Exhibit 99.1
Contact: |
| Tad Walden |
|
| Corporate Communications |
|
| On Command Corporation |
|
| (720) 873-3321 |
|
| twalden@ocv.com |
|
|
|
|
| Bernard G. Dvorak |
SVP and CFO | ||
|
| On Command Corporation |
|
| (720) 873-3640 |
|
| bdvorak@ocv.com |
FOR IMMEDIATE RELEASE
On Command reports results for the
third quarter of 2003
• On Command’s third quarter conference call will take place at 4:00 pm ET on November 19, 2003. To participate, please dial (800) 309-9490 in the U.S. or (706) 634-6055 internationally at least ten minutes prior to the call. The conference ID is 4046585.
• The first conference call will be Web cast live at www.oncommand.com.
• Replays are available via the Web site beginning November 19, 2003 after 5:00 pm ET and ending November 26, 2003 at 11:59 pm ET. Telephone replays will be available for the same period by dialing (800) 642-1687 in the U.S. or (706) 645-9291 internationally.
Denver, Colorado, November 19, 2003 – On Command Corporation (OTCBB: ONCO), a leading provider of in-room interactive services, business information and guest services for the lodging industry, today announced its financial results for the quarter and nine months ended September 30, 2003.
Total net revenue for the third quarter of 2003 was $61.0 million compared to $60.8 million in the third quarter of 2002. Room revenue increased by 2.5% to $59.5 million in the third quarter of 2003 compared to $58.0 million in the third quarter of 2002.
Adjusted EBITDA (defined by On Command as revenue less direct costs of revenue and other cash operating expenses, excluding depreciation and amortization and asset impairments and other charges) for the third quarter of 2003 was $15.5 million, a decrease of $2 million compared to Adjusted EBITDA in the third quarter of 2002 of $17.5 million. For the nine months ended September 30, 2003, Adjusted EBITDA was $45.3 million compared to $49.6 million in the comparable period in 2002. (Please see schedule 1 attached for a reconciliation of 2003 and 2002 Adjusted EBITDA to loss from operations.)
Loss from operations for the third quarter ended September 30, 2003 was $4.3 million compared to $2.5 million for the corresponding period of 2002.
The Company reported a net loss attributed to common stockholders of $11.1 million ($0.36 per share) for the quarter, compared to a $8.3 million ($0.27 per share) net loss for the corresponding period in 2002.
Revenue per room for the third quarter was $23.49 compared to $22.86 for the same period in 2002, the increase due primarily to an increase in revenue generated from short subjects, digital music and television-based Internet products.
Highlights for the third quarter include:
• installed the digital platform in 10,000 rooms, bringing the total number of digital rooms to 343,000 or 39.0% of the total owned room base of 879,000;
• installed the digital music product in more than 43,600 rooms and the TV Internet service to more than 6,600 rooms, bringing total digital music rooms to 293,000 and TV Internet capability to 285,000 rooms;
• reduced capital spending for the nine months ended September 30, 2003 to $35.4 million, compared to $41.4 million in the first nine months of 2002.
About On Command
On Command Corporation (www.oncommand.com) is a leading provider of in-room entertainment technology to the lodging and cruise ship industries. On Command is a majority-owned subsidiary of Liberty Satellite & Technology, Inc.
On Command entertainment services include: on-demand movies; television Internet services using high-speed broadband connectivity; television email; short form television features covering drama, comedy, news and sports; PlayStation video games; and music-on-demand services through Instant Media Network, a majority-owned subsidiary of On Command Corporation and the leading provider of digital on-demand music services to the hotel industry. All On Command products are connected to guest rooms and managed by leading edge video-on-demand navigational controls and a state-of-the art guest user interface system. The guest menu system can be customized by hotel properties to create a robust platform that services the needs of On Command hotel partners and the traveling public. On Command and its distribution network services more than 1,000,000 guest rooms, which touch more than 300 million guests annually.
On Command’s direct served hotel properties are located in the United States, Canada, Mexico, and Spain. On Command distributors serve cruise ships operating under the Royal Caribbean, Costa and Carnival flags. On Command hotel properties include more than 100 of the most prestigious hotel chains and operators in the lodging industry: Accor, Adam’s Mark Hotels & Resorts, Fairmont, Four Seasons, Hilton Hotels Corporation, Hyatt, Loews, Marriott (Courtyard, Renaissance, Fairfield Inn and Residence Inn), Radisson, Ramada, Six Continents Hotels (Inter-Continental, Crowne Plaza and Holiday Inn), Starwood Hotels & Resorts (Westin, Sheraton, W Hotels and Four Points), and Wyndham Hotels & Resorts.
###
ON COMMAND CORPORATION
(An Indirect Consolidated Subsidiary of Liberty Media Corporation)
Condensed Consolidated Balance Sheets
(unaudited)
|
| September 30, |
| December 31, |
| ||
|
| (amounts in thousands) |
| ||||
Assets |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 1,642 |
| $ | 4,501 |
|
Accounts receivable, net |
| 29,675 |
| 33,525 |
| ||
Other current assets |
| 3,305 |
| 3,461 |
| ||
Total current assets |
| 34,622 |
| 41,487 |
| ||
|
|
|
|
|
| ||
Property and equipment: |
|
|
|
|
| ||
Video systems |
|
|
|
|
| ||
In service |
| 680,719 |
| 668,697 |
| ||
Construction in progress |
| 28,924 |
| 37,511 |
| ||
|
| 709,643 |
| 706,208 |
| ||
Support equipment, vehicles and leasehold improvements |
| 26,774 |
| 26,245 |
| ||
|
| 736,417 |
| 732,453 |
| ||
Accumulated depreciation |
| (483,159 | ) | (457,482 | ) | ||
|
| 253,258 |
| 274,971 |
| ||
|
|
|
|
|
| ||
Goodwill |
| 65,642 |
| 65,580 |
| ||
|
|
|
|
|
| ||
Other assets, net |
| 14,798 |
| 14,444 |
| ||
|
|
|
|
|
| ||
Total assets |
| $ | 368,320 |
| $ | 396,482 |
|
|
| September 30, |
| December 31, |
| ||
|
| (amounts in thousands) |
| ||||
Liabilities and Stockholders’ Deficit |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Accounts payable |
| $ | 18,807 |
| $ | 28,689 |
|
Accounts payable to parent |
| 1,724 |
| 1,906 |
| ||
Accrued compensation |
| 5,523 |
| 6,433 |
| ||
Sales, use and property tax liabilities |
| 5,125 |
| 4,585 |
| ||
Other accrued liabilities |
| 8,142 |
| 7,987 |
| ||
Common stock subject to repurchase obligation |
| 1,876 |
| 2,333 |
| ||
Current portion of debt |
| 9,704 |
| 833 |
| ||
Total current liabilities |
| 50,901 |
| 52,766 |
| ||
|
|
|
|
|
| ||
Long-term debt: |
|
|
|
|
| ||
Third party |
| 218,890 |
| 261,946 |
| ||
Due to parent |
| 40,000 |
| — |
| ||
|
| 258,890 |
| 261,946 |
| ||
|
|
|
|
|
| ||
Other long-term liabilities |
| — |
| 496 |
| ||
|
|
|
|
|
| ||
Total liabilities |
| 309,791 |
| 315,208 |
| ||
|
|
|
|
|
| ||
Minority interest in consolidated subsidiary |
| — |
| 259 |
| ||
|
|
|
|
|
| ||
Mandatorily redeemable preferred stock |
| 104,612 |
| 97,848 |
| ||
|
|
|
|
|
| ||
Stockholders’ deficit: |
|
|
|
|
| ||
Preferred stock, $.01 par value; shares authorized – 10,000,000; shares issued and outstanding – 98,500 at September 30, 2003 and December 31, 2002 |
| — |
| — |
| ||
Common stock, $.01 par value; shares authorized – 150,000,000; shares issued – 30,977,840 at September 30, 2003 and 30,973,989 at December 31, 2002 |
| 310 |
| 310 |
| ||
Additional paid-in-capital |
| 294,500 |
| 299,398 |
| ||
Accumulated other comprehensive loss |
| (1,704 | ) | (4,533 | ) | ||
Accumulated deficit |
| (311,092 | ) | (285,777 | ) | ||
|
| (17,986 | ) | 9,398 |
| ||
Common stock held in treasury, at cost (155,500 at September 30, 2003 and 119,500 at December 31, 2002) |
|
|
|
|
| ||
|
| (1,884 | ) | (1,344 | ) | ||
Note receivable from stockholder |
| (26,213 | ) | (24,887 | ) | ||
Total stockholders’ deficit |
| (46,083 | ) | (16,833 | ) | ||
|
|
|
|
|
| ||
Commitments and contingencies |
|
|
|
|
| ||
|
|
|
|
|
| ||
Total liabilities and stockholders’ deficit |
| $ | 368,320 |
| $ | 396,482 |
|
ON COMMAND CORPORATION
(An Indirect Consolidated Subsidiary of Liberty Media Corporation)
Condensed Consolidated Statements of Operations
(unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| 2003 |
| 2002 |
| 2003 |
| 2002 |
| ||||
|
| (amounts in thousands, except per share amounts) |
| ||||||||||
Net Revenue: |
|
|
|
|
|
|
|
|
| ||||
Net room revenue |
| $ | 59,462 |
| $ | 58,009 |
| $ | 171,687 |
| $ | 171,393 |
|
System and equipment sales and other |
| 1,504 |
| 2,781 |
| 5,551 |
| 7,779 |
| ||||
|
| 60,966 |
| 60,790 |
| 177,238 |
| 179,172 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Direct costs of net revenue: |
|
|
|
|
|
|
|
|
| ||||
Content fees, commissions and other in-room services |
| 31,358 |
| 28,901 |
| 90,310 |
| 85,874 |
| ||||
System, equipment and other costs |
| 812 |
| 1,333 |
| 2,797 |
| 3,964 |
| ||||
Total costs of net revenue |
| 32,170 |
| 30,234 |
| 93,107 |
| 89,838 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Direct margin (exclusive of other operating expenses shown separately below) |
| 28,796 |
| 30,556 |
| 84,131 |
| 89,334 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other operating expenses: |
|
|
|
|
|
|
|
|
| ||||
Operations support |
| 5,729 |
| 6,073 |
| 17,473 |
| 19,714 |
| ||||
Research and development |
| 1,071 |
| 1,143 |
| 3,071 |
| 3,178 |
| ||||
Selling, general and administrative |
| 6,487 |
| 5,847 |
| 18,319 |
| 16,816 |
| ||||
Depreciation and amortization |
| 18,297 |
| 19,276 |
| 56,724 |
| 59,277 |
| ||||
Asset impairments and other charges |
| 1,502 |
| 751 |
| 2,758 |
| 8,401 |
| ||||
Total other operating expenses |
| 33,086 |
| 33,090 |
| 98,345 |
| 107,386 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss from operations |
| (4,290 | ) | (2,534 | ) | (14,214 | ) | (18,052 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Interest expense |
| (4,518 | ) | (3,535 | ) | (11,182 | ) | (10,569 | ) | ||||
Other income (expense), net |
| (68 | ) | (69 | ) | 251 |
| 653 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss before income taxes |
| (8,876 | ) | (6,138 | ) | (25,145 | ) | (27,968 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income tax benefit (expense) |
| (39 | ) | 14 |
| (170 | ) | (366 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss |
| (8,915 | ) | (6,124 | ) | (25,315 | ) | (28,334 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Dividends on mandatorily redeemable preferred stock |
| (2,158 | ) | (2,200 | ) | (6,764 | ) | (6,384 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss attributable to common stockholders |
| $ | (11,073 | ) | $ | (8,324 | ) | $ | (32,079 | ) | (34,718 | ) | |
|
|
|
|
|
|
|
|
|
| ||||
Basic and diluted net loss per common share |
| $ | (0.36 | ) | $ | (0.27 | ) | $ | (1.04 | ) | $ | (1.12 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Basic and diluted weighted average number of common shares outstanding |
| 30,853 |
| 30,925 |
| 30,856 |
| 30,908 |
|
ON COMMAND CORPORATION
(An Indirect Consolidated Subsidiary of Liberty Media Corporation)
Condensed Consolidated Statements of Cash Flows
(unaudited)
|
| Nine Months Ended September 30, |
| ||||
|
| 2003 |
| 2002 |
| ||
|
| (amounts in thousands) |
| ||||
|
|
|
|
|
| ||
Cash flows from operating activities: |
|
|
|
|
| ||
Net loss |
| $ | (25,315 | ) | $ | (28,334 | ) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
| ||
Depreciation and amortization |
| 56,724 |
| 59,277 |
| ||
Payments of restructuring costs |
| (1,060 | ) | (829 | ) | ||
Asset impairments and other changes |
| 2,758 |
| 8,401 |
| ||
Other non-cash items |
| 1,790 |
| 1,080 |
| ||
Changes in assets and liabilities: |
|
|
|
|
| ||
Accounts receivable |
| 4,276 |
| 1,739 |
| ||
Other assets |
| 695 |
| (701 | ) | ||
Accounts payable |
| (10,295 | ) | 3,062 |
| ||
Accrued liabilities |
| (558 | ) | 3,755 |
| ||
|
|
|
|
|
| ||
Net cash provided by operating activities |
| 29,015 |
| 47,450 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities: |
|
|
|
|
| ||
Capital expenditures |
| (35,396 | ) | (41,444 | ) | ||
Acquisition of minority interest |
| (300 | ) | — |
| ||
Cash proceeds from dispositions, net of cash transferred |
| — |
| 1,135 |
| ||
Cost investments |
| — |
| (2,599 | ) | ||
|
|
|
|
|
| ||
Net cash used in investing activities |
| (35,696 | ) | (42,908 | ) | ||
|
|
|
|
|
| ||
Cash flows from financing activities: |
|
|
|
|
| ||
Borrowings of debt |
| 49,000 |
| 7,000 |
| ||
Repayments of debt |
| (43,185 | ) | (12,666 | ) | ||
Payment of deferred financing costs |
| (2,160 | ) | — |
| ||
Proceeds from issuance of common and preferred stock |
| — |
| 85 |
| ||
|
|
|
|
|
| ||
Net cash provided (used) by financing activities |
| 3,655 |
| (5,581 | ) | ||
|
|
|
|
|
| ||
Effect of exchange rate changes on cash |
| 167 |
| (17 | ) | ||
|
|
|
|
|
| ||
Net increase (decrease) in cash and cash equivalents |
| (2,859 | ) | (1,056 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning of period |
| 4,501 |
| 2,869 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end of period |
| $ | 1,642 |
| $ | 1,813 |
|
Schedule 1
Reconciliation of Adjusted EBITDA to Loss From Operations:
|
| Three Months Ended |
| Nine Months Ended |
| ||||||||
|
| 2003 |
| 2002 |
| 2003 |
| 2002 |
| ||||
|
| (in thousands) |
| (in thousands) |
| (in thousands) |
| (in thousands) |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Adjusted EBITDA (1) |
| 15,509 |
| 17,493 |
| 45,268 |
| 49,626 |
| ||||
Depreciation and amortization |
| (18,297 | ) | (19,276 | ) | (56,724 | ) | (59,277 | ) | ||||
Asset impairments and other charges |
| (1,502 | ) | (751 | ) | (2,758 | ) | (8,401 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Loss from Operations |
| $ | (4,290 | ) | $ | (2,534 | ) | $ | (14,214 | ) | $ | (18,052 | ) |
(1) Adjusted EBITDA is defined by the Company as revenue less direct costs of revenue and other cash operating expenses, excluding depreciation and amortization and asset impairments and other charges.
A Note on Adjusted EBITDA
The most significant difference between “Adjusted EBITDA”, as defined by the Company, and loss from operations, as determined in accordance with generally accepted accounting principles, is that depreciation and amortization expense are not included in the calculation of Adjusted EBITDA. “GAAP” requires depreciation and amortization to be shown as an expense in calculating loss from operations because capital spending is not fully expensed in the period incurred. Rather, the cost of a capital expenditure is spread out over the assumed useful life of the property acquired, under the heading depreciation and amortization, so that the expense can be matched to the revenue anticipated to be generated by that expense. Thus, excluding depreciation and amortization from a measurement of operating performance will fail to reflect the true cost of operations over time. Similarly, asset impairment charges reflect non-temporary declines in the value of investments, the original cost of which was not expensed in the period incurred.
However, because depreciation, amortization and impairments and other charges reflect primarily the effects of past capital expenditures, On Command’s management believes that Adjusted EBITDA when considered together with measures prepared in accordance with generally accepted accounting principles can be very useful to investors and analysts as a measurement of the Company’s current operating performance, particularly when assessed in conjunction with information regarding current capital spending and other investing activities and trends, as reported above. On Command’s management regularly uses Adjusted EBITDA as a measurement to assess the performance of operating units and individuals and to assist in strategic planning and the allocation of resources.
Because Adjusted EBITDA does not reflect changes in working capital or other cash requirements of the Company, it is not intended to represent cash flows for the period, or to reflect funds available for interest, dividends, reinvestment or other discretionary uses. Adjusted EBITDA has not been presented as an alternative to loss from operations, and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s definition of Adjusted EBITDA may differ from similar measurements provided by other public companies.
|
| Q3 2003 |
| Q2 2003 |
| Q1 2003 |
| Q4 2002 |
| Q3 2002 |
| |||||
Room Base Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Hotels |
| 3,352 |
| 3,364 |
| 3,356 |
| 3,380 |
| 3,383 |
| |||||
Total Guest Pay Rooms |
| 879,000 |
| 885,000 |
| 884,000 |
| 891,000 |
| 900,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
On-demand Rooms |
| 867,000 |
| 873,000 |
| 869,000 |
| 874,000 |
| 880,000 |
| |||||
% of total rooms |
| 98.6 | % | 98.6 | % | 98.3 | % | 98.1 | % | 97.8 | % | |||||
Scheduled Rooms (all SpectraVision) |
| 12,000 |
| 12,000 |
| 15,000 |
| 17,000 |
| 20,000 |
| |||||
% of total rooms |
| 1.4 | % | 1.4 | % | 1.7 | % | 1.9 | % | 2.2 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Domestic Rooms |
| 779,000 |
| 786,000 |
| 785,000 |
| 792,000 |
| 801,000 |
| |||||
% of total rooms |
| 88.6 | % | 88.8 | % | 88.8 | % | 88.9 | % | 89.0 | % | |||||
International Rooms |
| 100,000 |
| 99,000 |
| 99,000 |
| 99,000 |
| 99,000 |
| |||||
% of total rooms |
| 11.4 | % | 11.2 | % | 11.2 | % | 11.1 | % | 11.0 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Digital Rooms |
| 343,000 |
| 333,000 |
| 312,000 |
| 291,000 |
| 275,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Guest Programming Rooms |
| 508,000 |
| 515,000 |
| 519,000 |
| 517,000 |
| 519,000 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Results & Statistics |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Room Revenue |
| $ | 59,462 |
| $ | 57,471 |
| $ | 54,754 |
| $ | 55,228 |
| $ | 58,009 |
|
Other Revenue |
| $ | 1,504 |
| $ | 2,081 |
| $ | 1,966 |
| $ | 3,997 |
| $ | 2,781 |
|
Total Revenue |
| $ | 60,966 |
| $ | 59,552 |
| $ | 56,720 |
| $ | 59,225 |
| $ | 60,790 |
|
Direct Costs of Revenue |
| $ | 32,170 |
| $ | 32,689 |
| $ | 28,248 |
| $ | 31,222 |
| $ | 30,234 |
|
Direct Margin |
| $ | 28,796 |
| $ | 26,863 |
| $ | 28,472 |
| $ | 28,003 |
| $ | 30,556 |
|
Operations Support Expense |
| $ | 5,729 |
| $ | 5,682 |
| $ | 6,062 |
| $ | 6,370 |
| $ | 6,073 |
|
Research & Development Expense |
| $ | 1,071 |
| $ | 917 |
| $ | 1,083 |
| $ | 886 |
| $ | 1,143 |
|
SG&A Expense |
| $ | 6,487 |
| $ | 6,256 |
| $ | 5,576 |
| $ | 4,736 |
| $ | 5,847 |
|
Total Operating Expenses |
| $ | 13,287 |
| $ | 12,855 |
| $ | 12,721 |
| $ | 11,992 |
| $ | 13,063 |
|
Adjusted EBITDA |
| $ | 15,509 |
| $ | 14,008 |
| $ | 15,751 |
| $ | 16,011 |
| $ | 17,493 |
|
Loss from Operations |
| $ | (4,290 | ) | $ | (6,387 | ) | $ | (3,537 | ) | $ | (4,612 | ) | $ | (2,534 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
As a % of Total Revenue: |
|
|
|
|
|
|
|
|
|
|
| |||||
Direct Margin |
| 47.2 | % | 45.1 | % | 50.2 | % | 47.3 | % | 50.3 | % | |||||
Operations |
| 9.4 | % | 9.5 | % | 10.7 | % | 10.8 | % | 10.0 | % | |||||
Research & Development |
| 1.8 | % | 1.5 | % | 1.9 | % | 1.5 | % | 1.9 | % | |||||
SG&A |
| 10.6 | % | 10.5 | % | 9.8 | % | 8.0 | % | 9.2 | % | |||||
Adjusted EBITDA |
| 25.4 | % | 23.5 | % | 27.8 | % | 27.0 | % | 29.2 | % | |||||
Loss from Operations |
| -7.0 | % | -10.7 | % | -6.2 | % | -7.8 | % | -3.8 | % | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Per Room per Month: |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Room Revenue |
| $ | 23.49 |
| $ | 22.77 |
| $ | 21.89 |
| $ | 21.97 |
| $ | 22.86 |
|
Total Movie Revenue |
| $ | 19.19 |
| $ | 18.75 |
| $ | 18.18 |
| $ | 18.38 |
| $ | 19.21 |
|
Direct Profit |
| $ | 10.87 |
| $ | 10.12 |
| $ | 10.70 |
| $ | 10.44 |
| $ | 11.26 |
|
Operations Expense |
| $ | 2.16 |
| $ | 2.14 |
| $ | 2.28 |
| $ | 2.38 |
| $ | 2.24 |
|
Adjusted EBITDA |
| $ | 5.86 |
| $ | 5.28 |
| $ | 5.92 |
| $ | 5.97 |
| $ | 6.54 |
|
Loss from Operations |
| $ | (1.62 | ) | $ | (2.41 | ) | $ | (1.33 | ) | $ | (1.72 | ) | $ | (0.85 | ) |