WHITE PLAINS, N.Y., May 9, 2024 (BUSINESS WIRE) --
OPAL Fuels Inc. ("OPAL Fuels" or the "Company") (Nasdaq: OPAL), a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (RNG) and renewable electricity, today announced financial and operating results for the three months ended March 31, 2024.
"First quarter financial and operational results reflect the strength of our integrated business model and provide the foundation for what we view as an important year of progressive growth in production and earnings at OPAL Fuels," said co-CEO Adam Comora. "Benefiting from continuing industry tailwinds that support the capture of naturally occurring methane emissions and converting them into productive, low carbon intensity energy products, we remain well positioned to deliver on our financial and strategic goals over the balance of the year."
"Operationally, we continue to see strong results from our RNG assets," said co-CEO Jonathan Maurer. "Additionally, our business segments' performance is in-line with our expectations, a testament to our team's capabilities in managing our RNG portfolio production, dispensing network, and renewable power assets."
"Importantly, we are executing on our strategic priorities," stated Maurer. "We continue to move projects into construction and operation. We are very excited to announce that our ninth RNG facility, Prince William, has recently commenced operations and is expected to contribute meaningfully as it ramps production as we move through the year. Prince William brings our operating portfolio of RNG projects up to 7.0 million annual MMBtu design capacity."
"Our Sapphire and Polk RNG construction projects remain on track to commence operations in the third and fourth quarter, respectively, and, with these additions, we expect to end the year with 8.8 million annual MMBtu of design capacity. Importantly, we have also begun construction on our fifteenth RNG project, Cottonwood, which has 0.7 million annual MMBtu of design capacity, and brings our aggregate portfolio of operating and in-construction RNG projects to 10.3 million annual MMBtu of design capacity."
"We are encouraged by both the growth we've been able to deliver as well as the quality of our projects, which ramp-up quickly and operate at high levels of productivity," continued Comora. "Looking ahead, RNG fundamentals continue to be supportive of OPAL Fuels' business model and we remain well positioned to achieve our objectives."
Financial Highlights
Revenue for the three months ended March 31, 2024, was $65.0 million, up 51%, compared to the same period last year.
Net income for the three months ended March 31, 2024, was $0.7 million compared to a net loss of $7.3 million in the same period last year.
Basic and diluted Net loss per share attributable to Class A common shareholders for the three months ended March 31, 2024 were $0.01.
Adjusted EBITDA(1) for the three months ended March 31, 2024, was $15.2 million, up by $16.8 million compared to the same period last year.
At March 31, 2024, RNG Pending Monetization totaled $20.7 million.
Operational Highlights
RNG produced was 0.8 million MMBtu, for the three months ended March 31, 2024, up 33%, compared to the prior-year period.
RNG sold as transportation fuel was 16.4 million GGEs for the three months ended March 31, 2024, up 98% compared to the prior-year period.
The Fuel Station Services segment sold, dispensed, and serviced an aggregate of 35.0 million GGEs of transportation fuel for the three months ended March 31, 2024, a 8% increase compared to the prior-year period.
Construction Update
The Prince William RNG project has recently completed construction and commenced the start-up phase of commercial operations. This project, owned 100% by OPAL Fuels, represents approximately 1.7 million MMBtu of annual design capacity.(2)
The Sapphire RNG project continues to be on track to commence commercial operations in the third quarter of 2024. This project represents approximately 0.8 million MMBtu for OPAL Fuels' 50% ownership share of annual design capacity.(3)
The Polk County (Florida) RNG project continues to be on track to commence commercial operations in the fourth quarter of 2024. This project, owned 100% by OPAL Fuels, represents approximately 1.1 million MMBtu of annual design capacity.
The Atlantic RNG project is expected to commence commercial operations in mid-2025. This project represents approximately 0.3 million MMBtu for OPAL Fuels' 50% ownership share of annual design capacity.
We recently commenced construction on the Cottonwood landfill RNG project. This project, owned 100% by OPAL Fuels, represents approximately 0.7 million MMBtu of annual design capacity.
____________________
1 This is a non-GAAP measure. A reconciliation of non-GAAP financial measure to comparable GAAP measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading "Non-GAAP Financial Measures."
(2) Design capacity is the annual design output for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility.
(3) Reflects OPAL Fuels' proportional share with respect to RNG projects owned with joint venture partners.
Results of Operations
($ thousands of dollars) Three Months Ended
March 31,
------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- ------- -------------------- -------------------- ------- --------------------
Revenue
$ 17,727 $ 6,749
RNG Fuel
37,142 20,828
Fuel Station Services
10,083 15,380
Renewable Power
-------------------- ------- -------------------- -------------------- ------- --------------------
Total Revenue (1) $ 64,952 $ 42,957
==================== ======= ==================== ==================== ======= ====================
Net income (loss) $ 677 $ (7,346 )
Adjusted EBITDA
RNG Fuel 15,841 527
Fuel Station Services 7,018 1,313
Renewable Power 3,872 7,412
Corporate (11,508 ) (10,857 )
-------------------- ------- -------------------- -------------------- ------- --------------------
Consolidated Adjusted EBITDA(2) $ 15,223 $ (1,605 )
==================== ======= ==================== ==================== ======= ====================
RNG Fuel volume produced (Million MMBtus) 0.8 0.6
RNG Fuel volume sold (Million GGEs) 16.4 8.3
(1) Excludes revenues from equity method investments.
(2) This is a non-GAAP measure. A reconciliation of non-GAAP financial measure to comparable GAAP measure has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading "Non-GAAP Financial Measures."
Results of Operations from equity method investments
Three Months Ended
March 31,
-------------------- --------------------------------------------------------------------------------------------------------------------
($ thousands of dollars) 2024 2023
-------------------- -------------------- ---------- -------------------- -------------------- ------ --------------------
Revenue $ 25,407 $ 7,539
Gross profit 11,094 1,651
Net income (loss) 10,704 (213 )
OPAL's share of revenues from equity method investments $ 10,761 $ 3,770
OPAL's share of gross profit from equity method investments $ 5,186 $ 826
OPAL's share of net income from equity method investments (1) $ 4,206 $ 705
(1) Net income from equity method investments represents our portion of the net income from equity method investments including $1,430 of amortization expense related to basis differences for the three months ended March 31, 2024.
Landfill RNG Facility Capacity and Utilization Summary
Three Months Ended
March 31,
--------------------------------------------------------------------------------
2024 2023
------------------------------ ------------------------------
Landfill RNG Facility Capacity and Utilization(1)(2)(3)(4)
Design Capacity (Million MMBtus) 1.3 0.9
Volume of Inlet Gas (Million MMBtus) 1.0 0.7
Inlet Design Capacity Utilization % 80 % 75 %
RNG Fuel volume produced (Million MMBtus) 0.8 0.6
(1) Design Capacity for RNG facilities is measured as the volume of feedstock biogas that the facility is capable of accepting at the inlet and processing during the associated period. Design Capacity is presented as OPAL's ownership share (i.e., net of joint venture partners' ownership) of the facility and is calculated based on the number of days in the period. New facilities that come online during a quarter are pro-rated for the number of days in commercial operation.
(2) Inlet Design Capacity Utilization is measured as the Volume of Inlet Gas for a period, divided by the total Design Capacity for such period. The Volume of Inlet Gas varies over time depending on, among other factors, (i) the quantity and quality of waste deposited at the landfill, (ii) waste management practices by the landfill, and (iii) the construction, operations and maintenance of the landfill gas collection system used to recover the landfill gas. The Design Capacity for each facility will typically be correlated to the amount of landfill gas expected to be generated by the landfill during the term of the related gas rights agreement. The Company expects Inlet Design Capacity Utilization to be in the range of 75-85% on an aggregate basis over the next several years. Typically, newer facilities perform at the lower end of this range and demonstrate increasing utilization as they mature and the biogas resource increases at open landfills.
(3) Utilization of Inlet Gas is measured as RNG Fuel Volume Produced divided by the Volume of Inlet Gas. Utilization of Inlet Gas varies over time depending on availability and efficiency of the facility and the quality of landfill gas (i.e., concentrations of methane, oxygen, nitrogen, and other gases) including the ramp up period for new projects. The Company generally expects Utilization of Inlet Gas to be in the range of 80% to 90%.
(4) Data not available for the Company's dairy projects, i.e., Sunoma and Biotown.
(5) Utilization of Inlet Gas % is lower for the three months ended March 31, 2024 primarily due to Emerald RNG project which is in the start up phase as it commenced operations in fourth quarter of 2023.
RNG Pending Monetization Summary
Three Months Ended
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(In 000's) March 31, 2024
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
RNG Fuel Total
Fuel Station
Services
------------------------------------------------------ ------------------------------------------------------ -----------------------------------------------
Stored Gas Metrics (1)
Beginning balance Stored RNG as of December 31, 2023 236 58 294
Add: RNG production (MMBtus) 836 77 913
Less: Current period RNG volumes dispensed (817 ) (87 ) (904 )
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Ending Balance Stored RNG (MMBtus) as of March 31, 2024 255 48 303
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
------------------------------------------------------ ------------------------------------------------------ -----------------------------------------------
Value of ending balance Stored RNG using quarter end price (1) (2) $ 13,153 $ 5,720 $ 18,873
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
RIN Metrics
Beginning balance as of December 31, 2023 -- 22 22
Add: Generated in current period 8,261 2,648 10,909
Less: Sales (8,257 ) (2,574 ) (10,831 )
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Ending RIN credit balance (Available for sale) as of March 31, 2024 4 96 100
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
D3 price per RIN at quarter end $ 3.32 $ 3.32 $ 3.32
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Value of RINs using quarter end price (2) $ 12 $ 83 $ 95
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
LCFS Metrics
Beginning balance (net share) as of December 31, 2023 -- 1 1
Add: Generated in current period 12 24 36
Less: Sales (12 ) (2 ) (14 )
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Ending LCFS credit balance (Available for sale) as of March 31, 2024 -- 23 23
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
LCFS credit price at quarter end $ 67.00 $ 67.00 $ 67.00
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Value of LCFSs using quarter end price (2) $ -- $ 1,350 $ 1,350
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
------------------------------------------------------ ------------------------------------------------------ -----------------------------------------------
Value of RECs using quarter end price -- -- $ 361
-------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
Other Metrics
Average realized sales price - RIN -- -- $ 3.02
Average realized sales price - LCFS -- -- $ 97.90
------------------------------------------------------ ------------------------------------------------------ -----------------------------------------------
(1) Reflects OPAL's ownership share of Stored RNG (i.e., net of joint venture partners' ownership) including equity method investments
(2) Reflects OPAL's ownership share of RIN and LCFS credits (i.e., net of joint venture partners' ownership) including equity method investments and presented net of discounts and any direct transaction costs such as dispensing fees, third-party royalties and transaction costs as applicable.
Liquidity
As of March 31, 2024, we have drawn approximately $186.6 million, and utilized $13.6 million of our revolver availability to issue letters of credit, under the $500 million senior secured credit facility we entered into in September 2023.
As of March 31, 2024, our liquidity was $334.0 million, consisting of $299.8 million of availability under the above referenced credit facility, and $34.2 million of cash, cash equivalents, and short-term investments.
We believe our liquidity and anticipated cash flows from operations are sufficient to meet our existing funding needs.
Capital Expenditures
During the first quarter of 2024, OPAL Fuels invested $26.8 million across RNG projects in construction and OPAL Fuels proprietary fueling stations in construction as compared to $38.8 million in the prior year.
In addition, for the three months ended March 31, 2024, the Company's portion of capital expenditures in unconsolidated entities was $10.9 million. This represents our share of capital expenditures incurred for the Atlantic and Sapphire projects.
Earnings Call
A webcast to review OPAL Fuels' First Quarter 2024 results is being held tomorrow, May 10, 2023 at 11:00 AM Eastern Daylight Time.
Materials to be discussed in the webcast will be available before the call on the Company's website.
Participants may access the call at https://edge.media-server.com/mmc/p/pychvfvq Investors can also listen to a webcast of the presentation on the company's Investor Relations website at https://investors.opalfuels.com/news-events/events-presentations.
Glossary of terms
"Environmental Attributes" refer to federal, state, and local government incentives in the United States, provided in the form of Renewable Identification Numbers, Renewable Energy Credits, Low Carbon Fuel Standard credits, rebates, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects that promote the use of renewable energy.
"GGE" refers to Gasoline gallon equivalent. It is used to measure the total volume of RNG production that OPAL Fuels expects to dispense each year. The conversion ratio is 1MMBtu equal to 7.74 GGE.
"LFG" refers to landfill gas.
"MMBtu" refers to million British thermal units.
"Renewable Power" refers to electricity generated from renewable sources.
"RNG" refers to renewable natural gas.
"D3" refers to cellulosic biofuel with a 60% GHG reduction requirement.
"RIN" refers to Renewal Identification Numbers.
"EPA" refers to the Environmental Protection Agency.
About OPAL Fuels Inc.
OPAL Fuels Inc. (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity renewable natural gas (RNG) and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. To learn more about OPAL Fuels and how it is leading the effort to capture North America's harmful methane emissions and decarbonize the economy. For additional information please visit www.opalfuels.com.
Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels' (the "Company") future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "target," "plan," "expect," or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" in the Company's annual report on Form 10-K filed on March 15, 2024, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.
Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
OPAL FUELS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share and per share data)
March 31, December 31,
2024 2023
(Unaudited)
------------------------------------------------------ ------------------------------------------------------
Assets
Current assets:
$ $ 28,207 $ 38,348
Cash and cash equivalents (includes $1,160 and $166 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
22,805 27,623
Accounts receivable, net (includes $334 and $33 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
14,912 18,696
Accounts receivable, related party
1,012 4,395
Restricted cash - current (includes $1,012 and $4,395 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
5,975 9,875
Short term investments
4,212 5,345
Fuel tax credits receivable
8,997 6,790
Contract assets
11,135 10,191
Parts inventory (includes $29 and $29 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
1,534 172
Environmental credits held for sale
6,373 6,005
Prepaid expense and other current assets (includes $113 and $107 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
537 633
Derivative financial assets, current portion
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
105,699 128,073
Total current assets
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
3,638 3,468
Capital spares
359,369 339,493
Property, plant, and equipment, net (includes $26,254 and $26,626 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
12,137 12,301
Operating lease right-of-use assets
206,014 207,099
Investment in other entities
2,369 2,302
Note receivable - variable fee component
1,651 1,162
Other long-term assets
1,537 1,604
Intangible assets, net
3,477 4,499
Restricted cash - non-current (includes $1,957 and $1,850 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
54,608 54,608
Goodwill
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
$ $ 750,499 $ 754,609
Total assets
==================== ==================== ============== ==================== ==================== ============== ====================
Liabilities and Stockholders' Deficit
Current liabilities:
10,815 13,901
Accounts payable (includes $11 and $744 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
8,166 7,024
Accounts payable, related party (includes $802 and $1,046 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
4,551 4,558
Fuel tax credits payable
10,422 9,023
Accrued payroll
10,743 15,128
Accrued capital expenses
16,792 14,245
Accrued expenses and other current liabilities (includes $861 and $647 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
7,785 6,314
Contract liabilities
1,866 --
OPAL Term Loan, current portion
1,652 1,608
Sunoma Loan, current portion (includes $1,652 and $1,608 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
656 638
Operating lease liabilities - current portion
94 92
Other current liabilities (includes $94 and $92 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
1,812 1,812
Asset retirement obligation, current portion
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
75,354 74,343
Total current liabilities
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
5,068 4,916
Asset retirement obligation, non-current portion
175,161 176,532
OPAL Term Loan, net of debt issuance costs
19,609 20,010
Sunoma Loan, net of debt issuance costs (includes $19,609 and $20,010 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
11,646 11,824
Operating lease liabilities - non-current portion
1,497 1,900
Earn out liabilities
8,637 7,599
Other long-term liabilities (includes $1,297 and $211 at March 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
296,972 297,124
Total liabilities
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
Commitments and contingencies
Redeemable preferred non-controlling interests 130,000 132,617
705,190 802,720
Redeemable non-controlling interests
Stockholders' deficit
3 3
Class A common stock, $0.0001 par value, 340,000,000 shares authorized as of March 31, 2024; 30,022,288 and 29,701,146 shares, issued and outstanding at March 31, 2024 and December 31, 2023, respectively
7 --
Class B common stock, $0.0001 par value, 160,000,000 shares authorized as of March 31, 2024; 71,500,000 and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
-- --
Class C common stock, $0.0001 par value, 160,000,000 shares authorized as of March 31, 2024; and None issued and outstanding as of March 31, 2024 and December 31, 2023
7 14
Class D common stock, $0.0001 par value, 160,000,000 shares authorized as of March 31, 2024; 72,899,037 and 144,399,037 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively
-- --
Additional paid-in capital
(370,832 ) (467,195 )
Accumulated deficit
42 (15 )
Accumulated other comprehensive income (loss)
(11,614 ) (11,614 )
Class A common stock in treasury, at cost; 1,635,783 shares at March 31, 2024 and December 31, 2023
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
(382,387 ) (478,807 )
Total Stockholders' deficit attributable to the Company
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
724 955
Non-redeemable non-controlling interests
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
(381,663 ) (477,852 )
Total Stockholders' deficit
-------------------- -------------------- -------------- -------------------- -------------------- -------------- --------------------
OPAL FUELS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
-------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
Revenues:
$ 17,727 $ 6,749
RNG fuel (includes revenues from related party of $15,495 and $4,715 for the three months ended March 31, 2024 and 2023, respectively)
37,142 20,828
Fuel station services (includes revenues from related party of $8,669 and $1,493 for the three months ended March 31, 2024 and 2023, respectively)
10,083 15,380
Renewable Power (includes revenues from related party of $1,526 and $1,527 for the three months ended March 31, 2024 and 2023, respectively)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
64,952 42,957
Total revenues
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Operating expenses:
8,338 6,038
Cost of sales - RNG fuel
30,335 20,292
Cost of sales - Fuel station services
9,258 8,378
Cost of sales - Renewable Power
785 1,883
Project development and start up costs
13,161 14,074
Selling, general, and administrative
3,711 3,567
Depreciation, amortization, and accretion
(4,206 ) (705 )
Income from equity method investments
-------------------- -------------- -------------------- -------------------- -------------- --------------------
61,382 53,527
Total expenses
-------------------- -------------- -------------------- -------------------- -------------- --------------------
3,570 (10,570 )
Operating income (loss)
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Other income (expense):
Copyright Business Wire 2024
