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bwxt-20201102
false000148695700014869572020-11-022020-11-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________________________________________________
FORM 8-K
 ______________________________________________________________________________
CURRENT REPORT
 Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2020
BWX TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 _____________________________________________________________________________
Delaware 001-34658 80-0558025
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
800 Main Street, 4th Floor
Lynchburg,Virginia24504
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (980) 365-4300
 ____________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueBWXTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐


Item 2.02 Results of Operations and Financial Condition.
On November 2, 2020, we issued a press release announcing our financial results for the third quarter ended September 30, 2020.  A copy of the press release is attached as Exhibit 99.1, and the information contained in Exhibit 99.1 is incorporated by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)       Exhibits
99.1
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
BWX TECHNOLOGIES, INC.
By: /s/ Jason S. Kerr
 Jason S. Kerr
 Vice President and Chief Accounting Officer




November 2, 2020
Document
https://cdn.kscope.io/45c81a6f412d02f615fa37246035fe64-erheadera241.jpg
BWX Technologies Reports Solid Third Quarter 2020 Results;
Increases 2020 Full-Year Earnings Guidance Once Again
•Generates 3Q20 GAAP EPS of $0.76; non-GAAP EPS of $0.79
•Reports 3Q20 consolidated revenue of $520 million, up 3% vs. 3Q19
•Increases 2020 full-year non-GAAP EPS guidance to ~$3.00
•Increases 2020 segment guidance given the performance observed in the Nuclear Operations Group and the Nuclear Power Group
Lynchburg, VA - Nov 2, 2020 - BWX Technologies, Inc. (NYSE: BWXT) ("BWXT", "we", "us" or the "Company") reported third quarter 2020 revenue of $520 million, a 3% increase compared with $506 million in the third quarter of 2019. GAAP net income for the third quarter 2020 was $73.2 million, or $0.76 per diluted share, compared with GAAP net income of $74.8 million, or $0.78 per diluted share, in the prior-year period. Non-GAAP net income for the third quarter 2020 was $75.6 million, or $0.79 per diluted share, compared with non-GAAP net income of $75.3 million, or $0.79 per diluted share, in the prior-year period. A reconciliation of non-GAAP results is detailed in Exhibit 1.
“BWXT delivered solid results in the third quarter, exhibiting consistent underlying business performance across all segments and indicating the stability of our end markets even under challenging economic conditions,” said Rex D. Geveden, president and chief executive officer. “Another strong quarter of financial results leads us to increase our 2020 EPS guidance for the second time this year, with the opportunity to achieve our long-term EPS guidance in the first year of the outlined 3-year performance period.”
“The Nuclear Operations Group continues to be the bedrock of the Company’s 2020 performance, with continued customer support for mission-critical nuclear components. The Nuclear Power Group is trending positive in both its commercial nuclear power and nuclear medicine businesses and was also able to secure funds under the Canadian COVID-19 Economic Response Plan designed to offset the negative financial pressure created by the pandemic. All of this leads us to increase the full year revenue and earnings guidance,” said Geveden.
Segment Results
Nuclear Operations Group (NOG) segment revenue was $387 million for the third quarter of 2020, a 2% decrease from the prior-year period, driven by higher downblending and naval nuclear fuel volume, more than offset by lower long lead material production. NOG operating income was $68.5 million in the third quarter of 2020, a 27% decrease compared with the prior-year period, driven by higher downblending and naval nuclear fuel volume, more than offset by lower long lead material production, and fewer positive contract adjustments to backlog contracts compared with the prior-year period. Third quarter 2020 segment operating margin was 17.7%. Given the quarterly fluctuations experienced from the timing of certain items, year-to-date results can be more reflective of the underlying strength of the segments. Year-to-date revenue was up 15.4% along with strong operating income growth, resulting in year-to-date operating margins of 20.1%.



Nuclear Power Group (NPG) segment revenue was $108 million for the third quarter of 2020, a 28% increase from the prior-year period primarily due to higher field service activity, higher fuel production and fuel handling services, and the Laker Energy acquisition, partially offset by lower component volume. NPG GAAP and non-GAAP operating income was $29.2 million and $29.7 million, respectively, in the third quarter of 2020, a significant respective increase from GAAP and non-GAAP operating income in the prior-year period driven primarily by higher revenue and funds received under the Canadian COVID-19 Economic Response Plan of $16.6 million to offset year-to-date incurred expenses related to the headwinds created by the COVID-19 pandemic. Third quarter 2020 segment GAAP and non-GAAP operating margins were 27.0% and 27.5%, respectively.
Nuclear Services Group (NSG) segment operating income was $7.6 million in the third quarter of 2020, up 37% compared with $5.5 million for the third quarter of 2019 driven by lower costs.
Cash and Capital Returned to Shareholders
The Company utilized $7.5 million of net cash in operating activities in the third quarter of 2020 compared with $43.9 million of cash generated from operating activities in the prior-year period. At the end of the third quarter 2020, the Company’s cash balance, net of restricted cash, was $44.7 million.
The Company returned $18.1 million of cash to shareholders during the third quarter 2020 through dividends, bringing the total year-to-date cash returned to shareholders to $74.9 million, including $20.0 million in share repurchases and $54.9 million in dividends. As of September 30, 2020, remaining share repurchase authorization was $145 million.
On October 30, 2020, the BWXT Board of Directors declared a quarterly cash dividend of $0.19 per common share. The dividend will be payable on December 10, 2020, to shareholders of record on November 20, 2020.
2020 Guidance
BWXT 2020 guidance has been updated to reflect year-to-date performance and management’s outlook on the remainder of the year. 2020 guidance continues to incorporate business conditions related to the COVID-19 pandemic and assumes that current conditions will remain in effect through the remainder of 2020.

BWXT updated the following guidance for 2020:
•Increased non-GAAP EPS from a range of $2.80 – $2.90 to ~$3.00 (excludes pension and post-retirement benefits mark-to-market)
•Increased consolidated revenue growth from up ~8% to up ~9%
•Increased NOG revenue growth from up ~10% to up more than 10%
•Increased NPG revenue growth from down ~1% to up slightly
•Increased NPG operating margin from ~11% to ~14%
BWXT reiterated the following guidance for 2020:
•Non-GAAP operating income and margin
•NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement
•NSG operating income of ~$25 million
•Other segment operating expense primarily R&D of ~1% of revenue
•Unallocated corporate expenses of ~$15 million
•Other income primarily related to pension and other post-employment benefits of ~$37 million


•Capital expenditures of ~$270 million
•Non-GAAP effective tax rate of ~23%
Long-term Guidance
BWXT long-term guidance continues to reflect current business conditions related to the COVID-19 pandemic and assumes that current conditions will remain in effect through the remainder of 2020.
BWXT reiterated long-term guidance that, excluding the benefit of tax reform, the Company anticipates a non-GAAP EPS compound annual growth rate (CAGR) in the low-double digits over a three-to-five year period from 2017 based on a robust organic growth strategy and balance sheet capacity.
The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.
Conference Call to Discuss Third Quarter 2020 Results
Date: Monday, November 2, 2020, at 9:00 a.m. EST
Live Webcast: Investor Relations section of website at www.bwxt.com
Full Earnings Release Available on BWXT Website
A full version of this earnings release is available on our Investor Relations website at http://investors.bwxt.com/q32020-release

BWXT may use its website (www.bwxt.com) as a channel of distribution of material Company information. Financial and other important information regarding BWXT is routinely accessible through and posted on our website. In addition, you may elect to automatically receive e-mail alerts and other information about BWXT by enrolling through the “Email Alerts” section of our website at http://investors.bwxt.com.
Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; our plans and expectations for the NOG, NPG and NSG segments including the expectations, timing and revenue of our strategic initiatives, such as medical radioisotopes; changes in general economic conditions, reduced demand for our products and services, disruptions to our supply chain and/or production, changes in government regulations and other factors, including any such impacts of, or actions in response to the COVID-19 health crisis; and our 2020 guidance and long-term guidance. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear products and services; capital priorities of power generating utilities; the extent to which the COVID-19 health crisis impacts our business; the impact of COVID-19 on our employees, contractors, suppliers, customers and other partners and their business activities; the extent to which the length and severity of the COVID-19 health crisis exceeds our current expectations; the potential recurrence or subsequent waves of COVID-19 or similar diseases; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2019 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak


only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.
About BWXT
At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

Investor Contact:Media Contact:
Mark KratzJud Simmons
Director, Investor RelationsDirector, Media and Public Relations
980-365-4300Investors@bwxt.com434-522-6462hjsimmons@bwxt.com



EXHIBIT 1

BWX TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE(1)(2)(3)
Three Months Ended September 30, 2020
 GAAPRestructuring CostsOne-time franchise tax audit expenseNon-GAAP
   
Operating Income$88.8 $0.5 $2.6 $91.9 
Other Income (Expense)3.1 — — 3.1 
Provision for Income Taxes(18.7)(0.1)(0.6)(19.4)
Net Income73.2 0.4 2.0 75.6 
Net Income Attributable to Noncontrolling Interest
(0.0)— — (0.0)
Net Income Attributable to BWXT
$73.2 $0.4 $2.0 $75.6 
 
Diluted Shares Outstanding95.7 95.7 
Diluted Earnings per Common Share
$0.76 $0.00 $0.02 $0.79 
   
Effective Tax Rate20.3%20.4%
NPG Operating Income$29.2 $0.5 $— $29.7 
Three Months Ended September 30, 2019
 GAAPRestructuring CostsNon-GAAP
   
Operating Income$98.5 $0.6 $99.0 
Other Income (Expense)(4.0)— (4.0)
Provision for Income Taxes(19.5)(0.1)(19.6)
Net Income75.0 0.4 75.4 
Net Income Attributable to Noncontrolling Interest
(0.2)— (0.2)
Net Income Attributable to BWXT
$74.8 $0.4 $75.3 
 
Diluted Shares Outstanding95.8 95.8 
Diluted Earnings per Common Share
$0.78 $0.00 $0.79 
   
Effective Tax Rate20.6%20.7%
NPG Operating Income$9.0 $0.3 $9.3 
(1)
Tables may not foot due to rounding.
(2)
BWXT is providing non-GAAP information regarding certain of its historical results and guidance on future earnings per share to supplement the results provided in accordance with GAAP and it should not be considered superior to, or as a substitute for, the comparable GAAP measures. BWXT believes the non-GAAP measures provide meaningful insight and transparency into the Company’s operational performance and provides these measures to investors to help facilitate comparisons of operating results with prior periods and to assist them in understanding BWXT's ongoing operations.
(3)
BWXT has not included a reconciliation of provided non-GAAP guidance to the comparable GAAP measures due to the difficulty of estimating any mark-to-market adjustments for pension and post-retirement benefits, which are determined at the end of the year.


BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
September 30,
2020		December 31,
2019
(Unaudited)
(In thousands)
Current Assets:
Cash and cash equivalents$44,662 $86,540 
Restricted cash and cash equivalents3,070 3,056 
Investments3,699 5,843 
Accounts receivable – trade, net85,332 56,721 
Accounts receivable – other29,566 13,426 
Retainages72,130 46,670 
Contracts in progress430,470 376,037 
Other current assets40,671 41,462 
Total Current Assets709,600 629,755 
Property, Plant and Equipment, Net715,098 580,241 
Investments7,531 7,620 
Goodwill275,966 275,502 
Deferred Income Taxes55,115 58,689 
Investments in Unconsolidated Affiliates73,638 70,116 
Intangible Assets189,028 191,392 
Other Assets98,338 95,598 
TOTAL$2,124,314 $1,908,913 



BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30,
2020		December 31,
2019
(Unaudited)
(In thousands, except share
and per share amounts)
Current Liabilities:
Current maturities of long-term debt$— $14,711 
Accounts payable162,482 170,678 
Accrued employee benefits79,071 82,640 
Accrued liabilities – other69,023 52,213 
Advance billings on contracts67,066 75,425 
Accrued warranty expense4,909 9,042 
Total Current Liabilities382,551 404,709 
Long-Term Debt902,197 809,442 
Accumulated Postretirement Benefit Obligation21,942 23,259 
Environmental Liabilities85,391 80,368 
Pension Liability150,030 172,508 
Other Liabilities32,123 14,515 
Commitments and Contingencies
Stockholders' Equity:
Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 126,970,913 and 126,579,285 shares at September 30, 2020 and December 31, 2019, respectively1,270 1,266 
Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; No shares issued— — 
Capital in excess of par value148,272 134,069 
Retained earnings1,502,571 1,344,383 
Treasury stock at cost, 31,664,602 and 31,266,670 shares at September 30, 2020 and December 31, 2019, respectively(1,093,519)(1,068,164)
Accumulated other comprehensive income (loss)(8,408)(7,448)
Stockholders' Equity – BWX Technologies, Inc.550,186 404,106 
Noncontrolling interest(106)6 
Total Stockholders' Equity550,080 404,112 
TOTAL$2,124,314 $1,908,913 


BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(Unaudited)
(In thousands, except share and per share amounts)
Revenues$519,878 $506,000 $1,566,606 $1,393,685 
Costs and Expenses:
Cost of operations373,783 357,732 1,133,760 999,390 
Research and development costs2,933 5,125 11,565 15,631 
Losses (gains) on asset disposals and impairments, net25 (6)324 145 
Selling, general and administrative expenses62,638 52,561 170,733 158,296 
Total Costs and Expenses439,379 415,412 1,316,382 1,173,462 
Equity in Income of Investees8,271 7,874 19,247 22,418 
Operating Income88,770 98,462 269,471 242,641 
Other Income (Expense):
Interest income161 232 453 784 
Interest expense(7,701)(8,858)(23,533)(27,103)
Other – net10,652 4,670 28,019 18,795 
Total Other Income (Expense)3,112 (3,956)4,939 (7,524)
Income before Provision for Income Taxes
91,882 94,506 274,410 235,117 
Provision for Income Taxes18,687 19,508 61,199 52,009 
Net Income$73,195 $74,998 $213,211 $183,108 
Net Income Attributable to Noncontrolling Interest
(24)(188)(283)(442)
Net Income Attributable to BWX Technologies, Inc.$73,171 $74,810 $212,928 $182,666 
Earnings per Common Share:
Basic:
Net Income Attributable to BWX Technologies, Inc.
$0.77 $0.78 $2.23 $1.92 
Diluted:
Net Income Attributable to BWX Technologies, Inc.
$0.76 $0.78 $2.22 $1.91 
Shares used in the computation of earnings per share:
Basic95,483,003 95,420,626 95,450,994 95,344,349 
Diluted95,730,696 95,811,198 95,706,880 95,769,919 


BWX TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30,
20202019
(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income$213,211 $183,108 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization45,458 46,028 
Income of investees, net of dividends(4,183)(8,642)
Recognition of losses for pension and postretirement plans2,382 1,944 
Stock-based compensation expense12,139 9,139 
Other, net990 (1,107)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable(43,081)3,075 
Accounts payable9,614 18,124 
Retainages(25,495)(12,341)
Contracts in progress and advance billings on contracts(65,077)(111,660)
Income taxes5,090 (5,130)
Accrued and other current liabilities23,350 (15,046)
Pension liabilities, accrued postretirement benefit obligations and employee benefits(29,741)(21,608)
Other, net3,437 5,117 
NET CASH PROVIDED BY OPERATING ACTIVITIES148,094 91,001 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(179,972)(122,629)
Acquisition of business(15,905)— 
Purchases of securities(2,563)(2,686)
Sales and maturities of securities4,709 2,706 
Investments, net of return of capital, in equity method investees88 — 
Other, net3 208 
NET CASH USED IN INVESTING ACTIVITIES(193,640)(122,401)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings of long-term debt805,800 587,500 
Repayments of long-term debt(715,976)(498,363)
Payment of debt issuance costs(6,788)— 
Repurchases of common shares(20,027)(20,000)
Dividends paid to common shareholders(54,908)(49,167)
Exercises of stock options1,989 3,133 
Cash paid for shares withheld to satisfy employee taxes(5,249)(8,942)
Other, net237 847 
NET CASH PROVIDED BY FINANCING ACTIVITIES5,078 15,008 
EFFECTS OF EXCHANGE RATE CHANGES ON CASH(1,299)(7)
TOTAL DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS(41,767)(16,399)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
92,400 36,408 
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD
$50,633 $20,009 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$28,423 $35,342 
Income taxes (net of refunds)$55,688 $57,179 
SCHEDULE OF NON-CASH INVESTING ACTIVITY:
Accrued capital expenditures included in accounts payable$20,613 $18,199 


BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(Unaudited)
(In thousands)
REVENUES:
Nuclear Operations Group$386,502 $394,484 $1,220,529 $1,057,637 
Nuclear Power Group108,104 84,376 264,004 255,414 
Nuclear Services Group33,707 33,237 103,800 92,160 
Eliminations(8,435)(6,097)(21,727)(11,526)
TOTAL$519,878 $506,000 $1,566,606 $1,393,685 
 
SEGMENT INCOME:
Nuclear Operations Group$68,460 $93,667 $244,791 $226,518 
Nuclear Power Group29,199 8,967 38,771 36,433 
Nuclear Services Group7,557 5,516 18,079 8,577 
Other(5,714)(6,948)(16,673)(19,788)
SUBTOTAL99,502 101,202 284,968 251,740 
Unallocated Corporate(10,732)(2,740)(15,497)(9,099)
TOTAL$88,770 $98,462 $269,471 $242,641 
 
DEPRECIATION AND AMORTIZATION:
Nuclear Operations Group$8,041 $8,350 $24,916 $24,551 
Nuclear Power Group4,734 3,947 13,589 13,012 
Nuclear Services Group180 781 1,473 2,329 
Other297 246 350 545 
Corporate1,641 1,871 5,130 5,591 
TOTAL$14,893 $15,195 $45,458 $46,028 
 
CAPITAL EXPENDITURES:
Nuclear Operations Group$27,756 $33,909 $93,683 $89,120 
Nuclear Power Group32,650 11,611 76,397 24,991 
Nuclear Services Group411 582 1,075 967 
Other— 258 235 2,510 
Corporate3,678 568 8,582 5,041 
TOTAL$64,495 $46,928 $179,972 $122,629 



BWX TECHNOLOGIES, INC.
BUSINESS SEGMENT INFORMATION
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(Unaudited)
(In thousands)
BACKLOG:
Nuclear Operations Group$3,610,174 $3,444,580 $3,610,174 $3,444,580 
Nuclear Power Group726,081 729,445 726,081 729,445 
Nuclear Services Group28,759 46,161 28,759 46,161 
TOTAL$4,365,014 $4,220,186 $4,365,014 $4,220,186 
BOOKINGS:
Nuclear Operations Group$81,845 $131,518 $313,426 $1,862,229 
Nuclear Power Group62,724 63,329 132,442 181,078 
Nuclear Services Group11,940 26,375 85,356 91,963 
TOTAL$156,509 $221,222 $531,224 $2,135,270