Itafos Inc. Financial Ratios — IFOS.V Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	-15.82	-14.64	-133.15	-1,005.62	-53.7	-206.54	- -	- -	- -	- -	90.73	168.84	82.61
Return on Assets (%)	- -	-8.93	-7.19	-5.73	-29.7	-32.83	-8.38	-22.75	-26.52	-12.76	9.18	18.45	0.64	13.68	15.14
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	63.36	93.74	11.25	58.97	47.79
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.09	34.77	3.47	22.35	16.08
Gross Margin (%)	- -	8.56	- -	- -	- -	- -	- -	8.48	-6.72	-6.23	33.12	36.22	11.29	30.29	25.85
EBITDA Margin (%)	- -	-224.01	- -	- -	- -	- -	- -	10.23	0.02	0.78	32.83	36.37	11.73	30.61	26.38
Operating Margin (%)	- -	-290.03	- -	- -	- -	- -	- -	1.27	-14.72	-14.21	26.57	30.69	3.98	23.57	18.42
Incremental Operating Margin (%)	-307.59	- -	-86.6	- -	- -	- -	- -	7.71	- -	- -	95.9	40.12	127.97	378.15	-19.53
Pretax Margin (%)	- -	-429.73	- -	- -	- -	- -	- -	-34.8	-43.67	-27.69	17.8	24.75	0.91	21.99	25.94
Profit Margin (%)	- -	-472.1	- -	- -	- -	- -	- -	-37.56	-42.47	-24.24	12.35	19.4	0.83	17.87	20.81
Net Income to Common Margin (%)	- -	-472.1	- -	- -	- -	- -	- -	-37.56	-42.47	-24.24	12.35	19.4	0.83	17.87	20.81
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30.06	21.9	26.97	18.75	19.76
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.46
Sustainable Growth Rate (%)	- -	- -	-15.82	-14.64	-133.15	-1,005.62	-53.7	-206.54	- -	- -	- -	- -	90.73	168.84	60.75

Credit (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	47	174	253	256	233	3	30	164	223	257	254	144	104	108	109
ST Debt	1	8	253	256	233	- -	27	1	5	5	55	32	32	14	14
LT Debt	46	165	- -	- -	- -	2	4	163	218	252	199	112	72	94	94
Total Debt/EBITDA	- -	-13.34	-21.46	-35.11	-26.49	-0.23	-1.58	5.31	3,093.58	127.07	1.87	0.67	1.9	0.72	0.74
Net Debt/EBITDA	- -	-12.59	-21.41	-35.11	-26.49	- -	1.72	4.99	2,530.57	114.07	1.54	0.4	1.1	0.16	0.12
Total Debt/EBIT	- -	-10.3	-21.38	-34.86	-8.48	-0.09	-1.57	42.73	-4.46	-6.95	2.31	0.79	5.6	0.93	1.06
Net Debt/EBIT	- -	-9.72	-21.32	-34.86	-8.47	- -	1.71	40.14	-3.65	-6.24	1.9	0.47	3.22	0.2	0.17
EBITDA to Interest Expense	- -	-111.16	-9.98	-2.67	-0.27	-0.3	-17.63	1.82	- -	0.08	4.56	9.78	4.06	22.72	40.98
EBITDA-CapEx/Interest Expense	- -	-1,916.68	-148.61	-16.86	-0.28	-0.33	-52.69	-1.91	-1.82	-0.48	3.41	8.02	-0.01	12.53	19.23
EBIT to Interest Expense	- -	-143.92	-10.02	-2.69	-0.84	-0.74	-17.74	0.23	-1.96	-1.49	3.69	8.26	1.38	17.5	28.61
Interest Expense	- -	- -	1	3	33	41	1	17	26	25	30	22	13	7	4
Common Equity/Total Assets	-22.71	49.47	42.44	35.65	1.36	5.19	23.13	2.16	-21.35	-35.54	-18.59	0.17	1.27	13.87	22.03
Long-Term Debt/Equity (%)	27.27	87.44	- -	- -	- -	0.92	1.04	59.92	153.12	305.36	147.62	44.13	27.64	27.07	21.72
Long-Term Debt/Capital (%)	-871.43	45.53	- -	- -	- -	13.31	2.75	87.74	191.57	285.77	144.61	76.66	64.27	45.99	32.2
Long-Term Debt/Total Assets (%)	20.04	43.1	- -	- -	- -	0.81	0.89	28.25	42.65	52.73	31.35	18.19	12.18	13.53	11.27
Total Debt/Equity (%)	27.77	91.68	117.81	139.66	621.72	1.05	8.43	60.38	156.57	311.73	188.77	56.85	40.13	31.1	25
Total Debt/Capital (%)	-887.41	47.74	53.79	59.79	98.23	15.13	22.26	88.42	195.88	291.73	184.91	98.74	93.31	52.84	37.08
Total Debt/Total Assets (%)	20.41	45.2	49.39	53.01	75.54	0.92	7.24	28.47	43.61	53.83	40.09	23.44	17.68	15.55	12.98
Net Debt to Equity	22.94	86.5	117.51	139.66	621.65	-0.02	-9.18	56.74	128.08	279.84	154.74	33.7	23.12	6.78	4.13
Net Debt/Capital (%)	-288.54	46.29	53.72	59.79	98.23	-0.36	-45.25	87.76	215.36	293.7	196.78	82.89	74.28	18.1	8.06
EBITDA	- -	-13	-12	-7	-9	-13	-19	31	- -	2	136	216	55	150	147
EBITDA-CapEx	- -	-224	-175	-46	-9	-14	-58	-32	-46	-12	102	177	- -	83	69
Operating Income (Loss)	- -	-17	-12	-7	-27	-31	-19	4	-50	-37	110	182	19	116	103

Liquidity (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.56	0.38	- -	- -	- -	0.12	1.44	0.15	0.36	0.17	0.26	0.44	0.29	0.92	0.56
Current Ratio	6.43	1.05	0.08	0.03	0.01	0.29	1.84	2.45	2.05	2.36	1.6	2.04	1.87	3.17	2.57
Quick Ratio	0.79	0.47	- -	- -	- -	0.15	1.57	0.68	0.69	0.55	0.58	0.72	0.68	1.46	0.96
CFO/Avg Current Liab	- -	-0.53	0.07	0.01	-0.03	-0.1	-0.77	-0.3	0.44	-0.05	1.06	1.9	0.93	1.28	0.86
Common Equity/Total Assets	-22.71	49.47	42.44	35.65	1.36	5.19	23.13	2.16	-21.35	-35.54	-18.59	0.17	1.27	13.87	22.03
Long-Term Debt/Equity (%)	27.27	87.44	- -	- -	- -	0.92	1.04	59.92	153.12	305.36	147.62	44.13	27.64	27.07	21.72
Long-Term Debt/Capital (%)	-871.43	45.53	- -	- -	- -	13.31	2.75	87.74	191.57	285.77	144.61	76.66	64.27	45.99	32.2
Long-Term Debt/Total Assets (%)	20.04	43.1	- -	- -	- -	0.81	0.89	28.25	42.65	52.73	31.35	18.19	12.18	13.53	11.27
Total Debt/Equity (%)	27.77	91.68	117.81	139.66	621.72	1.05	8.43	60.38	156.57	311.73	188.77	56.85	40.13	31.1	25
Total Debt/Capital (%)	-887.41	47.74	53.79	59.79	98.23	15.13	22.26	88.42	195.88	291.73	184.91	98.74	93.31	52.84	37.08
Total Debt/Total Assets (%)	20.41	45.2	49.39	53.01	75.54	0.92	7.24	28.47	43.61	53.83	40.09	23.44	17.68	15.55	12.98
CFO/Total Liabilities	- -	-5.52	3.73	0.91	-2.63	-39.3	-43.12	-6.15	9.51	-0.87	18.93	57.74	28.84	34.49	21.86
CFO/CapEx	- -	-0.05	0.07	0.07	-27.61	-13.37	-0.67	-0.3	0.75	-0.25	2.77	5.34	1.73	1.78	1.13
Altman's Z-Score	0.1	0.81	-0.57	-1.13	-2.47	-1.73	0.18	-0.23	-1.1	-1.52	0.19	1.25	0.16	1.07	1.37

Working Capital (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	2.07	- -	- -	- -	- -	- -	16.78	11.44	11.46	13.41	18.96	15.43	12.48	12.81
Days Sales Outstanding	- -	176.53	- -	- -	- -	- -	- -	21.76	31.91	31.84	27.22	19.25	23.66	29.24	28.49
Inventory Turnover	- -	2.02	- -	- -	- -	- -	- -	3.89	3.03	2.79	2.68	3.22	3.41	2.72	2.53
Days Inventory Outstanding	- -	180.82	- -	- -	- -	- -	- -	93.78	120.35	131.04	136.12	113.35	107.01	134.1	144.25
Accounts Payable Turnover	- -	1.08	0.29	-0.17	-0.15	-0.08	3.78	27.07	11.43	9.55	12.23	13.38	12.76	11.9	13.81
Accounts Payable Turnover Days	- -	339.14	1,253.84	-2,129.05	-2,402.02	-4,458.96	96.45	13.48	31.93	38.22	29.86	27.27	28.61	30.66	26.42
Cash Conversion Cycle	- -	18.2	- -	- -	- -	- -	- -	102.06	120.33	124.67	133.49	105.33	102.05	132.68	146.32
Inventory to Cash Days	- -	-4.29	- -	- -	- -	- -	- -	-72.03	-88.43	-99.2	-108.9	-94.1	-83.36	-104.85	-115.76
Inventories	2	3	8	5	1	- -	8	134	105	93	113	122	120	132	195
Raw Materials	1	2	5	4	2	1	4	103	74	78	87	97	102	113	169
Work In Process	- -	1	2	- -	- -	- -	8	6	6	2	4	4	4	4	5
Finished Goods	1	- -	1	- -	- -	- -	1	28	28	13	22	21	13	15	22
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	399	210	13	7	19	152	102	70	36	220	199	188	237	412
- Cash & Cash Equivalents	8	10	1	- -	- -	3	64	10	29	10	32	43	31	74	70
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	9	9	- -	1	1	1	- -	- -	- -
+ Total Debt	47	174	253	256	233	3	30	164	223	257	254	144	104	108	109
Enterprise Value	39	563	462	270	240	18	127	263	264	284	443	300	261	271	450
Total Capital	-5	363	469	429	237	19	137	186	114	88	137	146	111	205	293
Total Debt/Capital (%)	-887.41	47.74	53.79	59.79	98.23	15.13	22.26	88.42	195.88	291.73	184.91	98.74	93.31	52.84	37.08
Total Debt / EV	1.21	0.31	0.55	0.95	0.97	0.15	0.24	0.62	0.84	0.9	0.57	0.48	0.4	0.4	0.24
EV/Sales	- -	96.91	- -	- -	- -	- -	- -	0.87	0.78	1.09	1.07	0.51	0.56	0.55	0.81
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	8.51	3,667.33	140.64	3.27	1.39	4.78	1.8	3.06
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	68.49	- -	- -	4.04	1.65	14.06	2.34	4.38
EV/Cash Flow to Firm	- -	- -	37.52	47.68	9.21	0.66	- -	- -	4.41	15.73	3.84	1.33	2.5	2.16	4.95
EV/Free Cash Flow to Firm	- -	2.8	2.63	6.07	9.12	0.63	9.2	4.18	2.48	8.87	2.97	1.14	1.64	1.4	2.66
Diluted Market Cap	- -	399	210	13	7	19	153	103	72	36	223	199	190	240	417
Diluted Enterprise Value	39	563	462	270	240	18	128	267	265	284	446	300	264	274	456
EV per Share	- -	502.95	320.5	156.01	131.89	1.63	1.62	1.89	1.88	1.54	2.38	1.6	1.37	1.41	2.33
TTM Sales	- -	6	- -	- -	- -	- -	- -	302	339	260	413	593	466	491	558
TTM EBITDA	- -	-13	-12	-7	-9	-13	-19	31	- -	2	136	216	55	150	147
TTM Operating Income	- -	-17	-12	-7	-27	-31	-19	4	-50	-37	110	182	19	116	103
TTM Cash Flow to Firm	- -	-11	12	6	26	28	-25	- -	60	18	115	226	105	125	91
TTM Free Cash Flow to Firm	- -	201	176	44	26	29	14	63	106	32	149	265	159	193	169

Multiples (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	1.99	1.2	0.32	-0.96	-1.45	12.03	2.32	0.88	3.44	1.73	0.8	1.27	1.28	2.51
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	68.49	- -	- -	4.04	1.65	14.06	2.34	4.38
Enterprise Value	39	563	462	270	240	18	127	263	264	284	443	300	261	271	450
Low Price	200.81	243.73	113.77	4.32	0.79	0.66	0.89	0.68	0.34	0.16	0.19	0.87	0.78	0.85	1.24
EV/Sales	- -	96.91	- -	- -	- -	- -	- -	0.87	0.78	1.09	1.07	0.51	0.56	0.55	0.81
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	8.51	3,667.33	140.64	3.27	1.39	4.78	1.8	3.06
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.3	1.73	48.64	2.7	3.55
Price/Earnings Average	- -	-12.25	-9.8	-2.76	-0.07	-0.27	-3.86	-1.98	-0.67	-0.76	3.22	2.63	55.62	2.32	3.08
Price/Earnings High	- -	-15.69	-17.89	-9.69	-0.21	-0.4	-5.73	-2.78	-1.21	-1.49	5.58	5.1	79.56	2.87	4.29
Price/Earnings Low	- -	-9.95	-5.09	-0.26	-0.01	-0.07	-2.3	-0.83	-0.33	-0.46	0.69	1.42	38.51	1.85	2.05
Price/Book Value	- -	2.1	0.97	0.08	1.56	1.17	1.55	8.2	-0.65	-0.21	-1.86	186.83	25.22	2.46	2.23
Price/Book Value Average	- -	1.77	1.45	0.46	1.98	1.69	1.21	18.05	-0.89	-0.28	-1.4	285.23	28.83	2.11	1.94
Price/Book Value High	- -	2.27	2.65	1.6	5.87	2.55	1.79	25.38	-1.6	-0.55	-2.41	552.03	41.24	2.61	2.7
Price/Book Value Low	- -	1.44	0.76	0.04	0.34	0.48	0.72	7.62	-0.44	-0.17	-0.3	153.24	19.96	1.68	1.29
Price/Tangible Book Value	- -	2.11	0.98	0.07	0.17	0.07	0.42	0.38	0.5	0.44	1.63	0.78	0.73	0.68	0.95
Price/Tangible Book Value Average	- -	1.77	1.47	0.43	0.22	0.1	0.33	0.83	0.68	0.58	1.22	1.2	0.83	0.59	0.82
Price/Tangible Book Value High	- -	2.27	2.69	1.5	0.66	0.15	0.48	1.16	1.23	1.14	2.11	2.32	1.19	0.72	1.15
Price/Tangible Book Value Low	- -	1.44	0.77	0.04	0.04	0.03	0.19	0.35	0.33	0.35	0.26	0.64	0.57	0.47	0.55
Price/Sales	- -	68.71	- -	- -	- -	- -	- -	0.34	0.21	0.14	0.53	0.33	0.4	0.48	0.74
Price/Sales Average	- -	57.85	- -	- -	- -	- -	- -	0.74	0.29	0.18	0.4	0.51	0.46	0.42	0.64
Price/Sales High	- -	74.09	- -	- -	- -	- -	- -	1.04	0.51	0.36	0.69	0.99	0.66	0.51	0.89
Price/Sales Low	- -	46.96	- -	- -	- -	- -	- -	0.31	0.14	0.11	0.08	0.27	0.32	0.33	0.43
Price/Cash Flow	- -	-37.11	19	4.87	-0.92	-1.34	-5.89	-5.44	2.01	-10.53	2.32	0.95	1.98	1.97	4.67
Price/Cash Flow Average	- -	-31.24	28.51	28.7	-1.17	-1.93	-4.57	-11.98	2.77	-13.96	1.74	1.46	2.27	1.7	4.06
Price/Cash Flow High	- -	-40.01	52.06	100.6	-3.47	-2.92	-6.77	-16.84	4.98	-27.3	3.01	2.82	3.24	2.1	5.66
Price/Cash Flow Low	- -	-25.36	14.83	2.72	-0.2	-0.54	-2.72	-5.05	1.36	-8.41	0.37	0.78	1.57	1.35	2.71
Price/Free Cash Flow Average	- -	1.68	1.81	1.9	-1.21	-2.09	9.33	5.1	1.21	4.57	1.3	1.23	1.46	1.1	2.18
Price/Free Cash Flow High	- -	2.15	3.3	6.65	-3.6	-3.15	13.84	7.17	2.18	8.93	2.24	2.37	2.08	1.36	3.04
Price/Free Cash Flow Low	- -	1.36	0.94	0.18	-0.21	-0.59	5.56	2.15	0.59	2.75	0.28	0.66	1.01	0.88	1.45
EV/Sales Average	- -	86.04	- -	- -	- -	- -	- -	1.28	0.86	1.14	0.94	0.68	0.62	0.48	0.71
EV/Sales High	- -	102.28	- -	- -	- -	- -	- -	1.58	1.08	1.31	1.23	1.16	0.82	0.58	0.96
EV/Sales Low	- -	75.16	- -	- -	- -	- -	- -	0.85	0.71	1.06	0.63	0.45	0.48	0.4	0.5
EV/EBITDA Average	- -	-38.41	-48.22	-45.9	-27.44	-2.13	-4.83	12.54	4,036.51	146.49	2.86	1.88	5.27	1.58	2.69
EV/EBITDA High	- -	-45.66	-70.35	-72.94	-29.3	-3.22	-7.77	15.49	5,111.62	169.19	3.75	3.19	6.96	1.9	3.65
EV/EBITDA Low	- -	-33.55	-35.35	-36.13	-26.65	-0.6	-2.38	8.35	3,350.9	137.04	1.91	1.23	4.06	1.31	1.88
EV/EBIT Average	- -	-29.67	-48.02	-45.58	-8.78	-0.86	-4.8	100.93	-5.82	-8.01	3.53	2.22	15.52	2.05	3.85
EV/EBIT High	- -	-35.27	-70.07	-72.42	-9.37	-1.31	-7.72	124.66	-7.37	-9.26	4.63	3.78	20.5	2.47	5.22
EV/EBIT Low	- -	-25.91	-35.21	-35.88	-8.53	-0.24	-2.36	67.16	-4.83	-7.5	2.36	1.45	11.96	1.69	2.69
Last Price	276.08	356.62	145.79	7.74	3.61	1.64	1.92	0.73	0.5	0.2	1.18	1.05	0.99	1.24	2.13
High Price	359.27	384.52	399.44	159.74	13.61	3.55	2.21	2.27	1.24	0.51	1.53	3.12	1.62	1.32	2.58
Enterprise Value Average	39	500	567	335	241	27	93	388	291	296	388	405	288	238	396
Enterprise Value High	39	594	828	533	258	40	150	479	368	342	508	689	380	286	537
Enterprise Value Low	39	436	416	264	234	7	46	258	241	277	259	265	222	196	277

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	1	1	2	2	2	58	128	142	179	185	187	189	191	192	193
Diluted Weighted Avg Shares	- -	1	1	2	2	11	79	141	143	185	189	188	193	194	196
Basic Weighted Avg Shares	- -	1	1	2	2	11	79	139	141	185	186	188	190	192	193
Revenue per Share	- -	5.19	- -	- -	- -	- -	- -	2.17	2.41	1.41	2.22	3.15	2.45	2.56	2.89
EBITDA per Share	- -	-11.63	-8.16	-4.22	-4.84	-1.1	-0.25	0.22	- -	0.01	0.73	1.15	0.29	0.78	0.76
Operating Income per Share	- -	-15.05	-8.19	-4.25	-15.14	-2.71	-0.25	0.03	-0.35	-0.2	0.59	0.97	0.1	0.6	0.53
Basic EPS, GAAP	- -	-24.5	-22.33	-16.49	-64.76	-8.87	-0.39	-0.82	-1.02	-0.34	0.27	0.61	0.02	0.46	0.6
Basic EPS from Cont Ops	- -	-24.5	-22.33	-16.49	-64.76	-8.87	-0.39	-0.82	-1.02	-0.34	0.28	0.61	0.02	0.46	0.6
Diluted EPS, GAAP	- -	-24.5	-22.33	-16.49	-64.76	-8.87	-0.38	-0.8	-1.01	-0.34	0.27	0.61	0.02	0.45	0.59
Diluted EPS from Cont Ops	- -	-24.5	-22.33	-16.49	-64.76	-8.87	-0.38	-0.8	-1.01	-0.34	0.27	0.61	0.02	0.45	0.59
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.16
Cash Flow per Share	- -	-9.61	7.67	1.59	-3.92	-1.22	-0.33	-0.13	0.25	-0.02	0.51	1.11	0.5	0.63	0.46
Free Cash Flow per Basic Share	- -	-198.44	-105.71	-20.84	-4.06	-1.31	-0.81	-0.59	-0.08	-0.09	0.32	0.9	0.21	0.27	0.05
Cash & Equivalents per Share	- -	8.78	0.46	- -	0.01	0.25	0.81	0.09	0.21	0.05	0.17	0.23	0.16	0.39	0.37
Book Value per Share	- -	169.77	150.51	99.72	2.32	1.39	1.24	0.09	-0.77	-0.92	-0.63	0.01	0.04	0.5	0.96
Tangible Book Value per Share	- -	169.18	148.68	106.16	20.64	23.77	4.59	1.95	1.01	0.45	0.72	1.34	1.36	1.81	2.25

Itafos Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)