ASO Academy Sports and Outdoors Inc

Academy Sports and Outdoors, Inc. (Nasdaq: ASO) ("Academy" or the "Company") today announced its results for the third quarter ended November 2, 2024. Financial and operational highlights include:

• Opened 16 stores in fiscal 2024, consistent with plan, including further expansion into Ohio
• Narrowed fiscal 2024 guidance to Net Sales of $5.89B to $5.94B

"We delivered third quarter sales in line with expectations and were encouraged to see an improvement in comp sales trends versus the first half of the year,” said Steve Lawrence, Chief Executive Officer. “In our Outdoor division, the team drove a sales increase in the quarter of 7% compared to fiscal third quarter last year. We are excited that the 16 new stores that we have opened this year are exceeding our expectations and that our prior year vintages continue to grow. The team has made tremendous progress refining our new store opening process and pipeline, as well as improving our website experience, expanding our targeted marketing capabilities with our new loyalty program and streamlining our supply chain. The fundamentals of our business continue to strengthen, and we look forward to building on this momentum throughout the fourth quarter and beyond."

Third Quarter Results ($ in millions, except per share data)	Thirteen Weeks Ended								Change
	November 2, 2024				October 28, 2023				%
Net sales	$	1,343.3			$	1,397.8			(3.9	)	%
Comparable sales(2)		(4.9	)	%		(8.0	)	%
Income before income tax	$	88.7			$	129.9			(31.7	)	%
Net income	$	65.8			$	100.0			(34.2	)	%
Adjusted net income(1)	$	70.5			$	104.7			(32.7	)	%
Earnings per common share, diluted	$	0.92			$	1.31			(29.8	)	%
Adjusted earnings per common share, diluted(1)	$	0.98			$	1.38			(29.0	)	%

Year-to-Date Results($ in millions, except per share data)		Thirty-Nine Weeks Ended								Change
		November 2, 2024				October 28, 2023				%
Net sales		$	4,256.5			$	4,364.5			(2.5	)	%
Comparable sales(2)			(5.9	)	%		(7.6	)	%
Income before income tax		$	372.9			$	451.9			(17.5	)	%
Net Income		$	284.8			$	351.0			(18.9	)	%
Adjusted net income(1)		$	300.7			$	371.2			(19.0	)	%
Earnings per common share, diluted		$	3.86			$	4.51			(14.4	)	%
Adjusted earnings per common share, diluted(1)		$	4.08			$	4.77			(14.5	)	%

		As of								Change
Balance Sheet ($ in millions)		November 2, 2024				October 28, 2023				%
Cash and cash equivalents		$	296.0			$	274.8			7.7		%
Merchandise inventories, net		$	1,525.0			$	1,492.2			2.2		%
Long-term debt, net		$	483.1			$	583.4			(17.2	)	%

		Thirty-Nine Weeks Ended								Change
Capital Allocation($ in millions)		November 2, 2024				October 28, 2023				%
Share repurchases		$	276.6			$	201.5			37.3	%
Dividends paid		$	23.8			$	20.5			16.1	%

Inventory and Cash Flow Management Academy generated $97 million and $388 million in GAAP operating cash flow and $34 million and $252 million in adjusted free cash flow1 during the third quarter and year to date in fiscal 2024, respectively, which is an increase of 126% and 67% versus the third quarter and year to date in fiscal 2023, respectively.

“Inventories remain well managed, with units per store down 7% and dollars per store down 4%, and we have a thoughtful promotional cadence planned to help drive traffic through the Holiday season. We plan to support these promotions with increased marketing investment to highlight Academy’s compelling assortment and market leading value proposition. We are positioned to deliver strong operating cash flow for the full year, which we are continuing to reinvest into the business through our strategic initiatives while also returning capital directly to shareholders,” said Carl Ford, Chief Financial Officer.

Shareholder ReturnsDuring the quarter, Academy repurchased approximately one million shares of its outstanding common stock at a weighted average purchase price of $51.19 per common share for a total cost of $53 million. To date, Academy has repurchased 5.4 million shares of its outstanding common stock under its previous share repurchase programs for approximately $300 million, inclusive of $27 million of share repurchases in November 2024.

Subsequent to the end of the third quarter, on December 4, 2024, Academy's Board of Directors declared a quarterly cash dividend of $0.11 per share of its outstanding common stock. The dividend is payable on January 15, 2025, to stockholders of record as of the close of business on December 18, 2024.

New $700 Million Share-Repurchase ProgramIn conjunction with its approval of the dividend, Academy’s Board of Directors approved a new share repurchase program authorizing the Company to repurchase up to $700 million of its outstanding common stock.

The new share repurchase program replaces the preceding share repurchase program, of which $423 million remained as of the end of the third quarter, and is effective as of December 4, 2024, for a period of three years. Accordingly, as of today, the Company has $700 million of capacity available under the new share repurchase program.

Mr. Lawrence added, “Our new share repurchase program reflects our strong sustainable cash flow generation, continuing confidence in our business model and growth strategy, and continued commitment to driving value for our shareholders. We view returning capital directly to shareholders through repurchases and our dividend as integral to our capital allocation strategy, along with ongoing investments in the business.”

New Store OpeningsAcademy opened eight new stores during the third quarter and another five new stores early in the fourth quarter, bringing the Company's total store count to 298. To date in fiscal 2024, the Company has opened a total of 16 new stores, equating to approximately 6% annual unit growth, in line with its stated plans for the year.

The Company plans to open 20 to 25 stores in 2025, representing approximately 7.5% annual unit growth at the midpoint. The Company will continue to be measured in its approach and timing given the recent consumer backdrop.

2024 Outlook"We are looking forward to a strong fourth quarter and holiday season, as our team continues to focus on execution and serving our customers,” said Mr. Ford. “Based on our third quarter performance and expectations for the remainder of fiscal 2024, we are narrowing our full year sales and earnings guidance.”

Academy is updating its previous guidance for fiscal 20242 as follows:

	Updated Guidance										Previous Guidance
(in millions, except per share data)	Low end					High end					Low end					High end
Net sales	$	5,895.0				$	5,940.0				$	5,895.0				$	6,075.0
Sales growth		(4.3	)	%			(3.6	)	%			(4.3	)	%			(1.4	)	%
Comparable sales(2)		(6.0	)	%			(5.0	)	%			(6.0	)	%			(3.0	)	%
Gross margin rate		34.3		%			34.5	%				34.3		%			34.7		%
GAAP net income	$	400.0				$	425.0				$	400.0				$	460.0
Adjusted net income(1)	$	420.0				$	445.0				$	420.0				$	480.0
GAAP earnings per common share, diluted	$	5.50				$	5.80				$	5.45				$	6.20
Adjusted earnings per common share, diluted(1)	$	5.80				$	6.10				$	5.75				$	6.50
Diluted weighted average common shares		73.1					73.1					73.5					73.5
Capital expenditures	$	185				$	210				$	175				$	225
Adjusted free cash flow(1), (3)	$	310				$	350				$	290				$	340

The earnings per common share guidance reflects a tax rate of approximately 23% and includes the impact from the $27 million of share repurchases in November 2024.

Notes:

(1)		Adjusted net income, adjusted earnings per common share (EPS), diluted, and adjusted free cash flow are non-GAAP measures. See "Non-GAAP Measures" and "Reconciliations of GAAP to Non-GAAP Financial Measures" below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(2)		Fiscal 2023 included 53 weeks compared to 52 weeks in fiscal 2024, so the Company is using a shifted comparable sales calculation which compares weeks 27-39 in fiscal 2024 to weeks 28-40 in fiscal 2023.
(3)		We have not reconciled guidance for adjusted free cash flow to the most comparable GAAP measure because it is not possible to do so without unreasonable efforts given the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management's control and could be significant; therefore, we are unable to provide an estimate of the most closely comparable GAAP measure at this time.

Conference Call InfoAcademy will host a conference call today at 10:00 a.m. Eastern Time to discuss its results. The call will be webcast at investors.academy.com. The following information is provided for those who would like to participate in the conference call:

U.S. callers	1-877-407-3982
International callers	1-201-493-6780
Passcode	13750156

A replay of the conference call will be available for approximately 30 days on the Company's website.

About Academy Sports + OutdoorsAcademy is a leading full-line sporting goods and outdoor recreation retailer in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to 298 stores across 19 states as of the date of this press release. Academy’s mission is to provide “Fun for All” and Academy fulfills this mission with a localized merchandising strategy and value proposition that strongly connects with a broad range of consumers. Academy’s product assortment focuses on key categories of outdoor, apparel, footwear and sports & recreation through both leading national brands and a portfolio of private label brands.

Non-GAAP MeasuresAdjusted EBITDA, adjusted EBIT, adjusted net income, adjusted earnings per common share, and adjusted free cash flow have been presented in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, generally accepted accounting principles (“GAAP”). The Company believes that the presentation of these non-GAAP measures is useful to investors as it provides additional information on comparisons between periods by excluding certain items that affect overall comparability. The Company uses these non-GAAP financial measures for business planning purposes, to consider underlying trends of its business, and in measuring its performance relative to others in the market, and believes presenting these measures also provides information to investors and others for understanding and evaluating trends in the Company’s operating results or measuring performance in the same manner as the Company’s management. Non-GAAP financial measures should be considered in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The calculation of these non-GAAP financial measures may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. For additional information on these non-GAAP financial measures, please see our Annual Report for the fiscal year ended February 3, 2024 (the "Annual Report"), and our most recent Quarterly Report, which may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov.

See “Reconciliations of GAAP to Non-GAAP Financial Measures” below for reconciliations of non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures.

Forward Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Academy’s current expectations and are not guarantees of future performance. Forward-looking statements may incorporate words such as “believe,” “expect,” “forward,” “ahead,” “opportunities,” “plans,” “priorities,” “goals,” “future,” “short/long term,” “will,” “should,” or the negative version of these words or other comparable words. The forward-looking statements include, among other things, statements regarding the Company’s fiscal 2024 outlook, the Company’s strategic plans and financial objectives, including the implementation of such plans, the growth of the Company’s business and operations, including the opening of new stores and the expansion into new markets, the rollout of new warehouse management and other systems, the Company’s payment of dividends and declaration of future dividends, including the timing and amount thereof, share repurchases by the Company, the Company's expectations regarding its future performance and future financial condition, to support future dividend and share repurchase program growth, and other such matters, and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, environmental, and other factors that could affect overall consumer spending or our industry, including the possible effects of ongoing macroeconomic challenges, inflation and increases in interest rates, trade policy changes or additional tariffs, or changes to the financial health of our customers, many of which are beyond Academy's control. These and other important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Academy's filings with the SEC, including the Annual Report and the Quarterly Report, under the caption "Risk Factors," as may be updated from time to time in our periodic filings with the SEC. Any forward-looking statement in this press release speaks only as of the date of this release. Academy undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Investor Contact	Media Contact
Brad Morris	Meredith Klein
Director, Strategic Initiatives	VP, Communications
832-739-4373	346-823-6615
brad.morris@academy.com	meredith.klein@academy.com

ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(Amounts in thousands, except per share data)
	Thirteen Weeks Ended
	November 2, 2024				Percentage of Sales(1)				October 28, 2023				Percentage of Sales(1)
Net sales	$	1,343,330			100.0		%		$	1,397,777			100.0		%
Cost of goods sold		886,617			66.0		%			915,136			65.5		%
Gross margin		456,713			34.0		%			482,641			34.5		%
Selling, general and administrative expenses		365,239			27.2		%			345,910			24.7		%
Operating income		91,474			6.8		%			136,731			9.8		%
Interest expense, net		9,149			0.7		%			10,930			0.8		%
Write off of deferred loan costs		—			0.0		%			—			0.0		%
Other (income), net		(6,406	)		(0.5	)	%			(4,146	)		(0.3	)	%
Income before income taxes		88,731			6.6		%			129,947			9.3		%
Income tax expense		22,968			1.7		%			29,969			2.1		%
Net income	$	65,763			4.9		%		$	99,978			7.2		%
Earnings Per Common Share:
Basic	$	0.94							$	1.34
Diluted	$	0.92							$	1.31
Weighted Average Common Shares Outstanding:
Basic		70,319								74,461
Diluted		71,774								76,057

(1) Column may not add due to rounding

ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(Amounts in thousands, except per share data)
	Thirty-Nine Weeks Ended
	November 2, 2024				Percentage of Sales(1)				October 28, 2023				Percentage of Sales(1)
Net sales	$	4,256,530			100.0		%		$	4,364,463			100.0		%
Cost of goods sold		2,785,299			65.4		%			2,851,261			65.3		%
Gross margin		1,471,231			34.6		%			1,513,202			34.7		%
Selling, general and administrative expenses		1,087,287			25.5		%			1,039,312			23.8		%
Operating income		383,944			9.0		%			473,890			10.9		%
Interest expense, net		27,706			0.7		%			33,473			0.8		%
Write off of deferred loan costs		449			—		%			—			0.0		%
Other (income), net		(17,140	)		(0.4	)	%			(11,482	)		(0.3	)	%
Income before income taxes		372,929			8.8		%			451,899			10.4		%
Income tax expense		88,113			2.1		%			100,876			2.3		%
Net income	$	284,816			6.7		%		$	351,023			8.0		%
Earnings Per Common Share:
Basic	$	3.95							$	4.63
Diluted	$	3.86							$	4.51
Weighted Average Common Shares Outstanding:
Basic		72,047								75,809
Diluted		73,744								77,893

(1) Column may not add due to rounding

ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED BALANCE SHEETS(Unaudited)(Amounts in thousands, except per share data)
	November 2, 2024			February 3, 2024			October 28, 2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	295,996		$	347,920		$	274,827
Accounts receivable - less allowance for doubtful accounts of $2,609, $2,217 and $3,102, respectively		18,124			19,371			17,706
Merchandise inventories, net		1,524,978			1,194,159			1,492,219
Prepaid expenses and other current assets		68,884			83,450			110,823
Total current assets		1,907,982			1,644,900			1,895,575
PROPERTY AND EQUIPMENT, NET		503,115			445,209			429,648
RIGHT-OF-USE ASSETS		1,189,116			1,111,237			1,126,825
TRADE NAME		578,815			578,236			578,071
GOODWILL		861,920			861,920			861,920
OTHER NONCURRENT ASSETS		50,830			35,211			29,231
Total assets	$	5,091,778		$	4,676,713		$	4,921,270
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	764,489		$	541,077		$	820,428
Accrued expenses and other current liabilities		314,289			217,932			232,046
Current lease liabilities		130,236			117,849			117,141
Current maturities of long-term debt		3,000			3,000			3,000
Total current liabilities		1,212,014			879,858			1,172,615
LONG-TERM DEBT, NET		483,148			484,551			583,364
LONG-TERM LEASE LIABILITIES		1,173,158			1,091,294			1,095,812
DEFERRED TAX LIABILITIES, NET		250,970			254,796			264,565
OTHER LONG-TERM LIABILITIES		10,961			11,564			11,827
Total liabilities		3,130,251			2,722,063			3,128,183
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value, authorized 50,000,000 shares; none issued and outstanding		—			—			—
Common stock, $0.01 par value, authorized 300,000,000 shares; 69,932,128, 74,349,927, and 74,143,759 issued and outstanding as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.		699			743			741
Additional paid-in capital		245,511			242,098			239,447
Retained earnings		1,715,317			1,711,809			1,552,899
Stockholders' equity		1,961,527			1,954,650			1,793,087
Total liabilities and stockholders' equity	$	5,091,778		$	4,676,713		$	4,921,270

ACADEMY SPORTS AND OUTDOORS, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Amounts in thousands)
	Thirty-Nine Weeks Ended
	November 2, 2024				October 28, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	284,816			$	351,023
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		87,108				79,394
Non-cash lease expense		16,773				4,945
Equity compensation		20,389				26,128
Amortization of deferred loan and other costs		1,925				2,019
Deferred income taxes		(3,826	)			5,522
Write off of deferred loan costs		449				—
Gain on disposal of property and equipment		—				(363	)
Changes in assets and liabilities:
Accounts receivable, net		1,247				(1,203	)
Merchandise inventories, net		(330,819	)			(208,702	)
Prepaid expenses and other current assets		14,566				(59,234	)
Other noncurrent assets		(11,222	)			(12,471	)
Accounts payable		214,264				128,301
Accrued expenses and other current liabilities		48,464				(5,508	)
Income taxes payable		44,782				(7,910	)
Other long-term liabilities		(1,004	)			(899	)
Net cash provided by operating activities		387,912				301,042
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(135,866	)			(151,963	)
Purchases of intangible assets		(579	)			(354	)
Proceeds from the sale of property and equipment		—				2,126
Net cash used in investing activities		(136,445	)			(150,191	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Revolving Credit Facilities		3,900				—
Repayment of Revolving Credit Facilities		(3,900	)			—
Repayment of Term Loan		(2,250	)			(2,250	)
Debt issuance fees		(5,690	)			—
Repurchase of common stock for retirement		(273,766	)			(200,072	)
Proceeds from exercise of stock options		3,809				13,444
Proceeds from issuance of common stock under employee stock purchase program		2,819				2,887
Taxes paid related to net share settlement of equity awards		(4,471	)			(6,635	)
Dividends paid		(23,842	)			(20,543	)
Net cash used in financing activities		(303,391	)			(213,169	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(51,924	)			(62,318	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		347,920				337,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	295,996			$	274,827

ACADEMY SPORTS AND OUTDOORS, INC.RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES(Unaudited)

Adjusted EBITDA and Adjusted EBIT

We define “Adjusted EBITDA” as net income (loss) before interest expense, net, income tax expense and depreciation, amortization, and impairment, and other adjustments included in the table below. We define “Adjusted EBIT” as Adjusted EBITDA less depreciation and amortization. We describe these adjustments reconciling net income (loss) to Adjusted EBITDA and Adjusted EBIT in the following table (amounts in thousands):

		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
		November 2, 2024				October 28, 2023				November 2, 2024				October 28, 2023
Net income		$	65,763			$	99,978			$	284,816			$	351,023
Interest expense, net			9,149				10,930				27,706				33,473
Income tax expense			22,968				29,969				88,113				100,876
Depreciation and amortization			29,337				27,373				87,108				79,394
Equity compensation (a)			6,296				6,245				20,389				26,128
Write off of deferred loan costs			—				—				449				—
Adjusted EBITDA		$	133,513			$	174,495			$	508,581			$	590,894
Less: Depreciation and amortization			(29,337	)			(27,373	)			(87,108	)			(79,394	)
Adjusted EBIT		$	104,176			$	147,122			$	421,473			$	511,500
(a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures.

Adjusted Net Income and Adjusted Earnings Per Common Share

We define “Adjusted Net Income” as net income (loss) plus other adjustments included in the table below, less the tax effect of these adjustments. We define “Adjusted Earnings per Common Share, Basic” as Adjusted Net Income divided by the basic weighted average common shares outstanding during the period and “Adjusted Earnings per Common Share, Diluted” as Adjusted Net Income divided by the diluted weighted average common shares outstanding during the period. We describe these adjustments reconciling net income (loss) to Adjusted Net Income, and Adjusted Earnings Per Common Share in the following table (amounts in thousands, except per share data):

		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
		November 2, 2024				October 28, 2023				November 2, 2024				October 28, 2023
Net income		$	65,763			$	99,978			$	284,816			$	351,023
Equity compensation (a)			6,296				6,245				20,389				26,128
Write off of deferred loan costs			—				—				449				—
Tax effects of these adjustments (b)			(1,593	)			(1,531	)			(4,926	)			(5,909	)
Adjusted Net Income		$	70,466			$	104,692			$	300,728			$	371,242
Earnings per common share:
Basic		$	0.94			$	1.34			$	3.95			$	4.63
Diluted		$	0.92			$	1.31			$	3.86			$	4.51
Adjusted earnings per common share:
Basic		$	1.00			$	1.41			$	4.17			$	4.90
Diluted		$	0.98			$	1.38			$	4.08			$	4.77
Weighted average common shares outstanding:
Basic			70,319				74,461				72,047				75,809
Diluted			71,774				76,057				73,744				77,893
(a) Represents non-cash charges related to equity-based compensation, which vary from period to period depending on certain factors such as timing and valuation of awards, achievement of performance targets and equity award forfeitures.
(b) For the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023, this represents the estimated tax effect (by using the projected full year tax rates for the respective years) of the total adjustments made to arrive at Adjusted Net Income.

Adjusted Net Income and Adjusted Earnings Per Common Share, Diluted, Guidance Reconciliation (amounts in millions, except per share data)

		Low Range*				High Range*
		Fiscal Year EndingFebruary 1, 2025				Fiscal Year EndingFebruary 1, 2025
Net Income		$	400.0			$	425.0
Equity compensation (a)			27.0			$	27.0
Tax effects of these adjustments (a)			(7.0	)		$	(7.0	)
Adjusted Net Income			420.0			$	445.0
Earnings Per Common Share, Diluted		$	5.50			$	5.80
Equity compensation (a)			0.40				0.40
Tax effects of these adjustments (a)			(0.10	)			(0.10	)
Adjusted Earnings Per Common Share, Diluted		$	5.80			$	6.10
*	Amounts presented have been rounded.
(a)	Adjustments include non-cash charges related to equity-based compensation (as defined above), which may vary from period to period. The tax effect of these adjustments is determined by using the projected full year tax rate for the fiscal year.

Adjusted Free Cash Flow

We define “Adjusted Free Cash Flow” as net cash provided by (used in) operating activities less net cash used in investing activities. We describe these adjustments reconciling net cash provided by operating activities to adjusted free cash flow in the following table (amounts in thousands):

	Thirteen Weeks Ended								Thirty-Nine Weeks Ended
	November 2, 2024				October 28, 2023				November 2, 2024				October 28, 2023
Net cash provided by operating activities	$	96,891			$	57,476			$	387,912			$	301,042
Net cash used in investing activities		(62,707	)			(42,345	)			(136,445	)			(150,191	)
Adjusted Free Cash Flow	$	34,184			$	15,131			$	251,467			$	150,851