EZCORP, Inc. - SEC Filing

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) [x]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1997 OR [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from ______________ to _____________ Commission File Number 0-19424 _______________________________ EZCORP, INC. (Exact name of registrant as specified in its charter) Delaware 74-2540145 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1901 Capital Parkway Austin, Texas 78746 (Address of principal executive offices) (Zip Code) (512) 314-3400 (Registrant's telephone number, including area code) NA (Former name, former address and former fiscal year, if changed since last report) 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__ APPLICABLE ONLY TO CORPORATE ISSUERS: The only class of voting securities of the registrant issued and outstanding is the Class B Voting Common Stock, par value $.01 per share, 100% of which is owned by two record holders, one of whom is an affiliate of the registrant. There is no trading market for the Class B Voting Common Stock. As of December 31, 1997, 10,515,530 shares of the registrant's Class A Non-voting Common Stock, par value $.01 per share and 1,480,301 shares of the registrant's Class B Voting Common Stock, par value $.01 per share were outstanding.

EZCORP, INC. INDEX TO FORM 10-Q Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - December 31, 1997 and September 30, 1997 1 Condensed Consolidated Statements of Operations - Three Months Ended December 31, 1997 and 1996 2 Condensed Consolidated Statements of Cash Flows - Three Months Ended December 31, 1997 and 1996 3 Notes to Interim Condensed Consolidated Financial Statements 4 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II. OTHER INFORMATION 11 SIGNATURE 13

PART I Item 1. Financial Statements (Unaudited) EZCORP, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) December 31, September 30, 1997 1997 ------------ ------------- (In thousands) ASSETS: Current assets: Cash and cash equivalents $ 1,084 $ 829 Pawn loans 39,109 42,837 Service charge receivable 11,851 13,130 Inventory, net 40,928 39,258 Deferred tax asset 1,364 1,889 Prepaids and other assets 2,619 1,965 ------- ------- Total current assets 96,955 99,908 Property and equipment, net 32,577 32,586 Other assets: Deferred tax asset 1,730 1,730 Other assets, net 18,129 16,827 ------- ------- Total assets $149,391 $151,051 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Current maturities of long-term debt $ 9 $ 9 Federal income taxes payable 1,212 819 Other 9,133 9,629 ------- ------- Total current liabilities 10,354 10,457 Long-term debt, less current maturities 15,130 19,133 Other long-term liabilities 187 - Stockholders' equity: Preferred stock, par value $.01 a share - Authorized 5,000,000 shares; none issued and outstanding - - Class A Non-voting Common stock, par value $.01 a share - Authorized 40,000,000 shares; 10,524,563 shares issued and 10,515,530 shares outstanding at December 31, 1997 and September 30, 1997 105 105 Class B Voting Common stock, par value $.01 a share - Authorized 1,484,407 shares; 1,480,301 shares issued and outstanding at December 31, 1997 and September 30, 1997 15 15 Additional paid-in capital 114,338 114,338 Retained earnings 10,026 7,767 ------- ------- 124,484 122,225 Other (764) (764) ------- ------- Total stockholders' equity 123,720 121,461 ------- ------- Total liabilities and stockholders' equity $149,391 $151,051 ======= ======= See Notes to Interim Condensed Consolidated Financial Statements (unaudited).

EZCORP, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended December 31, ----------------------- 1997 1996 ----------------------- (In thousands, except per share amounts) Revenues: Sales $ 30,956 $ 27,100 Pawn service charges 20,988 18,742 ------- ------- Total revenues 51,944 45,842 Cost of goods sold 26,079 22,512 ------- ------- Net revenues 25,865 23,330 Operating expenses: Operations 16,689 15,013 Administrative 3,355 3,193 Depreciation and amortization 1,798 1,890 ------- ------- Total operating expenses 21,842 20,096 ------- ------- Operating income 4,023 3,234 Interest expense 380 291 ------- ------- Income before income taxes 3,643 2,943 Income tax expense 1,384 1,040 ------- ------- Net income $ 2,259 $ 1,903 ======= ======= Basic and diluted earnings per share $ 0.19 $ 0.16 ======= ======= Weighted average shares outstanding Basic 11,995,831 11,992,728 ========== ========== Diluted 12,011,698 11,996,612 ========== ========== See Notes to Interim Condensed Consolidated Financial Statements (unaudited).

EZCORP, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended December 31, ----------------------- 1997 1996 ----------------------- (In thousands) OPERATING ACTIVITIES: Net income $ 2,259 $ 1,903 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,798 1,890 Deferred income taxes 526 (394) Gain on sale of assets (109) - Changes in operating assets and liabilities: (Increase)/decrease in service charge receivable 1,402 (431) (Increase)/decrease in inventories (1,503) 1,161 (Increase)/decrease in prepaid expenses and other assets (757) 587 Decrease in accounts payable and accrued expenses (650) (600) Increase/(decrease) in customer layaway deposits 145 (2) Increase in other long term liabilities 187 - Increase in income taxes payable 391 620 ------- ------- Net cash provided by operating activities 3,689 4,734 INVESTING ACTIVITIES: Pawn loans forfeited and transferred to inventories 17,358 12,593 Pawn loans made (40,986) (39,674) Pawn loans repaid 27,770 25,942 ------- ------- Net (increase)/decrease in loans 4,142 (1,139) Additions to property, plant, and equipment (1,672) (1,181) Acquisitions, net of cash acquired (2,104) - Sale of assets 203 - ------- ------- Net cash provided by/(used in) investing activities 569 (2,320) FINANCING ACTIVITIES: Proceeds from bank borrowings 2,000 1,000 Payments on borrowings (6,003) (2,040) ------- ------- Net cash used by financing activities (4,003) (1,040) ------- ------- Increase in cash and cash equivalents 255 1,374 Cash and cash equivalents at beginning of period 829 1,419 ------- ------- Cash and cash equivalents at end of period $ 1,084 $ 2,793 ======= ======= NONCASH INVESTING AND FINANCING ACTIVITIES: Issuance of common stock to 401(k) Plan $ - $ 37 ======= ======= See Notes to Interim Condensed Consolidated Financial Statements (unaudited).

EZCORP, Inc. and Subsidiaries Notes to Interim Condensed Consolidated Financial Statements (Unaudited) December 31, 1997 Note A - Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring entries) considered necessary for a fair presentation have been included. The accompanying financial statements should be read with the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended September 30, 1997. The Company's business is subject to seasonal variations, and operating results for the three-month period ended December 31, 1997 are not necessarily indicative of the results of operations for the full fiscal year. Note B - Accounting Principles and Practices The provision for federal income taxes has been calculated based on the Company's estimate of its effective tax rate for the full fiscal year. The Company provides inventory reserves for shrinkage and cost in excess of market value. The Company estimates these reserves using analysis of sales trends, inventory aging, sales margins and shrinkage on inventory. As of December 31, 1997, inventory reserves were $6.7 million. Note C - Statement of Cash Flows The amounts for December 31, 1996 in the investing section for pawn loans made, pawn loans repaid and pawn loans forfeited and transferred to inventories have been reclassified. The net increase/(decrease) in loans and the net cash provided by/(used in) investing activities are unchanged. Note D - Earnings Per Share In 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings Per Share. Statement 128 replaces the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Diluted earnings per share is very similar to the previously reported fully diluted earnings per share. All earnings per share amounts for all periods have been presented, and where necessary, restated to conform to the Statement 128 requirements.

EZCORP, Inc. and Subsidiaries Notes to Interim Condensed Consolidated Financial Statements (Unaudited) December 31, 1997 The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended December 31, -------------------- 1997 1996 -------------------- (In thousands) Numerator Numerator for basic and diluted earnings per share - net income $ 2,259 $ 1,903 ======= ======= Denominator Denominator for basic earnings per share - weighted average shares 11,996 11,993 Effect of dilutive securities: Employee stock options 4 - Warrants 12 4 ------- ------- Dilutive potential common shares 16 4 ------- ------- Denominator for diluted earnings per share - adjusted weighted average shares and assumed conversions 12,012 11,997 ======= ======= Basic earnings per share $ 0.19 $ 0.16 ======= ======= Diluted earnings per share $ 0.19 $ 0.16 ======= ======= Options to purchase 567,476 weighted average shares of common stock at an average price of $13.53 per share were outstanding at December 31, 1997, but were not included in the computation of diluted earnings per share because the options' exercise price was greater than the average market price of the common shares and, therefore, the effect would be anti-dilutive. Note E - Litigation The Company is involved in litigation relating to claims that arise from time to time from normal business operations. Currently, the Company is a defendant in several lawsuits. Some of these lawsuits involve claims for substantial amounts. While the ultimate outcome of these lawsuits involving the Company cannot be ascertained, after consultation with counsel, it is management's opinion that the resolution of these suits will not have a material adverse effect on the Company's financial condition or results of operations. However, there can be no assurance as to the ultimate outcome of these matters. On February 4, 1998, the Company and its founder and former President and Chief Executive Officer, Courtland L. Logue, Jr. reached an out of court settlement to the lawsuit styled EZCORP, Inc. v. Courtland L. Logue, Jr., in the 201st District Court of Travis County, Texas. Under the terms of the settlement, both the Company and Mr. Logue released their claims against each other, including all claims under Mr. Logue's employment agreement, and neither party admitted any liability nor paid any cash consideration to the other. The Company agreed to accelerate the release of contractual restrictions on the transfer of Mr. Logue's 967,742 shares of common stock, which converts, as of a closing scheduled on or before February 18, 1998, to publicly traded Class A Non-Voting Common Stock. In exchange, Mr. Logue agreed to assign 10,000 shares of his stock to the Company.

EZCORP, Inc. and Subsidiaries Notes to Interim Condensed Consolidated Financial Statements (Unaudited) December 31, 1997 The settlement releases 191,548 shares immediately, and a like amount on October 29, 1998. An additional 95,774 shares will be released from restrictions on each of October 29, 1999 and October 29, 2000, with the remaining 40% of the shares to be released in July, 2001, as originally scheduled. The Company and Mr. Logue also clarified the scope of Mr. Logue's continuing non-competition agreement, negotiated a five year limitation on Mr. Logue's financial investments in competing pawnshop businesses and negotiated renewal options with respect to certain existing real estate leases for store locations. The Company is also the nominal defendant in a lawsuit filed July 18, 1997 by a holder of thirty-nine (39) shares of Company stock styled for the benefit of the Company against certain directors of the Company in the Castle County Court of Chancery in the State of Delaware. The suit alleges the defendants breached their fiduciary duties to the Company in approving certain management incentive compensation arrangements and an affiliate's financial advisory services contract with the Company. The suit seeks recision of the subject agreements, unspecified damages and expenses, including plaintiff's legal fees. The defendants have filed a motion to dismiss which is pending before the court.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations First Quarter Ended December 31, 1997 vs. First Quarter Ended December 31, 1996 The discussion in this section of this report contains forward-looking statements that involve risks and uncertainties. The Company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this section and those discussed elsewhere in this report. The following table sets forth selected, unaudited, consolidated financial data with respect to the Company for the three months ended December 31, 1997 and 1996. Three Months Ended % or December 31, (a) Point 1997 1996 Change(b) -------------------- --------- Net Revenues: Sales $ 30,956 $ 27,100 14.2% Pawn service charges 20,988 18,742 12.0% ------- ------- Total revenues 51,944 45,842 13.3% Cost of goods sold 26,079 22,512 15.8% ------- ------- Net revenues $ 25,865 $ 23,330 10.9% Other Data: ======= ======= Gross profit as a percent of sales 15.8% 16.9% (1.1) pts. Average annual inventory turnover 2.5x 2.5x 0.0x Average inventory balance per location as of the end of the quarter $164 $140 17.1% Average loan balance per location as of the end of the quarter $156 $144 8.3% Average yield on loan portfolio 204% 213% (9.0) pts. Redemption rate 76% 79% (3.0) pts. Expenses as a Percent of Total Revenues: Operating 32.1% 32.7% (0.6) pts. Administrative 6.5% 7.0% (0.5) pts. Depreciation and amortization 3.5% 4.1% (0.6) pts. Interest, net 0.7% 0.6% 0.1 pt. Locations in Operation: Beginning of period 249 246 Acquired 1 0 Established 1 2 Sold, combined or closed (1) 0 ----- ----- End of period 250 248 Average locations in operation ===== ===== during the period(c) 249.5 247.0 ===== ===== - ------------------------------------------ a In thousands, except percentages, inventory turnover and store count. b In comparing the period differences between dollar amounts or store counts, a percentage change is used. In comparing the period differences between two percentages, a percentage point (pt.) change is used. c Average locations in operation during the period is calculated based on the average of the locations operating at the beginning and end of such period.

Results of Operations The following discussion compares results for the three- month period ended December 31, 1997 ("Fiscal 1998 Period") to the three month period ended December 31, 1996 ("Fiscal 1997 Period"). The discussion should be read in conjunction with the accompanying financial statements and related notes. During the Fiscal 1998 Period, the Company opened one (1) newly established store, acquired one (1) store and closed one (1) store. During the twelve (12) months ended December 31, 1997, the Company opened four (4) newly establish stores, acquired one (1) store and closed three (3) stores. The store closings were a result of the Company's ongoing review of its store portfolio. At December 31, 1997, the Company operated 250 stores in thirteen (13) states. The Company's primary activity is the making of small, non-recourse loans secured by tangible personal property. The income earned on this activity is pawn service charge revenue. For the Fiscal 1998 Period, pawn service charge revenue increased $2.2 million from the Fiscal 1997 Period to $21.0 million. This resulted from an increase in same store pawn service charge revenue ($2.0 million) and the pawn service charge revenue from new stores not open the full three-month period ($0.2 million). At December 31, 1997, same store pawn loan balances were seven percent above December 31, 1996. The annualized yield on the average pawn loan balance decreased nine percentage points from the Fiscal 1997 Period to 204%. This decrease was primarily due to a shift in pawn loan balances to states with lower pawn service charge rates when compared to the Fiscal 1997 Period. A secondary, but related, activity of the Company is the sale of merchandise, primarily collateral forfeited from its lending activity. For the Fiscal 1998 Period, sales increased approximately $3.9 million from the Fiscal 1997 Period to approximately $31.0 million. This resulted from an increase in same store merchandise sales ($3.4 million), new store sales ($0.5 million), and scrapping activity ($0.1 million), partially offset by closed store sales ($0.1 million). Same store sales for the Fiscal 1998 Period increased 13 percent from the Fiscal 1997 Period. Inventory levels per store were 17% higher than the prior period due to higher average loan balances during the preceding months in the Fiscal 1998 Period (approximately $164,000 in the Fiscal 1998 Period as compared to $140,000 in the Fiscal 1997 Period). Inventory turnover, at 2.5 times, was unchanged in the Fiscal 1998 Period compared to the Fiscal 1997 Period. The Company's gross margin level (gross profit as a percentage of merchandise sales) results from, among other factors, the composition, quality and age of its inventory. At December 31, 1997, and 1996, respectively, the Company's inventories consisted of approximately 64 and 65 percent jewelry (e.g. ladies' and men's rings, chains, bracelets, etc.) and 36 and 35 percent general merchandise (e.g., televisions, VCRs, tools, sporting goods, musical instruments, firearms, etc.). At December 31, 1997 and 1996, respectively, 88% and 76% of the jewelry was less than twelve months old based on the Company's date of acquisition (date of forfeiture for collateral or date of purchase) as was approximately 96% and 87% of the general merchandise inventory for each period. For the Fiscal 1998 Period, gross profits as a percentage of merchandise sales decreased 1.1 percentage points from the Fiscal 1997 Period to 15.8 percent. This decrease results from lower gross profit on wholesale and scrap jewelry sales (1.0 percentage point) and lower margins on merchandise sales (0.2 percentage point) offset by a reduction in inventory shrinkage when measured as a percentage of merchandise sales (down 0.1 percentage point to approximately 1.2 percentage points). In the Fiscal 1998 Period, operating expenses as a percentage of total revenues decreased 0.6 percentage point from the Fiscal 1997 Period to 32.1%. Administrative expenses decreased 0.5 percentage point in the Fiscal 1998 Period to 6.5%. These decreases result from the higher level of revenues relative to these expenses in the Fiscal 1998 Period.

The Company, like many companies, faces the Year 2000 Issue. This is a result of computer programs being written using two digits rather than four (for example, "97" for 1997) to define the applicable year. Any of the Company's programs that have time-sensitive software may recognize a date using "00" as the year 1900 rather than the year 2000. In some cases, the new date will cause computers to stop operating, while in other cases, incorrect output may result. Since the Company is currently in the process of replacing and upgrading its computer hardware and software systems, the Company believes that there is little business risk attributable to the Year 2000 issue. Liquidity and Capital Resources Net cash provided by operating activities for the Fiscal 1998 Period was $3.7 million as compared to $4.7 million provided in the Fiscal 1997 Period. Improved operating results and lower pawn service charge receivable offset by increases in inventory and prepaid expenses were the main factors for the reduced cash provided by operating activities. Net cash provided by investing activities was $0.6 million for the Fiscal 1998 Period compared to $2.3 million used in the Fiscal 1997 period. The change is due to decreases in pawn loan balances offset by higher levels of capital expenditures and acquisitions for the Fiscal 1998 Period. In the Fiscal 1998 Period, the Company invested approximately $3.6 million to open one (1) newly established store, to acquire one (1) store, to upgrade or replace existing equipment and computer systems, and for improvements at existing stores. The Company funded these expenditures largely from cash flow provided by operating activities. The Company plans to open approximately 50 stores during fiscal 1998, including the two stores already opened. The Company anticipates that cash flow from operations and funds available under its existing bank line of credit should be adequate to fund these capital expenditures and expected pawn loan growth during the coming year. There can be no assurance, however, that the Company's cash flow and line of credit will provide adequate funds for these capital expenditures. The Company's current revolving line of credit agreement was amended on May 9, 1997 and matures January 30, 2000. That agreement requires, among other things, that the Company meet certain financial covenants. Borrowings under the line are unsecured and bear interest at the bank's Eurodollar rate plus 0.75% to 1.5%. The amount which the Company can borrow is based on a percentage of its inventory levels and outstanding pawn loan balance, up to $50.0 million. At December 31, 1997, the Company had approximately $15 million outstanding on the credit facility and additional borrowing capacity of approximately $31 million. Seasonality Historically, pawn service charge revenues are highest in the fourth fiscal quarter (July, August and September) due to higher loan demand during the summer months and merchandise sales are highest in the first and second fiscal quarters (October through March) due to the holiday season and tax refunds. Forward-Looking Information This Quarterly Report on Form 10-Q includes "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statement of historical information provided herein are forward-looking and may contain information about financial results, economic conditions, trends and known uncertainties. The Company cautions the reader that actual results could differ materially from those expected by the Company depending on the outcome of certain factors, including without limitation (i) fluctuations in the Company's inventory and loan balances, inventory turnover, average yield on loan

portfolio, redemption rates, labor and employment matters, competition, operating risk, acquisition and expansion risk, liquidity and capital requirements and the effect of government and environmental regulations and (ii) adverse changes in the market for the Company's services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligations to release publicly the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereon, including without limitation, changes in the Company's business strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.

PART II Item 1. Legal Proceedings On February 4, 1998, the Company and its founder and former President and Chief Executive Officer, Courtland L. Logue, Jr. reached an out of court settlement to the lawsuit styled EZCORP, Inc. v. Courtland L. Logue, Jr., in the 201st District Court of Travis County, Texas. Under the terms of the settlement, both the Company and Mr. Logue released their claims against each other, including all claims under Mr. Logue's employment agreement, and neither party admitted any liability nor paid any cash consideration to the other. The Company agreed to accelerate the release of contractual restrictions on the transfer of Mr. Logue's 967,742 shares of common stock, which converts, as of a closing scheduled on or before February 18, 1998, to publicly traded Class A Non-Voting Common Stock. In exchange, Mr. Logue agreed to assign 10,000 shares of his stock to the Company. The settlement releases 191,548 shares immediately, and a like amount on October 29, 1998. An additional 95,774 shares will be released from restrictions on each of October 29, 1999 and October 29, 2000, with the remaining 40% of the shares to be released in July, 2001, as originally scheduled. The Company and Mr. Logue also clarified the scope of Mr. Logue's continuing non-competition agreement, negotiated a five year limitation on Mr. Logue's financial investments in competing pawnshop businesses and negotiated renewal options with respect to certain existing real estate leases for store locations. The Company is also the nominal defendant in a lawsuit filed July 18, 1997 by a holder of thirty-nine (39) shares of Company stock styled for the benefit of the Company against certain directors of the Company in the Castle County Court of Chancery in the State of Delaware. The suit alleges the defendants breached their fiduciary duties to the Company in approving certain management incentive compensation arrangements and an affiliate's financial advisory services contract with the Company. The suit seeks recision of the subject agreements, unspecified damages and expenses, including plaintiff's legal fees. The defendants have filed a motion to dismiss which is pending before the court. Item 2. Changes in Securities Not Applicable Item 3. Defaults Upon Senior Securities Not Applicable Item 4. Submission of Matters to a Vote of Security Holders Not Applicable Item 5. Other Information Not Applicable Item 6. Exhibits and Reports on Form 8-K

(a) Exhibit Incorporated by Number Description Reference to ------- ---------------------- ----------------- Exhibit 27 Financial Data Schedule Filed herewith (b) Reports on Form 8-K The Company has not filed any reports on Form 8-K for the quarter ended December 31, 1997.

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. EZCORP, INC. ------------------------------------ (Registrant) Date: February 12, 1998 By: /s/ DAN N. TONISSEN ------------------------------------ (Signature) Dan N. Tonissen Senior Vice President and Chief Financial Officer

5 1000 3-MOS SEP-30-1998 DEC-31-1997 1,084 0 50,960 0 40,928 96,955 56,908 24,331 149,391 10,354 0 0 0 120 123,600 149,391 30,956 51,944 26,079 47,921 0 0 380 3,643 1,384 2,259 0 0 0 2,259 0.19 0.19