10/31/2024 | Press release | Distributed by Public on 10/31/2024 05:36
2024 third quarter financial highlights compared to 2023 third quarter:
|
Quarter Ended September 30, | Year to Date Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Sales | $ | 161,461 | $ | 211,624 | $ | 522,829 | $ | 621,635 |
Cost of sales | 95,646 | 138,176 | 310,987 | 402,068 | ||||
Gross profit | 65,815 | 73,448 | 211,842 | 219,567 | ||||
Advertising and promotion expenses | 9,647 | 9,505 | 29,995 | 25,877 | ||||
Selling, general, and administrative expenses | 17,204 | 21,570 | 60,942 | 65,615 | ||||
Impairment of long-lived assets and other | - | 18,334 | 137 | 18,334 | ||||
Change in fair value of contingent consideration | 6,400 | 4,200 | 15,900 | 4,200 | ||||
Operating income | 32,564 | 19,839 | 104,868 | 105,541 | ||||
Interest expense, net | (2,174) | (2,353) | (6,398) | (4,630) | ||||
Other income (expense), net | 1,026 | (25) | 1,917 | 5 | ||||
Income before income taxes | 31,416 | 17,461 | 100,387 | 100,916 | ||||
Income tax expense | 7,554 | 4,373 | 23,924 | 24,832 | ||||
Net income | 23,862 | 13,088 | 76,463 | 76,084 | ||||
Net loss attributable to noncontrolling interest | 43 | 123 | 162 | 324 | ||||
Net income attributable to MGP Ingredients, Inc. | 23,905 | 13,211 | 76,625 | 76,408 | ||||
Income attributable to participating securities | (257) | (129) | (828) | (760) | ||||
Net income used in earnings per common share calculation | $ | 23,648 | $ | 13,082 | $ | 75,797 | $ | 75,648 |
Weighted average common shares | ||||||||
Basic | 22,069,885 | 22,066,159 | 22,110,315 | 22,056,270 | ||||
Diluted | 22,069,885 | 22,381,516 | 22,110,315 | 22,207,031 | ||||
Earnings per common share | ||||||||
Basic | $ | 1.07 | $ | 0.59 | $ | 3.43 | $ | 3.43 |
Diluted | $ | 1.07 | $ | 0.58 | $ | 3.43 | $ | 3.41 |
September 30, 2024 | December 31, 2023 | |||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ | 20,772 | $ | 18,388 |
Receivables, net | 130,436 | 144,286 | ||
Inventory | 372,153 | 346,853 | ||
Prepaid expenses | 4,692 | 3,580 | ||
Refundable income taxes | 3,955 | 1,190 | ||
Total current assets | 532,008 | 514,297 | ||
Property, plant, and equipment | 533,386 | 489,646 | ||
Less accumulated depreciation and amortization | (241,243) | (227,343) | ||
Property, plant, and equipment, net | 292,143 | 262,303 | ||
Operating lease right-of-use assets, net | 14,910 | 13,975 | ||
Investment in joint ventures | 6,643 | 5,197 | ||
Intangible assets, net | 269,265 | 271,706 | ||
Goodwill | 321,544 | 321,544 | ||
Other assets | 4,106 | 3,326 | ||
TOTAL ASSETS | $ | 1,440,619 | $ | 1,392,348 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current maturities of long-term debt | $ | 6,400 | $ | 6,400 |
Accounts payable | 53,717 | 73,594 | ||
Federal and state excise taxes payable | 2,482 | 2,251 | ||
Accrued expenses and other | 19,739 | 31,861 | ||
Total current liabilities | 82,338 | 114,106 | ||
Long-term debt, less current maturities | 87,784 | 85,305 | ||
Convertible senior notes | 195,784 | 195,544 | ||
Long-term operating lease liabilities | 11,688 | 11,292 | ||
Contingent consideration | 85,100 | 69,200 | ||
Other noncurrent liabilities | 3,053 | 4,763 | ||
Deferred income taxes | 61,987 | 63,071 | ||
Total liabilities | 527,734 | 543,281 | ||
Total equity | 912,885 | 849,067 | ||
TOTAL LIABILITIES AND TOTAL EQUITY | $ | 1,440,619 | $ | 1,392,348 |
Year to Date Ended September 30, | ||||
2024 | 2023 | |||
Cash Flows from Operating Activities | ||||
Net income | $ | 76,463 | $ | 76,084 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 16,298 | 16,272 | ||
Impairment of long-lived assets and other | 137 | 18,334 | ||
Share-based compensation | 2,748 | 5,651 | ||
Equity method investment loss (gain) | (1,446) | 191 | ||
Deferred income taxes, including change in valuation allowance | (1,084) | (2,112) | ||
Change in fair value of contingent consideration | 15,900 | 4,200 | ||
Other, net | 292 | 376 | ||
Changes in operating assets and liabilities, net of effects of acquisition: | ||||
Receivables, net | 13,979 | (14,980) | ||
Inventory | (24,979) | (42,015) | ||
Prepaid expenses | (1,091) | (1,517) | ||
Income taxes payable (refundable) | (2,765) | 2,134 | ||
Accounts payable | (10,627) | (10,069) | ||
Accrued expenses and other | (9,935) | (2,471) | ||
Federal and state excise taxes payable | 231 | (1,908) | ||
Other, net | (609) | 435 | ||
Net cash provided by operating activities | 73,512 | 48,605 | ||
Cash Flows from Investing Activities | ||||
Additions to property, plant, and equipment | (52,850) | (42,062) | ||
Purchase of business, net of cash acquired | - | (103,712) | ||
Other, net | (276) | (916) | ||
Net cash used in investing activities | (53,126) | (146,690) | ||
Cash Flows from Financing Activities | ||||
Payment of dividends and dividend equivalents | (8,013) | (8,006) | ||
Repurchase of Common Stock | (12,235) | (801) | ||
Proceeds from long-term debt | 70,000 | 105,000 | ||
Principal payments on long-term debt | (67,800) | (18,000) | ||
Net cash provided by (used in) financing activities | (18,048) | 78,193 | ||
Effect of exchange rate changes on cash and cash equivalents | 46 | 33 | ||
Increase (decrease) in cash and cash equivalents | 2,384 | (19,859) | ||
Cash and cash equivalents, beginning of period | 18,388 | 47,889 | ||
Cash and cash equivalents, end of period | $ | 20,772 | $ | 28,030 |
DISTILLING SOLUTIONS SALES | ||||||||
Quarter Ended September 30, | Quarter versus Quarter Sales Change Increase/(Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Brown goods | $ | 57,110 | $ | 73,409 | $ | (16,299) | (22) | % |
Warehouse services | 8,264 | 7,353 | 911 | 12 | ||||
White goods and other co-products | 6,545 | 31,091 | (24,546) | (79) | ||||
Total Distilling Solutions | $ | 71,919 | $ | 111,853 | $ | (39,934) | (36) | % |
BRANDED SPIRITS SALES | ||||||||
Quarter Ended September 30, | Quarter versus Quarter Sales Change Increase/(Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Premium plus | $ | 31,086 | $ | 30,843 | 243 | 1 | % | |
Mid | 14,788 | 17,650 | (2,862) | (16) | ||||
Value | 10,034 | 11,049 | (1,015) | (9) | ||||
Other | 6,716 | 7,277 | (561) | (8) | ||||
Total Branded Spirits | $ | 62,624 | $ | 66,819 | $ | (4,195) | (6) | % |
INGREDIENT SOLUTIONS SALES | ||||||||
Quarter Ended September 30, | Quarter versus Quarter Sales Change Increase / (Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Specialty wheat starches | $ | 16,172 | $ | 17,196 | $ | (1,024) | (6) | % |
Specialty wheat proteins | 7,752 | 11,440 | (3,688) | (32) | ||||
Commodity wheat starches | 2,611 | 4,226 | (1,615) | (38) | ||||
Commodity wheat proteins | 383 | 90 | 293 | 326 | ||||
Total Ingredient Solutions | $ | 26,918 | $ | 32,952 | $ | (6,034) | (18) | % |
DISTILLING SOLUTIONS SALES | ||||||||
Year to Date Ended September 30, | Year to Date versus Year to Date Sales Change Increase/(Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Brown goods | $ | 198,884 | $ | 214,857 | $ | (15,973) | (7) | % |
Warehouse services | 24,612 | 20,958 | 3,654 | 17 | ||||
White goods and other co-products | 26,663 | 106,126 | (79,463) | (75) | ||||
Total Distilling Solutions | $ | 250,159 | $ | 341,941 | $ | (91,782) | (27) | % |
BRANDED SPIRITS SALES | ||||||||
Year to Date Ended September 30, | Year to Date versus Year to Date Sales Change Increase/(Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Premium plus | $ | 82,699 | $ | 73,352 | $ | 9,347 | 13 | % |
Mid | 46,610 | 55,575 | (8,965) | (16) | ||||
Value | 31,698 | 36,048 | (4,350) | (12) | ||||
Other | 15,804 | 16,343 | (539) | (3) | ||||
Total Branded Spirits | $ | 176,811 | $ | 181,318 | $ | (4,507) | (2) | % |
INGREDIENT SOLUTIONS SALES | ||||||||
Year to Date Ended September 30, | Year to Date versus Year to Date Sales Change Increase/(Decrease) | |||||||
2024 | 2023 | $ Change | % Change | |||||
Specialty wheat starches | $ | 57,646 | $ | 48,977 | $ | 8,669 | 18 | % |
Specialty wheat proteins | 28,947 | 35,918 | (6,971) | (19) | ||||
Commodity wheat starches | 8,846 | 12,870 | (4,024) | (31) | ||||
Commodity wheat proteins | 420 | 611 | (191) | (31) | ||||
Total Ingredient Solutions | $ | 95,859 | $ | 98,376 | $ | (2,517) | (3) | % |
Operating income, quarter versus quarter | Operating Income | Change | ||
Operating income for the quarter ended September 30, 2023
|
$ | 19,839 | ||
Increase in gross profit - Branded Spirits segment
|
3,406 | 17 | % | |
Decrease in gross profit - Ingredient Solutions segment
|
(6,403) | (32) |
pp(a)
|
|
Decrease in gross profit - Distilling Solutions segment
|
(4,636) | (23) | pp | |
Increase in advertising and promotion expenses
|
(142) | (1) | pp | |
Decrease in SG&A expenses
|
4,366 | 22 | pp | |
Impairment of long-lived assets and other | 18,334 | 92 | pp | |
Change in fair value of contingent consideration | (2,200) | (11) | pp | |
Operating income for the quarter ended September 30, 2024
|
$ | 32,564 | 64 | % |
Operating income, year to date versus year to date | Operating Income | Change | ||
Operating income for the year to date ended September 30, 2023
|
$ | 105,541 | ||
Decrease in gross profit - Ingredient Solutions segment
|
(16,914) | (16) | % | |
Increase in gross profit - Branded Spirits segment
|
8,975 | 9 |
pp(a)
|
|
Increase in gross profit - Distilling Solutions segment
|
214 | - | pp | |
Increase in advertising and promotion expenses
|
(4,118) | (4) | pp | |
Decrease in SG&A expenses
|
4,673 | 4 | pp | |
Impairment of long-lived assets and other | 18,197 | 17 | pp | |
Change in fair value of contingent consideration | (11,700) | (11) | pp | |
Operating income for the year to date ended September 30, 2024
|
$ | 104,868 | (1) | % |
Change in EPS, quarter versus quarter | EPS | Change | ||
Basic EPS for the quarter ended September 30, 2023
|
$ | 0.59 | ||
Change in operating income (b)
|
0.43 | 73 | % | |
Change in interest expense, net (b)
|
0.01 | 2 |
pp(a)
|
|
Change in other income (expense), net(b)
|
0.04 | 7 | pp | |
Change in effective tax rate | 0.01 | 2 | pp | |
Change in weighted average shares outstanding | (0.01) | (2) | pp | |
Basic and Diluted EPS for the quarter ended September 30, 2024
|
$ | 1.07 | 82 | % |
Change in EPS, year to date versus year to date | EPS | Change | ||
Basic EPS for the year to date ended September 30, 2023
|
$ | 3.43 | ||
Change in operating income(b)
|
(0.02) | (1) | % | |
Change in interest expense, net (b)
|
(0.06) | (2) |
pp(a)
|
|
Change in other income (expense), net(b)
|
0.07 | 3 | pp | |
Change in effective tax rate | 0.03 | 1 | pp | |
Change in weighted average shares outstanding | (0.02) | (1) | pp | |
Basic and Diluted EPS for the year to date ended September 30, 2024
|
$ | 3.43 | - | % |
Quarter Ended September 30, 2024 | ||||||||||
Operating Income | Income before Income Taxes |
Net Income(b)
|
MGP Earnings(a)
|
Basic and Diluted EPS | ||||||
Reported GAAP Results | $ | 32,564 | $ | 31,416 | $ | 23,862 | $ | 23,648 | $ | 1.07 |
Adjusted to remove: | ||||||||||
Fair value of contingent consideration(c)
|
6,400 | 6,400 | 4,864 | 4,864 | 0.22 | |||||
Business acquisition costs (d)
|
15 | 15 | 11 | 11 | - | |||||
Unusual items costs (e)
|
34 | 34 | 26 | 26 | - | |||||
Adjusted Non-GAAP results | $ | 39,013 | $ | 37,865 | $ | 28,763 | $ | 28,549 | $ | 1.29 |
Quarter Ended September 30, 2023 | ||||||||||||
Operating Income | Income before Income Taxes | Net Income |
MGP Earnings(a)
|
Basic EPS | Diluted EPS | |||||||
Reported GAAP Results | $ | 19,839 | $ | 17,461 | $ | 13,088 | $ | 13,082 | $ | 0.59 | $ | 0.58 |
Adjusted to remove: | ||||||||||||
Impairment of long-lived assets and other (f)
|
18,334 | 18,334 | 13,750 | 13,750 | 0.62 | 0.61 | ||||||
Fair value of contingent consideration(c)
|
4,200 | 4,200 | 3,150 | 3,150 | 0.14 | 0.14 | ||||||
Business acquisition costs (d)
|
314 | 314 | 235 | 235 | 0.01 | 0.01 | ||||||
Adjusted Non-GAAP results | $ | 42,687 | $ | 40,309 | $ | 30,223 | $ | 30,217 | $ | 1.36 | $ | 1.34 |
Year to Date Ended September 30, 2024 | ||||||||||
Operating Income | Income before Income Taxes |
Net Income(b)
|
MGP Earnings(a)
|
Basic and Diluted EPS | ||||||
Reported GAAP Results | $ | 104,868 | $ | 100,387 | $ | 76,463 | $ | 75,797 | $ | 3.43 |
Adjusted to remove: | ||||||||||
Impairment of long-lived assets and other (f)
|
137 | 137 | 104 | 104 | - | |||||
Fair value of contingent consideration(c)
|
15,900 | 15,900 | 12,116 | 12,116 | 0.55 | |||||
Business acquisition costs (d)
|
101 | 101 | 77 | 77 | - | |||||
Executive transition costs (g)
|
1,218 | 1,218 | 928 | 928 | 0.04 | |||||
Unusual items costs (e)
|
1,673 | 1,673 | 1,275 | 1,275 | 0.06 | |||||
Adjusted Non-GAAP results | $ | 123,897 | $ | 119,416 | $ | 90,963 | $ | 90,297 | $ | 4.08 |
Year to Date Ended September 30, 2023 | ||||||||||||
Operating Income | Income before Income Taxes | Net Income |
MGP Earnings(a)
|
Basic EPS | Diluted EPS | |||||||
Reported GAAP Results | $ | 105,541 | $ | 100,916 | $ | 76,084 | $ | 75,648 | $ | 3.43 | 3.41 | |
Adjusted to remove: | ||||||||||||
Impairment of long-lived assets and other (f)
|
18,334 | 18,334 | 13,824 | 13,824 | 0.63 | 0.62 | ||||||
Fair value of contingent consideration(c)
|
4,200 | 4,200 | 3,167 | 3,167 | 0.14 | 0.14 | ||||||
Business acquisition costs (d)
|
1,814 | 1,814 | 1,368 | 1,368 | 0.06 | 0.06 | ||||||
Adjusted Non-GAAP results | $ | 129,889 | $ | 125,264 | $ | 94,443 | $ | 94,007 | $ | 4.26 | $ | 4.23 |
Quarter Ended September 30, | Year to Date Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Net Income | $ | 23,862 | $ | 13,088 | $ | 76,463 | $ | 76,084 |
Interest expense | 2,174 | 2,353 | 6,398 | 4,630 | ||||
Income tax expense | 7,554 | 4,373 | 23,924 | 24,832 | ||||
Depreciation and amortization | 5,680 | 5,782 | 16,298 | 16,272 | ||||
Share based compensation | 767 | 2,014 | 2,748 | 5,651 | ||||
Equity method investment loss (gain) | (832) | (388) | (1,446) | 191 | ||||
Impairment of long-lived assets and other | - | 18,334 | 137 | 18,334 | ||||
Fair value of contingent consideration | 6,400 | 4,200 | 15,900 | 4,200 | ||||
Business acquisition costs | 15 | 314 | 101 | 1,814 | ||||
Executive transition costs | - | - | 1,218 | - | ||||
Unusual items costs | 34 | - | 1,673 | - | ||||
Adjusted EBITDA | $ | 45,654 | $ | 50,070 | $ | 143,414 | $ | 152,008 |
Quarter Ended December 31, 2023 |
Quarter Ended March 31, 2024 |
Quarter Ended June 30, 2024 |
Quarter Ended September 30, 2024 |
TTM(a)
September 30, 2024
|
||||||
Net income | $ | 31,046 | $ | 20,584 | $ | 32,017 | $ | 23,862 | $ | 107,509 |
Interest expense | 2,017 | 2,019 | 2,205 | 2,174 | 8,415 | |||||
Income tax expense | 9,784 | 6,262 | 10,108 | 7,554 | 33,708 | |||||
Depreciation and amortization | 5,841 | 5,289 | 5,329 | 5,680 | 22,139 | |||||
Share based compensation | 1,850 | 1,116 | 865 | 767 | 4,598 | |||||
Equity method investment loss (gain) | 146 | 296 | (910) | (832) | (1,300) | |||||
Impairment of long-lived assets and other | 1,057 | 116 | 21 | - | 1,194 | |||||
Fair value of contingent consideration | 2,900 | 4,100 | 5,400 | 6,400 | 18,800 | |||||
Business acquisition costs | 246 | 71 | 15 | 15 | 347 | |||||
Executive transition costs | 3,134 | 375 | 843 | - | 4,352 | |||||
Unusual items costs | - | - | 1,639 | 34 | 1,673 | |||||
Adjusted EBITDA | $ | 58,021 | $ | 40,228 | $ | 57,532 | $ | 45,654 | $ | 201,435 |
Total debt | $ | 289,968 | ||||||||
Cash and cash equivalents | 20,772 | |||||||||
Net debt | $ | 269,196 | ||||||||
Net debt leverage ratio(b)
|
1.3 |
Quarter Ended September 30, | Year to Date Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Principal amount of the bonds | $ | 201,250,000 | $ | 201,250,000 | $ | 201,250,000 | $ | 201,250,000 |
Par value | $ | 1,000 | $ | 1,000 | $ | 1,000 | $ | 1,000 |
Number of bonds outstanding (a) | 201,250 | 201,250 | 201,250 | 201,250 | ||||
Initial conversion rate | 10.3911 | 10.3911 | 10.3911 | 10.3911 | ||||
Conversion price | $ | 96.23620 | $ | 96.23620 | $ | 96.23620 | $ | 96.23620 |
Average share price (b) | $ | 82.66859 | $ | 113.32587 | $ | 82.41075 | $ | 103.71316 |
Impact of conversion (c) | $ | 172,877,289 | $ | 236,988,065 | $ | 172,338,092 | $ | 216,885,881 |
Cash paid for principal | (201,250,000) | (201,250,000) | (201,250,000) | (201,250,000) | ||||
Conversion premium | $ | - | $ | 35,738,065 | $ | - | $ | 15,635,881 |
Average share price | $ | 82.66859 | $ | 113.32587 | $ | 82.41075 | $ | 103.71316 |
Conversion premium in shares (d) (e) | - | 315,357 | - | 150,761 |
Distilling Solutions | ||||||||
Quarter Ended September 30, 2024 | Increase/(Decrease) | |||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | |||||
Brown goods | $ | 57,110 | $ | 57,110 | $ | - | - | % |
Warehouse services | 8,264 | 8,264 | - | - | ||||
White goods and other co-products | 6,545 | 6,545 | - | - | ||||
Total Sales | $ | 71,919 | $ | 71,919 | $ | - | - | % |
Gross profit | $ | 28,644 | $ | 28,644 | $ | - | - | % |
Gross margin % | 39.8 | % | 39.8 | % | - |
pp(c)
|
Ingredient Solutions | |||||||||
Quarter Ended September 30, 2024 | Increase/(Decrease) | ||||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | ||||||
Specialty wheat starches | $ | 16,172 | $ | 16,172 | $ | - | - | % | |
Specialty wheat proteins | 7,752 | 7,752 | - | - | |||||
Commodity wheat starches | 2,611 | 2,611 | - | - | |||||
Commodity wheat proteins | 383 | 383 | - | - | |||||
Total Sales | $ | 26,918 | $ | 26,918 | $ | - | - | % | |
Gross profit | $ | 4,725 | $ | 4,725 | $ | - | (d) | - | % |
Gross margin % | 17.6 | % | 17.6 | % | - |
pp(c)
|
Consolidated | ||||||||
Quarter Ended September 30, 2024 | Increase/(Decrease) | |||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | |||||
Sales | $ | 161,461 | $ | 161,461 | $ | - | - | % |
Gross profit | $ | 65,815 | $ | 65,815 | $ | - | - | % |
Gross margin % | 40.8 | % | 40.8 | % | - |
pp(c)
|
Distilling Solutions | ||||||||
Quarter Ended September 30, 2023 | Increase/(Decrease) | |||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | |||||
Brown goods | $ | 73,409 | $ | 73,409 | $ | - | - | % |
Warehouse services | 7,353 | 7,353 | - | - | ||||
White goods and other co-products | 31,091 | 6,430 | (24,661) | (79) | ||||
Total Sales | $ | 111,853 | $ | 87,192 | $ | (24,661) | (22) | % |
Gross profit | $ | 33,280 | $ | 37,310 | $ | 4,030 | 12 | % |
Gross margin % | 29.8 | % | 42.8 | % | 13.0 |
pp(c)
|
Ingredient Solutions | |||||||||
Quarter Ended September 30, 2023 | Increase/(Decrease) | ||||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | ||||||
Specialty wheat starches | $ | 17,196 | $ | 17,196 | $ | - | - | % | |
Specialty wheat proteins | 11,440 | 11,440 | - | - | |||||
Commodity wheat starches | 4,226 | 4,226 | - | - | |||||
Commodity wheat proteins | 90 | 90 | - | - | |||||
Total Sales | $ | 32,952 | $ | 32,952 | $ | - | - | % | |
Gross profit | $ | 11,128 | $ | 9,408 | $ | (1,720) | (d) | (15) | % |
Gross margin % | 33.8 | % | 28.6 | % | (5.2) |
pp(c)
|
Consolidated | ||||||||
Quarter Ended September 30, 2023 | Increase/(Decrease) | |||||||
As Reported (a)
|
Pro-Forma(b)
|
$ Change | % Change | |||||
Sales | $ | 211,624 | $ | 186,963 | $ | (24,661) | (12) | % |
Gross profit | $ | 73,448 | $ | 75,758 | $ | 2,310 | 3 | % |
Gross margin % | 34.7 | % | 40.5 | % | 5.8 |
pp(c)
|