$TREE
LendingTree, Inc.

2022 Q1 Form 10-Q Financial Statement

#000143462122000018 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $283.2M $272.8M
YoY Change 3.82% -3.65%
Cost Of Revenue $15.56M $13.90M
YoY Change 11.99% -2.5%
Gross Profit $99.46M $96.35M
YoY Change 3.24% -11.78%
Gross Profit Margin 35.12% 35.32%
Selling, General & Admin $240.1M $232.5M
YoY Change 3.3% 2.12%
% of Gross Profit 241.42% 241.26%
Research & Development $14.05M $12.47M
YoY Change 12.7% 13.73%
% of Gross Profit 14.13% 12.94%
Depreciation & Amortization $4.854M $3.718M
YoY Change 30.55% 10.07%
% of Gross Profit 4.88% 3.86%
Operating Expenses $254.2M $244.9M
YoY Change 3.78% 2.66%
Operating Profit -$2.934M -$1.907M
YoY Change 53.85% -109.19%
Interest Expense -$7.505M $10.22M
YoY Change -173.47% 111.32%
% of Operating Profit
Other Income/Expense, Net -$1.000K $40.07M
YoY Change -100.0%
Pretax Income -$10.44M $27.95M
YoY Change -137.35% 75.62%
Income Tax $383.0K $8.638M
% Of Pretax Income 30.91%
Net Earnings -$10.83M $19.05M
YoY Change -156.83% 32.28%
Net Earnings / Revenue -3.82% 6.98%
Basic Earnings Per Share -$0.84 $1.46
Diluted Earnings Per Share -$0.84 $1.35
COMMON SHARES
Basic Shares Outstanding 12.90M shares 13.07M shares
Diluted Shares Outstanding 12.90M shares 14.12M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.7M $162.1M
YoY Change 21.32% 216.6%
Cash & Equivalents $196.7M $162.1M
Short-Term Investments
Other Short-Term Assets $27.12M $37.20M
YoY Change -27.11% 111.36%
Inventory
Prepaid Expenses
Receivables $114.3M $123.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $338.1M $322.4M
YoY Change 4.85% 71.22%
LONG-TERM ASSETS
Property, Plant & Equipment $70.68M $71.57M
YoY Change -1.25% 127.41%
Goodwill $420.1M $420.1M
YoY Change 0.0% 0.0%
Intangibles $77.85M $117.2M
YoY Change -33.57% -30.17%
Long-Term Investments $173.1M $121.3M
YoY Change 42.79% 51.57%
Other Assets $6.969M $5.403M
YoY Change 28.98% -81.15%
Total Long-Term Assets $951.4M $920.7M
YoY Change 3.33% 11.16%
TOTAL ASSETS
Total Short-Term Assets $338.1M $322.4M
Total Long-Term Assets $951.4M $920.7M
Total Assets $1.289B $1.243B
YoY Change 3.72% 22.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.909M $7.200M
YoY Change 37.63% 18.03%
Accrued Expenses $107.9M $113.4M
YoY Change -4.9% 7.38%
Deferred Revenue $1.000M $1.000M
YoY Change 0.0% 42.86%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $169.2M
YoY Change
Total Short-Term Liabilities $287.3M $130.5M
YoY Change 120.1% -55.34%
LONG-TERM LIABILITIES
Long-Term Debt $564.2M $619.5M
YoY Change -8.92% 131.27%
Other Long-Term Liabilities $341.0K $359.0K
YoY Change -5.01% -98.55%
Total Long-Term Liabilities $564.6M $619.9M
YoY Change -8.92% 111.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $287.3M $130.5M
Total Long-Term Liabilities $564.6M $619.9M
Total Liabilities $948.6M $847.7M
YoY Change 11.9% 42.94%
SHAREHOLDERS EQUITY
Retained Earnings -$527.3M -$621.9M
YoY Change -15.2% 7.54%
Common Stock $1.133B $1.200B
YoY Change -5.6% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $266.2M $183.2M
YoY Change 45.32% 0.0%
Treasury Stock Shares 3.355M shares 2.641M shares
Shareholders Equity $340.8M $395.4M
YoY Change
Total Liabilities & Shareholders Equity $1.289B $1.243B
YoY Change 3.72% 22.29%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$10.83M $19.05M
YoY Change -156.83% 32.28%
Depreciation, Depletion And Amortization $4.854M $3.718M
YoY Change 30.55% 10.07%
Cash From Operating Activities $9.999M $8.900M
YoY Change 12.35% -68.88%
INVESTING ACTIVITIES
Capital Expenditures -$3.465M -$10.60M
YoY Change -67.31% 152.38%
Acquisitions
YoY Change
Other Investing Activities -$15.00M -$1.200M
YoY Change 1150.0% -98.5%
Cash From Investing Activities -$18.47M -$11.73M
YoY Change 57.38% -86.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $43.01M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$46.10M -$5.000M
YoY Change 821.96% -110.73%
NET CHANGE
Cash From Operating Activities 9.999M 8.900M
Cash From Investing Activities -$18.47M -$11.73M
Cash From Financing Activities -$46.10M -$5.000M
Net Change In Cash -$64.56M -$16.73M
YoY Change 285.84% -55.48%
FREE CASH FLOW
Cash From Operating Activities $9.999M $8.900M
Capital Expenditures -$3.465M -$10.60M
Free Cash Flow $13.46M $19.50M
YoY Change -30.95% -40.55%

Facts In Submission

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CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2021Q1 us-gaap Income Loss From Continuing Operations
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19312000 USD
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CY2021Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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7917000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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CY2021Q1 us-gaap Depreciation
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15080000 USD
CY2021Q1 us-gaap Share Based Compensation
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326000 USD
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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797000 USD
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240000 USD
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CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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CY2021Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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162170000 USD
CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management is required to make certain estimates and assumptions during the preparation of the consolidated financial statements in accordance with GAAP. These estimates and assumptions impact the reported amount of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements. They also impact the reported amount of net earnings during any period. Actual results could differ from those estimates. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates underlying the accompanying consolidated financial statements, including discontinued operations, include: the recoverability of long-lived assets, goodwill and intangible assets; the determination of income taxes payable and deferred income taxes, including related valuation allowances; fair value of assets acquired in a business combination; contingent consideration related to business combinations; litigation accruals; HLC ownership related claims; contract assets; various other allowances, reserves and accruals; assumptions related to the determination of stock-based compensation; and the determination of right-of-use assets and lease liabilities. </span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company considered the impact of the COVID-19 pandemic on the assumptions and estimates used when preparing its financial statements including, but not limited to, the allowance for doubtful accounts, valuation allowances, contract asset and contingent consideration. These assumptions and estimates may change as new events occur and additional information is obtained. If economic conditions caused by the COVID-19 pandemic do not recover as currently estimated by management, such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity.</span></div>
CY2022Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Certain Risks and Concentrations</span></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">LendingTree's business is subject to certain risks and concentrations including dependence on third-party technology providers, exposure to risks associated with online commerce security and credit card fraud.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentration of credit risk at March 31, 2022, consist primarily of cash and cash equivalents and accounts receivable, as disclosed in the consolidated balance sheet. Cash and cash equivalents are in excess of Federal Deposit Insurance Corporation insurance limits, but are maintained with quality financial institutions of high credit. The Company requires certain Network Partners to maintain security deposits with the Company, which in the event of non-payment, would be applied against any accounts receivable outstanding.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the nature of the mortgage lending industry, interest rate fluctuations may negatively impact future revenue from the Company's marketplace.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lenders and lead purchasers participating on the Company's marketplace can offer their products directly to consumers through brokers, mass marketing campaigns or through other traditional methods of credit distribution. These lenders and lead purchasers can also offer their products online, either directly to prospective borrowers, through one or more online competitors, or both. If a significant number of potential consumers are able to obtain loans and other products from Network Partners without utilizing the Company's services, the Company's ability to generate revenue may be limited. Because the Company does not have exclusive relationships with the Network Partners whose loans and other financial products are offered on its online marketplace, consumers may obtain offers from these Network Partners without using its service.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other than a support services office in India, the Company's operations are geographically limited to and dependent upon the economic condition of the United States.</span></div>
CY2021Q4 us-gaap Deferred Income Tax Assets Net
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CY2021Q1 us-gaap Revenues
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CY2021Q4 us-gaap Contract With Customer Asset Net
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CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
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200000 USD
CY2021Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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300000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q1 us-gaap Finite Lived Intangible Assets Net
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2022Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Cumulative Amount
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CY2022Q1 us-gaap Accrued Advertising Current
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CY2022Q1 tree Charitable Contribution Accrual
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 tree Incremental Common Shares Attributable To Restricted Stock Units
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CY2021Q1 tree Incremental Common Shares Attributable To Restricted Stock Units
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118000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2021Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12901000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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14119000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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300000 shares
CY2018Q1 us-gaap Stock Repurchase Program Authorized Amount1
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100000000 USD
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
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150000000 USD
CY2022Q1 us-gaap Treasury Stock Shares Acquired
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96700000 USD
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383000 USD
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0.21
CY2022Q1 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
ExcessTaxExpenseBenefitOnStockCompensationIncomeTaxExpenseBenefit
2500000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 tree Income Tax Expense Excluding Excess Tax Benefiton Stock Compensation
IncomeTaxExpenseExcludingExcessTaxBenefitonStockCompensation
-2085000 USD
CY2021Q1 tree Income Tax Expense Excluding Excess Tax Benefiton Stock Compensation
IncomeTaxExpenseExcludingExcessTaxBenefitonStockCompensation
8670000 USD
CY2022Q1 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
ExcessTaxExpenseBenefitOnStockCompensationIncomeTaxExpenseBenefit
2468000 USD
CY2021Q1 tree Excess Tax Expense Benefit On Stock Compensation Income Tax Expense Benefit
ExcessTaxExpenseBenefitOnStockCompensationIncomeTaxExpenseBenefit
-32000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
383000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8638000 USD
CY2022Q1 us-gaap Proceeds From Hedge Financing Activities
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109900000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Warrants
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94300000 USD
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
200000 USD
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
200000 USD
CY2021Q3 tree Ratioof Debtto Ebitda Increase
RatioofDebttoEBITDAIncrease
0.50
CY2021Q4 us-gaap Litigation Reserve
LitigationReserve
100000 USD
CY2022Q1 us-gaap Litigation Reserve
LitigationReserve
100000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
8249000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
797000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchasesSalesIssuancesSettlements
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
9046000 USD
CY2022Q1 us-gaap Number Of Operating Segments
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3 segment
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2022Q1 us-gaap Revenues
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283178000 USD
CY2022Q1 us-gaap Marketing Expense
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183714000 USD
CY2022Q1 us-gaap Gross Profit
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99464000 USD
CY2022Q1 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
15561000 USD
CY2022Q1 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
20443000 USD
CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
35973000 USD
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14052000 USD
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4854000 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
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7917000 USD
CY2022Q1 us-gaap Restructuring Charges
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3625000 USD
CY2022Q1 us-gaap Gain Loss Related To Litigation Settlement
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27000 USD
CY2022Q1 us-gaap Operating Income Loss
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-2934000 USD
CY2022Q1 us-gaap Interest Income Expense Net
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-7505000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
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-1000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-10440000 USD
CY2021Q1 us-gaap Revenues
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272750000 USD
CY2021Q1 us-gaap Marketing Expense
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176403000 USD
CY2021Q1 us-gaap Gross Profit
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96347000 USD
CY2021Q1 us-gaap Other Cost Of Operating Revenue
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13895000 USD
CY2021Q1 us-gaap Other Selling And Marketing Expense
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21059000 USD
CY2021Q1 us-gaap General And Administrative Expense
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34989000 USD
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12468000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3718000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
11312000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
797000 USD
CY2021Q1 us-gaap Gain Loss Related To Litigation Settlement
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-16000 USD
CY2021Q1 us-gaap Operating Income Loss
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-1907000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-10215000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
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40072000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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27950000 USD
CY2022Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
CY2021Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
CY2022Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-4000 USD
CY2021Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-353000 USD
CY2022Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-1000 USD
CY2021Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-90000 USD
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-3000 USD
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-263000 USD
CY2022Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
75 employee
CY2022Q1 us-gaap Restructuring Charges
RestructuringCharges
3600000 USD
CY2022Q1 us-gaap Severance Costs1
SeveranceCosts1
2500000 USD
CY2022Q1 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
1100000 USD
CY2021Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2022Q1 us-gaap Restructuring Charges
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3625000 USD
CY2022Q1 us-gaap Payments For Restructuring
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1828000 USD
CY2022Q1 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
1083000 USD
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
714000 USD

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