- Quarterly revenue of $6.70 billion, up 3% from a year ago
- Data Center revenue of $3.81 billion, up 61% from a year ago
- Quarterly return to shareholders of $3.44 billion
NVIDIA today reported revenue for the second quarter ended July 31, 2022, of $6.70 billion, up 3% from a year ago and down 19% from the previous quarter.
GAAP earnings per diluted share for the quarter were $0.26, down 72% from a year ago and down 59% from the previous quarter. Non-GAAP earnings per diluted share were $0.51, down 51% from a year ago and down 63% from the previous quarter.
“We are navigating our supply chain transitions in a challenging macro environment and we will get through this,” said Jensen Huang, founder and CEO of NVIDIA.
“Accelerated computing and AI, the pioneering work of our company, are transforming industries. Automotive is becoming a tech industry and is on track to be our next billion-dollar business. Advances in AI are driving our Data Center business while accelerating breakthroughs in fields from drug discovery to climate science to robotics.
“I look forward to next month’s GTC conference, where we will share new advances in RTX, as well as breakthroughs in AI and the metaverse, the next evolution of the internet. Join us,” he said.
During the second quarter of fiscal 2023, NVIDIA returned to shareholders $3.44 billion in share repurchases and cash dividends, following a return of $2.10 billion in the first quarter. The company has $11.93 billion remaining under its share repurchase authorization through December 2023. NVIDIA plans to continue share repurchases this fiscal year.
NVIDIA will pay its next quarterly cash dividend of $0.04 per share on September 29, 2022, to all shareholders of record on September 8, 2022.
Q2 Fiscal 2023 Summary
| GAAP | |||||||||||
| ($ in millions, except earnings per share) | Q2 FY23 | Q1 FY23 | Q2 FY22 | Q/Q | Y/Y | ||||||
| Revenue | $6,704 | $8,288 | $6,507 | Down 19% | Up 3% | ||||||
| Gross margin | 43.5% | 65.5% | 64.8% | Down 22.0 pts | Down 21.3 pts | ||||||
| Operating expenses | $2,416 | $3,563 | $1,771 | Down 32% | Up 36% | ||||||
| Operating income | $499 | $1,868 | $2,444 | Down 73% | Down 80% | ||||||
| Net income | $656 | $1,618 | $2,374 | Down 59% | Down 72% | ||||||
| Diluted earnings per share | $0.26 | $0.64 | $0.94 | Down 59% | Down 72% | ||||||
| Non-GAAP | |||||||||||
| ($ in millions, except earnings per share) | Q2 FY23 | Q1 FY23 | Q2 FY22 | Q/Q | Y/Y | ||||||
| Revenue | $6,704 | $8,288 | $6,507 | Down 19% | Up 3% | ||||||
| Gross margin | 45.9% | 67.1% | 66.7% | Down 21.2 pts | Down 20.8 pts | ||||||
| Operating expenses | $1,749 | $1,608 | $1,266 | Up 9% | Up 38% | ||||||
| Operating income | $1,325 | $3,955 | $3,071 | Down 66% | Down 57% | ||||||
| Net income | $1,292 | $3,443 | $2,623 | Down 62% | Down 51% | ||||||
| Diluted earnings per share | $0.51 | $1.36 | $1.04 | Down 63% | Down 51% | ||||||
Outlook
NVIDIA’s outlook for the third quarter of fiscal 2023 is as follows:
- Revenue is expected to be $5.90 billion, plus or minus 2%. Gaming and Professional Visualization revenue are expected to decline sequentially, as OEMs and channel partners reduce inventory levels to align with current levels of demand and prepare for NVIDIA’s new product generation. The company expects that decline to be partially offset by sequential growth in Data Center and Automotive.
- GAAP and non-GAAP gross margins are expected to be 62.4% and 65.0%, respectively, plus or minus 50 basis points.
- GAAP and non-GAAP operating expenses are expected to be approximately $2.59 billion and $1.82 billion, respectively.
- GAAP and non-GAAP other income and expense are expected to be an expense of approximately $10 million, excluding gains and losses from non-affiliated investments.
- GAAP and non-GAAP tax rates are expected to be 9.5%, plus or minus 1%, excluding any discrete items.
Highlights
NVIDIA achieved progress since its previous earnings announcement in these areas:
Data Center
- Second-quarter revenue was $3.81 billion, up 61% from a year ago and up 1% from the previous quarter.
- Announced that NVIDIA Grace™ superchips are being used to create HGX™ systems by some of the world’s leading computer makers — including Atos, Dell Technologies, GIGABYTE, HPE, Inspur, Lenovo and Supermicro.
- Unveiled QODA™, the NVIDIA Quantum Optimized Device Architecture, a unified computing platform for speeding breakthroughs in quantum research and development across AI, HPC, health, finance and other disciplines.
- Provided updates for the NeMo™ Megatron large language model framework that enable training speedups of up to 30%.
- Expanded NVIDIA Fleet Command™ — a cloud service for deploying, managing and scaling AI applications at the edge — with features that enhance the seamless management of edge AI deployments.
- Shared that, in the latest MLPerf training benchmark submissions, NVIDIA and its partners continued to provide the best overall AI training performance and the most submissions across all benchmarks.
Gaming
- Second-quarter revenue was $2.04 billion, down 33% from a year ago and down 44% from the previous quarter.
- Added 30 RTX ON games and apps — including A Plague Tale: Requiem, Evil Dead: The Game and F1 22 — bringing the total available to 280+.
- Increased the number of GeForce® RTX™ and NVIDIA Studio™ laptops to a record 180+, including introduction of the fastest-ever laptops with GeForce RTX 3080 Ti, 2-in-1 convertible gaming laptops and a broad range of Studio laptops.
- Expanded the GeForce NOW™ library with 80 additional games — including Genshin Impact, Evil Dead the Game, Mass Effect Legendary Edition and Loopmancer with RTX — bringing the total to over 1,350.
Professional Visualization
- Second-quarter revenue was $496 million, down 4% from a year ago and down 20% from the previous quarter.
- Expanded its partnership with Siemens to enable the industrial metaverse and increase use of AI-driven digital twin technology.
- Announced Omniverse™ Avatar Cloud Engine, a suite of cloud-native AI models and services that make it easier to build and customize lifelike virtual assistants and digital humans.
- Launched a broad initiative to evolve Universal Scene Description, the open-source and extensible language of 3D worlds, to become a foundation of the open metaverse.
- Announced a major release of Omniverse with new frameworks, tools, apps and plugins, including 11 new connectors to the Omniverse USD ecosystem that bring the total to 112.
- Co-founded the Metaverse Standards Forum to align with other members on the best ways to build the foundations of the metaverse.
Automotive
- Second-quarter revenue was $220 million, up 45% from a year ago and up 59% from the previous quarter.
- Announced rollout plans of new model vehicles using the DRIVE Orin™ compute platform by partners NIO, Li Auto, JIDU, and Human Horizons, as well as Pony.ai’s use of DRIVE Orin across its line of self-driving trucks and robotaxis.
CFO Commentary
Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com/.
Conference Call and Webcast Information
NVIDIA will conduct a conference call with analysts and investors to discuss its second quarter fiscal 2023 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its third quarter of fiscal 2023.
Non-GAAP Measures
To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude acquisition termination costs, stock-based compensation expense, acquisition-related and other costs, contributions, IP-related costs, legal settlement costs, gains and losses from non-affiliated investments, interest expense related to amortization of debt discount, the associated tax impact of these items where applicable, domestication tax benefit, and foreign tax benefit. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases of property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| July 31, | August 1, | July 31, | August 1, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Revenue | $ | 6,704 | $ | 6,507 | $ | 14,992 | $ | 12,168 | |||||||||
| Cost of revenue | 3,789 | 2,292 | 6,646 | 4,324 | |||||||||||||
| Gross profit | 2,915 | 4,215 | 8,346 | 7,844 | |||||||||||||
| Operating expenses | |||||||||||||||||
| Research and development | 1,824 | 1,245 | 3,443 | 2,398 | |||||||||||||
| Sales, general and administrative | 592 | 526 | 1,183 | 1,046 | |||||||||||||
| Acquisition termination cost | - | - | 1,353 | - | |||||||||||||
| Total operating expenses | 2,416 | 1,771 | 5,979 | 3,444 | |||||||||||||
| Income from operations | 499 | 2,444 | 2,367 | 4,400 | |||||||||||||
| Interest income | 46 | 6 | 64 | 13 | |||||||||||||
| Interest expense | (65 | ) | (60 | ) | (132 | ) | (113 | ) | |||||||||
| Other, net | (5 | ) | 4 | (19 | ) | 138 | |||||||||||
| Other income (expense), net | (24 | ) | (50 | ) | (87 | ) | 38 | ||||||||||
| Income before income tax | 475 | 2,394 | 2,280 | 4,438 | |||||||||||||
| Income tax expense (benefit) | (181 | ) | 20 | 6 | 153 | ||||||||||||
| Net income | $ | 656 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | 0.26 | $ | 0.95 | $ | 0.91 | $ | 1.72 | |||||||||
| Diluted | $ | 0.26 | $ | 0.94 | $ | 0.90 | $ | 1.69 | |||||||||
| Weighted average shares used in per share computation: | |||||||||||||||||
| Basic | 2,495 | 2,493 | 2,500 | 2,489 | |||||||||||||
| Diluted | 2,516 | 2,532 | 2,526 | 2,529 | |||||||||||||
| NVIDIA CORPORATION | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In millions) | ||||||||
| (Unaudited) | ||||||||
| July 31, | January 30, | |||||||
| 2022 | 2022 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash, cash equivalents and marketable securities | $ | 17,037 | $ | 21,208 | ||||
| Accounts receivable, net | 5,317 | 4,650 | ||||||
| Inventories | 3,889 | 2,605 | ||||||
| Prepaid expenses and other current assets | 1,175 | 366 | ||||||
| Total current assets | 27,418 | 28,829 | ||||||
| Property and equipment, net | 3,233 | 2,778 | ||||||
| Operating lease assets | 852 | 829 | ||||||
| Goodwill | 4,372 | 4,349 | ||||||
| Intangible assets, net | 2,036 | 2,339 | ||||||
| Deferred income tax assets | 2,225 | 1,222 | ||||||
| Other assets | 3,340 | 3,841 | ||||||
| Total assets | $ | 43,476 | $ | 44,187 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,421 | $ | 1,783 | ||||
| Accrued and other current liabilities | 3,903 | 2,552 | ||||||
| Short-term debt | 1,249 | - | ||||||
| Total current liabilities | 7,573 | 4,335 | ||||||
| Long-term debt | 9,700 | 10,946 | ||||||
| Long-term operating lease liabilities | 743 | 741 | ||||||
| Other long-term liabilities | 1,609 | 1,553 | ||||||
| Total liabilities | 19,625 | 17,575 | ||||||
| Shareholders' equity | 23,851 | 26,612 | ||||||
| Total liabilities and shareholders' equity | $ | 43,476 | $ | 44,187 | ||||
| NVIDIA CORPORATION | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (In millions) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| July 31, | August 1, | July 31, | August 1, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 656 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||
| Adjustments to reconcile net income to net cash | |||||||||||||||||
| provided by operating activities: | |||||||||||||||||
| Stock-based compensation expense | 648 | 465 | 1,226 | 894 | |||||||||||||
| Depreciation and amortization | 378 | 286 | 712 | 567 | |||||||||||||
| Losses (gains) on investments in non affiliates, net | 7 | 1 | 24 | (133 | ) | ||||||||||||
| Deferred income taxes | (443 | ) | (185 | ) | (985 | ) | (161 | ) | |||||||||
| Acquisition termination cost | - | - | 1,353 | - | |||||||||||||
| Other | (5 | ) | 18 | 18 | 16 | ||||||||||||
| Changes in operating assets and liabilities, net of acquisitions: | |||||||||||||||||
| Accounts receivable | 120 | (563 | ) | (668 | ) | (1,157 | ) | ||||||||||
| Inventories | (725 | ) | (123 | ) | (1,285 | ) | (282 | ) | |||||||||
| Prepaid expenses and other assets | (293 | ) | 16 | (1,554 | ) | 18 | |||||||||||
| Accounts payable | 304 | 209 | 559 | 245 | |||||||||||||
| Accrued and other current liabilities | 633 | 133 | 1,267 | 166 | |||||||||||||
| Other long-term liabilities | (10 | ) | 51 | 60 | 98 | ||||||||||||
| Net cash provided by operating activities | 1,270 | 2,682 | 3,001 | 4,556 | |||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Proceeds from maturities of marketable securities | 5,036 | 2,096 | 10,983 | 5,236 | |||||||||||||
| Proceeds from sales of marketable securities | 702 | 347 | 1,731 | 705 | |||||||||||||
| Purchases of marketable securities | (3,644 | ) | (4,798 | ) | (7,576 | ) | (9,268 | ) | |||||||||
| Purchases related to property and equipment and intangible assets | (433 | ) | (183 | ) | (794 | ) | (481 | ) | |||||||||
| Acquisitions, net of cash acquired | (13 | ) | - | (49 | ) | - | |||||||||||
| Investments and other, net | (30 | ) | 5 | (65 | ) | 3 | |||||||||||
| Net cash provided by (used in) investing activities | 1,618 | (2,533 | ) | 4,230 | (3,805 | ) | |||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds related to employee stock plans | 1 | 2 | 205 | 128 | |||||||||||||
| Payments related to repurchases of common stock | (3,345 | ) | - | (5,341 | ) | - | |||||||||||
| Payments related to tax on restricted stock units | (305 | ) | (365 | ) | (837 | ) | (843 | ) | |||||||||
| Dividends paid | (100 | ) | (100 | ) | (200 | ) | (198 | ) | |||||||||
| Principal payments on property and equipment and intangible assets | (14 | ) | (21 | ) | (36 | ) | (40 | ) | |||||||||
| Issuance of debt, net of issuance costs | - | 4,985 | - | 4,985 | |||||||||||||
| Other | 1 | - | 1 | (2 | ) | ||||||||||||
| Net cash provided by (used in) financing activities | (3,762 | ) | 4,501 | (6,208 | ) | 4,030 | |||||||||||
| Change in cash and cash equivalents | (874 | ) | 4,650 | 1,023 | 4,781 | ||||||||||||
| Cash and cash equivalents at beginning of period | 3,887 | 978 | 1,990 | 847 | |||||||||||||
| Cash and cash equivalents at end of period | $ | 3,013 | $ | 5,628 | $ | 3,013 | $ | 5,628 | |||||||||
| NVIDIA CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | May 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| GAAP gross profit | $ | 2,915 | $ | 5,431 | $ | 4,215 | $ | 8,346 | $ | 7,844 | |||||||||||||
| GAAP gross margin | 43.5 | % | 65.5 | % | 64.8 | % | 55.7 | % | 64.5 | % | |||||||||||||
| Acquisition-related and other costs (A) | 121 | 94 | 86 | 214 | 173 | ||||||||||||||||||
| Stock-based compensation expense (B) | 38 | 38 | 32 | 76 | 57 | ||||||||||||||||||
| IP-related costs | - | - | 4 | - | 9 | ||||||||||||||||||
| Non-GAAP gross profit | $ | 3,074 | $ | 5,563 | $ | 4,337 | $ | 8,636 | $ | 8,083 | |||||||||||||
| Non-GAAP gross margin | 45.9 | % | 67.1 | % | 66.7 | % | 57.6 | % | 66.4 | % | |||||||||||||
| GAAP operating expenses | $ | 2,416 | $ | 3,563 | $ | 1,771 | $ | 5,979 | $ | 3,444 | |||||||||||||
| Stock-based compensation expense (B) | (611 | ) | (540 | ) | (433 | ) | (1,151 | ) | (837 | ) | |||||||||||||
| Acquisition-related and other costs (A) | (54 | ) | (55 | ) | (72 | ) | (110 | ) | (152 | ) | |||||||||||||
| Contributions | (2 | ) | - | - | (2 | ) | - | ||||||||||||||||
| Acquisition termination cost | - | (1,353 | ) | - | (1,353 | ) | - | ||||||||||||||||
| Legal settlement costs | - | (7 | ) | - | (7 | ) | - | ||||||||||||||||
| Non-GAAP operating expenses | $ | 1,749 | $ | 1,608 | $ | 1,266 | $ | 3,356 | $ | 2,455 | |||||||||||||
| GAAP income from operations | $ | 499 | $ | 1,868 | $ | 2,444 | $ | 2,367 | $ | 4,400 | |||||||||||||
| Total impact of non-GAAP adjustments to income from operations | 826 | 2,087 | 627 | 2,913 | 1,228 | ||||||||||||||||||
| Non-GAAP income from operations | $ | 1,325 | $ | 3,955 | $ | 3,071 | $ | 5,280 | $ | 5,628 | |||||||||||||
| GAAP other income (expense), net | $ | (24 | ) | $ | (63 | ) | $ | (50 | ) | $ | (87 | ) | $ | 38 | |||||||||
| (Gains) losses from non-affiliated investments | 7 | 17 | - | 24 | (133 | ) | |||||||||||||||||
| Interest expense related to amortization of debt discount | 1 | 1 | 1 | 2 | 2 | ||||||||||||||||||
| Non-GAAP other income (expense), net | $ | (16 | ) | $ | (45 | ) | $ | (49 | ) | $ | (61 | ) | $ | (93 | ) | ||||||||
| GAAP net income | $ | 656 | $ | 1,618 | $ | 2,374 | $ | 2,274 | $ | 4,285 | |||||||||||||
| Total pre-tax impact of non-GAAP adjustments | 833 | 2,105 | 628 | 2,940 | 1,097 | ||||||||||||||||||
| Income tax impact of non-GAAP adjustments (C) | (197 | ) | (280 | ) | (127 | ) | (478 | ) | (194 | ) | |||||||||||||
| Domestication tax adjustments | - | - | (252 | ) | - | (252 | ) | ||||||||||||||||
| Non-GAAP net income | $ | 1,292 | $ | 3,443 | $ | 2,623 | $ | 4,736 | $ | 4,936 | |||||||||||||
| Diluted net income per share | |||||||||||||||||||||||
| GAAP | $ | 0.26 | $ | 0.64 | $ | 0.94 | $ | 0.90 | $ | 1.69 | |||||||||||||
| Non-GAAP | $ | 0.51 | $ | 1.36 | $ | 1.04 | $ | 1.87 | $ | 1.95 | |||||||||||||
| Weighted average shares used in diluted net income per share computation | 2,516 | 2,537 | 2,532 | 2,527 | 2,529 | ||||||||||||||||||
| GAAP net cash provided by operating activities | $ | 1,271 | $ | 1,731 | $ | 2,682 | $ | 3,001 | $ | 4,556 | |||||||||||||
| Purchases related to property and equipment and intangible assets | (432 | ) | (361 | ) | (183 | ) | (794 | ) | (481 | ) | |||||||||||||
| Principal payments on property and equipment | (15 | ) | (22 | ) | (21 | ) | (36 | ) | (40 | ) | |||||||||||||
| Free cash flow | $ | 824 | $ | 1,348 | $ | 2,478 | $ | 2,171 | $ | 4,035 | |||||||||||||
| (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs and certain compensation charges presented in the following line items: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | May 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Cost of revenue | $ | 121 | $ | 94 | $ | 86 | $ | 214 | $ | 173 | |||||||||||||
| Research and development | $ | 10 | $ | 9 | $ | 1 | $ | 19 | $ | 4 | |||||||||||||
| Sales, general and administrative | $ | 44 | $ | 46 | $ | 71 | $ | 91 | $ | 148 | |||||||||||||
| (B) Stock-based compensation consists of the following: | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| July 31, | May 1, | August 1, | July 31, | August 1, | |||||||||||||||||||
| 2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| Cost of revenue | $ | 38 | $ | 38 | $ | 32 | $ | 76 | $ | 57 | |||||||||||||
| Research and development | $ | 452 | $ | 384 | $ | 297 | $ | 836 | $ | 573 | |||||||||||||
| Sales, general and administrative | $ | 159 | $ | 156 | $ | 136 | $ | 315 | $ | 264 | |||||||||||||
| (C) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09). | |||||||||||||||||||||||
| NVIDIA CORPORATION | |||||
| RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK | |||||
| Q3 FY2023 Outlook | |||||
| ($ in millions) | |||||
| GAAP gross margin | 62.4 | % | |||
| Impact of stock-based compensation expense, acquisition-related costs, and other costs | 2.6 | % | |||
| Non-GAAP gross margin | 65.0 | % | |||
| GAAP operating expenses | $ | 2,590 | |||
| Stock-based compensation expense and acquisition-related costs | (770 | ) | |||
| Non-GAAP operating expenses | $ | 1,820 | |||
