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| 8-K - 8-K - WireCo WorldGroup Inc. | q22016investorsummaryprese.htm |
WireCo WorldGroup
Investor Summary Presentation
Q2 2016
2
Forward-Looking Statements
This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements. It is important to
note that the Company’s performance, and actual results, financial condition or business could differ materially from those expressed in such forward-
looking statements. Forward-looking statements include those containing such words as “anticipates,” “believes”, “continues,” “estimates,” “expects,”
“forecasts,” “intends,” “outlook,” “plans,” “projects,” “should,” “targets,” “will,” or other words of similar meaning. Factors that could cause or contribute to
such differences include, but are not limited to: the general economic conditions in markets and countries where we have operations; fluctuations in end
market demand; risks associated with our non-U.S. operations; foreign currency exchange rate fluctuations; the competitive environment in which we
operate; changes in the availability or cost of raw materials and energy; risks associated with our manufacturing activities; our ability to meet quality
standards; our ability to protect our trade names; violations of laws and regulations; the impact of environmental issues and changes in environmental
laws and regulations; our ability to successfully execute and integrate acquisitions; comparability of our specified scaled disclosure requirements
applicable to emerging growth companies; labor disturbances, including any resulting from suspension or termination of our collective bargaining
agreements; our significant indebtedness; covenant restrictions; the interests of our principal equity holder may not be aligned with the holders of our
9.5% Senior Notes; and credit-rating downgrades. More detailed information about factors that could affect future performance or results may be found
in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2015
and subsequent reports. Forward-looking statements should not be relied upon as a guarantee of future performance or results, nor will they prove to be
accurate indications of the times at or by which any such performance or results will be achieved. The Company undertakes no obligation to update
forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial
condition or business over time.
Non-GAAP Financial Measures
Some of the information included in this presentation is derived from our consolidated financial information but is not presented in our financial
statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain of these data are considered “Non-GAAP
Financial Measures” under SEC rules. These Non-GAAP Financial Measures supplement our GAAP disclosures and should not be considered an
alternative to the GAAP measure. Reconciliations to the most directly comparable GAAP financial measures can be found in the Appendix to this
presentation. These Non-GAAP Financial Measures are provided as a means to enhance communications with security holders by providing additional
information regarding our operating results and liquidity. Management uses these Non-GAAP Financial Measures in evaluating our performance and in
determining debt covenant calculations. Any reference during the discussion today to EBITDA means Adjusted EBITDA for which we have provided a
reconciliation in the Appendix.
Cautionary Statements
WireCo Business Overview
4
WireCo Overview
Steel (66%) (1)
Large diameter,
highly engineered
rope and electrical
signal transmission
cable
Engineered specialty wire
products used in industrial
end markets
Highly engineered,
made-to-order
synthetic ropes and
technical products
that have strength
characteristics of
steel but weigh
significantly less
Synthetic (34%) (1)
Highly engineered plastic
molding from recycled materials
used in a variety of industrial,
structural and oil and gas
applications
Rope (70% of Sales) (1)
Broad Product Offering
Specialty Wire (19% of Sales) (1) Engineered Products (11% of Sales) (1)
Rope: Diverse End Market Applications
Oil & Gas
Industrial and
Infrastructure
Fishing Maritime Mining
(1) Percentages shown as % of Q2 2016 Sales.
WireCo Q2 2016 Performance
6
Although experiencing difficult market conditions through the first half of the year,
management has organized operating costs and working capital to realign with
current revenue trends
Market stability on Oil and Gas on a sequential basis provided tangible realization of
cost savings initiatives implemented in 2015 and Q1 2016
– Adjusted EBITDA increase of $2.1 million versus Q1 2016 (first time since downturn, but
note, Q3 2016 includes August European holiday months)
– Adjusted EBITDA versus Q2 2015 modest decline - $1.0 million (constant currency basis)
Cash flow for Q2 of $17.9 million, but still working capital opportunity to generate cash
with working capital off ~800bps from its target of 30%
– $28.9 million in swap proceeds during Q2 2016 to help facilitate cash generation
Completing refinancing process allowing enhanced flexibility to invest in strategic
priorities
– Reduced interest expense: current level of ~$72 million annually to ~$45 million
– Ratings agencies upgrades to B3/B (corporate parent rating)
Q2 Summary
(1) Adjusted EBITDA, Credit Agreement EBITDA and Free Cash Flow are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
(2) 2015 Constant Currency (CC) are 2015 actuals calculated at 2016 exchange rates for the same period.
7
$27.1 $26.6
$23.5
$25.6
Q2 '15 Q2 '15 CC Q1 '16 Q2 '16
$173.8 $171.8
$149.0
$156.4
Q2 '15 Q2 '15 CC Q1 '16 Q2 '16
Revenue and EBITDA up vs Q1’16, 1st sequential quarter over quarter growth since downturn
Revenue:
– Increase of $7.4 million in Q2’16 over Q1’16
– Q2’15 relative Q2’16, revenue decline of $17.4 million (FX Impact: $2.0 million)
Adjusted EBITDA(1):
– Increase of $2.1 million in Q2’16 over Q1’16 inclusive of Adjusted EBITDA(1) margin
increase of 70 bps
– Q2 ‘15 relative Q2 ’16, EBITDA decline of $1.5 million (FX impact: $0.5 million), margin up
80 bps
Achieved positive cash generation of $17.9 million, including $28.7 million from Swap
Q2 Performance Summary
Sales Adjusted EBITDA (1)
(1) Adjusted EBITDA, Credit Agreement EBITDA and Free Cash Flow are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
(2) 2015 Constant Currency (CC) are 2015 actuals calculated at 2016 exchange rates for the same period.
Free Cash Flow (1)
FX EUR MXN PLN
2015A 1.11 15.32 3.70
2016A 1.13 18.08 3.87
16.4%
%: Adjusted EBITDA(1) Margin
15.7%
(2)
15.5% 15.6%
(2)
$(9.2)
$1.1
$17.9
Q2 '15 Q1 '16 Q2 '16
8
$27.1 $26.6 $25.6
$0.5
$3.8
$0.9
$1.6 $2.2
Q2'15 Adjusted
EBITDA
FX Q2'15 Constant
Currency
Onshore O&G Maritime Operations SG&A Q2'16 Adjusted
EBITDA(1)
Manage costs to mitigate Oil and Gas market and FX decline relative to Q2’15 ($1.5 million EBITDA
decline); expanding Adjusted EBITDA(1) margins to 16.4%
– FX impact to Adjusted EBITDA(1): $0.5 million
– Sales Impact to Adjusted EBITDA(1): $4.7 million on Constant Currency(2) basis
Onshore Oil and Gas accounting for 81% of EBITDA decline (US rig count average Q2’15 of 896 down to 422 Q2’16)
Maritime weak due to commodity shipping demand (Oil and Gas specifically) accounting for 19% of decline
Stability across remaining markets
– Cost containment measure benefiting EBITDA by $3.8 million; plant operations and SG&A spending reductions
Operations savings: $1.6 million driven by initiatives in procurement, plants and distribution centers
SG&A savings of $2.2 million driven by cost reductions announced in Q1’16
Q2 Adjusted EBITDA(1) Bridge
Adjusted EBITDA(1) Bridge
(1) Adjusted EBITDA is a Non-GAAP Financial Measure. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
(2) 2015 Constant Currency (CC) are 2015 actuals calculated at 2016 exchange rates for the same period.
(1) (2)
9
Cash generation of $17.9 million in Q2’16 including $25.5 million interest payment and $28.7M from Swap
proceeds
Ending Net Debt(1) of $789.9 million (down from $807.7 million in Q1’16)
Working Capital & Cash Management
Key Working Capital Statistics Free Cash Flow (1)
(1) Adjusted EBITDA, Free Cash Flow and Net Debt are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; $ in millions
Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
A/R 68 64 66 68 69
Inventory 137 132 140 156 143
A/P 52 46 54 51 51
WC % of Sales 35.7% 36.2% 36.4% 40.8% 38.3%
FY 2015 Q1 '16 Q2 '16
Adjusted EBITDA (1) $106.4 $23.5 $25.6
Interest (67.8) (5.3) (25.5)
Swap Proceeds 28.7
Tax (7.0) (2.1) (2.0)
A/R 16.7 6.9 (7.9)
Inventory 21.6 (2.6) 1.3
Payable & Other (17.2) (10.2) 4.8
Change in NWC $21.1 ($5.9) ($1.8)
Capex (29.8) (5.1) (4.0)
Other (6.9) (2.5) (1.2)
Cash Flow (Pre FX / Advisory Fees) $16.0 $2.6 $19.9
FX / Advisory Fees (7.9) (1.6) (2.0)
Free Cash Flow (1) 8.0$ 1.1$ $17.9
10
$817
$826
$808 $809 $808
$790
$762
$788
$768
$763
$780
6.0x
6.5x
6.8x
5.3x
5.8x
6.0x
6.3x
6.8x 6.8x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
$750
$770
$790
$810
$830
$850
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net Debt Swap Adj. Net Debt
Net Debt(1) ended at $789.9 million
– Swap executed in Q2’16 delivering $28.7 million in cash proceeds, Swap Adj. Net Debt excludes restricted cash
Total debt of $834.8 million; total cash of $44.9 million
– Approximately $43.1 million of cash is unrestricted and can be repatriated on tax free basis
Net Debt(1) Levels
Net Debt (1) and Swap Adjusted Net Debt Trend
(2)
(1) Net Debt is a Non-GAAP Financial Measure. See appendix for reconciliation to most directly comparable GAAP Financial Measure; ($ in millions)
(2) Calculated per Credit Agreement definition
Business Outlook
12
Short-Term WireCo Sales Outlook
Sales Results
LTM Rope Sales: $455.6
Industrial and
Infrastructure
Mining Fishing Maritime
Rope Update
Rig count stabilization at
end of Q2, Goldman
Sachs estimates 501 rigs
by year end 2016(1)
Continued penetration in
Middle Eastern market
Portugal offshore project
continuing as scheduled
Slow growth in core
industrial segments
during Q2 expected to
continue
China manufacturing
sector continues to be
slow
Crane sector impacted by
declining OEM backlog
Continued slowdown of
tons mined in NA with
global mining companies
under financial stress
(Coal production down
25.8 percent from YTD
Jul’15 to YTD Jul’16)(2)
Continuing traction in new
markets (Africa / Russia)
and scheduled new
product releases on track
Commodity prices
showing signs of
improvement
Continued population
growth driving increased
demand for seafood
Overall end market
stability
Continued market
penetration in targeted
new areas
Global demand
slowdown for
commodities shipped
via vessel
Oversupply of vessels
from previous years
means less new builds
Several initiatives in
execution phase
including further
penetration of US
market with Lankhorst
synthetics products
($ in millions)
(1): Source – GS Research Model as of 11-Apr-16 (2): Source – U.S. Energy Information Agency Weekly Coal Production Estimates as of July 30, 2016
Oil & Gas
$124.0
$116.2
$106.4
$108.9
Q3 '15 Q4 '15 Q1 '16 Q2 '16
13
LTM Wire Sales: $113.3
Sales
Results
Specialty Wire
Short-
Term
WireCo
Sales
Outlook
Engineered Products
LTM Engineered Products Sales: $66.4
Specialty Wire and Engineered Products
Continued weakness in Offshore market
Rest of portfolio showing stability, with particular
strength in Steel (storage & transport solutions) &
EKON (poultry)
Growth opportunities for Recycling Products business
for wetland applications and railway sleepers (synthetic
railway ties)
Private projects offsetting lack of public investment in
Mexico
Automotive segment in Mexico and Poland continues to
be focus as growth supported by new investment
coming into the country
Pricing pressure across general wire markets due to
slow general industrial demand
($ in millions)
$29.6
$25.6
$28.2
$30.0
Q3 '15 Q4 '15 Q1 '16 Q2 '16
$17.8 $16.6
$14.4
$17.5
Q3 '15 Q4 '15 Q1 '16 Q2 '16
14
Achieved sales of $156.4M and Adjusted EBITDA of $25.6M in Q2’16, demonstrating first
sequential quarter over quarter increase in sales and EBITDA since commencement of
downturn
Continued expense management with cost savings in line with 2015 quarterly achievements,
achieving Adjusted EBITDA(1) margins of 16.4% in Q2, 80 bps in excess of Q2’15
Disciplined cost and cash management allowing for investment in strategic commercial initiatives
during current commodity market decline
As disclosed publicly, on June 25, 2016, an affiliate of Onex Corporation entered into an
agreement to acquire a majority interest in the Company
– At closing, Leverage Ratio will decrease from 6.8x (see slide 9) to 5.2x based on Q2 LTM EBITDA
– Ratings agency upgrade to B3/B (corporate parent rating)
Completion of the recapitalization will provide substantial operating flexibility, reducing
interest expense from $72 million to $45 million.
Consistent with previous guidance, anti-trust and other closing processes are continuing as
scheduled
Conclusion
(1) Adjusted EBITDA is a Non-GAAP Financial Measure. See appendix for reconciliations to most directly comparable GAAP Financial Measures.
Appendix
16
$27.1 $27.5
$24.5
$23.5
$25.6
15.6%
16.1%
15.5%
15.7%
16.4%
Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
Adjusted EBITDA EBITDA Margin
Adjusted Working Capital (1)
Quarterly Performance Trends
Sales Adjusted EBITDA (1)
Free Cash Flow (1)
(1) Adjusted EBITDA, Adjusted Working Capital and Free Cash Flow are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
(1)
(1)
$173.8
$171.4
$158.4
$149.0
$156.4
Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
$248.2 $247.8
$230.4
$243.0 $239.8
35.7%
36.2% 36.4%
40.8%
38.3%
Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
Adjusted Working Capital % of Sales
($9.2)
$18.1
($0.7)
$1.1
$17.9
Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
17
Adjusted Working Capital(1) Metrics
A/P
Working capital management is the largest opportunity for cash generation
Q2’16 Adjusted Working Capital(1) 38.3% of sales
Adjusted Working Capital (1)
A/R & Customer Advances Inventory
(1) Adjusted Working Capital is a Non-GAAP Financial Measure. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
248 228 225 206 203 192 187 194 188
135
128
134 134
137
132
140
156
142
100
110
120
130
140
150
160
$-
$50
$100
$150
$200
$250
$300
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
D
S
I
Inventory, net Days sales in inventory (DSI) Linear (Inventory, net)
160
139 137
123 122 122 116 113 119
53
58
61
63 68 64 66 68
69
2
22
42
62
82
102
$50
$70
$90
$110
$130
$150
$170
$190
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
D
S
O
AR Days sales outstanding (DSO) Linear (AR)
95
80
99
78 76
67 72 64 68
51
45
56
51 52
46
54
51 51
2
12
22
32
42
52
62
$35
$45
$55
$65
$75
$85
$95
$105
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
D
P
O
AP Days payables outstanding (DPO) Linear (AP)
313 287 264
251 248 248 230 243 240
137
141 139
146
153
150
152
173
160
115
125
135
145
155
165
175
$0
$50
$100
$150
$200
$250
$300
$350
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
C
a
s
h
C
onv
e
rs
io
n
Adjusted Working Capital Cash conversion cycle (in days)
AWC % of L3M Sales
Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16
34.6% 33.0% 32.5% 34.8% 35.7% 36.2% 36.4% 40.8% 38.3%
18
Income Statement Results
2015 2016
Q1 Q2 Q3 Q4 FY Q1 Q2
Sales $180.4 $173.8 $171.4 $158.4 $684.0 $149.0 $156.4
Adj. EBITDA (1) $27.3 $27.1 $27.5 $24.5 $106.4 $23.5 $25.6
Adj. EBITDA Margin 15.2% 15.6% 16.1% 15.5% 15.6% 15.7% 16.4%
Credit Agreement
EBITDA (1) $35.4 $31.9 $31.9 $28.5 $127.7 $27.7 $28.3
Sales Var. QoQ (11.0%) (3.6%) (1.4%) (7.5%) (5.9%) 5.0%
Adj. EBITDA Var. QoQ (20.2%) (0.7%) 1.7% (11.0%) (4.2%) 9.2%
Sales Var. YoY (14.3%) (23.3%) (21.1%) (21.8%) (17.4%) (10.0%)
Adj. EBITDA Var. YoY (25.2%) (34.4%) (29.4%) (28.5%) (14.2%) (5.3%)
(1) Adjusted EBITDA and Credit Agreement EBITDA are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
19
2015 2016
Q1 Q2 Q3 Q4 Q1 Q2
Free Cash Flow (1) $0 ($9) $18 ($1) $1 $18
Interest Paid $6 $28 $6 $25 $5 $26
CapEx $9 $8 $5 $7 $5 $4
Adjusted Work Capital
(AWC)(1) $251 $248 $248 $230 $243 $239.8
AWC % of Sales 34.8% 35.7% 36.2% 36.4% 40.8% 38.3%
Net Debt (1) $817 $826 $808 $809 $808 $790
Net Leverage 5.3x 5.8x 6.0x 6.3x 6.8x 6.8x
Cash Flow
Balance Sheet
Cash Flow and Balance Sheet Results
(1) Free Cash Flow, Adjusted Working Capital and Net Debt are Non-GAAP Financial Measures. See appendix for reconciliations to most directly comparable GAAP Financial Measures; ($ in millions)
20
Adjusted EBITDA Reconciliation
Non-GAAP Reconciliations
(1) Reflects correction of an error of $3,051 in unrealized foreign currency gains which were previously excluded from net loss; ($ in 000’s)
Q1 2015 Q2 2015 Q3 2015 Q4 2015 FY 2015 Q1 2016 Q2 2016
Net Loss (GAAP) (4,068)$ (15,045)$ (5,192)$ (11,203)$ (35,508)$ (20,475)$ (21,875)$
Plus:
Interest expense, net 18,988 16,637 19,597 15,364 70,586 18,971 16,204
Income tax expense (benefit) (7,561) 6,709 1,446 (472) 122 4,412 (123)
Depreciation and amortization 11,375 11,138 11,232 10,527 44,272 10,747 10,783
Foreign currency exchange losses (gains), net 4,278 2,689 (5,626) 598 1,939 3,544 13,869
Share-based compensation 1,926 1,926 1,926 1,718 7,496 1,736 1,574
Other expense (income), net 309 (80) 169 447 845 (59) 1,910
Loss on extinguishment of debt - - - - - - -
Acquisition costs - - - - - - -
Purchase accounting (inventory step-up and other) - - - - - - -
Advisory fees 984 991 953 979 3,907 767 744
Reorganization and restructuring charges 759 1,498 2,956 3,463 8,676 3,769 2,505
Effect of inventory optimization program - - - - - - -
Non-cash impairment of fixed assets - - - 3,238 3,238 - -
Other adjustments 352 587 58 (159) 838 47 28
Adjusted EBITDA (Non-GAAP) 27,342$ 27,050$ 27,519$ 24,500$ 106,411$ 23,459$ 25,619$
Plus:
Additional reorganization and restructuring charges 89 172 - - 261 - -
Additional effect of Inventory Optimization Program - - 143 327 470 330 193
Production curtailment 633 491 737 1,000 2,861 - -
Impact of nonrecurring resin procurement costs - - 920 - 920 - -
Impact of nonrecurring and unusual items in Brazil 2,609 1,136 - - 3,745 - -
Impact of nonrecurring and unusual items in Portugal - - - - - 1,113 641
Pro forma selling and administrative expense savings 3,397 1,850 1,375 1,375 7,997 917 -
Pro forma manufacturing facility consolidation 1,173 1,173 1,173 1,173 4,693 1,173 1,173
Pro forma manufacturing facility labor savings - - - - - 659 659
Additional other adjustments 202 - - 157 359 - -
Credit Agreement EBITDA (Non-GAAP) 35,445$ 31,872$ 31,868$ 28,532$ 127,717$ 27,651$ 28,285$
(1)
(1)
21
Adjusted Working Capital
Non-GAAP Reconciliations
($ in 000’s)
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Accounts receivable, net 126,549$ 131,707$ 134,297$ 124,463$ 122,582$ 128,412$
Inventories, net 205,567 202,889 192,211 186,964 194,251 188,403
Accounts payable (77,656) (76,182) (66,738) (72,153) (64,005) (67,890)
Customer advances (3,128) (10,204) (11,964) (8,918) (9,853) (9,121)
Adjusted Working Capital (Non-GAAP) 251,332 248,210 247,806 230,356 242,975 239,804
Plus: All other current assets 67,177 57,483 49,852 33,494 77,156 56,065
Less: All other current liabilities (65,251) (41,820) (56,393) (47,672) (411,192) (866,828)
Working capital (GAAP) 253,258$ 263,873$ 241,265$ 216,178$ (91,061)$ (570,958)$
22
Free Cash Flow Reconciliation
Non-GAAP Reconciliations
($ in 000’s)
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net cash provided by (used in) operating activities (GAAP) 12,600$ (896)$ 24,299$ 7,043$ 5,672$ 22,380$
Less: capital expenditures (9,212) (8,250) (5,367) (6,973) (5,055) (3,958)
Effect of exchange rates on cash and cash equivalents (4,460) 608 (547) (560) 461 (787)
Other items 940 (700) (263) (221) (12) 235
Free Cash Flow (Non-GAAP) (132)$ (9,238)$ 18,122$ (711)$ 1,066$ 17,870$
23
Net Debt Reconciliation
Non-GAAP Reconciliations
($ in 000’s)
Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Borrowings under Revolving Loan Facility 57,650$ 75,600$ 54,570$ 42,305$ 49,900$ 53,005$
Term Loan due 2017 323,532 308,038 307,246 306,454 305,662 299,105
9.00% Senior Notes due 2017 56,000 56,000 56,000 56,000 56,000 56,000
9.50% Senior Notes due 2017 425,000 425,000 425,000 425,000 425,000 425,000
Capital lease obligations 1,050 1,246 1,460 1,619 1,900 1,693
Total debt at face value plus capital lease obligations (GAAP) 863,232 865,884 844,276 831,378 838,462 834,803
Less: Cash and cash equivalents (45,193) (38,044) (34,607) (21,060) (28,941) (43,124)
Less: Restricted cash (1,070) (1,633) (1,584) (1,522) (1,791) (1,819)
Net Debt (Non-GAAP) 816,969$ 826,207$ 808,085$ 808,796$ 807,730$ 789,860$