UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of
1934
Date
of
report (Date of earliest event reported): December 11, 2006
Vail
Resorts, Inc.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
1-9614
|
51-0291762
|
||
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
||
|
390
Interlocken Crescent, Suite 1000,
Broomfield,
Colorado
|
80021
|
|||
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|||
|
Registrant's
telephone number, including area code:
|
(303)
404-1800
|
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
[ ]
Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02. Results of Operations and Financial Condition.
On
December 11, 2006, Vail Resorts, Inc. issued a press release announcing its
results for the three months ended October 31, 2006. A copy of the press
release
is being furnished as Exhibit 99.1 to this Current Report on Form
8-K.
The
information furnished pursuant to this Item 2.02, including Exhibit 99.1,
shall
not be deemed to be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and will not be incorporated by reference
into
any registration statement filed under the Securities Act of 1933, as amended,
unless specifically identified therein as being incorporated therein by
reference.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
A
list of
exhibits furnished herewith is contained on the Exhibit Index which immediately
precedes such exhibits and is incorporated herein by reference.
SIGNATURES
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 hereunto
duly authorized.
|
|
Vail
Resorts, Inc.
|
|
|
Date:
December 11, 2006
|
By:
|
/s/
Jeffrey W. Jones
|
|
|
|
Jeffrey
W. Jones
|
|
|
|
Senior
Executive Vice President and
Chief
Financial Officer
|
EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
99.1
|
Press
Release, dated December 11, 2006, announcing fiscal 2007 first
quarter results.
|
Exhibit
99.1
VAIL
RESORTS, INC.
NEWS
RELEASE
FOR
IMMEDIATE RELEASE
Vail
Resorts Contacts:
Media: Kelly
Ladyga, (303) 404-1862, kladyga@vailresorts.com
Investor
Relations: Jeff Jones, CFO, (303) 404-1802,
jwjones@vailresorts.com
VAIL
RESORTS ANNOUNCES FISCAL 2007 FIRST QUARTER RESULTS
| · |
Financial
performance as expected in the seasonally low first quarter comprised
of
the months of August through
October.
|
| · |
Season
pass sales for the 2006/2007 ski season up 21% over same period in
the
prior year.
|
| · |
Strong
advance bookings provide momentum for the 2006/2007 ski
season.
|
| · |
Company
announces launch of membership sales for the Vail Mountain Club.
|
BROOMFIELD,
Colo. - December 11, 2006 - Vail Resorts, Inc. (NYSE: MTN) today announced
financial results for the first quarter of fiscal 2007 ended October 31, 2006.
The
Company uses the term “Reported EBITDA” and “Reported EBITDA excluding
stock-based compensation” when reporting financial results in accordance with
SEC rules regarding the use of non-GAAP financial measures. The Company defines
Reported EBITDA as segment net revenues less segment operating expenses plus
or
minus segment equity investment income or loss.
Mountain
Segment
Mountain
revenue grew $5.9 million, or 14.6%, in the first quarter of fiscal 2007 to
$46.2 million from $40.3 million for the comparable period last fiscal year.
Mountain expense increased $7.2 million, or 10.0%, to $79.5 million. Reported
EBITDA for the Mountain segment decreased $1.3 million, or 4.2%, to a loss
of
$32.5 million compared to a loss of $31.2 million for the comparable quarter
last fiscal year.
Lodging
Segment
Lodging
revenue decreased by $1.3 million, or 3.2%, in the first quarter fiscal 2007
to
$40.4 million from $41.8 million for the comparable period last fiscal year.
Lodging expense decreased $1.3 million, or 3.4%, to $36.3 million. For the
first
quarter of fiscal 2006, the Lodging segment included revenue of $3.4 million
and
operating expense of $2.5 million related to Snake River Lodge & Spa
(“SRL&S”), which was sold by the Company in January 2006; the Company
subsequently obtained a long-term management contract for the hotel. Excluding
the impact of the sale of SRL&S, Lodging revenue increased $2.0 million, or
5.3% and expenses increased $1.2 million, or 3.3%. Additionally, the Company
recognized $2.4 million in revenue in the first quarter of fiscal 2007
associated with a termination fee pursuant to the terms of the management
agreement at The Lodge at Rancho Mirage, in conjunction with the closing of
the
hotel as part of a redevelopment plan by the current hotel owner. Reported
EBITDA for the Lodging segment was essentially flat at $4.1 million in the
current and prior fiscal year first quarters.
Resort
- Combination of Mountain and Lodging Segments
Resort
revenue, the combination of Mountain and Lodging revenues, increased $4.5
million, or 5.5%, in the first quarter of fiscal 2007 to $86.6 million from
$82.0 million for the comparable period last fiscal year. Resort expense
increased $5.9 million, or 5.4%, to $115.8 million. First quarter Resort
Reported EBITDA decreased $1.4 million to a loss of $28.4 million, a 5.1%
decline over the comparable period last fiscal year. Resort Reported EBITDA
excluding stock-based compensation decreased $1.4 million, or 5.4%, to a loss
of
$27.1 million.
Real
Estate Segment
Real
Estate revenue increased $23.5 million, or 693.5%, in the first quarter of
fiscal 2007 to $26.9 million from $3.4 million for the comparable period last
fiscal year. Real Estate expense increased 330.4% to $26.1 million. Real Estate
Reported EBITDA for the quarter increased $3.4 million, or 130.8%, to $0.8
million compared to a loss of $2.6 million in the comparable period last fiscal
year.
Total
Performance
Total
revenues increased $28.1 million, or 32.9%, in the first quarter of fiscal
2007
to $113.5 million from $85.4 million for the comparable period last fiscal
year.
Loss from operations for the quarter increased $1.0 million, or 2.0%, to a
loss
of $50.9 million. The Company recorded total pre-tax stock-based compensation
expense of $2.0 million in the three months ended October 31, 2006, as compared
to $1.7 million, for the three months ended October 31, 2005.
The
Company reported a first quarter net loss of $35.8 million, or a loss of $0.93
per diluted share, compared to a net loss of $34.3 million, or a loss of $0.93
per diluted share, for the same period last fiscal year. Excluding stock-based
compensation expense, the Company’s net loss for the first quarter of fiscal
2007 would have been $34.6 million, or a loss of $0.89 per diluted share
compared to a loss of $33.2 million excluding stock-based compensation, or
a
loss of $0.90 per diluted share, for the same quarter last fiscal
year.
Business
Commentary and Outlook
Robert
Katz, Chief Executive Officer, commented “The first fiscal quarter is a
seasonally low quarter and historically a loss quarter, as none of our mountain
resorts are open for winter business. This year’s first quarter was no exception
with our financial performance essentially meeting our expectations. More
importantly, the first quarter is critical as a ramp-up to the coming ski season
and the metrics we have seen to date have been favorable.”
Commenting
on the 2006/2007 ski season, Katz said “I am very excited about the 2006/2007
ski season. We have had strong openings at all of our mountain resorts with
Keystone even opening ahead of schedule. As of today, the vast majority of
our
terrain is open at our Colorado resorts with Vail having over 4,000 acres
currently open, including most of the Back Bowls as well as Blue Sky Basin.
Our
sales of season passes continued at a strong rate with sales to date increasing
12% in units and 21% in sales dollars over the same period last year. As a
reminder, these sales will be booked into revenue during the 2006/2007 ski
season. The Company’s marketing activities for the 2006/2007 ski season are
paying off with bookings through our central reservations systems for our five
mountain resorts up 15% in room nights and 24% in sales dollars. While at this
point the results from season pass sales clearly reflect strong growth over
the
prior year’s record sales, we will not know until much further into the ski
season whether central reservations bookings represent earlier bookings or
an
absolute level of increased bookings. We are nevertheless very pleased with
our
early season metrics at this point.”
Katz
added, “We also have recently commenced the marketing for the Vail Mountain
Club, an exclusive slope-side private club steps from the Vista Bahn Express
lift as part of Vail’s Front Door project. Construction is expected to be
completed early in calendar year 2008. We are currently selling 150 full
memberships, which include parking privileges, with a membership deposit of
$250,000 and 300 social memberships, which do not include parking, with a
membership deposit of $100,000. Although we just began accepting deposits for
this premier private club on December 6th,
we
already have sales commitments representing $15.2 million of total
proceeds. ”
Katz
added, “The new Breckenridge gondola is nearing completion and will be ready for
the vast majority of the 2006/2007 ski season. This gondola will transform
an
already exciting town and continue to add momentum to the Breckenridge resort,
already the second most visited resort in the U.S. Additionally, Crystal Peak
Lodge, the first phase of Breckenridge’s redevelopment representing a 46 unit
project at the base of Peak 7, is being brought to market this winter. We are
excited about this ski-in/ski-out project and what it will bring to the
Breckenridge resort. We are also anticipating that we would begin our marketing
efforts on our first project in West LionsHead this season and we hope to
shortly finalize our plans for this opportunity.”
Katz
concluded, “While indicators continue to look favorable compared to last year,
we are still very early into fiscal 2007 with a full ski season ahead of us
and
therefore at this time we are reiterating our full year guidance for fiscal
2007, provided on our October 5, 2006 earnings call. Also, in the first quarter,
we continued our previously announced share repurchase program, resulting in
the
repurchase of 190,700 shares at an average price of $39.33 for a total amount
of
$7.5 million. Since inception of this program in fiscal 2006, the Company has
repurchased 505,800 shares at an average cost of $36.26 for a total amount
of
approximately $18.3 million, with 2,494,200 shares remaining available under
the
existing repurchase authorization.”
CONFERENCE
CALL
For
further discussion of the contents of this press release, please listen to
our
live webcast today at 11:00 am EST, available on www.vailresorts.com. In order
to access the non-GAAP financial information that will be referenced on the
call, click on the Regulation G Compliance section under the Investor Relations
tab at www.vailresorts.com.
Vail
Resorts, Inc. is the premier mountain resort operator in North America. The
Company’s subsidiaries operate the mountain resorts of Vail, Beaver Creek,
Breckenridge and Keystone in Colorado, Heavenly Resort in California and Nevada
and the Grand Teton Lodge Company in Jackson Hole, Wyoming. The Company's
subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant
properties across the United States. The Vail Resorts corporate website is
www.vailresorts.com and the consumer websites are www.snow.com and
www.rockresorts.com. Vail Resorts, Inc. is a publicly held company traded on
the
New York Stock Exchange (NYSE: MTN).
***
Statements
in this press release, other than statements of historical information, are
forward looking statements that are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected. Readers are cautioned
not to place undue reliance on these forward-looking statements which speak
only
as of the date hereof. Such risks and uncertainties include but are not limited
to: economic downturns; terrorist acts upon the United States; threat of or
actual war; unfavorable weather conditions; our ability to obtain financing
on
terms acceptable to us to finance our real estate investments, capital
expenditures and growth strategy; our ability to continue to grow our resort
and
real estate operations; competition in our Mountain and Lodging businesses;
termination of existing hotel management contracts; adverse changes in the
real
estate markets; failure to commence or complete the planned real estate
development projects; failure to achieve the anticipated short and long-term
financial benefits from the planned real estate development projects; shortages
or rising costs in construction materials; implications arising from new
Financial Accounting Standards Board (“FASB”)/governmental legislation, rulings
or interpretations; our reliance on government permits or approvals for our
use
of federal land or to make operational improvements; our ability to integrate
and successfully operate future acquisitions; and adverse consequences of
current or future legal claims. All forward-looking statements attributable
to
us or any persons acting on our behalf are expressly qualified in their entirety
by these cautionary statements. Investors are also directed to other risks
discussed in documents filed by the Company with the Securities and Exchange
Commission.
|
Vail
Resorts, Inc.
|
||||||
|
Consolidated
Condensed Statements of Operations
|
||||||
|
(In
thousands, except per share amounts)
|
||||||
|
(Unaudited)
|
||||||
|
Three
Months Ended
|
||||||
|
October
31,
|
||||||
|
2006
|
2005
|
|||||
|
Net
revenue:
|
||||||
|
Mountain
|
$
|
46,164
|
$
|
40,277
|
||
|
Lodging
|
40,408
|
41,750
|
||||
|
Real
estate
|
26,922
|
3,393
|
||||
|
Total
net revenue
|
113,494
|
85,420
|
||||
|
Segment
operating expense:
|
||||||
|
Mountain
|
79,487
|
72,291
|
||||
|
Lodging
|
36,349
|
37,641
|
||||
|
Real
estate
|
26,118
|
6,069
|
||||
|
Total
segment operating expense
|
141,954
|
116,001
|
||||
|
Other
operating expense:
|
||||||
|
Depreciation
and amortization
|
(21,585
|
)
|
(18,923
|
)
|
||
|
Relocation
and separation charges
|
(735
|
)
|
--
|
|||
|
Asset
impairment charges
|
--
|
(136
|
)
|
|||
|
Loss
on disposal of fixed assets, net
|
(81
|
)
|
(240
|
)
|
||
|
Loss
from operations
|
(50,861
|
)
|
(49,880
|
)
|
||
|
Mountain
equity investment income, net
|
835
|
850
|
||||
|
Real
estate equity investment income, net
|
--
|
69
|
||||
|
Investment
income, net
|
2,063
|
1,188
|
||||
|
Interest
expense, net
|
(8,936
|
)
|
(9,437
|
)
|
||
|
Contract
dispute charges
|
(3,605
|
)
|
--
|
|||
|
Loss
on put options, net
|
--
|
(992
|
)
|
|||
|
Minority
interest in loss of consolidated subsidiaries, net
|
1,790
|
1,926
|
||||
|
Loss
before benefit from income taxes
|
(58,714
|
)
|
(56,276
|
)
|
||
|
Benefit
from income taxes
|
22,899
|
21,947
|
||||
|
Net
loss
|
$
|
(35,815
|
)
|
$
|
(34,329
|
)
|
|
Per
share amounts:
|
||||||
|
Basic
net loss per share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
|
Diluted
net loss per share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
|
Other
Data:
|
||||||
|
Mountain
Reported EBITDA
|
$
|
(32,488
|
)
|
$
|
(31,164
|
)
|
|
Mountain
Reported EBITDA excluding stock-based compensation
|
$
|
(31,468
|
)
|
$
|
(30,209
|
)
|
|
Lodging
Reported EBITDA
|
$
|
4,059
|
$
|
4,109
|
||
|
Lodging
Reported EBITDA excluding stock-based compensation
|
$
|
4,392
|
$
|
4,515
|
||
|
Resort
Reported EBITDA
|
$
|
(28,429
|
)
|
$
|
(27,055
|
)
|
|
Resort
Reported EBITDA excluding stock-based compensation
|
$
|
(27,076
|
)
|
$
|
(25,694
|
)
|
|
Real
Estate Reported EBITDA
|
$
|
804
|
$
|
(2,607
|
)
|
|
|
Real
Estate Reported EBITDA excluding stock-based compensation
|
$
|
1,412
|
$
|
(2,226
|
)
|
|
|
Vail
Resorts, Inc.
|
|||||||||
|
Resort
Revenue by Business Line
|
|||||||||
|
(In
thousands)
|
|||||||||
|
(Unaudited)
|
|||||||||
|
Three
Months Ended
|
Percentage
|
||||||||
|
October
31,
|
Increase
|
||||||||
|
2006
|
2005
|
(Decrease)
|
|||||||
|
Lift
tickets
|
$
|
--
|
$
|
--
|
--
|
%
|
|||
|
Ski
school
|
--
|
--
|
--
|
%
|
|||||
|
Dining
|
3,887
|
3,506
|
10.9
|
%
|
|||||
|
Retail/rental
|
24,518
|
21,705
|
13.0
|
%
|
|||||
|
Other
|
17,759
|
15,066
|
17.9
|
%
|
|||||
|
Total
Mountain Revenue
|
46,164
|
40,277
|
14.6
|
%
|
|||||
|
Total
Lodging Revenue
|
40,408
|
41,750
|
(3.2
|
)
|
%
|
||||
|
Total
Resort Revenue
|
$
|
86,572
|
$
|
82,027
|
5.5
|
%
|
|||
|
Key
Balance Sheet Data
|
||||||
|
(In
thousands)
|
||||||
|
(Unaudited)
|
||||||
|
October
31,
|
||||||
|
2006
|
2005
|
|||||
|
Real
estate held for sale and investment
|
$
|
301,781
|
$
|
194,697
|
||
|
Total
stockholders' equity
|
604,304
|
519,944
|
||||
|
Long-term
debt
|
542,990
|
524,174
|
||||
|
Long-term
debt due within one year
|
430
|
6,128
|
||||
|
Total
debt
|
543,420
|
530,302
|
||||
|
Less:
cash and cash equivalents
|
117,311
|
58,692
|
||||
|
Net
debt
|
$
|
426,109
|
$
|
471,610
|
||
Reconciliation
of Non-GAAP Financial Measures
Resort,
Mountain, Lodging and Real Estate Reported EBITDA and Resort, Mountain, Lodging
and Real Estate Reported EBITDA excluding stock-based compensation have been
presented herein as measures of the Company's financial operating performance.
Reported EBITDA, Reported EBITDA excluding stock-based compensation and Net
Debt
(defined as long-term debt plus long-term debt due within one year less cash
and
cash equivalents) are not measures of financial performance or liquidity under
accounting principles generally accepted in the United States of America
("GAAP"), and they might not be comparable to similarly titled measures.
Reported EBITDA, Reported EBITDA excluding stock-based compensation and Net
Debt
do not purport to represent cash flows generated by operating, investing or
financing activities or other financial statement data and should not be
considered in isolation or as a substitute for measures of financial performance
or liquidity prepared in accordance with GAAP. The Company believes that
Reported EBITDA and Reported EBITDA excluding stock-based compensation are
indicative measures of the Company's operating performance, and each similar
to
performance metrics generally used by investors to evaluate companies in the
resort and lodging industries. The Company primarily uses Reported EBITDA
excluding stock-based compensation targets in determining management
bonuses.
Presented
below is a reconciliation of Reported EBITDA and Reported EBITDA excluding
stock-based compensation to net loss for the Company calculated in accordance
with GAAP for the three months ended October 31, 2006 and 2005.
|
(In
thousands)
|
|||||||
|
Three
Months Ended
|
|||||||
|
October
31,
|
|||||||
|
(Unaudited)
|
|||||||
|
2006
|
2005
|
||||||
|
Mountain
revenue, net
|
$
|
46,164
|
$
|
40,277
|
|||
|
Mountain
operating expense excluding stock-based compensation
|
(78,467
|
)
|
(71,336
|
)
|
|||
|
Mountain
equity investment income, net
|
835
|
850
|
|||||
|
Mountain
Reported EBITDA excluding stock-based compensation
|
(31,468
|
)
|
(30,209
|
)
|
|||
|
Mountain
stock-based compensation
|
(1,020
|
)
|
(955
|
)
|
|||
|
Mountain
Reported EBITDA
|
(32,488
|
)
|
(31,164
|
)
|
|||
|
Lodging
revenue, net
|
40,408
|
41,750
|
|||||
|
Lodging
operating expense excluding stock-based compensation
|
(36,016
|
)
|
(37,235
|
)
|
|||
|
Lodging
Reported EBITDA excluding stock-based compensation
|
4,392
|
4,515
|
|||||
|
Lodging
stock-based compensation
|
(333
|
)
|
(406
|
)
|
|||
|
Lodging
Reported EBITDA
|
4,059
|
4,109
|
|||||
|
Resort
Reported EBITDA*
|
(28,429
|
)
|
(27,055
|
)
|
|||
|
Resort
Reported EBITDA excluding stock-based compensation*
|
(27,076
|
)
|
(25,694
|
)
|
|||
|
Real
Estate revenue, net
|
26,922
|
3,393
|
|||||
|
Real
Estate operating expense excluding stock-based
compensation
|
(25,510
|
)
|
(5,688
|
)
|
|||
|
Real
Estate equity investment income, net
|
--
|
69
|
|||||
|
Real
Estate Reported EBITDA excluding stock-based compensation
|
1,412
|
(2,226
|
)
|
||||
|
Real
Estate stock-based compensation
|
(608
|
)
|
(381
|
)
|
|||
|
Real
Estate Reported EBITDA
|
804
|
(2,607
|
)
|
||||
|
Total
Reported EBITDA
|
(27,625
|
)
|
(29,662
|
)
|
|||
|
Depreciation
and amortization
|
(21,585
|
)
|
(18,923
|
)
|
|||
|
Relocation
and separation charges
|
(735
|
)
|
--
|
||||
|
Asset
impairment charges
|
--
|
(136
|
)
|
||||
|
Loss
on disposal of fixed assets, net
|
(81
|
)
|
(240
|
)
|
|||
|
Investment
income, net
|
2,063
|
1,188
|
|||||
|
Interest
expense, net
|
(8,936
|
)
|
(9,437
|
)
|
|||
|
Contract
dispute charges
|
(3,605
|
)
|
--
|
||||
|
Loss
on put options, net
|
--
|
(992)
|
|||||
|
Minority
interest in loss of consolidated subsidiaries, net
|
1,790
|
1,926
|
|||||
|
Loss
before benefit from income taxes
|
(58,714
|
)
|
(56,276
|
)
|
|||
|
Benefit
from income taxes
|
22,899
|
21,947
|
|||||
|
Net
loss
|
$
|
(35,815
|
)
|
$
|
(34,329
|
)
|
|
*
Resort
represents the sum of Mountain and Lodging
Presented
below is a reconciliation of net loss excluding stock-based compensation, tax
effected, to net loss of the Company calculated in accordance with GAAP for
the
three months ended October 31, 2006 and 2005. Also presented is a reconciliation
of diluted net loss per share excluding stock-based compensation, tax effected,
to diluted net loss per share of the Company calculated in accordance with
GAAP
for the three months ended October 31, 2006 and 2005. The Company has presented
these non-GAAP measures as it believes that this presentation provides a more
comparable measure of the Company's results from ongoing operations for the
three months ended October 31, 2006 and October 31, 2005 to prior
periods.
|
Three
Months Ended
|
||||||||
|
October
31,
|
||||||||
|
(Unaudited)
|
||||||||
|
(In
thousands, except per share amounts)
|
2006
|
2005
|
||||||
|
Net
loss excluding stock-based compensation
|
$
|
(34,591
|
)
|
$
|
(33,241
|
)
|
||
|
Stock-based
compensation expense, before benefit from income taxes
|
(1,961
|
)
|
(1,742
|
)
|
||||
|
Adjustment
to benefit from income taxes
|
737
|
654
|
||||||
|
Net
loss
|
$
|
(35,815
|
)
|
$
|
(34,329
|
)
|
||
|
Diluted
loss per share excluding stock-based compensation
|
$
|
(0.89
|
)
|
$
|
(0.90
|
)
|
||
|
Stock-based
compensation expense per diluted share, before benefit from income
taxes
|
(0.05
|
)
|
(0.05
|
)
|
||||
|
Adjustment
to benefit from income taxes, per diluted share
|
0.02
|
0.02
|
||||||
|
Diluted
net loss per share
|
$
|
(0.93
|
)
|
$
|
(0.93
|
)
|
||