------
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Dollars in millions)
For Nine Months
Ended Sept 30
---------------
1990 1991 1992 1993 1994 1994 1995
----- ----- ----- ----- ----- ----- -----
Income (loss) before income taxes
and fixed charges:
Income (loss) before cumulative
effect of accounting changes,
interest expense on loans,
capitalized interest amortized,
and provision for income taxes....... $ 14 $(250) $ 433 $ 755 $1,098 $ 804 $1,236
Add interest attributable to
rental and lease expense............. 50 43 42 38 40 31 31
----- ----- ----- ----- ----- ----- -----
$ 64 $(207) $ 475 $ 793 $1,138 $ 835 $1,267
===== ===== ===== ===== ===== ===== =====
Fixed charges:
Total interest on loans (expensed
and capitalized)....................... $ 47 $ 59 $ 57 $ 55 $ 58 $ 42 $ 53
Interest attributable to rental
and lease expense...................... 50 43 42 38 40 31 31
----- ----- ----- ----- ----- ----- -----
Fixed charges.............................. $ 97 $ 102 $ 99 $ 93 $ 98 $ 73 $ 84
===== ===== ===== ===== ===== ===== =====
Combined fixed charges and
preferred stock dividends:
Fixed charges.......................... $ 97 $ 102 $ 99 $ 93 $ 98 $ 73 $ 84
Preferred stock dividends
(adjusted as appropriate to a
pretax equivalent basis)............. 36 34 55 29 -- -- --
----- ----- ----- ----- ----- ----- -----
Combined fixed charges and
preferred stock dividends............ $ 133 $ 136 $ 154 $ 122 $ 98 $ 73 $ 84
===== ===== ===== ===== ===== ===== =====
Ratio of earnings to fixed charges......... * * 4.8 8.5 11.6 11.4 15.1
===== ===== ===== ===== ===== ===== =====
Ratio of earnings to combined
fixed charges and preferred
stock dividends.......................... ** ** 3.1 6.5 11.6 11.4 15.1
===== ===== ===== ===== ===== ===== =====
* Not meaningful. The coverage deficiency was $33 million in 1990 and $309 million in 1991.
** Not meaningful. The coverage deficiency was $69 million in 1990 and $343 million in 1991.
5
EXHIBIT 27
----------
1,000,000
DEC-31-1995
SEP-30-1995
9-MOS
$ 1,268
335
2,205
41
1,063
5,283
5,239
2,384
8,644
2,894
822
0
0
189
3,660
8,644
9,525
9,525
6,747
6,747
384
0
38
1,189
392
797
0
0
0
797
4.13
0
