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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended May 4, 2024 or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to ________.

Commission file number 1-10714

Graphic

AUTOZONE, INC.

(Exact name of registrant as specified in its charter)

Nevada

62-1482048

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

123 South Front Street, Memphis, Tennessee

38103

(Address of principal executive offices)

(Zip Code)

(901) 495-6500

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

   

Trading Symbol(s)

   

Name of Each Exchange on which Registered

Common Stock ($0.01 par value)

AZO

New York Stock Exchange

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 periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $.01 Par Value – 17,082,810 shares outstanding as of May 31, 2024.

TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

3

Item 1.

Financial Statements

3

CONDENSED CONSOLIDATED BALANCE SHEETS

3

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

6

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

7

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

17

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

27

Item 4.

Controls and Procedures

27

PART II.

OTHER INFORMATION

27

Item 1.

Legal Proceedings

27

Item 1A.

Risk Factors

28

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

28

Item 3.

Defaults Upon Senior Securities

28

Item 4.

Mine Safety Disclosures

28

Item 5.

Other Information

28

Item 6.

Exhibits

28

SIGNATURES

30

2

PART I. FINANCIAL INFORMATION

Item 1.Financial Statements.

AUTOZONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

May 4,

August 26,

(in thousands)

2024

2023

Assets

 

  

Current assets:

 

  

Cash and cash equivalents

$

275,358

$

277,054

Accounts receivable

 

586,775

 

520,385

Merchandise inventories

 

6,155,300

 

5,764,143

Other current assets

 

272,019

 

217,844

Total current assets

 

7,289,452

 

6,779,426

Property and equipment:

Property and equipment

 

11,075,765

 

10,337,890

Less: Accumulated depreciation and amortization

 

(5,026,706)

 

(4,741,342)

 

6,049,059

 

5,596,548

Operating lease right-of-use assets

3,097,047

2,998,097

Goodwill

 

302,645

 

302,645

Deferred income taxes

 

85,267

 

86,002

Other long-term assets

 

284,962

 

223,160

Total long-term assets

 

3,769,921

 

3,609,904

Total assets

$

17,108,432

$

15,985,878

Liabilities and Stockholders’ Deficit

Current liabilities:

Accounts payable

$

7,369,673

$

7,201,281

Current portion of operating lease liabilities

303,179

257,256

Current portion of debt

500,000

Accrued expenses and other

 

989,472

 

1,000,841

Income taxes payable

 

30,263

 

52,478

Total current liabilities

 

9,192,587

 

8,511,856

Long-term debt

 

8,496,288

 

7,668,549

Operating lease liabilities, less current portion

2,963,026

2,917,046

Deferred income taxes

 

543,046

 

536,278

Other long-term liabilities

 

751,722

 

702,043

Commitments and contingencies

Stockholders’ deficit:

Preferred stock, authorized 1,000 shares; no shares issued

 

 

Common stock, par value $.01 per share, authorized 200,000 shares; 17,425 shares issued and 17,144 shares outstanding as of May 4, 2024; 18,936 shares issued and 17,857 shares outstanding as of August 26, 2023

 

174

 

189

Additional paid-in capital

 

1,565,860

 

1,484,992

Retained deficit

 

(5,327,190)

 

(2,959,278)

Accumulated other comprehensive loss

 

(202,899)

 

(190,836)

Treasury stock, at cost

 

(874,182)

 

(2,684,961)

Total stockholders’ deficit

 

(4,838,237)

 

(4,349,894)

Total liabilities and stockholders' deficit

$

17,108,432

$

15,985,878

See Notes to Condensed Consolidated Financial Statements.

3

AUTOZONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

Twelve Weeks Ended

Thirty-Six Weeks Ended

May 4,

May 6,

May 4,

May 6,

(in thousands, except per share data)

2024

2023

2024

2023

Net sales

    

$

4,235,485

    

$

4,090,541

    

$

12,284,888

    

$

11,766,591

Cost of sales, including warehouse and delivery expenses

1,969,963

1,944,415

5,725,698

5,695,840

Gross profit

2,265,522

 

2,146,126

6,559,190

 

6,070,751

Operating, selling, general and administrative expenses

1,365,341

1,287,645

4,067,163

3,819,261

Operating profit

900,181

858,481

2,492,027

2,251,490

Interest expense, net

104,422

74,313

298,426

197,645

Income before income taxes

795,759

 

784,168

2,193,601

 

2,053,845

Income tax expense

144,033

136,445

433,382

390,260

Net income

$

651,726

$

647,723

$

1,760,219

$

1,663,585

Weighted average shares for basic earnings per share

 

17,273

 

18,389

 

17,434

 

18,700

Effect of dilutive stock equivalents

488

594

507

622

Weighted average shares for diluted earnings per share

 

17,761

 

18,983

 

17,941

 

19,322

Basic earnings per share

$

37.73

$

35.22

$

100.96

$

88.96

Diluted earnings per share

$

36.69

$

34.12

$

98.11

$

86.10

See Notes to Condensed Consolidated Financial Statements.

AUTOZONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

Twelve Weeks Ended

Thirty-Six Weeks Ended

May 4,

    

May 6,

    

May 4,

    

May 6,

(in thousands)

    

2024

2023

2024

2023

Net income

$

651,726

$

647,723

$

1,760,219

$

1,663,585

Other comprehensive income (loss):

 

 

  

 

 

  

Foreign currency translation adjustments

 

1,630

 

41,657

 

(14,252)

 

67,052

Unrealized (losses) gains on marketable debt securities, net of taxes

 

(34)

 

923

 

978

 

800

Net derivative activities, net of taxes

 

404

 

(743)

 

1,211

 

5,209

Total other comprehensive income (loss)

 

2,000

 

41,837

 

(12,063)

 

73,061

Comprehensive income

$

653,726

$

689,560

$

1,748,156

$

1,736,646

See Notes to Condensed Consolidated Financial Statements.

4

AUTOZONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Thirty-Six Weeks Ended

    

May 4,

May 6,

(in thousands)

2024

2023

Cash flows from operating activities:

 

 

  

Net income

$

1,760,219

$

1,663,585

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

  

Depreciation and amortization of property and equipment

 

374,416

 

339,087

Other non-cash (income) charges

 

(40,000)

 

74,000

Amortization of debt origination fees

 

8,155

 

6,065

Deferred income taxes

 

9,016

 

(3,424)

Share-based compensation expense

 

71,314

 

62,389

Changes in operating assets and liabilities:

 

 

  

Accounts receivable

 

(66,550)

 

38,317

Merchandise inventories

 

(353,813)

 

(93,163)

Accounts payable and accrued expenses

 

126,488

 

(239,900)

Income taxes

 

69,746

 

64,041

Other, net

 

(25,125)

 

(38,221)

Net cash provided by operating activities

 

1,933,866

 

1,872,776

Cash flows from investing activities:

 

 

  

Capital expenditures

 

(725,910)

 

(430,441)

Purchase of marketable debt securities

 

(17,551)

 

(48,445)

Proceeds from sale of marketable debt securities

 

21,245

 

37,544

Investment in tax credit equity investments

(193,327)

(50,685)

Other, net

 

(715)

 

13,051

Net cash used in investing activities

 

(916,258)

 

(478,976)

Cash flows from financing activities:

 

 

  

Net proceeds from commercial paper

 

631,300

 

524,000

Proceeds from issuance of debt

 

1,000,000

 

1,000,000

Repayment of debt

(300,000)

(300,000)

Net proceeds from sale of common stock

 

154,367

 

154,863

Purchase of treasury stock

(2,437,176)

(2,699,996)

Repayment of principal portion of finance lease liabilities

 

(62,455)

(60,927)

Other, net

 

(5,001)

 

(6,247)

Net cash used in financing activities

 

(1,018,965)

 

(1,388,307)

Effect of exchange rate changes on cash

 

(339)

 

5,043

Net (decrease) increase in cash and cash equivalents

 

(1,696)

 

10,536

Cash and cash equivalents at beginning of period

 

277,054

 

264,380

Cash and cash equivalents at end of period

$

275,358

$

274,916

See Notes to Condensed Consolidated Financial Statements.

5

AUTOZONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

(Unaudited)

Twelve Weeks Ended May 4, 2024

Accumulated

Common

Additional

Other

    

Shares

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Treasury

    

(in thousands)

Issued

Stock

Capital

Deficit

Loss

Stock

Total

Balance at February 10, 2024

 

17,351

$

174

$

1,485,789

$

(5,978,916)

$

(204,899)

$

(139,469)

$

(4,837,321)

Net income

 

 

 

 

651,726

 

 

 

651,726

Total other comprehensive income

 

 

 

 

 

2,000

 

 

2,000

Purchase of 242 shares of treasury stock

 

 

 

 

 

 

(734,713)

 

(734,713)

Issuance of common stock under stock options and stock purchase plans

 

74

 

 

56,028

 

 

 

 

56,028

Share-based compensation expense

 

 

 

24,043

 

 

 

 

24,043

Balance at May 4, 2024

 

17,425

$

174

$

1,565,860

$

(5,327,190)

$

(202,899)

$

(874,182)

$

(4,838,237)

Twelve Weeks Ended May 6, 2023

Accumulated

Common

Additional

Other

    

Shares

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Treasury

    

(in thousands)

Issued

Stock

Capital

Deficit

Loss

Stock

Total

Balance at February 11, 2023

 

18,786

$

188

$

1,324,258

$

(4,471,842)

$

(269,312)

$

(767,462)

$

(4,184,170)

Net income

 

 

 

 

647,723

 

 

 

647,723

Total other comprehensive income

 

 

 

 

 

41,837

 

 

41,837

Purchase of 356 shares of treasury stock

 

 

 

 

 

 

(908,225)

 

(908,225)

Issuance of common stock under stock options and stock purchase plans

 

114

 

1

 

82,104

 

82,105

Share-based compensation expense

 

 

 

19,153

 

 

 

 

19,153

Balance at May 6, 2023

 

18,900

$

189

$

1,425,515

$

(3,824,119)

$

(227,475)

$

(1,675,687)

$

(4,301,577)

Thirty-Six Weeks Ended May 4, 2024

Accumulated

Common

Additional

Other

    

Shares

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Treasury

    

(in thousands)

Issued

Stock

Capital

Deficit

Loss

Stock

Total

Balance at August 26, 2023

 

18,936

$

189

$

1,484,992

$

(2,959,278)

$

(190,836)

$

(2,684,961)

$

(4,349,894)

Net income

 

 

 

 

1,760,219

 

 

 

1,760,219

Total other comprehensive loss

 

 

 

 

 

(12,063)

 

 

(12,063)

Retirement of treasury shares

 

(1,703)

 

(17)

 

(142,391)

 

(4,128,131)

 

 

4,270,539

 

Purchase of 905 shares of treasury stock

 

 

 

 

 

 

(2,459,760)

 

(2,459,760)

Issuance of common stock under stock options and stock purchase plans

 

192

 

2

 

154,365

 

 

 

 

154,367

Share-based compensation expense

 

 

 

68,894

 

 

 

 

68,894

Balance at May 4, 2024

 

17,425

$

174

$

1,565,860

$

(5,327,190)

$

(202,899)

$

(874,182)

$

(4,838,237)

Thirty-Six Weeks Ended May 6, 2023

Accumulated

Common

Additional

Other

    

Shares

    

Common

    

Paid-in

    

Retained

    

Comprehensive

    

Treasury

    

(in thousands)

Issued

Stock

Capital

Deficit

Loss

Stock

Total

Balance at August 27, 2022

 

20,732

$

207

$

1,354,252

$

(1,330,067)

$

(300,536)

$

(3,262,769)

$

(3,538,913)

Net income

 

 

 

 

1,663,585

 

 

 

1,663,585

Total other comprehensive income

 

 

 

 

 

73,061

 

 

73,061

Retirement of treasury shares

 

(2,051)

 

(20)

 

(143,440)

 

(4,157,637)

 

 

4,301,097

 

Purchase of 1,120 shares of treasury stock

 

 

 

 

 

 

(2,714,015)

 

(2,714,015)

Issuance of common stock under stock options and stock purchase plans

 

219

 

2

 

154,861

 

154,863

Share-based compensation expense

 

 

 

59,842

 

 

 

 

59,842

Balance at May 6, 2023

 

18,900

$

189

$

1,425,515

$

(3,824,119)

$

(227,475)

$

(1,675,687)

$

(4,301,577)

See Notes to Condensed Consolidated Financial Statements.

6

AUTOZONE, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note A – General

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission’s (the “SEC”) rules and regulations. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and related notes included in the AutoZone, Inc. (“AutoZone” or the “Company”) Annual Report on Form 10-K for the year ended August 26, 2023.

Operating results for the twelve and thirty-six weeks ended May 4, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2024. Each of the first three quarters of AutoZone’s fiscal year consists of 12 weeks, and the fourth quarter consists of 16 or 17 weeks. The fourth quarter of fiscal 2024 has 17 weeks, and the fourth quarter of fiscal 2023 had 16 weeks.

Recently Adopted Accounting Pronouncements

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50). This ASU requires buyers in a supplier finance program to disclose sufficient qualitative and quantitative information about the program to allow a reader of the financial statements to understand the program’s nature, activity during the period, changes from period to period and the program’s potential magnitude. This ASU is effective for all companies for fiscal years beginning after December 15, 2022, including interim periods within those years, and requires retrospective adoption. The Company adopted this standard on a retrospective basis beginning with its first quarter ended November 18, 2023. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements. Refer to “Note F – Supplier Financing Programs.”

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in the update and existing segment disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective adoption. Early adoption is permitted. The Company will adopt this standard with our fiscal 2025 annual filing. The Company is currently evaluating these new disclosure requirements and the impact of adoption.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). The amendments in this ASU are intended to enhance the transparency of income tax information by updating income tax disclosure requirements. The guidance is effective for public entities for annual periods beginning after December 15, 2024, and early adoption is permitted. The amendments in this ASU should be applied on a prospective basis; however, retrospective application is permitted. The Company will adopt this standard with our fiscal 2026 annual filing. The Company is currently evaluating these new disclosure requirements and does not expect the adoption to have a material impact.

7

Note B – Merchandise Inventories

Merchandise inventories include related purchasing, storage and handling costs. Inventory cost has been determined using the last-in, first-out (“LIFO”) method stated at the lower of cost or net realizable value for domestic inventories and the weighted average cost method stated at the lower of cost or net realizable value for Mexico and Brazil inventories. The Company’s LIFO credit reserve balance decreased to $19.0 million at May 4, 2024 from $59.0 million at August 26, 2023 as a result of net deflation, primarily driven by reduced freight costs. Until the credit reserve balance is exhausted, decreases are recorded as a non-cash benefit to cost of sales and increases are recorded as a non-cash charge to cost of sales. Debit LIFO reserve balances are not recorded as the Company’s policy is not to write up inventory in excess of replacement cost.

Note C – Variable Interest Entities

The Company invests in certain tax credit funds that promote renewable energy and generate a return primarily through the realization of federal tax credits. The Company considers its investments in these tax credit funds as investments in variable interest entities (“VIEs”). The Company evaluates the investment in any VIE to determine whether it is the primary beneficiary. The Company considers a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. As of May 4, 2024, the Company held tax credit equity investments that were deemed to be VIEs and determined that it was not the primary beneficiary of the entities, as it did not have the power to direct the activities that most significantly impacted the entities and accounted for these investments using the equity method. The Company’s maximum exposure to losses is generally limited to its net investment, which was $110.9 million as of May 4, 2024 and $29.6 million as of August 26, 2023, and was included in Other long-term assets on the accompanying Condensed Consolidated Balance Sheets.

Note D – Fair Value Measurements

The Company defines fair value as the price received to transfer an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, Fair Value Measurements and Disclosures, the Company uses the fair value hierarchy, which prioritizes the inputs used to measure fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are set forth below:

Level 1 inputs—unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date.

Level 2 inputs—inputs other than quoted market prices included within Level 1 that are observable, either directly or indirectly, for the asset or liability.

Level 3 inputs—unobservable inputs for the asset or liability, which are based on the Company’s own assumptions as there is little, if any, observable activity in identical assets or liabilities.

8

Marketable Debt Securities Measured at Fair Value on a Recurring Basis

The Company’s marketable debt securities measured at fair value on a recurring basis were as follows:

May 4, 2024

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

Other current assets

$

52,352

$

8,289

$

$

60,641

Other long-term assets

 

26,235

32,184

 

 

58,419

$

78,587

$

40,473

$

$

119,060

August 26, 2023

(in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

Other current assets

$

35,349

$

4,290

$

$

39,639

Other long-term assets

 

71,028

 

10,846

 

 

81,874

$

106,377

$

15,136

$

$

121,513

At May 4, 2024 and August 26, 2023, the fair value measurement amounts for assets and liabilities recorded in the accompanying Condensed Consolidated Balance Sheets consisted of short-term marketable debt securities, which are included within Other current assets, and long-term marketable debt securities, which are included in Other long-term assets. The Company’s marketable debt securities are typically valued at the closing price in the principal active market as of the last business day of the quarter or through the use of other market inputs relating to the securities, including benchmark yields and reported trades. The fair values of the marketable debt securities, by asset class, are described in “Note E – Marketable Debt Securities.”

Financial Instruments not Recognized at Fair Value

The Company has financial instruments, including cash and cash equivalents, accounts receivable, other current assets and accounts payable. The carrying amounts of these financial instruments approximate fair value because of their short maturities. A discussion of the carrying values and fair values of the Company’s debt is included in “Note H – Financing.”

Note E – Marketable Debt Securities

Marketable debt securities are carried at fair value, with unrealized gains and losses, net of income taxes, recorded in Accumulated other comprehensive loss until realized, and any credit risk related losses are recognized in net income in the period incurred. The Company’s basis for determining the cost of a security sold is the Specific Identification Model.

The Company’s available-for-sale marketable debt securities consisted of the following:

May 4, 2024

    

Amortized

    

Gross

    

Gross

    

Cost

Unrealized

Unrealized

Fair

(in thousands)

Basis

Gains

Losses

Value

Corporate debt securities

$

28,377

$

13

$

(270)

$

28,120

Government bonds

 

56,502

 

376

 

(1,048)

 

55,830

Mortgage-backed securities

 

2,771

 

 

(118)

 

2,653

Asset-backed securities and other

 

32,540

 

 

(83)

 

32,457

$

120,190

$

389

$

(1,519)

$

119,060

9

August 26, 2023

    

Amortized

    

Gross

    

Gross

    

Cost

Unrealized

Unrealized

Fair

(in thousands)

Basis

Gains

Losses

Value

Corporate debt securities

$

31,683

$

17

$

(504)

$

31,196

Government bonds

 

63,747

 

 

(1,440)

 

62,307

Mortgage-backed securities

 

3,215

 

 

(213)

 

3,002

Asset-backed securities and other

 

25,242

 

 

(234)

 

25,008

$

123,887

$

17

$

(2,391)