EX-99.3 4 cmc-08312025xearningsrelea.htm EX-99.3
COMMERCIAL METALS COMPANY
RECAST NON-GAAP FINANCIAL MEASURES (UNAUDITED)
This document contains financial measures not derived in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations to the most comparable GAAP measure are provided below.
Adjusted EBITDA, core EBITDA, core EBITDA margin and adjusted earnings, all from continuing operations, are non-GAAP financial measures. Adjusted earnings per diluted share from continuing operations is defined as adjusted earnings on a diluted per share basis. Core EBITDA margin from continuing operations is defined as core EBITDA divided by net sales. The adjustment “Settlement of New Markets Tax Credit transactions” represents the recognition of deferred revenue from 2016 and 2017 resulting from Commercial Metals Company’s (the “Company”) participation in the New Markets Tax Credit program provided for in the Community Renewal Tax Relief Act of 2000 during the development of a micro mill, spooler and T-post shop located in eligible zones as determined by the Internal Revenue Service. As set forth in the respective reconciliations below, for each of the years ended August 31, 2022, 2021, 2020 and 2019, the calculation of core EBITDA from continuing operations included adjustments for certain items to provide a supplemental measure of our ongoing performance. Such adjustments are consistent with the Company’s historical method of calculating core EBITDA from continuing operations for the applicable year.
During the fourth fiscal quarter of 2025, the Company modified its method of calculating adjusted EBITDA, core EBITDA and adjusted earnings, all from continuing operations, to exclude the impact of unrealized gains and losses on undesignated commodity derivatives. This change was primarily driven by heightened volatility in copper forward markets, which introduced significant non-cash fluctuations unrelated to core operations. By removing this volatility, the revised metric provides a more representative view of operating performance and cash-generating capability. The Company recast adjusted EBITDA, core EBITDA, core EBITDA margin, adjusted earnings and adjusted earnings per diluted share, all from continuing operations, for certain historical periods to conform to this presentation.
Non-GAAP financial measures should be viewed in addition to, and not as alternatives to, the most directly comparable measures derived in accordance with GAAP and may not be comparable to similar measures presented by other companies. However, we believe that the non-GAAP financial measures provide relevant and useful information to management, investors, analysts, creditors and other interested parties in our industry as they allow: (i) comparison of our earnings to those of our competitors; (ii) a supplemental measure of our underlying business operational performance; and (iii) the assessment of period-to-period performance trends. Management uses non-GAAP financial measures to evaluate financial performance and set target benchmarks for annual and long-term cash incentive performance plans.
A reconciliation of net earnings from continuing operations to adjusted EBITDA from continuing operations and core EBITDA from continuing operations is provided below:

|  | Three Months Ended |  | Year Ended
(in thousands, except per share data) |  | 11/30/2023 |  | 2/29/2024 |  | 5/31/2024 |  | 8/31/2024 |  | 8/31/2024
Net earnings |  | $ | 176,273 |  |  | $ | 85,847 |  |  | $ | 119,440 |  |  | $ | 103,931 |  |  | $ | 485,491 |
Interest expense |  | 11,756 |  |  | 11,878 |  |  | 12,117 |  |  | 12,142 |  |  | 47,893 |
Income tax expense |  | 48,422 |  |  | 31,072 |  |  | 40,867 |  |  | 29,819 |  |  | 150,180 |
Depreciation and amortization |  | 69,186 |  |  | 68,299 |  |  | 70,692 |  |  | 72,190 |  |  | 280,367 |
Asset impairments |  | — |  |  | 4 |  |  | 146 |  |  | 6,558 |  |  | 6,708 |
Unrealized (gain) loss on undesignated commodity hedges |  | 2,480 |  |  | (1,980) |  |  | 5,605 |  |  | (8,067) |  |  | (1,962) |
Adjusted EBITDA |  | 308,117 |  |  | 195,120 |  |  | 248,867 |  |  | 216,573 |  |  | 968,677 |
Non-cash equity compensation |  | 8,059 |  |  | 14,988 |  |  | 12,846 |  |  | 9,173 |  |  | 45,066 |
Settlement of New Markets Tax Credit transactions |  | — |  |  | — |  |  | — |  |  | (6,748) |  |  | (6,748) |
Core EBITDA |  | $ | 316,176 |  |  | $ | 210,108 |  |  | $ | 261,713 |  |  | $ | 218,998 |  |  | $ | 1,006,995 |
Net sales |  | $ | 2,003,051 |  |  | $ | 1,848,287 |  |  | $ | 2,078,485 |  |  | $ | 1,996,149 |  |  | $ | 7,925,972 |
Core EBITDA margin |  | 15.8% |  | 11.4% |  | 12.6% |  | 11.0% |  | 12.7%
Net earnings |  | $ | 176,273 |  |  | $ | 85,847 |  |  | $ | 119,440 |  |  | $ | 103,931 |  |  | $ | 485,491 |
Asset impairments |  | — |  |  | 4 |  |  | 146 |  |  | 6,558 |  |  | 6,708 |
Settlement of New Markets Tax Credit transactions |  | — |  |  | — |  |  | — |  |  | (6,748) |  |  | (6,748) |
Unrealized (gain) loss on undesignated commodity hedges |  | 2,480 |  |  | (1,980) |  |  | 5,605 |  |  | (8,067) |  |  | (1,962) |
Total adjustments (pre-tax) |  | $ | 2,480 |  |  | $ | (1,976) |  |  | $ | 5,751 |  |  | $ | (8,257) |  |  | $ | (2,002) |
Related tax effects on adjustments |  | (521) |  |  | 415 |  |  | (1,208) |  |  | 1,734 |  |  | 420 |
Adjusted earnings |  | $ | 178,232 |  |  | $ | 84,286 |  |  | $ | 123,983 |  |  | $ | 97,408 |  |  | $ | 483,909 |
Net earnings per diluted share(1) |  | $ | 1.49 |  |  | $ | 0.73 |  |  | $ | 1.02 |  |  | $ | 0.90 |  |  | $ | 4.14 |
Adjusted earnings per diluted share(1) |  | $ | 1.51 |  |  | $ | 0.72 |  |  | $ | 1.06 |  |  | $ | 0.84 |  |  | $ | 4.13 |

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(1) Net earnings per diluted share and adjusted earnings per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding.

|  | Three Months Ended |  | Year Ended
(in thousands, except per share data) |  | 11/30/2022 |  | 2/28/2023 |  | 5/31/2023 |  | 8/31/2023 |  | 8/31/2023
Net earnings |  | $ | 261,774 |  |  | $ | 179,849 |  |  | $ | 233,971 |  |  | $ | 184,166 |  |  | $ | 859,760 |
Interest expense |  | 13,045 |  |  | 9,945 |  |  | 8,878 |  |  | 8,259 |  |  | 40,127 |
Income tax expense |  | 76,725 |  |  | 55,641 |  |  | 76,099 |  |  | 53,742 |  |  | 262,207 |
Depreciation and amortization |  | 51,183 |  |  | 51,216 |  |  | 55,129 |  |  | 61,302 |  |  | 218,830 |
Asset impairments |  | 9 |  |  | 36 |  |  | 1 |  |  | 3,734 |  |  | 3,780 |
Unrealized (gain) loss on undesignated commodity hedges |  | 6,459 |  |  | (554) |  |  | (6,781) |  |  | 3,998 |  |  | 3,122 |
Adjusted EBITDA |  | 409,195 |  |  | 296,133 |  |  | 367,297 |  |  | 315,201 |  |  | 1,387,826 |
Non-cash equity compensation |  | 16,675 |  |  | 16,949 |  |  | 10,376 |  |  | 16,529 |  |  | 60,529 |
Settlement of New Markets Tax Credit transactions |  | — |  |  | (17,659) |  |  | — |  |  | — |  |  | (17,659) |
Core EBITDA |  | $ | 425,870 |  |  | $ | 295,423 |  |  | $ | 377,673 |  |  | $ | 331,730 |  |  | $ | 1,430,696 |
Net sales |  | $ | 2,227,313 |  |  | $ | 2,018,003 |  |  | $ | 2,344,989 |  |  | $ | 2,209,228 |  |  | $ | 8,799,533 |
Core EBITDA margin |  | 19.1% |  | 14.6% |  | 16.1% |  | 15.0% |  | 16.3%
Net earnings |  | $ | 261,774 |  |  | $ | 179,849 |  |  | $ | 233,971 |  |  | $ | 184,166 |  |  | $ | 859,760 |
Asset impairments |  | 9 |  |  | 36 |  |  | 1 |  |  | 3,734 |  |  | 3,780 |
Settlement of New Markets Tax Credit transactions |  | — |  |  | (17,659) |  |  | — |  |  | — |  |  | (17,659) |
Unrealized (gain) loss on undesignated commodity hedges |  | 6,459 |  |  | (554) |  |  | (6,781) |  |  | 3,998 |  |  | 3,122 |
Total adjustments (pre-tax) |  | $ | 6,468 |  |  | $ | (18,177) |  |  | $ | (6,780) |  |  | $ | 7,732 |  |  | $ | (10,757) |
Related tax effects on adjustments |  | (1,358) |  |  | 3,817 |  |  | 1,424 |  |  | (1,624) |  |  | 2,259 |
Adjusted earnings |  | $ | 266,884 |  |  | $ | 165,489 |  |  | $ | 228,615 |  |  | $ | 190,274 |  |  | $ | 851,262 |
Net earnings per diluted share(1) |  | $ | 2.20 |  |  | $ | 1.51 |  |  | $ | 1.98 |  |  | $ | 1.56 |  |  | $ | 7.25 |
Adjusted earnings per diluted share(1) |  | $ | 2.24 |  |  | $ | 1.39 |  |  | $ | 1.93 |  |  | $ | 1.61 |  |  | $ | 7.18 |

__________________________________
(1) Net earnings per diluted share and adjusted earnings per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding.

|  | Three Months Ended |  | Year Ended
(in thousands, except per share data) |  | 11/30/2021 |  | 2/28/2022 |  | 5/31/2022 |  | 8/31/2022 |  | 8/31/2022
Net earnings |  | $ | 232,889 |  |  | $ | 383,314 |  |  | $ | 312,429 |  |  | $ | 288,630 |  |  | $ | 1,217,262 |
Interest expense |  | 11,035 |  |  | 12,011 |  |  | 13,433 |  |  | 14,230 |  |  | 50,709 |
Income tax expense |  | 28,872 |  |  | 126,432 |  |  | 92,590 |  |  | 49,991 |  |  | 297,885 |
Depreciation and amortization |  | 41,226 |  |  | 41,134 |  |  | 43,583 |  |  | 49,081 |  |  | 175,024 |
Asset impairments |  | — |  |  | 1,228 |  |  | 3,245 |  |  | 453 |  |  | 4,926 |
Unrealized (gain) loss on undesignated commodity hedges |  | (2,184) |  |  | 1,641 |  |  | (2,556) |  |  | (699) |  |  | (3,798) |
Adjusted EBITDA |  | 311,838 |  |  | 565,760 |  |  | 462,724 |  |  | 401,686 |  |  | 1,742,008 |
Non-cash equity compensation |  | 9,619 |  |  | 16,251 |  |  | 11,986 |  |  | 9,122 |  |  | 46,978 |
Acquisition and integration related costs and other |  | 3,165 |  |  | — |  |  | 4,478 |  |  | 1,008 |  |  | 8,651 |
Purchase accounting effect on inventory |  | — |  |  | — |  |  | 2,169 |  |  | 6,506 |  |  | 8,675 |
Gain on sale of assets |  | — |  |  | (273,315) |  |  | — |  |  | — |  |  | (273,315) |
Loss on debt extinguishment |  | — |  |  | 16,052 |  |  | — |  |  | — |  |  | 16,052 |
Core EBITDA |  | $ | 324,622 |  |  | $ | 324,748 |  |  | $ | 481,357 |  |  | $ | 418,322 |  |  | $ | 1,549,049 |
Net sales |  | $ | 1,981,801 |  |  | $ | 2,008,888 |  |  | $ | 2,515,727 |  |  | $ | 2,407,065 |  |  | $ | 8,913,481 |
Core EBITDA margin |  | 16.4% |  | 16.2% |  | 19.1% |  | 17.4% |  | 17.4%
Net earnings |  | $ | 232,889 |  |  | $ | 383,314 |  |  | $ | 312,429 |  |  | $ | 288,630 |  |  | $ | 1,217,262 |
Asset impairments |  | — |  |  | 1,228 |  |  | 3,245 |  |  | 453 |  |  | 4,926 |
Acquisition and integration related costs and other |  | 3,165 |  |  | — |  |  | 4,478 |  |  | 1,008 |  |  | 8,651 |
Purchase accounting effect on inventory |  | — |  |  | — |  |  | 2,169 |  |  | 6,506 |  |  | 8,675 |
Gain on sale of assets |  | — |  |  | (273,315) |  |  | — |  |  | — |  |  | (273,315) |
Loss on debt extinguishment |  | — |  |  | 16,052 |  |  | — |  |  | — |  |  | 16,052 |
Unrealized (gain) loss on undesignated commodity hedges |  | (2,184) |  |  | 1,641 |  |  | (2,556) |  |  | (699) |  |  | (3,798) |
Total adjustments (pre-tax) |  | $ | 981 |  |  | $ | (254,394) |  |  | $ | 7,336 |  |  | $ | 7,268 |  |  | $ | (238,809) |
International restructuring |  | (36,237) |  |  | — |  |  | — |  |  | — |  |  | (36,237) |
Related tax effects on adjustments |  | (206) |  |  | 59,930 |  |  | (1,541) |  |  | (1,526) |  |  | 56,657 |
Adjusted earnings |  | $ | 197,427 |  |  | $ | 188,850 |  |  | $ | 318,224 |  |  | $ | 294,372 |  |  | $ | 998,873 |
Net earnings per diluted share(1) |  | $ | 1.90 |  |  | $ | 3.12 |  |  | $ | 2.54 |  |  | $ | 2.40 |  |  | $ | 9.95 |
Adjusted earnings per diluted share(1) |  | $ | 1.61 |  |  | $ | 1.54 |  |  | $ | 2.59 |  |  | $ | 2.44 |  |  | $ | 8.16 |

__________________________________
(1) Net earnings per diluted share and adjusted earnings per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding.

|  | Three Months Ended |  | Year Ended
(in thousands, except per share data) |  | 11/30/2020 |  | 2/28/2021 |  | 5/31/2021 |  | 8/31/2021 |  | 8/31/2021
Earnings from continuing operations |  | $ | 63,911 |  |  | $ | 66,233 |  |  | $ | 130,408 |  |  | $ | 152,313 |  |  | $ | 412,865 |
Interest expense |  | 14,259 |  |  | 14,021 |  |  | 11,965 |  |  | 11,659 |  |  | 51,904 |
Income tax expense |  | 21,593 |  |  | 20,941 |  |  | 38,175 |  |  | 40,444 |  |  | 121,153 |
Depreciation and amortization |  | 41,799 |  |  | 41,573 |  |  | 41,804 |  |  | 42,437 |  |  | 167,613 |
Amortization of acquired unfavorable contract backlog |  | (1,523) |  |  | (1,509) |  |  | (1,508) |  |  | (1,495) |  |  | (6,035) |
Asset impairments |  | 3,594 |  |  | 474 |  |  | 277 |  |  | 2,439 |  |  | 6,784 |
Unrealized (gain) loss on undesignated commodity hedges |  | 1,801 |  |  | 381 |  |  | (360) |  |  | (5,172) |  |  | (3,350) |
Adjusted EBITDA from continuing operations |  | 145,434 |  |  | 142,114 |  |  | 220,761 |  |  | 242,625 |  |  | 750,934 |
Non-cash equity compensation |  | 9,062 |  |  | 12,696 |  |  | 13,800 |  |  | 8,119 |  |  | 43,677 |
Gain on sale of assets |  | — |  |  | (5,877) |  |  | (4,457) |  |  | — |  |  | (10,334) |
Loss on debt extinguishment |  | — |  |  | 16,841 |  |  | — |  |  | — |  |  | 16,841 |
Facility closure |  | 5,214 |  |  | 5,694 |  |  | — |  |  | — |  |  | 10,908 |
Labor cost government refund |  | (1,348) |  |  | — |  |  | — |  |  | — |  |  | (1,348) |
Core EBITDA from continuing operations |  | $ | 158,362 |  |  | $ | 171,468 |  |  | $ | 230,104 |  |  | $ | 250,744 |  |  | $ | 810,678 |
Net sales |  | $ | 1,391,803 |  |  | $ | 1,462,270 |  |  | $ | 1,845,041 |  |  | $ | 2,030,646 |  |  | $ | 6,729,760 |
Core EBITDA from continuing operations margin |  | 11.4% |  | 11.7% |  | 12.5% |  | 12.3% |  | 12.0%
Net earnings from continuing operations |  | $ | 63,911 |  |  | $ | 66,233 |  |  | $ | 130,408 |  |  | $ | 152,313 |  |  | $ | 412,865 |
Gain on sale of assets |  | — |  |  | (5,877) |  |  | (4,457) |  |  | — |  |  | (10,334) |
Asset impairments |  | 3,594 |  |  | 474 |  |  | 277 |  |  | 2,439 |  |  | 6,784 |
Loss on debt extinguishment |  | — |  |  | 16,841 |  |  | — |  |  | — |  |  | 16,841 |
Facility closure |  | 5,214 |  |  | 5,694 |  |  | — |  |  | — |  |  | 10,908 |
Labor cost government refund |  | (1,348) |  |  | — |  |  | — |  |  | — |  |  | (1,348) |
Unrealized (gain) loss on undesignated commodity hedges |  | 1,801 |  |  | 381 |  |  | (360) |  |  | (5,172) |  |  | (3,350) |
Total adjustments (pre-tax) |  | $ | 9,261 |  |  | $ | 17,513 |  |  | $ | (4,540) |  |  | $ | (2,733) |  |  | $ | 19,501 |
Related tax effects on adjustments |  | (1,972) |  |  | (3,678) |  |  | 953 |  |  | 574 |  |  | (4,123) |
Adjusted earnings from continuing operations |  | $ | 71,200 |  |  | $ | 80,068 |  |  | $ | 126,821 |  |  | $ | 150,154 |  |  | $ | 428,243 |
Earnings from continuing operations per diluted share(1) |  | $ | 0.53 |  |  | $ | 0.54 |  |  | $ | 1.07 |  |  | $ | 1.24 |  |  | $ | 3.38 |
Adjusted earnings from continuing operations per diluted share(1) |  | $ | 0.59 |  |  | $ | 0.66 |  |  | $ | 1.04 |  |  | $ | 1.23 |  |  | $ | 3.51 |

________________________________
(1) Earnings from continuing operations per diluted share and adjusted earnings from continuing operations per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding.

|  | Three Months Ended |  | Year Ended
(in thousands, except per share data) |  | 11/30/2019 |  | 2/29/2020 |  | 5/31/2020 |  | 8/31/2020 |  | 8/31/2020
Earnings from continuing operations |  | $ | 82,755 |  |  | $ | 63,596 |  |  | $ | 64,169 |  |  | $ | 67,782 |  |  | $ | 278,302 |
Interest expense |  | 16,578 |  |  | 15,888 |  |  | 15,409 |  |  | 13,962 |  |  | 61,837 |
Income tax expense |  | 27,332 |  |  | 22,845 |  |  | 23,804 |  |  | 18,495 |  |  | 92,476 |
Depreciation and amortization |  | 40,941 |  |  | 41,389 |  |  | 41,765 |  |  | 41,654 |  |  | 165,749 |
Asset impairments |  | 530 |  |  | — |  |  | 5,983 |  |  | 1,098 |  |  | 7,611 |
Amortization of acquired unfavorable contract backlog |  | (8,331) |  |  | (5,997) |  |  | (4,348) |  |  | (10,691) |  |  | (29,367) |
Unrealized (gain) loss on undesignated commodity hedges |  | 1,380 |  |  | (1,764) |  |  | 2,232 |  |  | 3,114 |  |  | 4,962 |
Adjusted EBITDA from continuing operations |  | 161,185 |  |  | 135,957 |  |  | 149,014 |  |  | 135,414 |  |  | 581,570 |
Non-cash equity compensation |  | 8,269 |  |  | 7,536 |  |  | 6,170 |  |  | 9,875 |  |  | 31,850 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | 1,778 |  |  | 1,778 |
Facility closure |  | 6,339 |  |  | — |  |  | 1,863 |  |  | 2,903 |  |  | 11,105 |
Labor cost government refund |  | — |  |  | — |  |  | — |  |  | (2,985) |  |  | (2,985) |
Acquisition settlement |  | — |  |  | — |  |  | — |  |  | 32,123 |  |  | 32,123 |
Core EBITDA from continuing operations |  | $ | 175,793 |  |  | $ | 143,493 |  |  | $ | 157,047 |  |  | $ | 179,108 |  |  | $ | 655,441 |
Net sales |  | $ | 1,384,708 |  |  | $ | 1,340,963 |  |  | $ | 1,341,683 |  |  | $ | 1,409,132 |  |  | $ | 5,476,486 |
Core EBITDA from continuing operations margin |  | 12.7% |  | 10.7% |  | 11.7% |  | 12.7% |  | 12.0%
Earnings from continuing operations |  | $ | 82,755 |  |  | $ | 63,596 |  |  | $ | 64,169 |  |  | $ | 67,782 |  |  | $ | 278,302 |
Acquisition settlement |  | — |  |  | — |  |  | — |  |  | 32,123 |  |  | 32,123 |
Labor cost government refund |  | — |  |  | — |  |  | — |  |  | (2,985) |  |  | (2,985) |
Facility closure |  | 6,339 |  |  | — |  |  | 1,863 |  |  | 2,903 |  |  | 11,105 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | 1,778 |  |  | 1,778 |
Asset impairments |  | — |  |  | — |  |  | 5,983 |  |  | 1,098 |  |  | 7,081 |
Unrealized (gain) loss on undesignated commodity hedges |  | 1,380 |  |  | (1,764) |  |  | 2,232 |  |  | 3,114 |  |  | 4,962 |
Total adjustments (pre-tax) |  | $ | 7,719 |  | $ | — |  | $ | (1,764) |  |  | $ | 10,078 |  |  | $ | 38,031 |  |  | $ | 54,064 |
Related tax effects on adjustments |  | (1,621) |  |  | 370 |  |  | (2,116) |  |  | (8,046) |  |  | (11,413) |
Adjusted earnings from continuing operations |  | $ | 88,853 |  |  | $ | 62,202 |  |  | $ | 72,131 |  |  | $ | 97,767 |  |  | $ | 320,953 |
Earnings from continuing operations per diluted share(1) |  | $ | 0.69 |  |  | $ | 0.53 |  |  | $ | 0.53 |  |  | $ | 0.56 |  |  | $ | 2.31 |
Adjusted earnings from continuing operations per diluted share(1) |  | $ | 0.74 |  |  | $ | 0.52 |  |  | $ | 0.60 |  |  | $ | 0.81 |  |  | $ | 2.67 |

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(1) Earnings from continuing operations per diluted share and adjusted earnings from continuing operations per diluted share are calculated independently for each three month period and may not sum to the year to date period due to rounding.

|  | Three Months Ended |  | Year Ended
(in thousands) |  | 11/30/2018 |  | 2/28/2019 |  | 5/31/2019 |  | 8/31/2019 |  | 8/31/2019
Earnings from continuing operations |  | $ | 19,420 |  |  | $ | 14,928 |  |  | $ | 78,551 |  |  | $ | 85,880 |  |  | $ | 198,779 |
Interest expense |  | 16,663 |  |  | 18,495 |  |  | 18,513 |  |  | 17,702 |  |  | 71,373 |
Income tax expense |  | 5,609 |  |  | 18,141 |  |  | 29,105 |  |  | 16,826 |  |  | 69,681 |
Depreciation and amortization |  | 35,176 |  |  | 41,245 |  |  | 41,181 |  |  | 41,051 |  |  | 158,653 |
Asset impairments |  | — |  |  | — |  |  | 15 |  |  | 369 |  |  | 384 |
Amortization of acquired unfavorable contract backlog |  | (11,332) |  |  | (23,476) |  |  | (23,394) |  |  | (16,582) |  |  | (74,784) |
Unrealized (gain) loss on undesignated commodity hedges |  | 1,835 |  |  | 1,917 |  |  | (3,938) |  |  | 595 |  |  | 409 |
Adjusted EBITDA from continuing operations |  | $ | 67,371 |  |  | $ | 71,250 |  |  | $ | 140,033 |  |  | $ | 145,841 |  |  | $ | 424,495 |