IPG Photonics Corp
NASDAQ:IPGP
Income Statement
Earnings Waterfall
IPG Photonics Corp
Income Statement
IPG Photonics Corp
| Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Revenue |
143
N/A
|
152
+6%
|
164
+8%
|
176
+7%
|
189
+7%
|
200
+6%
|
212
+6%
|
226
+7%
|
229
+1%
|
222
-3%
|
206
-7%
|
190
-8%
|
186
-2%
|
192
+3%
|
219
+14%
|
253
+16%
|
299
+18%
|
348
+16%
|
403
+16%
|
452
+12%
|
475
+5%
|
498
+5%
|
514
+3%
|
541
+5%
|
563
+4%
|
581
+3%
|
612
+5%
|
627
+3%
|
648
+3%
|
677
+4%
|
701
+4%
|
728
+4%
|
770
+6%
|
798
+4%
|
841
+5%
|
885
+5%
|
901
+2%
|
909
+1%
|
927
+2%
|
950
+2%
|
1 006
+6%
|
1 085
+8%
|
1 201
+11%
|
1 328
+11%
|
1 409
+6%
|
1 483
+5%
|
1 527
+3%
|
1 491
-2%
|
1 460
-2%
|
1 415
-3%
|
1 365
-4%
|
1 338
-2%
|
1 315
-2%
|
1 249
-5%
|
1 181
-5%
|
1 171
-1%
|
1 201
+3%
|
1 297
+8%
|
1 372
+6%
|
1 433
+4%
|
1 461
+2%
|
1 485
+2%
|
1 491
+0%
|
1 461
-2%
|
1 430
-2%
|
1 407
-2%
|
1 370
-3%
|
1 322
-3%
|
1 287
-3%
|
1 192
-7%
|
1 110
-7%
|
1 042
-6%
|
977
-6%
|
953
-2%
|
946
-1%
|
964
+2%
|
1 004
+4%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(80)
|
(82)
|
(87)
|
(94)
|
(104)
|
(110)
|
(115)
|
(122)
|
(122)
|
(123)
|
(122)
|
(119)
|
(122)
|
(123)
|
(131)
|
(142)
|
(153)
|
(169)
|
(187)
|
(206)
|
(217)
|
(225)
|
(233)
|
(245)
|
(258)
|
(270)
|
(285)
|
(294)
|
(308)
|
(323)
|
(333)
|
(344)
|
(353)
|
(363)
|
(382)
|
(401)
|
(409)
|
(411)
|
(420)
|
(431)
|
(454)
|
(490)
|
(538)
|
(585)
|
(612)
|
(640)
|
(656)
|
(649)
|
(660)
|
(669)
|
(674)
|
(689)
|
(708)
|
(689)
|
(665)
|
(654)
|
(662)
|
(697)
|
(728)
|
(756)
|
(765)
|
(781)
|
(795)
|
(800)
|
(874)
|
(876)
|
(864)
|
(834)
|
(746)
|
(700)
|
(669)
|
(680)
|
(639)
|
(622)
|
(618)
|
(591)
|
(622)
|
|
| Gross Profit |
63
N/A
|
70
+11%
|
77
+10%
|
81
+6%
|
85
+4%
|
90
+6%
|
97
+7%
|
104
+8%
|
107
+3%
|
99
-8%
|
84
-15%
|
71
-15%
|
64
-9%
|
69
+7%
|
88
+27%
|
111
+26%
|
147
+32%
|
180
+23%
|
216
+20%
|
246
+14%
|
257
+4%
|
272
+6%
|
281
+3%
|
296
+6%
|
305
+3%
|
312
+2%
|
327
+5%
|
334
+2%
|
340
+2%
|
354
+4%
|
368
+4%
|
384
+4%
|
417
+8%
|
435
+4%
|
460
+6%
|
484
+5%
|
492
+2%
|
498
+1%
|
507
+2%
|
519
+2%
|
552
+6%
|
595
+8%
|
664
+12%
|
744
+12%
|
797
+7%
|
843
+6%
|
872
+3%
|
842
-3%
|
800
-5%
|
746
-7%
|
691
-7%
|
649
-6%
|
606
-7%
|
560
-8%
|
516
-8%
|
516
0%
|
539
+4%
|
600
+11%
|
644
+7%
|
677
+5%
|
696
+3%
|
704
+1%
|
696
-1%
|
661
-5%
|
555
-16%
|
530
-5%
|
506
-5%
|
488
-3%
|
542
+11%
|
492
-9%
|
441
-10%
|
362
-18%
|
338
-7%
|
330
-2%
|
328
-1%
|
373
+14%
|
381
+2%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(27)
|
(31)
|
(35)
|
(37)
|
(40)
|
(43)
|
(47)
|
(52)
|
(53)
|
(53)
|
(53)
|
(52)
|
(54)
|
(57)
|
(61)
|
(65)
|
(67)
|
(70)
|
(74)
|
(80)
|
(85)
|
(88)
|
(89)
|
(90)
|
(94)
|
(99)
|
(107)
|
(115)
|
(119)
|
(126)
|
(130)
|
(134)
|
(139)
|
(141)
|
(145)
|
(148)
|
(152)
|
(157)
|
(164)
|
(173)
|
(184)
|
(195)
|
(209)
|
(222)
|
(231)
|
(248)
|
(260)
|
(269)
|
(283)
|
(295)
|
(308)
|
(316)
|
(315)
|
(358)
|
(305)
|
(305)
|
(308)
|
(358)
|
(322)
|
(332)
|
(344)
|
(346)
|
(343)
|
(334)
|
(324)
|
(313)
|
(304)
|
(303)
|
(310)
|
(320)
|
(328)
|
(332)
|
(324)
|
(326)
|
(559)
|
(342)
|
(358)
|
|
| Selling, General & Administrative |
(21)
|
(23)
|
(27)
|
(28)
|
(30)
|
(33)
|
(34)
|
(38)
|
(37)
|
(36)
|
(35)
|
(34)
|
(36)
|
(39)
|
(42)
|
(46)
|
(48)
|
(50)
|
(52)
|
(56)
|
(59)
|
(61)
|
(62)
|
(61)
|
(63)
|
(66)
|
(71)
|
(74)
|
(78)
|
(80)
|
(82)
|
(83)
|
(86)
|
(86)
|
(88)
|
(89)
|
(89)
|
(91)
|
(94)
|
(98)
|
(105)
|
(112)
|
(118)
|
(125)
|
(131)
|
(141)
|
(148)
|
(151)
|
(160)
|
(168)
|
(178)
|
(185)
|
(185)
|
(185)
|
(179)
|
(180)
|
(181)
|
(184)
|
(190)
|
(197)
|
(204)
|
(206)
|
(208)
|
(208)
|
(208)
|
(208)
|
(205)
|
(205)
|
(211)
|
(214)
|
(219)
|
(220)
|
(214)
|
(217)
|
(223)
|
(227)
|
(241)
|
|
| Research & Development |
(7)
|
(7)
|
(8)
|
(9)
|
(10)
|
(10)
|
(12)
|
(14)
|
(16)
|
(17)
|
(17)
|
(18)
|
(19)
|
(19)
|
(19)
|
(19)
|
(19)
|
(21)
|
(23)
|
(24)
|
(25)
|
(27)
|
(27)
|
(29)
|
(31)
|
(33)
|
(36)
|
(40)
|
(42)
|
(46)
|
(49)
|
(51)
|
(53)
|
(55)
|
(57)
|
(59)
|
(63)
|
(67)
|
(70)
|
(74)
|
(79)
|
(84)
|
(91)
|
(96)
|
(101)
|
(107)
|
(112)
|
(118)
|
(123)
|
(127)
|
(130)
|
(131)
|
(130)
|
(129)
|
(126)
|
(126)
|
(127)
|
(128)
|
(132)
|
(135)
|
(140)
|
(140)
|
(135)
|
(126)
|
(116)
|
(105)
|
(98)
|
(98)
|
(99)
|
(105)
|
(109)
|
(112)
|
(110)
|
(109)
|
(111)
|
(114)
|
(117)
|
|
| Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(6)
|
0
|
(2)
|
(3)
|
(4)
|
0
|
0
|
0
|
0
|
|
| Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(44)
|
0
|
0
|
0
|
(46)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
6
|
0
|
2
|
3
|
4
|
0
|
(225)
|
0
|
0
|
|
| Operating Income |
36
N/A
|
40
+10%
|
42
+7%
|
45
+6%
|
45
+1%
|
47
+5%
|
50
+6%
|
53
+5%
|
54
+3%
|
46
-15%
|
31
-32%
|
19
-38%
|
10
-47%
|
12
+16%
|
27
+130%
|
46
+71%
|
80
+73%
|
109
+37%
|
142
+30%
|
166
+17%
|
173
+4%
|
184
+7%
|
192
+4%
|
206
+8%
|
210
+2%
|
213
+1%
|
220
+3%
|
219
0%
|
221
+1%
|
228
+3%
|
238
+4%
|
251
+5%
|
277
+11%
|
294
+6%
|
315
+7%
|
336
+7%
|
339
+1%
|
341
+1%
|
344
+1%
|
346
+1%
|
369
+6%
|
400
+8%
|
455
+14%
|
522
+15%
|
566
+8%
|
595
+5%
|
612
+3%
|
573
-6%
|
517
-10%
|
451
-13%
|
383
-15%
|
332
-13%
|
291
-12%
|
202
-31%
|
211
+5%
|
211
0%
|
232
+10%
|
242
+5%
|
322
+33%
|
346
+7%
|
353
+2%
|
359
+2%
|
353
-2%
|
326
-8%
|
231
-29%
|
217
-6%
|
202
-7%
|
185
-8%
|
232
+25%
|
173
-25%
|
113
-35%
|
30
-74%
|
14
-52%
|
5
-67%
|
(231)
N/A
|
31
N/A
|
23
-26%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(2)
|
(1)
|
(0)
|
0
|
2
|
1
|
0
|
1
|
2
|
(0)
|
0
|
(2)
|
(2)
|
(1)
|
2
|
(1)
|
(0)
|
(1)
|
(3)
|
1
|
2
|
2
|
6
|
2
|
(1)
|
1
|
(3)
|
(3)
|
(3)
|
(2)
|
(3)
|
2
|
7
|
14
|
12
|
3
|
2
|
(11)
|
(6)
|
(3)
|
(3)
|
(3)
|
(11)
|
(13)
|
(14)
|
(4)
|
1
|
8
|
15
|
12
|
12
|
13
|
1
|
22
|
12
|
22
|
19
|
3
|
11
|
2
|
13
|
12
|
(1)
|
(0)
|
9
|
13
|
37
|
45
|
43
|
45
|
47
|
45
|
40
|
32
|
28
|
24
|
21
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(44)
|
0
|
(46)
|
(90)
|
(46)
|
0
|
(45)
|
0
|
0
|
0
|
0
|
21
|
(58)
|
(58)
|
(59)
|
(80)
|
(1)
|
6
|
8
|
(217)
|
(217)
|
(224)
|
0
|
(1)
|
(1)
|
|
| Total Other Income |
(6)
|
(5)
|
(4)
|
(2)
|
1
|
1
|
1
|
1
|
0
|
0
|
(1)
|
(1)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
(0)
|
0
|
(0)
|
(1)
|
(1)
|
(1)
|
0
|
1
|
1
|
1
|
0
|
0
|
1
|
1
|
1
|
1
|
1
|
1
|
(0)
|
(0)
|
(0)
|
(0)
|
1
|
0
|
0
|
1
|
0
|
1
|
1
|
1
|
2
|
2
|
2
|
1
|
0
|
1
|
0
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
1
|
1
|
1
|
2
|
1
|
2
|
1
|
1
|
1
|
0
|
1
|
2
|
2
|
3
|
2
|
|
| Pre-Tax Income |
28
N/A
|
34
+22%
|
38
+10%
|
43
+14%
|
48
+11%
|
49
+2%
|
52
+6%
|
55
+7%
|
57
+3%
|
46
-19%
|
31
-32%
|
17
-44%
|
8
-55%
|
11
+46%
|
29
+151%
|
45
+58%
|
79
+75%
|
108
+36%
|
138
+28%
|
167
+21%
|
175
+4%
|
185
+6%
|
196
+6%
|
208
+6%
|
209
+1%
|
215
+3%
|
218
+1%
|
217
0%
|
218
+0%
|
227
+4%
|
236
+4%
|
254
+7%
|
285
+12%
|
308
+8%
|
327
+6%
|
339
+4%
|
342
+1%
|
330
-3%
|
338
+2%
|
343
+1%
|
367
+7%
|
398
+8%
|
444
+12%
|
510
+15%
|
552
+8%
|
593
+7%
|
614
+4%
|
582
-5%
|
534
-8%
|
465
-13%
|
397
-15%
|
346
-13%
|
248
-28%
|
224
-10%
|
178
-21%
|
143
-20%
|
206
+44%
|
246
+20%
|
289
+17%
|
348
+20%
|
367
+5%
|
371
+1%
|
352
-5%
|
348
-1%
|
183
-47%
|
174
-5%
|
182
+5%
|
153
-16%
|
275
+80%
|
225
-18%
|
169
-25%
|
(142)
N/A
|
(162)
-14%
|
(185)
-14%
|
(202)
-9%
|
57
N/A
|
45
-20%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
3
|
1
|
(1)
|
(2)
|
(16)
|
(15)
|
(16)
|
(17)
|
(18)
|
(15)
|
(10)
|
(6)
|
(3)
|
(4)
|
(9)
|
(15)
|
(25)
|
(34)
|
(43)
|
(51)
|
(54)
|
(56)
|
(60)
|
(63)
|
(62)
|
(63)
|
(63)
|
(63)
|
(63)
|
(66)
|
(68)
|
(73)
|
(84)
|
(91)
|
(97)
|
(101)
|
(100)
|
(96)
|
(98)
|
(97)
|
(106)
|
(111)
|
(120)
|
(140)
|
(155)
|
(164)
|
(169)
|
(151)
|
(118)
|
(99)
|
(81)
|
(73)
|
(68)
|
(62)
|
(50)
|
(37)
|
(45)
|
(54)
|
(66)
|
(85)
|
(89)
|
(92)
|
(85)
|
(79)
|
(73)
|
(73)
|
(76)
|
(68)
|
(56)
|
(42)
|
(28)
|
(6)
|
(20)
|
(17)
|
(14)
|
(31)
|
(14)
|
|
| Income from Continuing Operations |
31
|
35
|
37
|
41
|
32
|
34
|
36
|
38
|
39
|
31
|
21
|
12
|
5
|
8
|
19
|
30
|
54
|
74
|
96
|
117
|
121
|
128
|
137
|
145
|
148
|
152
|
154
|
154
|
156
|
161
|
168
|
181
|
200
|
217
|
230
|
238
|
242
|
234
|
240
|
246
|
261
|
286
|
323
|
370
|
397
|
428
|
446
|
431
|
417
|
366
|
316
|
273
|
180
|
162
|
128
|
106
|
160
|
192
|
223
|
262
|
278
|
279
|
267
|
269
|
111
|
101
|
106
|
85
|
219
|
183
|
141
|
(148)
|
(182)
|
(202)
|
(215)
|
26
|
31
|
|
| Income to Minority Interest |
(2)
|
(2)
|
(2)
|
(3)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(0)
|
0
|
(0)
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
(3)
|
(4)
|
(4)
|
(5)
|
(3)
|
(3)
|
(2)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
(0)
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
1
|
1
|
0
|
(1)
|
(1)
|
(1)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Net Income (Common) |
9
N/A
|
13
+44%
|
15
+16%
|
20
+29%
|
30
+53%
|
31
+5%
|
34
+7%
|
36
+7%
|
37
+2%
|
30
-19%
|
20
-33%
|
12
-43%
|
5
-53%
|
8
+41%
|
19
+151%
|
30
+57%
|
54
+80%
|
74
+36%
|
94
+28%
|
113
+20%
|
117
+4%
|
125
+6%
|
132
+6%
|
142
+8%
|
146
+3%
|
150
+3%
|
154
+3%
|
154
0%
|
156
+1%
|
161
+3%
|
168
+4%
|
181
+8%
|
200
+11%
|
217
+8%
|
230
+6%
|
238
+3%
|
242
+2%
|
234
-3%
|
240
+2%
|
246
+3%
|
261
+6%
|
286
+10%
|
323
+13%
|
370
+14%
|
348
-6%
|
379
+9%
|
397
+5%
|
381
-4%
|
404
+6%
|
353
-13%
|
304
-14%
|
260
-14%
|
180
-31%
|
162
-10%
|
127
-21%
|
106
-17%
|
160
+51%
|
191
+20%
|
223
+17%
|
263
+18%
|
278
+6%
|
280
+1%
|
267
-5%
|
268
+0%
|
110
-59%
|
101
-9%
|
106
+5%
|
85
-20%
|
219
+159%
|
183
-16%
|
141
-23%
|
(148)
N/A
|
(182)
-23%
|
(202)
-11%
|
(215)
-7%
|
26
N/A
|
31
+21%
|
|
| EPS (Diluted) |
0.27
N/A
|
0.28
+4%
|
0.33
+18%
|
0.41
+24%
|
0.65
+59%
|
0.69
+6%
|
0.74
+7%
|
0.78
+5%
|
0.79
+1%
|
0.65
-18%
|
0.43
-34%
|
0.25
-42%
|
0.12
-52%
|
0.16
+33%
|
0.41
+156%
|
0.64
+56%
|
1.13
+77%
|
1.53
+35%
|
1.94
+27%
|
2.32
+20%
|
2.41
+4%
|
2.51
+4%
|
2.52
+0%
|
2.71
+8%
|
2.82
+4%
|
2.87
+2%
|
2.95
+3%
|
2.95
N/A
|
2.97
+1%
|
3.05
+3%
|
3.19
+5%
|
3.43
+8%
|
3.79
+10%
|
4.07
+7%
|
4.31
+6%
|
4.45
+3%
|
4.53
+2%
|
4.38
-3%
|
4.45
+2%
|
4.59
+3%
|
4.85
+6%
|
5.26
+8%
|
5.93
+13%
|
6.75
+14%
|
6.35
-6%
|
6.86
+8%
|
7.2
+5%
|
6.97
-3%
|
7.38
+6%
|
6.54
-11%
|
5.64
-14%
|
4.85
-14%
|
3.35
-31%
|
3.01
-10%
|
2.38
-21%
|
1.97
-17%
|
2.97
+51%
|
3.54
+19%
|
4.12
+16%
|
4.88
+18%
|
5.16
+6%
|
5.27
+2%
|
5.15
-2%
|
5.18
+1%
|
2.16
-58%
|
2.1
-3%
|
2.22
+6%
|
1.78
-20%
|
4.63
+160%
|
3.95
-15%
|
3.12
-21%
|
-3.37
N/A
|
-4.09
-21%
|
-4.71
-15%
|
-5.05
-7%
|
0.6
N/A
|
0.73
+22%
|
|