For personal use only

Transcription

1 Level 32, 1 O Connell Street Sydney NSW 2000 W Eclipx Group Limited ABN: ASX Release 20 May 2015 ECLIPX GROUP REPORTS 1H15 NPATA OF $23.8M, ON TRACK TO MEET FY15 FORECAST First Half Highlights NPATA of $23.8 million New Business Written (NBW) of $396 million, up 40% on same period last year $1.675b Assets under Management or Financed, up 6% since 30 September ,876 Total Vehicles Under Management or Financed (VUMOF), up 6% net since 30 September 2014 Business transformation and integration of FleetPlus and CarLoans acquisitions tracking to plan On track to meet prospectus forecasts for FY15 Eclipx Group Limited (ASX: ECX), an established leader in Australia and New Zealand fleet financing and management, today announced a Net Profit After Tax & Amortisation (NPATA) of $23.8 million for the six months to 31 March 2015, in line with the forecast presented in the company s prospectus and underpinned by a strong performance across each of its business divisions. Chief Executive Officer Doc Klotz said Eclipx has delivered a very solid first-half result, with the company s Australian commercial division a stand out performer. This is an extremely pleasing result for Eclipx, continuing the success of our listing on the Australian Securities Exchange last month Mr Klotz said. In the past 12 months we have transformed Eclipx s sales performance, its service offering and technology capability and this has translated into some very strong results, particularly in New Business Written volumes which have grown to $396 million in the first-half, up 40% percent on the prior corresponding period. Our Australian and New Zealand commercial divisions, representing 72% of total NBW for 1H15, have performed exceptionally well, driven by our customer centric focus and new technology, and we are continuing to build on this momentum he said. Australia Commercial The Australian commercial segment was the stand out performer in 1H15 with NBW at $197 million, up 54% over the prior corresponding period ( PCP ). Net Promoter Score programs were introduced during 1H15, yielding scores of +30, demonstrating strong client relationships and engagement with drivers. Technology initiatives such as FleetAlerts and FBT saving telematics products helped increase value and drive down fleet costs for corporate customers. Additionally, the launch of Eclipx Commercial Equipment Finance division in December 2014 has provided good cross selling opportunities to the Eclipx customer base.

2 Level 32, 1 O Connell Street Sydney NSW 2000 W Eclipx Group Limited ABN: New Zealand Commercial The New Zealand Commercial segment grew robustly in 1H15 with NBW up 52% on the PCP to $87 million despite some supply issues delaying delivery of new vehicles. Full year FY15 fleet size and average assets under management targets have already been exceeded. Direct-to-consumer vehicle sales channel Auto Select continued to outperform wholesale disposal options. Australia Consumer The Australian consumer segment, including Carloans.com.au and the novated lease businesses are tracking well. MyCar FleetPartners fully automated novated leasing portal was launched during the period and operating hours for CarLoans were extended to more closely align to lead arrival patterns. Eclipx also purchased the car review content website, Performancedrive.com.au during the period. Other The latest Federal Budget provides opportunities for Eclipx to sell its sub $20,000 end of lease vehicles (through Carloans.com.au) to small businesses with Australian Business Numbers (ABNs) who can claim full tax deductions, and to sell its electronic tax logbook product to individuals or to tradespeople required to maintain logbooks. Outlook Eclipx is on track to meet its prospectus forecasts for FY15. Eclipx continues to drive sustainable top-line growth while focusing on operational optimisation and we will continue to assess organic and strategic expansion into existing and new financial services adjacencies. Media Inquiries: Newgate Communications Greg Baxter: Jo Collins: Investor Inquiries: Eclipx Group: Deputy CEO & Chief Financial Officer Garry McLennan About Eclipx: Eclipx Group Limited (ECX) is a leading provider of fleet and equipment leasing and management to corporate customers, SME and consumers in Australia and corporate and SME customers in New Zealand. As at 31 March 2015, Eclipx managed or financed 79,876 vehicles across Australia and New Zealand under four primary brand names, "FleetPartners", "FleetPlus", "CarLoans.com.au" and "Fleet Choice".

3 Half Yearly Results Presentation Doc Klotz - Chief Executive Officer & Managing Director Garry McLennan - Deputy CEO & Chief Financial Officer

4 Legal disclaimer This Presentation contains summary information about Eclipx Group Limited ( Eclipx ) and its subsidiaries and their activities. The information in this Presentation does not purport to be complete. It should be read in conjunction with Eclipx s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at The information contained in this Presentation is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek independent professional advice appropriate to their jurisdiction and circumstances. To the extent permitted by law, no responsibility for any loss arising in any way from anyone acting or refraining from acting as a result of this information is accepted by Eclipx or any of its related bodies corporate. No representation or warranty, express or implied, is made by any person, including Eclipx, and its directors, officers, employees, professional advisors and agents ( Related Parties ) as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this Presentation. An investment in Eclipx securities is subject to investment and other known and unknown risks, some of which are beyond the control of Eclipx. Eclipx does not guarantee any particular rate of return or the performance of Eclipx securities. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. This Presentation contains certain forward looking statements with respect to the financial condition, results of operations and business of Eclipx and associated entities of Eclipx entities and certain plans and objectives of the management of Eclipx. Forward looking statements can be identified by the use of forward looking terminology, including, without limitation, the terms believes, estimates, anticipates, expects, predicts, intends, plans, goals, targets, aims, outlook, guidance, forecasts, may, will, would, could or should or, in each case, their negative or other variations or comparable terminology. These forward looking statements include all matters that are not historical facts. Such forward looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of Eclipx to be materially different from the results or performance expressed or implied by such forward looking statements. Such forward looking statements are based on numerous assumptions regarding Eclipx s present and future business strategies and the political, regulatory and economic environment in which Eclipx will operate in the future, which may not be reasonable, and are not guarantees or predictions of future performance. No representation or warranty is made that any of these statements or forecasts (express or implied) will come to pass or that any forecast result will be achieved. Forward looking statements speak only as at the date of this Presentation and to the full extent permitted by law, Eclipx, its affiliates, related bodies corporate and Related Parties disclaim any obligation or undertaking to release any updates or revisions to information to reflect any change in any of the information contained in this Presentation (including, but not limited to, any assumptions or expectations set out in the Presentation). Statutory profit is prepared in accordance with the Corporations Act 2001 and the Australian Accounting Standards, which comply with the International Financial Reporting Standards. Underlying profits are categorised as non-ifrs financial information and therefore have been presented in compliance with ASIC Regulatory Guide 230 Disclosing non-ifrs information, issued in December All figures in the Presentation are A$ unless stated otherwise and all market shares are estimates only. A number of figures, amounts, percentages, estimates, calculations of value and fractions are subject to the effect of rounding. Accordingly, the actual calculations of these figures may differ from figures set out in this Presentation. 2

5 Agenda 1 Highlights 2 Eclipx overview 3 Financial performance 4 Segment performance & outlook 5 Appendices Financial Statements 3

6 Highlights 1

7 Highlights 1H financial results consistent with FY15 prospectus forecast across all line items 1H15 NPATA of $23.8m, in line with our expectations 1H15 New Business Written (NBW) of $396m, +40% vs 1H14 and on track to meet FY15 prospectus forecast Assets under management or financed increased by 6% since 30 Sep-14 to $1,675m (like for like) 79,876 total vehicles under management or financed; +6% since 30 Sep-14 (like for like) End of Lease (EOL) income of $14.7m consistent with forecast; driven by used car sales initiatives and realised synergies driving lower selling costs Fleet and credit impairments performed in line with our expectations Business transformation and integration of FleetPlus and CarLoans acquisitions are tracking in line with expectations Overall, Eclipx is on track to meet prospectus forecast for FY2015 $m FY14 Actual Pro forma FY15 Prospectus Forecast 1H15 Actual Net Operating Income NPATA New Business Written Assets under management or financed 2 1,577 1,719 1, Excludes significant items for FY14 Actual 2. End of period closing AUMOF balance 5

8 Eclipx overview 12

9 Overview of Eclipx Group Established leader in Australia and New Zealand fleet financing and management Experienced management team driving the transformation of the Group Diversified funding with efficient capital structure Strong customer retention and diversification by industry Growth prospects in adjacent markets supported by scalable core competencies Focused on delivering value-added technology-driven solutions for customers Asset and risk management expertise 7

10 Eclipx - business snapshot Eclipx operates three business divisions Australia Commercial/New Zealand Commercial/Australia Consumer Australia Commercial New Zealand Commercial Australia Consumer Description Vehicle leasing and management, and commercial equipment finance in Australia Product offering Operating lease Finance lease Fleet management / value-added services Brands Commercial Vehicle fleet leasing and management in New Zealand Used vehicle retail sales Operating lease Finance lease Fleet management / value-added services Used vehicle retail sales Online broker facilitating consumer financing for vehicles in Australia Consumer novated leasing in Australia Secured loan (against vehicle) Novated lease Vehicles under management or financed (VUMOF) (as at 31-Mar-2015 total 79,876) Net Operating Income (1H2015) (% contribution) Funded Fleet 1 : 31,418 Managed Fleet 1 : 13,648 Total VUMOF: 45,066 % of total 56% Funded Fleet 1 : 14,730 Managed Fleet 1 : 4,073 Total VUMOF: 18,803 % of total 24% Funded Fleet 1 : 16,007 Managed Fleet 1 : nil Total VUMOF: 16,007 % of total 20% 66% 22% 12% Value of assets under management or financed (as at 31- Mar-15) A$884 million A$391 million A$400 million New business written volumes (1H15) A$197 million A$87 million A$112 million Estimated market share 10% market share 2 One of the largest participants 21% market share 3 Second largest market participant A significant participant in the novated leasing market by number of vehicles Early stage consumer financing business with a focus on online and new products Notes: 1. Funded Fleet refers to vehicles under leases for which Eclipx has arranged financing for. The vehicle may have been bought and funded by Eclipx (through either warehouse facilities, asset-backed securities or cash) or funded by a third party (bank or financial institution) under principal and agency arrangements. Managed Fleet refers to vehicles Eclipx provides vehicle management and maintenance services for, but does not provide or arrange financing. 2. By VUMOF as at 31 December By funded fleet as at 31 December

11 % 35.0% 25.0% 15.0% 5.0% -5.0% -15.0% -25.0% The Eclipx vision - pathway to execution Transforming Eclipx into an online-focused, service-led, financial services group, by improving and leveraging our platform of core capabilities Platform core capabilities Over its 27-year operating history, Eclipx's businesses have developed an integrated platform of capabilities designed to supply, finance and manage vehicles on behalf of corporate, SME and consumer customers Vision The Eclipx vision is to transform its business into an online-focused, service-led, financial services group, by improving and leveraging the platform of core capabilities Initial results During the last 12 months, Eclipx has transformed its sales performance, as well as its service offering and technology capability Like for Like New business written volumes Sales and distribution Technology Vehicle and fleet management Residual value risk management LEAD DIGITISATION of vehicle and equipment financial services EXPAND THROUGH: new product development adjacent markets new distribution channels 282 (5.5%) % 40.3% 396 Treasury and access to funding Credit risk assessment and management BUILD on core fleet business 1H14A 2H14A 1H15A New Business Writings ($m) NBW growth p.c.p. (%) 9

12 Growth strategy Our strategy focused on maintaining a positive jaws profile by driving sustainable top-line growth while seeking to improve our cost to income ratio Revenue End Of Lease income Differentiate our category Lease extensions or replacement leases Expand product and market offering Optimise end-of-lease vehicle disposals Differentiate the relative strengths of Eclipx's capabilities platform from its peers Increase penetration within existing customers as well as overall market penetration Grow the business Maximise proceeds/yield Offer finance to operating and novated lease drivers, to facilitate purchase of vehicles at end of lease Leverage capabilities Economies of scale, procurement and treasury Newly acquired online marketing capabilities Cross-sell Increase novated lease penetration of Eclipx's corporate customers online Cross-sell commercial equipment finance Reduce costs/ realise synergies Operating expenses Improve operational efficiency of the business Integrate recent acquisitions and achieve targeted synergies 10

13 Financial performance 13

14 Eclipx is on track to deliver prospectus earnings Pro forma $m FY14 Actual FY15 Prospectus Forecast 1H15 Actual Net operating income before EOL and impairment End of lease income (EOL) Net operating income before impairment Impairment (2.6) (4.7) (1.4) Net operating income Total operating expenses (95.0) (95.3) (46.1) PBITA before significant items NPAT NPATA excluding significant items New business writings Average AUMOF 1,559 1,648 1,628 NOI (% Average AUMOF) 9.9% 10.3% 10.2% Cost to income 61.3% 56.2% 55.3% Commentary Net operating income before End of Lease of $70.0m reflects consumer volumes and revenues being seasonally lower in October to March, which is in line with expectations End of Lease (EOL) income - $14.7m consistent with expectations where used car prices and demand seasonally higher in summer months 1 Asset performance has been strong resulting in minimal fleet and credit impairment Overheads performed better than plan driven by lower staffing costs. Cost to income ratio of 55.3% versus FY15 forecast of 56.2% and FY % Average AUMOF and net operating income/average AUMOF 10.2% 10.3% NPATA of $23.8m on track with FY15 prospectus forecast of $47.0m 9.9% Strong increase in average assets under management or financed and revenue returns in line with prospectus forecasts 1,559 1,628 1,648 Pro-forma management actual EPS for 1H15 is $0.10 based on NPATA of $23.8m and 240,206,298 shares on issue FY14A 1H15A FY15F Average AUMOF ($m) NOI/average AUMOF (%) Notes: 1 End Of Lease income includes 1,709 vehicles sold in 1H15 for more than their provision where ECX held $3.8m of impairment provisions as at 30 Sept 14. Net benefit to P&L of $0.5m. Provisions are held at individual vehicle level and write-backs are matched to specific vehicle losses 12

15 Pro forma balance sheet Eclipx has $49m of cash (unrestricted) and a $150m New Corporate Debt Facility ($100m drawn) making it well positioned to execute on its growth strategy Pro forma balance sheet as at 31 March 2015 Commentary Pro forma $m 31-Mar-15 Cash Restricted cash Trade and other receivables 61.1 Leases Inventory 17.3 Total current assets Property, plant and equipment 6.9 Leases Deferred tax assets 10.4 Intangibles Total non-current assets 1,327.3 Total assets 1,865.4 Pro forma $m 31-Mar-15 Trade and other liabilities 78.8 Borrowings Derivative financial instruments 20.9 Provisions 6.2 Total current liabilities Trade and other liabilities 4.9 Borrowings Provisions 1.5 Deferred Tax Liabilities 21.7 Total non-current liabilities Total liabilities 1,328.6 Net assets Strong cash generation resulted in $49.2m in unrestricted cash after IPO costs and acquisition of carloans.com.au Restricted cash is cash available to financiers to support future maintenance and other operating liabilities on fleet contracts Related party borrowings of $162m has been repaid and converted to equity at IPO as a proforma adjustment Borrowings includes $100m in drawn corporate debt; $50m remains undrawn 1 Statutory unrestricted cash and cash equivalents at 31-Mar-15 was $51.0m 2 Includes cash in collection accounts, liquidity and maintenance reserves 3 Includes finance leases and operating leases reported as PPE 13

16 Diversified funding profile Eclipx has diversified sources of funding including warehouse facilities, asset-backed facilities and principal and agency arrangements with a panel of funding partners For personal use only Eclipx diversified funding alternatives Split of Funding by source (as at 31 March 2015) Eclipx-funded Third-party funded Securitisations Corporate debt facility Cash Principal and agency arrangements Introducer arrangements Warehouse facilities Asset-backed security Self-funded asset pools 12 third-party funders Eclipx-funded (warehouse facilities) [1] 53% Balance sheet/cash [4] 1% Third-partyfunded [3] 34% Eclipx-funded (assetbacked security) [2] 12% Notes: 1 Book value of warehouse facilities ($885 million) 2 Outstanding value of the leases in the asset-backed security ($208 million) 3 Net book value of leases funded on principal & agency arrangements and introducer arrangements ($566 million) 4 Self-funded leases with Eclipx's cash and held on balance sheet comprising vehicle and commercial equipment ($16 million) 5 major trading banks and institutional investors provide financing through revolving warehouse facilities where ECX is required to provide up to 5% cash support; $140m in undrawn committed facilities as at 31-Mar-15 ECX sold $73m in its equity notes to institutional investors in October 2014 to reduce its cash support level to 5% A new warehouse facility was established in Feb15 to finance consumer novated leases at 2% cash support - $30m in existing leases were transferred to seed new facility ECX also maintains Principal and Agency funding arrangements with 8 banks and financial institutions 14

17 Segment performance and outlook 14

18 Australia Commercial Australia Commercial a standout performance in 1H15 Segment performance Comments Strong New Business Writings driven by total customer centric focus Net Promoter Score programs introduced during 1H15, score of +30 speaks to strong client relationships and engagement with drivers Technology delivered in 1H15 include MyCar, FleetAlerts, and augmented telematics - Technology initiatives drive lower costs and ease of use for corporate customers Diversification and optimisation of end of term vehicle remarketing continues to yield positive results In Dec14 successfully launched Eclipx Commercial Equipment Finance division - Cross sell opportunity into corporate client base 1H15 Actual Pro forma FY15 Prospectus New business writings Average AUMOF Closing funded fleet 31,418 30,181 Closing managed fleet 13,648 13,400 Fleet size 45,066 43,581 Net operating income NOI (% of Avg AUMOF) 12.6% 12.7% Outlook Continue to build on momentum established in 2H14 & 1H15 Expand share of wallet (vehicle leasing and ancillary services) Rollout of carmonitor.com.au, our best in class self serve driver portal and smart phone app First of a number of Eclipx group negotiated insurance products to be introduced in 2H H14A 2H14A 1H15A New Business Writings ($m) Closing AUMOF ($m) 16

19 New Zealand Commercial Robust growth in New Zealand Segment performance Comments Strong results in New Zealand in new business writings and revenue despite new vehicle supply issues delaying delivery of vehicles in 1H15 Increase in Managed Fleet from a new business win which will progressively become funded as vehicles are replaced Have already exceeded full year FY15 fleet size and average assets under management targets Leveraged market leading service offering and technology to win new business Fleetpartners has established an alliance with UDC, a division of ANZ Bank, to provide a co-branded operating lease product to new vehicle sales outlets AutoSelect, our direct to consumer vehicle sales channel, continues to out perform wholesale disposal options Successfully completed co-location of FleetPartners and FleetPlus business operations in Auckland Outlook Market remains competitive but superior fleet management and on-line fleet technology capabilities are expected to deliver continued growth in market share Industry leading Net Promoter Score operational program will be rolled out in 2H15 1H15 Actual Pro forma FY15 Prospectus New business writings Average AUMOF Closing funded fleet 14,730 15,149 Closing managed fleet 4,073 3,035 Fleet size 18,803 18,184 Net operating income NOI (% of Avg AUMOF) 9.8% 10.0% H14A 2H14A 1H15A New Business Writings ($m) Closing AUMOF ($m) 17

20 Australia Consumer Significant market opportunities for Eclipx Segment performance Comments CarLoans and Novated tracking to expectations- seasonality skews volume and revenue to the 2H15 Launched MyCar, FleetPartners online fully automated straight through process novated leasing portal. Launched Carmonitor.com.au, an online booking portal for car servicing to support directional selling strategy Commenced funding new novated leases into Eclipx consumer warehouse with 2% cash support CarLoans - extended operating hours to 9pm on weekdays and commenced weekend operations to improve consumer experience & lead penetration Acquired online car review content website Performancedrive.com.au with 5 million views in the last twelve months and Youtube channel Performance Drive TV Outlook Funding of CarLoans prime customers into consumer warehouse to commence in 2H15 Eclipx negotiated insurance products being rolled out in 2H15 Retailing of FleetPartners and FleetPlus end of term vehicles direct to CarLoans consumers and small business customers begins in 2H15 Co-location of CarLoans, FleetPlus and NSW FleetPartners into single Centre of Excellence facility in June 2015 will accelerate synergy realisation of the multiple business units 1H15 Actual Pro forma FY15 Prospectus New business writings Average AUMOF Closing funded fleet 16,007 17,550 Closing managed fleet nil nil Fleet size 16,007 17,550 Net operating income NOI (% of Avg AUMOF) 5.4% 5.8% H14A 2H14A 1H15A New Business Writings ($m) Closing AUMOF ($m) 18

21 Outlook Eclipx is well placed to meet prospectus forecasts and grow market share ECX is well placed with technology, customer service and efficient funding platforms all are key determinants to success in this segment Benign fleet leasing competitive environment with a number of major participants currently distracted with internal issues New product initiatives and extended operating hours (alignment with lead arrival patterns) expected to increase consumer revenue from 2H15 Used vehicle prices continue to be supported by low interest rates and AUD, low unemployment, no change to FBT and continued strong levels of migration Latest Australian Federal Budget provides opportunities for ECX to sell its sub $20,000 end of lease vehicles to small businesses who can claim full tax deduction under newly announced Government tax incentives. Sale will be facilitated through carloans.com.au and other ECX URL s where loan product will be offered to small business Continued focus on value accretive acquisition opportunities 19

22 Outlook Dividend expected between 60% and 70% of pro forma 2H15 NPAT Payout ratio - Expected to be based on a target payout ratio of between 60% and 70% of pro forma NPAT for the six months ending 30 September 2015 Franking - anticipated by the Directors to be fully franked 20

23 Summarised financial statements 1 A

24 Consolidated pro forma income statement Pro forma historical Pro forma Prospectus $m; Sept year end FY14 Actual 1H15 Actual FY15 Revenue Growth FY14 vs FY15 Pro forma Net operating income before EOL income and impairment End of lease income Net operating income before impairment Fleet impairment (1.0) (1.2) (2.0) Credit impairment (1.6) (0.2) (2.7) Net operating income % Staff Costs (63.8) (30.9) (67.2) Occupancy expense (6.1) (2.6) (6.6) Technology expense (7.6) (4.2) (7.2) Depreciation expense (2.0) (1.0) (1.7) Other overheads (15.5) (7.4) (12.6) Total operating expenses (95.0) (46.1) (95.3) PBITA before significant items Significant items (11.1) PBITA Interest on Corporate Debt (6.8) (3.4) (6.8) PBTA Amortisation of acquired intangibles (4.6) (2.3) (3.5) Impairment of Intangibles (6.1) PBT Tax (10.2) (9.3) (19.5) NPAT Add back amortisation and impairment of intangibles (post tax) NPATA Add back significant items (post tax) 7.8 NPATA excluding significant items % 22

25 Consolidated pro forma balance sheet Pro forma $m 31-Mar-15 Cash and cash equivalents 49.2 Restricted cash and cash equivalents Trade and other receivables 61.1 Finance leases 78.4 Inventory 17.3 Operating leases reported as PPE Total current assets Property, plant and equipment 6.9 Operating leases reported as PPE Deferred tax assets 10.4 Intangibles Finance leases Total non-current assets 1,327.3 Total assets 1,865.4 Trade and other liabilities (78.8) Borrowings (257.6) Derivative financial instruments (20.9) Provisions (6.2) Total current liabilities (363.5) Trade and other payables (4.9) Borrowings (937.0) Provisions (1.5) Deferred tax liabilities (21.7) Advances from related parties (0.0) Total non-current liabilities (965.1) Total liabilities (1,328.6) Net assets Contributed equity Reserves (3.2) Retained earnings Total equity

26 Reconciliation of statutory profit to pro forma NPATA Statutory to NPATA reconciliation $'000 Comments Statutory Net Profit for the half year 8,833 Costs associated with the initial public offering 9,273 Acquisition costs CarLoans 619 Citigroup contingent consideration release (1,668) Change in capital structure 10,682 Amortisation of intangibles 2,331 Tax effect of the above (6,238) NPATA 23,832 Costs associated with the initial public offering includes costs incurred and accrued as at 31-Mar-15 and excludes any costs that will be capitalised to equity. Acquisition costs for CarLoans relates to costs incurred in the first half of 2015 that have been expensed. Citigroup contingent consideration includes the reversal of the foreign exchange gain on the contingent consideration. Foreign exchange gains recognised on promissory notes have been removed from pro forma NPATA. Change in capital structure detail $'000 Interest on convertible redeemable preference shares 1,012 Interest on promissory notes - related parties 7,814 Interest on corporate debt 5,451 Management fees 505 Foreign exchange gains on above (738) New corporate debt structure (3,362) 10,682 24