07.08.2007 20:21:00
|
Insight Enterprises, Inc. Reports Second Quarter Results
Insight Enterprises, Inc. (Nasdaq: NSIT) (the "Company”)
today reported results of operations for the three months ended June 30,
2007.
Second Quarter Highlights
Net sales increased 64% to $1.28 billion.
Gross profit grew 81% to $184.8 million.
Net earnings from continuing operations increased 77% to $26.8 million.
Diluted EPS from continuing operations grew 74% to $0.54, the highest
in the Company’s history.
Outstanding debt reduced by $60.0 million during the quarter.
Completed financial restatement and filings with the Securities and
Exchange Commission ("SEC”).
Q2 2007 results include expenses of $4.3 million, $2.6 million net of
tax, for professional fees associated with our stock option review.
Q2 2007 results include severance expenses of $2.8 million, $1.7
million net of tax.
North America net sales increased 39% and gross profit increased 58%,
while earnings from operations increased 54%.
EMEA net sales increased 188% and gross profit increased 159%, while
earnings from operations increased 297%.
"I am very pleased to announce
that Insight posted a record quarter with breakthrough financial results
across all operating segments,” said Rich
Fennessy, President and Chief Executive Officer. "Seasonally,
this is our strongest quarter of the year for sales of software, but we
also benefited from very strong results from our hardware and services
categories.” FINANCIAL SUMMARY TABLE (IN THOUSANDS, EXCEPT PER SHARE DATA AND PERCENTAGES)
Three Months Ended June 30 Six Months Ended June 30 Insight Enterprises, Inc. 2007 2006 % change 2007 2006 % change
Net sales
$
1,283,449
$
780,346
64
%
$
2,407,424
$
1,513,170
59
%
Gross profit
$
184,813
$
102,146
81
%
$
337,988
$
199,252
70
%
Earnings from operations
$
43,649
$
22,612
93
%
$
67,066
$
43,613
54
%
Operating margin
3.4
%
2.9
%
0.5
%
2.8
%
2.9
%
(0.1
%)
Net earnings from continuing operations
$
26,809
$
15,169
77
%
$
39,105
$
28,611
37
%
Diluted EPS from continuing operations
$
0.54
$
0.31
74
%
$
0.79
$
0.59
34
%
Net earnings
$
26,809
$
25,887
4
%
$
44,077
$
40,711
8
%
Diluted EPS
$
0.54
$
0.53
2
%
$
0.89
$
0.84
6
%
North America
Net sales
$
923,899
$
665,023
39
%
$
1,701,100
$
1,277,902
33
%
Gross profit
$
134,189
$
84,723
58
%
$
246,105
$
164,231
50
%
Earnings from operations
$
30,256
$
19,696
54
%
$
47,402
$
37,149
28
%
EMEA
Net sales
$
331,903
$
115,323
188
%
$
659,279
$
235,268
180
%
Gross profit
$
45,040
$
17,423
159
%
$
83,511
$
35,021
138
%
Earnings from operations
$
11,570
$
2,916
297
%
$
18,030
$
6,464
179
%
APAC
Net sales
$
27,647
-
-
$
47,045
-
-
Gross profit
$
5,584
-
-
$
8,372
-
-
Earnings from operations
$
1,823
-
-
$
1,634
-
-
Effective Tax Rate
Our effective tax rate from continuing operations for the three months
ended June 30, 2007 was 38.5% compared to 34.8% for the three months
ended June 30, 2006. The increase in the effective tax rate from
continuing operations was due primarily to a tax benefit recorded in the
three months ended June 30, 2006 for internal initiatives that reduced
certain state income taxes. Additionally, the effective tax rate is
higher in the three months ended June 30, 2007 due to an increase in
non-deductible expenses related to executive compensation.
OPERATING SEGMENTS
We operate in three reportable geographic operating segments: North
America; EMEA (Europe, the Middle East and Africa); and APAC
(Asia-Pacific). Currently, our offerings in North America and the United
Kingdom include brand-name IT hardware, software and services. Our
offerings in the remainder of our EMEA segment and in APAC currently
only include software and select software-related services.
North America
North America’s net sales for the three
months ended June 30, 2007 increased 39% to $923.9 million, compared to
net sales of $665.0 million for the three months ended June 30, 2006,
due primarily to the acquisition of Software Spectrum on September 7,
2006. "Our North America segment achieved
very strong results in what is typically our strongest quarter of the
year for sales of software,” said Fennessy. "However,
the quarter was not all about software, as we were pleased with the
results contributed by hardware and services as well.”
For the three months ended June 30, 2007, our North American gross
profit increased 58% to $134.2 million from $84.7 million for the three
months ended June 30, 2006. North America’s
gross profit as a percentage of net sales was 14.5% for the three months
ended June 30, 2007, compared to 12.7% for the three months ended June
30, 2006. "The increase in gross profit as a
percentage of net sales from the second quarter of 2006 was due
primarily to increases in agency fees for Microsoft enterprise software
agreement renewals, decreases in inventory write-downs due to
improvements in the aging of inventories and increases in the sales of
services. These increases were offset partially by decreases in product
margins, which includes vendor funding,”
said Stanley Laybourne, Chief Financial Officer.
North America’s selling and administrative
expenses were 10.9% of net sales for the three months ended June 30,
2007, compared to selling and administrative expenses as a percentage of
sales of 9.8% for the three months ended June 30, 2006. "Compared
to Q2 2006, we have seen increases in salaries and wages, primarily
resulting from the acquired business, professional fees associated with
our stock option review, sales incentive plans and bonus expenses due to
increased overall financial performance and amortization of intangible
assets,” Laybourne said. North America’s
selling and administrative expenses for the three months ended June 30,
2007 include expenses of approximately $4.1 million for professional
fees associated with our stock option review.
Additionally, North America recorded $2.8 million of severance expenses
during the three months ended June 30, 2007.
North America’s earnings from operations for
the three months ended June 30, 2007 increased 54% to $30.3 million from
$19.7 million for the three months ended June 30, 2006. North America’s
earnings from operations as a percentage of net sales increased to 3.3%
for the three months ended June 30, 2007 from 3.0% for the three months
ended June 30, 2006.
EMEA
EMEA’s net sales for the three months ended
June 30, 2007 increased by 188% to $331.9 million, compared to net sales
of $115.3 million for the three months ended June 30, 2006. "Our
EMEA segment capitalized on the strongest quarter for software sales and
achieved very solid results across all regions,”
said Fennessy. "Additionally, our United
Kingdom operations continue to benefit from a combined solution offering
and posted strong results across the hardware, software and services
categories.”
In Q2 2007, our EMEA gross profit was $45.0 million, a 159% increase
over the prior year. EMEA’s gross profit as
a percentage of net sales was 13.6% for the three months ended June 30,
2007, compared to 15.1% for the three months ended June 30, 2006. "The
decrease in gross margin from the second quarter of 2006 was due
primarily to decreases in product margin, which includes vendor funding,
and decreases in supplier discounts. These decreases in gross margin
were offset partially by increases in agency fees for Microsoft
enterprise software agreement renewals and decreases in inventory
write-downs due to improvements in the aging of inventories,”
said Laybourne.
For the three months ended June 30, 2007, EMEA’s
selling and administrative expenses were 10.1% of net sales compared
with 12.6% in the same quarter of 2006. "The
decrease from Q2 2006 was due primarily to the increase in net sales,
offset partially by increases in salaries and wages, primarily resulting
from the acquired business, increases in sales incentive plans and bonus
expenses due to increased overall financial performance and increases in
amortization of intangible assets,”
Laybourne said. EMEA’s selling and
administrative expenses for the three months ended June 30, 2007 include
expenses of approximately $228,000 for professional fees associated with
our stock option review.
EMEA’s earnings from operations increased
297% in the three months ended June 30, 2007 to $11.6 million from $2.9
million in the three months ended June 30, 2006. EMEA’s
earnings from operations as a percentage of net sales increased to 3.5%
for the three months ended June 30, 2007 from 2.5% for the three months
ended June 30, 2006.
EMEA’s operating results translated into
U.S. dollars continue to benefit from the weakening of the U.S. Dollar
against our functional currencies in EMEA, particularly the British
Pound Sterling and the Euro.
APAC
Our APAC segment, which was added as a result of the acquisition of
Software Spectrum in September 2006, recognized net sales of $27.6
million, gross profit of $5.6 million and earnings from operations of
$1.8 million for the three months ended June 30, 2007. "We
are pleased with the continued strong performance of our APAC segment,”
said Fennessy.
CONFERENCE CALL AND WEBCAST
We will host a conference call and live Web cast today at 5:00 p.m. ET
to discuss the quarterly results of operations. A live Web cast of the
conference call (in listen-only mode) will be available on our corporate
Web site at www.insight.com and a
replay of the Web cast will be available on our corporate Web site for a
limited time.
FORWARD-LOOKING INFORMATION
Certain statements in this release are "forward-looking
statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are inherently subject to risks and uncertainties, some of
which cannot be predicted or quantified. Future events and actual
results could differ materially from those set forth in, contemplated
by, or underlying the forward-looking statement. Some of the important
factors that could cause our actual results to differ materially from
those projected in any forward-looking statements, include, but are not
limited to, the following, which are discussed in "Risk
Factors” in Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2006:
changes in the information technology industry and/or the economic
environment;
our reliance on partners for product availability, marketing funds,
purchasing incentives and competitive products to sell;
disruptions in our information technology and voice and data networks,
including the upgrade to mySAP and the migration of Software Spectrum
to our information technology and voice and data networks;
the integration and operation of Software Spectrum, including our
ability to achieve the expected benefits of the acquisition;
actions of our competitors, including manufacturers/publishers of
products we sell;
the informal inquiry from the SEC and the fact that we could be
subject to stockholder litigation related to the investigation by the
Options Subcommittee of our Board of Directors into our historical
stock option granting practices and the related restatement of our
consolidated financial statements;
the recently enacted changes in securities laws and regulations,
including potential risk resulting from our evaluation of internal
controls under the Sarbanes-Oxley Act of 2002;
the risks associated with international operations;
sales of software licenses are subject to seasonal changes in demand;
increased debt and interest expense and lower availability on our
financing facilities;
increased exposure to currency exchange risks;
our dependence on key personnel;
risk that purchased goodwill or amortizable intangible assets become
impaired;
our failure to comply with the terms and conditions of our public
sector contracts;
risks associated with our very limited experience in outsourcing
business functions to India;
rapid changes in product standards; and
intellectual property infringement claims.
Additionally, there may be other risks that are otherwise described from
time to time in the reports that we file with the SEC.
In addition, these forward-looking statements include statements
regarding the informal inquiry commenced by the SEC and a stockholder’s
demand to inspect our books and records pursuant to Section 220 of the
Delaware General Corporation Law. There can be no assurances that
forward-looking statements will be achieved, and actual results could
differ materially from those suggested by the forward-looking
statements. Important factors that could cause actual results to differ
materially include: adjustments to the consolidated financial statements
that may be required related to the SEC informal inquiry; and risks of
litigation and governmental or other regulatory inquiry or proceedings
arising out of or related to the Company’s
historical stock option granting practices. Therefore, any
forward-looking statements in this release should be considered in light
of various important factors, including the risks and uncertainties
listed above, as well as others.
We assume no obligation to update, and do not intend to update, any
forward-looking statements. We do not endorse any projections regarding
future performance that may be made by third parties.
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months EndedJune 30, Six Months EndedJune 30,
2007
2006
2007
2006
Net sales
$
1,283,449
$
780,346
$
2,407,424
$
1,513,170
Costs of goods sold
1,098,636
678,200
2,069,436
1,313,918
Gross profit
184,813
102,146
337,988
199,252
Operating expenses:
Selling and administrative expenses
138,323
79,534
268,081
155,639
Severance and restructuring expenses
2,841
-
2,841
-
Earnings from operations
43,649
22,612
67,066
43,613
Non-operating (income) expense:
Interest income
(2,182
)
(1,086
)
(4,294
)
(2,008
)
Interest expense
4,767
272
10,526
1,069
Net foreign currency exchange gain
(3,002
)
(7
)
(3,656
)
24
Other expense, net
496
158
713
320
Earnings from continuing operations before income taxes
43,570
23,275
63,777
44,208
Income tax expense
16,761
8,106
24,672
15,597
Net earnings from continuing operations
26,809
15,169
39,105
28,611
Net earnings from discontinued operations
-
10,718
4,972
12,100
Net earnings
$ 26,809
$ 25,887
$ 44,077
$ 40,711
Net earnings per share - Basic:
Net earnings from continuing operations
$
0.55
$
0.32
$
0.80
$
0.60
Net earnings from discontinued operation
-
0.22
0.10
0.25
Net earnings per share
$ 0.55
$ 0.54
$ 0.90
$ 0.85
Net earnings per share - Diluted:
Net earnings from continuing operations
$
0.54
$
0.31
$
0.79
$
0.59
Net earnings from discontinued operation
-
0.22
0.10
0.25
Net earnings per share
$ 0.54
$ 0.53
$ 0.89
$ 0.84
Shares used in per share calculations:
Basic
49,099
48,277
49,054
48,140
Diluted
49,402
48,352
49,346
48,234
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
June 30, 2007
December 31,2006
ASSETS
Current assets:
Cash and cash equivalents
$
46,144
$
54,697
Accounts receivable, net
1,029,215
994,892
Inventories
98,419
97,751
Inventories not available for sale
20,040
31,112
Deferred income taxes
13,812
15,583
Other current assets
20,923
32,359
Total current assets
1,228,553
1,226,394
Property and equipment, net
137,546
129,256
Buildings held for lease
16,139
16,522
Goodwill
300,133
296,781
Intangible assets
82,834
86,929
Deferred income taxes
2,908
-
Other long-term assets
18,618
18,269 $ 1,786,731 $ 1,774,151
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
708,542
$
611,367
Accrued expenses and other current liabilities
125,664
136,401
Current portion of long term debt
15,000
15,000
Deferred revenue
27,618
40,728
Line of credit
42,000
15,000
Total current liabilities
918,824
818,496
Long-term debt
84,500
224,250
Long-term deferred income taxes
17,787
19,403
Other long-term liabilities
16,707
21,652
Stockholders’ equity:
Preferred stock
-
-
Common stock
491
489
Additional paid-in capital
371,424
363,308
Retained earnings
341,741
297,664
Accumulated other comprehensive income –
foreign currency translation adjustment
35,257
28,889
Total stockholders’ equity
748,913
690,350 $ 1,786,731 $ 1,774,151 INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
Six Months Ended June 30,
2007
2006
Cash flows from operating activities:
Net earnings from continuing operations
$
39,105
$
28,611
Plus: net earnings from discontinued operations
4,972
12,100
Net earnings
44,077
40,711
Adjustments to reconcile net earnings to net cash provided by
operating activities:
Depreciation and amortization
17,641
9,086
Provision for losses on accounts receivable
1,459
1,483
Write-downs of inventories
2,841
4,748
Non-cash stock-based compensation
5,663
6,254
Gain on sale of discontinued operation
(7,937
)
(15,122
)
Excess tax benefit from employee gains on stock-based compensation
(45
)
(895
)
Deferred income taxes
(2,753
)
(6,724
)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(42,488
)
20,048
Decrease in inventories
484
39,379
Decrease (increase) in other current assets
11,759
(2,120
)
Increase in other assets
(2,221
)
(14,625
)
Increase in accounts payable
105,175
55,459
Decrease in inventories financing facility
-
(4,281
)
Decrease in deferred revenue
(12,937
)
(6,521
)
Decrease in accrued expenses and other current liabilities
liabilities
(17,172
)
(95
)
Net cash provided by operating activities
103,546
126,785
Cash flows from investing activities:
Proceeds from sale of discontinued operation
28,631
46,500
Purchases of property and equipment
(18,867
)
(17,187
)
Net cash provided by investing activities
9,764
29,313
Cash flows from financing activities:
Repayments on short-term financing facility
-
(45,000
)
Borrowings on long-term financing facility
262,000
-
Repayments on long-term financing facility
(398,000
)
-
Repayments on term loan
(3,750
)
-
(Repayments) borrowings on line of credit
27,000
(21,309
)
Proceeds from sales of common stock under employee stock plans
2,475
7,391
Excess tax benefit from employee gains on stock-based compensation
45
895
Decrease in book overdrafts
(15,606
)
-
Net cash used in financing activities
(125,836
)
(58,023
)
Net cash provided by discontinued operations
-
129
Foreign currency exchange effect on cash flow
3,973
4,903
(Decrease) increase in cash and cash equivalents
(8,553
)
103,107
Cash and cash equivalents at beginning of period
54,697
35,145
Cash and cash equivalents at end of period
$ 46,144
$ 138,252
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES QUARTERLY SELECT OPERATING SEGMENT STATISTICS (UNAUDITED)
Three Months EndedJune 30, North America 2007 2006 Change
Number of shipping days
63
64
(1 day)
Number of account executives
1,336
1,034
29
%
Net sales per account executive
$
707,968
$
637,300
11
%
Gross profit per account executive
$
102,827
$
81,191
27
%
Sales mix (as a % of net sales):
Notebooks and PDA’s
11
%
13
%
22
% (a)
Desktops and servers
12
%
15
%
9
% (a)
Networking and connectivity
10
%
18
%
(27
%)(a)
Storage devices
6
%
7
%
3
% (a)
Printers
4
%
7
%
(12
%)(a)
Memory and processors
4
%
5
%
3
% (a)
Supplies and accessories
4
%
7
%
(9
%)(a)
Monitors and video
4
%
6
%
5
% (a)
Miscellaneous
6 %
8 %
6
% (a)
Hardware
61
%
86
%
(-1
%)(a)
Software
37
%
12
%
315
% (a)
Services
2 %
2 %
26
% (a)
100 %
100 %
EMEA
Number of shipping days(b)
61
61
-
Number of account executives
495
276
79
%
Net sales per account executive
$
682,227
$
437,660
56
%
Gross profit per account executive
$
92,578
$
66,122
40
%
Sales mix (as a % of net sales):
Notebooks and PDA’s
8
%
17
%
34
% (a)
Desktops and servers
6
%
14
%
24
% (a)
Networking and connectivity
4
%
9
%
14
% (a)
Storage devices
3
%
8
%
22
% (a)
Printers
3
%
8
%
9
% (a)
Memory and processors
2
%
4
%
12
% (a)
Supplies and accessories
3
%
8
%
17
% (a)
Monitors and video
2
%
8
%
(2
%)(a)
Miscellaneous
2 %
6 %
15
% (a)
Hardware
33
%
82
%
18
% (a)
Software
66
%
17
%
1,045
% (a)
Services
=1%
=1%
220
% (a)
100 %
100 %
(a) Represents growth/decline in category
net sales.
(b) Represents shipping days for the
United Kingdom as it makes up the largest percentage of net sales
in our EMEA segment.
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF EARNINGS INFORMATION (IN THOUSANDS) (UNAUDITED)
Three Months Ended June 30, 2007 NorthAmerica EMEA APAC Consolidated
Net sales
$
923,899
$
331,903
$
27,647
$
1,283,449
Costs of goods sold
789,710
286,863
22,063
1,098,636
Gross profit
134,189
45,040
5,584
184,813
Operating expenses:
Selling and administrative expenses
101,092
33,470
3,761
138,323
Severance and restructuring expenses
2,841
-
-
2,841
Earnings from operations
$ 30,256 $ 11,570 $ 1,823
43,649
Non-operating expense, net
79
Earnings from continuing operations before income taxes
43,570
Income tax expense
16,761
Net earnings from continuing operations
26,809
Net earnings from discontinued operations
-
Net earnings
$ 26,809
Total assets
$ 2,168,691 $ 485,673 $ 42,112 $ 1,786,731 (c)
(c) Consolidated total assets include corporate assets and intercompany
eliminations for a net reduction of $909,745.
Six Months Ended June 30, 2007 NorthAmerica EMEA APAC Consolidated
Net sales
$
1,701,100
$
659,279
$
47,045
$
2,407,424
Costs of goods sold
1,454,995
575,768
38,673
2,069,436
Gross profit
246,105
83,511
8,372
337,988
Operating expenses:
Selling and administrative expenses
195,862
65,481
6,738
268,081
Severance and restructuring expenses
2,841
-
-
2,841
Earnings from operations
$ 47,402 $ 18,030 $ 1,634
67,066
Non-operating expense, net
3,289
Earnings from continuing operations before income taxes
63,777
Income tax expense
24,672
Net earnings from continuing operations
39,105
Net earnings from discontinued operations
4,972
Net earnings
$ 44,077
Total assets
$ 2,168,691 $ 485,673 $ 42,112 $ 1,786,731 (c)
(c) Consolidated total assets include corporate assets and intercompany
eliminations for a net reduction of $909,745.
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES OPERATING SEGMENT STATEMENT OF EARNINGS INFORMATION (CONTINUED) (IN THOUSANDS) (UNAUDITED)
Three Months Ended June 30, 2006 North America EMEA APAC Consolidated
Net sales
$
665,023
$
115,323
$
-
$
780,346
Costs of goods sold
580,300
97,900
-
678,200
Gross profit
84,723
17,423
-
102,146
Operating expenses:
Selling and administrative expenses
65,027
14,507
-
79,534
Earnings from operations
$ 19,696 $ 2,916 $ -
22,612
Non-operating income, net
(663
)
Earnings from continuing operations before income taxes
23,275
Income tax expense
8,106
Net earnings from continuing operations
15,169
Net earnings from discontinued operations
10,718
Net earnings
$ 25,887
Total assets
$ 1,184,765 $ 123,913 $ - $ 930,077 (d)
(d) Consolidated total assets include corporate assets and intercompany
eliminations for a net reduction of $378,601.
Six Months Ended June 30, 2006 North America EMEA APAC Consolidated
Net sales
$
1,277,902
$
235,268
$
-
$
1,513,170
Costs of goods sold
1,113,671
200,247
-
1,313,918
Gross profit
164,231
35,021
-
199,252
Operating expenses:
Selling and administrative expenses
127,082
28,557
-
155,639
Earnings from operations
$ 37,149 $ 6,464
$
43,613
Non-operating income, net
(595
)
Earnings from continuing operations before income taxes
44,208
Income tax expense
15,597
Net earnings from continuing operations
28,611
Net earnings from discontinued operation
12,100
Net earnings
$ 40,711
Total assets
$ 1,184,765 $ 123,913 $ - $ 930,077 (d)
(d) Consolidated total assets include corporate assets and intercompany
eliminations for a net reduction of $378,601.
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Nachrichten zu Insight Enterprises Inc.mehr Nachrichten
31.07.24 |
Ausblick: Insight Enterprises stellt Ergebnisse des abgelaufenen Quartals vor (finanzen.net) |
Analysen zu Insight Enterprises Inc.mehr Analysen
Aktien in diesem Artikel
Insight Enterprises Inc. | 150,65 | -0,20% |
Indizes in diesem Artikel
S&P 600 SmallCap | 935,46 | -0,94% |