Lincoln Educational Services Corporation (LINC) · 10+ Years of Financial Ratios

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	35.14	54.38	7.61	-12.95	-21.69	-31.68	-2.31	-21.86	-10.48	-6.51	2.05	38.22	20.39	8.19	23.88
Return on Assets (%)	15	17.41	4.53	-10.49	-15.71	-21.6	-1.58	-15.16	-7.21	-4.35	1.18	22.08	12.85	4.31	8.16
Return on Capital (%)	29.72	38.98	7.22	- -	- -	- -	- -	- -	- -	- -	2.67	- -	13.69	5.19	12.06
Return on Invested Capital (%)	22.06	27.03	9.68	- -	- -	- -	- -	- -	- -	- -	4.4	- -	11.61	6.22	2.05
Gross Margin (%)	61.76	62.51	56.51	52.27	49.95	49.43	52.3	51.79	50.58	52.37	54.82	58.31	58.57	57.29	57.08
EBITDA Margin (%)	20.42	24.25	14.38	8.2	5.09	3.56	8.92	5.04	0.9	1.9	4.68	7.54	10.32	6.75	3.51
Operating Margin (%)	16.03	20.15	8.83	1.54	-1.78	-2.39	1.42	-0.58	-2.42	-1.3	1.71	5.02	8.2	4.92	1.76
Incremental Operating Margin (%)	30.17	46.35	65.9	35.55	- -	- -	-7.97	- -	- -	- -	79.75	50.77	30.26	-79.78	-35.22
Pretax Margin (%)	15.22	18.48	5.97	-7.98	-4.11	-16.53	-1.28	-2.18	-4.49	-2.41	0.84	4.61	14.09	4.72	9.43
Profit Margin (%)	8.91	10.9	3.42	-9.23	-14.86	-17.27	-1.73	-14.37	-4.39	-2.49	0.74	16.57	10.35	3.63	6.88
Net Income to Common Margin (%)	8.91	10.9	3.42	-9.23	-14.86	-17.27	-1.73	-14.37	-4.39	-2.49	0.74	16.1	9.99	3.31	6.88
Effective Tax Rate (%)	41.46	41	42.65	- -	- -	- -	- -	- -	- -	- -	11.74	- -	26.52	23.13	27.05
Dvd Payout Ratio (%)	- -	7.96	105.42	-26.98	-19.87	-8.73	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	35.14	50.05	-0.41	-16.44	-26	-34.44	-2.31	-21.86	-10.48	-6.51	2.05	38.22	20.39	8.19	23.88

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	58	57	37	74	90	65	58	42	53	49	89	78	98	101	117
ST Debt	- -	- -	- -	- -	- -	30	10	12	- -	15	11	11	11	10	12
LT Debt	57	57	36	73	90	35	48	30	53	34	78	68	86	91	105
Total Debt/EBITDA	0.51	0.37	0.5	2.23	5.14	5.64	3.38	4.23	22.26	9.75	6.97	3.55	2.83	4.28	8.81
Net Debt/EBITDA	0.1	-0.06	0.13	0.36	1.3	-1.06	0.36	2.11	16.09	6.23	0.81	-0.94	-2.41	-1.96	-5.73
Total Debt/EBIT	0.65	0.45	0.81	11.87	-14.64	-8.39	21.28	-36.77	-8.3	-14.27	19.09	5.33	3.56	5.87	17.54
Net Debt/EBIT	0.13	-0.07	0.21	1.91	-3.69	1.58	2.28	-18.31	-6	-9.13	2.22	-1.42	-3.03	-2.69	-11.41
EBITDA to Interest Expense	26.39	34.21	16.88	7.38	3.76	2.06	2.32	1.65	0.33	2.07	4.32	17.33	17.18	146.95	38.2
EBITDA-CapEx/Interest Expense	20.77	24.87	8.15	5.41	2.36	0.73	2.02	1.05	-0.34	0.13	2.5	12.96	13.44	90.79	-79.09
EBIT to Interest Expense	20.72	28.43	10.36	1.38	-1.32	-1.38	0.37	-0.19	-0.89	-1.41	1.58	11.53	13.64	107.19	19.19
Interest Expense	4	5	4	4	5	6	7	6	7	2	3	1	2	- -	- -
Common Equity/Total Assets	26.9	36.82	85.32	76.54	67.8	68.78	68.31	70.67	66.91	66.63	50.99	60.19	61.32	34.4	34.02
Long-Term Debt/Equity (%)	26.22	25.59	15.07	36.84	61.77	41.81	59.4	41.78	114.8	84.71	180.88	74.58	66.77	62.81	62.94
Long-Term Debt/Capital (%)	35.35	27.2	10.43	21.57	30.14	16.36	23.83	19.23	33.62	23.12	38.93	28.54	29.7	45.29	44.82
Long-Term Debt/Total Assets (%)	14.76	13.79	9.95	21.08	29.31	16.24	22.88	18.53	33.88	23.12	40.07	27.7	29.26	31.21	30.41
Total Debt/Equity (%)	26.4	25.79	15.27	37.05	62.07	78.52	71.88	57.96	114.8	122.33	206.7	86.11	75.64	69.46	70.01
Total Debt/Capital (%)	35.59	27.41	10.56	21.69	30.29	30.72	28.84	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86
Total Debt/Total Assets (%)	14.86	13.9	10.08	21.2	29.45	30.5	27.69	25.71	33.88	33.39	45.79	31.98	33.15	34.51	33.83
Net Debt to Equity	5.15	-4.07	3.98	5.95	15.65	-14.82	7.7	28.86	83.01	78.26	24.07	-22.86	-64.37	-31.8	-45.56
Net Debt/Capital (%)	9.69	-6.31	2.98	4.26	9.88	-7.24	3.81	15.34	26.8	24.28	5.87	-10.41	-40.12	-29.75	-48.02
EBITDA	113	155	74	33	18	12	17	10	2	5	13	22	35	24	13
EBITDA-CapEx	89	113	36	24	11	4	15	6	-2	- -	7	17	27	15	-27
Operating Income (Loss)	89	129	45	6	-6	-8	3	-1	-6	-3	5	15	27	17	7

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.45	0.54	0.37	1.05	1.19	0.51	0.54	0.31	0.31	0.27	0.41	0.57	1.26	1.11	1.04
Current Ratio	1.04	0.97	1.02	1.7	1.83	1.35	1.47	0.97	0.93	0.88	0.88	1.11	1.85	2.07	1.83
Quick Ratio	0.81	0.82	0.65	1.35	1.48	0.67	0.67	0.46	0.64	0.56	0.77	1.02	1.66	1.78	1.52
CFO/Avg Current Liab	0.85	1.03	0.38	0.25	0.06	0.17	0.19	-0.09	-0.2	-0.03	0.02	0.38	0.41	0.01	0.4
Common Equity/Total Assets	26.9	36.82	85.32	76.54	67.8	68.78	68.31	70.67	66.91	66.63	50.99	60.19	61.32	34.4	34.02
Long-Term Debt/Equity (%)	26.22	25.59	15.07	36.84	61.77	41.81	59.4	41.78	114.8	84.71	180.88	74.58	66.77	62.81	62.94
Long-Term Debt/Capital (%)	35.35	27.2	10.43	21.57	30.14	16.36	23.83	19.23	33.62	23.12	38.93	28.54	29.7	45.29	44.82
Long-Term Debt/Total Assets (%)	14.76	13.79	9.95	21.08	29.31	16.24	22.88	18.53	33.88	23.12	40.07	27.7	29.26	31.21	30.41
Total Debt/Equity (%)	26.4	25.79	15.27	37.05	62.07	78.52	71.88	57.96	114.8	122.33	206.7	86.11	75.64	69.46	70.01
Total Debt/Capital (%)	35.59	27.41	10.56	21.69	30.29	30.72	28.84	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86
Total Debt/Total Assets (%)	14.86	13.9	10.08	21.2	29.45	30.5	27.69	25.71	33.88	33.39	45.79	31.98	33.15	34.51	33.83
CFO/Total Liabilities	43.11	60.14	29.89	10.78	2.02	9.2	11.09	-6.72	-10.35	-1.6	0.65	15.24	16.55	0.6	14.32
CFO/CapEx	3.05	2.7	0.97	1.81	0.5	1.61	6.46	-1.7	-2.38	-0.36	0.18	4.21	3.64	0.1	0.63
Altman's Z-Score	5.58	5.26	4.27	2.87	2.41	2.11	1.48	1.35	1.6	1.69	1.46	2.22	2.68	2.71	2.79

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	18.58	18.19	19.2	21.73	20.6	21.92	16.7	19.78	20.08	15.27	13.9	11.57	11.94	11	10.38
Days Sales Outstanding	19.64	20.07	19.01	16.8	17.72	16.65	21.86	18.45	18.18	23.9	26.26	31.55	30.57	33.19	35.17
Inventory Turnover	63.04	69.65	67.5	67.11	69.83	87.54	72.89	90.36	95.33	80.68	80.74	61.07	54.32	55.72	58.31
Days Inventory Outstanding	5.79	5.24	5.41	5.44	5.23	4.17	5.01	4.04	3.83	4.52	4.52	5.98	6.72	6.55	6.26
Accounts Payable Turnover	13.2	10.6	10.83	13.24	12.26	12.35	7.41	7.14	10.72	10.17	8.62	8.13	9.96	13.04	11.35
Accounts Payable Turnover Days	27.64	34.43	33.71	27.56	29.77	29.56	49.26	51.16	34.05	35.89	42.35	44.9	36.66	27.98	32.15
Cash Conversion Cycle	-2.21	-9.12	-9.29	-5.32	-6.83	-8.74	-22.39	-28.67	-12.04	-7.47	-11.57	-7.38	0.63	11.75	9.28
Inventory to Cash Days	13.85	14.83	13.6	11.36	12.49	12.48	16.85	14.41	14.35	19.37	21.74	25.58	23.86	26.64	28.91
Inventories	3	4	3	3	2	1	1	1	2	1	2	2	3	3	3
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	3	4	3	3	2	1	1	1	2	1	2	2	3	3	3

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	556	349	179	137	120	68	49	47	53	55	57	171	202	180	321
- Cash & Cash Equivalents	46	66	27	62	67	42	38	21	15	18	24	38	83	46	76
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	12	12	12	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	58	57	37	74	90	65	58	42	53	49	89	78	98	101	117
Enterprise Value	568	340	189	148	142	91	69	67	91	86	134	223	228	220	362
Total Capital	162	209	346	339	298	212	202	157	156	146	200	238	291	201	234
Total Debt/Capital (%)	35.59	27.41	10.56	21.69	30.29	30.72	28.84	26.67	33.62	33.39	44.49	32.95	33.64	50.08	49.86
Total Debt / EV	0.1	0.17	0.19	0.5	0.63	0.72	0.85	0.62	0.58	0.56	0.66	0.35	0.43	0.46	0.32
EV/Sales	1.03	0.53	0.37	0.37	0.41	0.28	0.36	0.34	0.35	0.33	0.49	0.76	0.68	0.63	0.96
EV/EBITDA	5.03	2.19	2.57	4.49	8.11	7.88	3.98	6.8	38.68	17.27	10.5	10.11	6.59	9.36	27.33
EV/EBIT	6.41	2.64	4.18	23.96	- -	- -	25.08	- -	- -	- -	28.75	15.2	8.31	12.84	54.39
EV/Cash Flow to Firm	7.5	2.9	4.81	7.68	9.91	5.3	3.05	389.44	- -	107.41	37.27	7.96	7.89	219.05	14.03
EV/Free Cash Flow to Firm	5.7	2.13	2.44	5.27	6.81	3.69	2.78	17.9	249.36	15.7	14.94	6.64	6.26	22.03	5.45
Diluted Market Cap	583	393	175	128	112	65	47	44	52	55	55	160	187	150	313
Diluted Enterprise Value	594	385	185	139	135	88	67	65	90	86	133	212	214	204	354
EV per Share	21.96	15.32	8.36	6.25	5.93	3.79	2.88	2.72	3.7	3.51	5.32	8.44	8.45	7.07	11.55
TTM Sales	553	639	513	403	345	325	193	197	262	263	273	293	335	348	378
TTM EBITDA	113	155	74	33	18	12	17	10	2	5	13	22	35	24	13
TTM Operating Income	89	129	45	6	-6	-8	3	-1	-6	-3	5	15	27	17	7
TTM Cash Flow to Firm	76	117	39	19	14	17	23	- -	-4	1	4	28	29	1	26
TTM Free Cash Flow to Firm	100	159	77	28	21	25	25	4	- -	6	9	34	36	10	67

Multiples	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings	11.51	5.5	9.94	- -	- -	- -	- -	- -	- -	- -	27.42	3.39	5.59	13	11.87
Price/Earnings Average	10.26	6.73	16.26	-3.55	-2.47	-1.47	-12.97	-1.7	-5.41	-7.5	30.48	2.3	5.12	14.54	8.51
Price/Earnings High	12.93	9.64	23.8	-5.58	-3.01	-2.11	-20.75	-2.4	-7.29	-10.08	39.48	4.05	5.94	17.18	11.68
Price/Earnings Low	5.82	3.61	8.65	-2.05	-1.97	-0.9	-1.38	-1.14	-3.87	-5.6	20.23	0.93	4.33	10.53	5.89
Price/Book Value	5.32	2.29	0.58	0.51	0.58	0.46	0.34	0.4	0.51	0.57	0.57	1.16	1.11	1.8	2.74
Price/Book Value Average	4.75	2.81	0.95	0.53	0.65	0.59	0.31	0.44	0.62	0.51	0.64	0.79	1.02	2.01	1.96
Price/Book Value High	5.99	4.02	1.39	0.84	0.79	0.85	0.5	0.62	0.83	0.68	0.82	1.38	1.18	2.38	2.69
Price/Book Value Low	2.69	1.51	0.5	0.31	0.52	0.36	0.03	0.29	0.44	0.38	0.42	0.32	0.86	1.46	1.36
Price/Tangible Book Value	5.26	3.01	1.27	1.04	1.48	1.14	0.74	0.81	1.71	2.18	3.41	2.65	1.96	1.38	2.06
Price/Tangible Book Value Average	4.69	3.68	2.07	1.08	1.67	1.46	0.67	0.88	2.05	1.96	3.8	1.79	1.8	1.55	1.48
Price/Tangible Book Value High	5.92	5.28	3.03	1.7	2.03	2.1	1.08	1.24	2.77	2.63	4.92	3.17	2.08	1.83	2.03
Price/Tangible Book Value Low	2.66	1.98	1.1	0.62	1.33	0.89	0.07	0.59	1.47	1.46	2.52	0.73	1.52	1.12	1.02
Price/Sales	1.03	0.6	0.34	0.32	0.32	0.2	0.25	0.22	0.2	0.21	0.2	0.55	0.56	0.43	0.82
Price/Sales Average	0.91	0.73	0.56	0.33	0.37	0.25	0.22	0.25	0.24	0.19	0.22	0.37	0.51	0.48	0.59
Price/Sales High	1.15	1.05	0.81	0.52	0.45	0.36	0.36	0.35	0.32	0.25	0.29	0.65	0.59	0.57	0.8
Price/Sales Low	0.52	0.39	0.3	0.19	0.29	0.16	0.02	0.16	0.17	0.14	0.15	0.15	0.43	0.35	0.41
Price/Cash Flow	7.74	3.35	4.73	7.98	34.54	5.39	3.31	-7.22	-4.56	-32.29	55.92	6.81	6.83	169.89	12.07
Price/Cash Flow Average	6.9	4.1	7.74	8.27	38.95	6.88	3.03	-7.9	-5.49	-28.98	62.17	4.61	6.25	190	8.65
Price/Cash Flow High	8.7	5.87	11.33	12.98	47.51	9.87	4.85	-11.14	-7.39	-38.93	80.52	8.14	7.25	224.46	11.89
Price/Cash Flow Low	3.92	2.2	4.12	4.78	31.07	4.19	0.32	-5.26	-3.93	-21.63	41.25	1.87	5.28	137.61	6
Price/Free Cash Flow	6	2.51	2.34	5.14	11.46	3.32	2.87	-17.56	-7.86	18.22	8.67	5.5	5.36	15.18	4.72
Price/Free Cash Flow Average	5.35	3.07	3.83	5.32	12.92	4.24	2.63	-19.22	-9.46	16.35	9.64	3.73	4.91	16.98	3.39
Price/Free Cash Flow High	6.74	4.39	5.6	8.36	15.76	6.09	4.2	-27.09	-12.74	21.96	12.48	6.57	5.69	20.06	4.65
Price/Free Cash Flow Low	3.03	1.65	2.04	3.08	10.31	2.59	0.28	-12.8	-6.77	12.2	6.4	1.51	4.14	12.3	2.35
EV/Sales	1.03	0.53	0.37	0.37	0.41	0.28	0.36	0.34	0.35	0.33	0.49	0.76	0.68	0.63	0.96
EV/Sales Average	0.92	0.65	0.59	0.38	0.46	0.34	0.33	0.36	0.39	0.31	0.51	0.57	0.63	0.74	0.72
EV/Sales High	1.15	0.94	0.86	0.58	0.54	0.45	0.47	0.47	0.48	0.37	0.58	0.88	0.72	0.84	0.94
EV/Sales Low	0.53	0.34	0.32	0.23	0.38	0.23	0.13	0.28	0.32	0.26	0.44	0.34	0.54	0.58	0.53
EV/EBITDA	5.03	2.19	2.57	4.49	8.11	7.88	3.98	6.8	38.68	17.27	10.5	10.11	6.59	9.36	27.33
EV/EBITDA Average	4.5	2.69	4.11	4.64	8.98	9.5	3.74	7.24	43.26	16.13	11	7.61	6.1	10.9	20.46
EV/EBITDA High	5.65	3.88	5.96	7.08	10.67	12.78	5.29	9.34	52.7	19.53	12.46	11.62	6.95	12.45	26.95
EV/EBITDA Low	2.6	1.42	2.25	2.83	7.43	6.57	1.42	5.52	35.55	13.62	9.34	4.49	5.27	8.53	15.12
EV/EBIT	6.41	2.64	4.18	23.96	- -	- -	25.08	- -	- -	- -	28.75	15.2	8.31	12.84	54.39
EV/EBIT Average	5.73	3.24	6.7	24.74	-25.6	-14.15	23.57	-62.98	-16.13	-23.62	30.11	11.44	7.69	14.94	40.72
EV/EBIT High	7.19	4.67	9.7	37.76	-30.41	-19.02	33.35	-81.28	-19.64	-28.6	34.1	17.47	8.76	17.08	53.63
EV/EBIT Low	3.31	1.71	3.67	15.1	-21.17	-9.78	8.98	-48.06	-13.25	-19.95	25.56	6.75	6.65	11.7	30.09
Last Price	21.51	15.71	7.92	5.75	4.98	2.84	2.05	1.88	2.16	2.24	2.25	6.46	7.47	5.79	10.25
High Price	24.18	27.52	18.96	9.35	6.85	5.2	3	2.9	3.5	2.7	3.24	7.72	7.93	7.65	10.09
Low Price	10.88	10.31	6.89	3.44	4.48	2.21	0.2	1.37	1.86	1.5	1.66	1.77	5.78	4.69	5.09
Enterprise Value	568	340	189	148	142	91	69	67	91	86	134	223	228	220	362
Enterprise Value Average	508	418	303	153	158	110	64	72	102	81	141	168	211	256	271
Enterprise Value High	637	602	439	234	187	148	91	93	125	98	159	257	241	293	357
Enterprise Value Low	293	220	166	94	130	76	25	55	84	68	119	99	183	201	200

Per Share Data Items	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Shares Outstanding	26	22	23	24	24	24	24	25	25	25	25	26	27	31	31
Diluted Weighted Avg Shares	27	25	22	22	23	23	23	23	24	24	25	25	25	26	31
Basic Weighted Avg Shares	26	24	22	22	23	23	23	23	24	24	25	25	25	26	30
Revenue per Share	20.98	26.19	23.28	18.14	15.33	14.25	8.34	8.4	10.95	10.78	11.13	11.84	13.37	13.46	12.56
EBITDA per Share	4.28	6.35	3.35	1.49	0.78	0.51	0.74	0.42	0.1	0.2	0.52	0.89	1.38	0.91	0.44
Operating Income per Share	3.36	5.28	2.06	0.28	-0.27	-0.34	0.12	-0.05	-0.27	-0.14	0.19	0.59	1.1	0.66	0.22
Basic EPS, GAAP	1.87	2.86	0.8	-1.68	-2.28	-2.46	-0.14	-1.21	-0.48	-0.27	0.08	1.91	1.34	0.45	0.86
Basic EPS from Cont Ops	1.87	2.86	0.8	-1.08	-1.5	-2.17	-0.12	-0.19	-0.48	-0.27	0.08	1.96	1.38	0.49	0.86
Diluted EPS, GAAP	1.82	2.79	0.79	-1.68	-2.28	-2.46	-0.14	-1.21	-0.48	-0.27	0.08	1.91	1.34	0.45	0.85
Diluted EPS from Cont Ops	1.82	2.79	0.79	-1.08	-1.5	-2.17	-0.12	-0.19	-0.48	-0.27	0.08	1.96	1.38	0.49	0.85
Dividend per Share	- -	0.23	0.84	0.29	0.3	0.19	- -	- -	- -	- -	- -	0.06	0.05	0.04	- -
Cash Flow per Share	2.78	4.69	1.67	0.72	0.14	0.53	0.62	-0.26	-0.47	-0.07	0.04	0.95	1.09	0.03	0.85
Free Cash Flow per Basic Share	1.87	2.95	-0.06	0.32	-0.15	0.2	0.52	-0.41	-0.67	-0.26	-0.18	0.72	0.79	-0.31	-0.5
Cash & Equivalents per Share	1.78	2.97	1.17	2.6	2.81	1.76	1.61	0.85	0.59	0.71	0.94	1.44	3.09	1.95	2.42
Book Value per Share	4.04	6.85	13.65	11.18	8.64	6.12	6.03	4.66	4.2	3.95	3.94	5.57	6.71	3.22	3.75
Tangible Book Value per Share	4.09	5.22	6.26	5.5	3.37	2.48	2.79	2.33	1.26	1.03	0.66	2.44	3.81	4.18	4.98

Lincoln Educational Services Corporation

LINC US

10.88

10.88