Apogee Enterprises, Inc. logo APOG - Apogee Enterprises, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 1
HOLD 4
SELL 1
STRONG
SELL
0
| PRICE TARGET: $70.50 DETAILS
HIGH: $95.00
LOW: $46.00
MEDIAN: $70.50
CONSENSUS: $70.50
UPSIDE: 96.49%
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 1,404.7 1,361.0 1,416.9 1,440.7 1,314.0 1,230.8 1,387.4 1,402.6 1,326.2 1,114.5 981.2 933.9 771.4 700.2 662.5 582.8 696.7 925.5 881.8 778.8 696.7 628.8 535.3 771.8 802.3 865.2 840.5 792.6 912.8 950.8 871.1 756.5 688.2 572.5
Cost of Revenue 1,085.3 996.9 1,044.3 1,105.4 1,011.6 955.1 1,083.5 1,109.1 992.7 822.5 737.6 725.4 606.2 554.5 545.3 499.7 534.6 724.8 696.7 630.4 566.7 513.1 440.9 585.8 614.6 652.0 640.2 596.5 709.4 778.5 736.1 635.6 588.6 479.1
Gross Profit 319.5 364.1 372.6 335.3 302.4 275.7 304.0 293.6 333.5 292.0 243.6 208.5 165.3 145.7 117.1 83.1 162.1 200.7 185.2 148.4 130.1 115.7 94.5 186.1 187.7 213.2 200.3 196.1 203.4 172.3 135 120.9 99.6 93.4
Operating Expenses
R&D Expenses 0 29 30.3 25.5 17.3 15.3 16.6 19.5 14 8.6 8 6.5 7.8 6.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 245.0 214.9 221.5 205.3 192.5 179.9 214.8 197.4 188.9 161.2 138.2 140.9 119.3 118.3 113.3 104.1 116.7 123.1 118.7 100.7 99.8 89.4 86.7 144.4 143.6 147.1 147.8 128 138.5 105.3 86.1 81.6 71.7 71.8
Other Expenses (10.0) 2.1 (13) (21.3) 70.5 55.0 (15.3) 9.3 16.3 0 0 (2.4) (2.1) 0 (0.0) (0.1) 0.0 0 0.0 0.0 (0.0) (0.0) (0.0) (0.1) (0.0) (0.0) (0.0) 0 24 0 0 0 5.2 15.1
Operating Expenses 235 246.0 238.8 209.5 280.3 250.2 216.1 226.3 219.2 169.8 146.2 145.0 125.0 118.1 113.3 104.1 116.7 123.1 118.7 100.7 99.8 89.4 86.7 144.4 143.6 147.1 180.8 153.9 162.5 125.8 102.6 96.7 87.4 86.9
Operating Income
Operating Income 84.5 118.1 133.8 125.8 22.0 25.5 87.8 67.3 114.3 122.2 97.4 63.6 40.3 27.4 3.8 (21.0) 45.4 77.7 66.5 47.7 30.2 26.3 7.7 41.7 44.1 31.9 19.4 42.2 40.9 46.5 32.4 24.2 12.2 6.5
Interest Expense 14.0 6.2 6.7 7.7 3.8 4.4 8.8 8.4 5.5 1.0 0.6 0.9 1.3 1.5 1.4 0.7 0.6 1.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 0 0 0 0 0 0 0 0.4 0.5 1.0 1.0 1.0 0.8 0.8 1.1 0.9 0.9 1.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 134.5 184.9 187.8 168.2 152.0 139.6 119.6 120.2 169.1 157.8 128.6 93.0 66.8 53.9 32.3 8.1 76.5 110.1 89.2 66.3 48.3 40.7 27.5 66.4 71.2 100.4 52.4 69.2 68.1 62.5 48.9 39.3 27.9 21.6
EBIT 84.5 140.3 146.2 125.8 102.0 88.2 72.8 70.4 114.3 122.2 97.4 63.6 40.3 27.4 5.0 (20.1) 46.6 80.5 66.5 47.7 30.9 27.2 7.7 45.6 42.1 66.1 19.4 43.4 45.6 44.6 32.4 24.2 12.2 6.5
Income Before Tax 77.5 112.6 129.3 116.6 13.9 22.6 79.8 58.7 109.9 122.8 97.3 65.0 39.8 26.9 3.6 (20.8) 46.0 78.7 62.3 48.8 31.2 24.0 1.5 36.6 37.9 22.2 6.2 31.4 (63.5) 40 27.6 21.2 5.9 6.4
Income Tax Expense 23.3 27.5 29.6 12.5 10.4 7.2 17.8 13.0 30.4 37.0 32.0 14.5 11.8 7.8 (1.0) (6.7) 14.7 27.5 19.1 17.1 7.5 7.4 (3.1) 10.2 11.7 8.9 3.2 11.7 (12.4) 13.8 9.8 8.1 2.6 1.9
Net Income 54.1 85.1 99.6 104.1 3.5 15.4 61.9 45.7 79.5 85.8 65.3 50.5 28.0 19.1 4.6 (10.3) 31.7 51.0 48.6 31.7 23.8 16.6 (5.6) 29.9 26.1 15.0 12.2 25.2 (51.1) 26.2 17.8 13.1 3.8 4.5
Per Share Data
EPS (Basic) 2.54 3.91 4.55 4.73 0.14 0.59 2.34 1.64 2.79 2.98 2.25 1.76 0.98 0.68 0.17 -0.37 1.16 1.84 1.71 1.14 0.87 0.61 -0.21 1.09 0.94 0.54 0.44 0.91 -1.84 0.96 0.66 0.49 0.15 0.17
EPS (Diluted) 2.52 3.89 4.51 4.64 0.14 0.59 2.32 1.63 2.76 2.97 2.22 1.72 0.95 0.67 0.17 -0.37 1.15 1.81 1.67 1.12 0.85 0.60 -0.20 1.06 0.91 0.54 0.44 0.91 -1.80 0.91 0.66 0.49 0.15 0.17
Shares Outstanding 21.1 21.9 22.1 22.4 24.9 26.2 26.7 28.0 28.8 28.9 29.4 29.4 29.5 28.5 27.7 27.6 27.4 27.7 28.3 27.7 27.4 27.3 26.6 27.4 27.8 27.8 27.7 27.7 27.8 27.3 27.0 27.0 25.3 26.5
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 39.5 41.4 37.2 19.9 37.6 47.3 15.0 17.1 19.4 19.5 60.5 13.0 12.3 7.8 10.2 15.4 4.7 7.2 1.3 7.9 4.1 7.4 2.9 10.8 8.9
Short-Term Investments 0 4.8 2.8 0 0 0 0 0 0.4 0.5 30.2 14.1 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 258.0 257.4 223.1 256.7 199.0 205.4 270.4 247.9 218.0 187.5 172.8 154.1 189.4 100.0 103.3 115.2 121.5 125.1 117.2 100.4 229.9 184.6 165.1 144.6 106.4
Inventory 98.1 92.3 69.2 78.4 80.5 72.8 71.1 78.3 80.9 73.4 56.8 39.5 46.9 35.5 36.8 36.0 40.4 68.2 68.2 64.2 58.3 54.5 54.6 52.7 40.2
Other Current Assets 43.8 46.1 23.5 28.1 20.8 25.2 (48.1) 28.6 17.6 16.6 16.5 8.1 10.7 14.5 21.2 8.5 8.6 14.0 17.6 38.2 12.9 12.1 34.2 13.2 13.5
Total Current Assets 439.4 442.1 358.6 383.1 337.9 350.7 381.9 371.9 336.3 297.5 336.8 228.7 259.2 157.9 171.5 175.1 175.2 214.4 205.3 262.2 305.2 258.6 256.8 221.3 169
Non-Current Assets
Property, Plant & Equipment 303.8 330.5 284.4 290.2 250.0 298.4 324.4 315.8 304.1 246.7 202.5 203.5 176.7 98.5 114.5 128.5 147.6 186.0 180.4 129.9 118.8 78.5 75 64.9 66.1
Goodwill 236.7 235.8 129.2 129.0 130.1 130.1 185.5 185.8 181.0 101.3 74.0 58.5 61.0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 111.3 128.4 66.1 67.4 72.5 130.1 140.2 148.2 167.3 106.7 19.9 16.3 20.0 44.3 44.8 49.4 50.1 50.5 55.1 50.5 52.5 10.3 8.4 2 4.9
Long-Term Investments 0 5.2 8.1 7.8 10.6 12.0 0 (360.5) 8.6 9.0 12.5 20.2 22.7 16.7 19.8 52.2 57 25.4 27.8 0 20.4 28.7 15 11.8 0
Other Non-Current Assets 31.1 33.4 37.6 37.9 86.8 93.8 97.0 380.4 16.0 16.3 (3.9) (3.6) 17.8 11.1 13.8 56.1 59.8 30.1 30.4 21.5 24.5 38.7 21.7 18 11.5
Total Non-Current Assets 682.9 733.2 525.4 532.3 550.0 664.4 747.1 696.3 678.3 484.1 320.6 299.0 304.3 177.3 211.4 234.0 257.5 266.7 265.9 201.9 195.8 127.5 105.1 84.9 82.5
Total Assets 1,122.3 1,175.3 884.1 915.4 887.9 1,015.1 1,129.0 1,068.2 1,014.7 784.7 657.4 527.7 563.5 335.2 382.8 409.1 432.7 481.2 471.2 464.1 501 386.1 361.9 306.2 251.5
Current Liabilities
Account Payables 105.5 98.8 84.8 86.5 92.1 76.2 69.1 72.2 68.4 63.2 64.8 45.0 111.0 38.3 46.9 51.9 59.5 58.0 43.0 37.8 73.3 77.1 53.8 51.5 37.2
Short-Term Debt 0 15.3 12.3 11.8 13.7 15.3 16.7 0 0 0 0 0 0 0.3 0.5 0.6 0.3 0.2 1.3 1.7 1.7 5.3 12.6 28 4.2
Deferred Revenue 60.9 35.2 34.8 28.0 8.7 22.8 32.7 21.5 20.1 28.9 1.0 0 0.1 41.3 48.4 57.8 64.7 0 0 0 0 0 0 0 0
Other Current Liabilities 79.5 72.6 51.9 57.4 51.6 41.2 63.4 47.6 56.5 42.8 68.0 81.7 66.0 10.7 (19.5) 16.9 12.9 77.2 70.9 138.3 101.6 60 69.3 61.3 58.4
Total Current Liabilities 266.9 285.5 244.7 242.5 232.9 217.6 426.9 227.5 208.2 186.1 177.4 157.3 177.3 90.6 120.4 127.2 137.4 135.4 115.2 177.8 176.6 142.4 135.7 140.8 99.8
Non-Current Liabilities
Long-Term Debt 232.3 285 62 169.8 162 163 212.5 245.7 215.9 65.4 20.4 8.4 58.2 39.6 47.3 69.1 104.2 164.4 165.1 152 127.6 79.1 80.6 35.7 28.4
Deferred Tax Liabilities 17.0 1.3 1.5 1.4 2.3 15.1 (15.7) (26.5) 4.7 4.0 5.0 4.3 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 45.2 53.9 53.4 52.5 55.7 62.5 0 98.6 65.6 41.9 48.5 41.1 43.4 37.5 36.9 41.8 42.7 43.6 60.2 24.7 24.7 24.2 19.6 14.3 11
Total Non-Current Liabilities 343.7 401.9 168.3 276.4 268.7 304.8 185.4 344.3 302.8 128.0 73.9 53.8 101.6 77.1 84.2 110.9 146.9 208.0 225.3 176.7 152.3 103.3 100.2 50 39.4
Total Liabilities 610.6 687.4 413.0 519.0 501.7 522.4 612.2 571.9 511.0 314.1 251.2 211.1 278.9 167.7 204.6 238.2 284.4 343.4 340.5 354.5 328.9 245.7 235.9 190.8 139.2
Stockholders' Equity
Common Stock 7.1 7.1 7.4 7.4 7.9 8.6 8.8 9.0 9.4 9.6 9.6 9.3 9.6 9.1 9.1 9.4 9.3 9.2 9.2 0 9.3 4.5 4.5 4.4 0
Retained Earnings 376.4 360.0 340.4 273.7 254.8 357.2 388.0 367.6 373.3 342.0 282.5 209.5 181.8 106.3 120.9 113.4 93.5 84.6 80.2 61.9 129.4 114 100.8 91.9 92.1
Accumulated Other Comprehensive Income (30.8) (35.3) (29.5) (31.6) (26.2) (28.0) (34.1) (32.1) (24.1) (31.1) (31.4) (0.0) (2.0) (3.7) (4.3) (2.4) (0.3) (1.2) (1.4) (134.2) (2.6) (95.7) (86.7) (76.5) (66.1)
Total Stockholders' Equity 511.8 487.9 471.0 396.4 386.2 492.7 516.8 496.3 510.6 470.6 406.2 316.6 284.6 167.5 178.2 170.9 148.3 137.8 130.7 109.6 172.1 138.9 124.6 114.1 112.3
Total Liabilities & Equity 1,122.3 1,175.3 884.1 915.4 887.9 1,015.1 1,129.0 1,068.2 1,022.3 784.7 657.4 527.7 563.5 335.2 382.8 409.1 432.7 481.2 471.2 464.1 501 386.1 361.9 306.2 251.5
Debt Metrics
Total Debt 286.4 351.9 106.2 214.7 215.3 226.7 272.3 245.7 215.9 65.4 20.4 8.4 58.2 40.0 47.8 69.7 104.5 164.6 166.4 153.7 129.3 84.4 93.2 63.7 32.6
Net Debt 246.9 310.5 69.0 194.8 177.8 179.4 257.4 228.6 196.5 45.9 (40.1) (4.6) 45.9 32.1 37.6 54.4 99.8 157.4 165.1 145.8 125.2 77 90.3 52.9 23.7
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 54.1 85.1 99.6 104.1 3.5 15.4 61.9 45.7 79.5 85.8 65.3 16.6 (5.6) 29.9 26.1 15.0 12.2 25.2 (51.1) 26.2 17.8 13.1 3.3 4.5
Depreciation & Amortization 50.0 44.6 41.6 42.4 50.0 51.4 46.8 49.8 54.8 35.6 31.2 18.0 19.7 24.3 27.0 34.2 33.0 25.9 24 20.5 16.5 15.1 15.7 15.1
Stock-Based Compensation 8.2 10.7 9.7 8.7 6.3 8.6 6.6 6.3 6.2 6.0 4.9 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (15.0) (39.6) 44.3 (57.6) (12.5) 11.3 (16.4) (7.2) (16.1) (5.7) 32.8 (2.9) (11.8) (3.5) (0.6) 11.4 0.5 9.1 (1.5) (16.4) 9 (34.1) (31.3) (7.7)
Other Non-Cash Items 9.6 20.5 18.7 12.3 61.1 61.6 (2.1) 7.3 (0.3) 0.3 (4.2) 3.8 0.2 (6.2) 0.2 (3.4) 1.5 13.6 70.4 (0.6) (1.4) 2.5 (1.5) 0.1
Operating Cash Flow 122.5 125.2 204.2 102.7 100.5 141.9 107.3 96.4 127.3 121.0 124.0 36.1 17.2 42.7 52.1 61.6 43.8 78.6 34 41.6 40.5 (1) (10.9) 6.9
Investing Activities
Capital Expenditure (27.3) (35.6) (43.2) (45.2) (21.8) (26.2) (51.4) (60.7) (53.2) (68.1) (42.0) (19.6) (11.5) (12.8) (10.5) (14.8) (44.0) (80.9) (39) (35.6) (22.6) (25) (14) (9.2)
Acquisitions 1.6 (232.2) 0 7.8 30.6 26.2 51.4 60.7 (182.8) (135.0) (4.0) (6.8) 4.0 (0.3) (0.2) (3.6) (2.0) 0 0.9 0 0 0 0 0
Purchases of Investments (9.7) (2.4) (3.0) (7.8) (1.0) (3.6) (7.0) (9.2) (10.2) (3.7) (31.8) (36.5) (14.1) (26.0) (8.4) (7.9) (17.5) (10.1) (0.9) (7.6) (12.2) 0 0 0
Sales/Maturities of Investments 4.8 3.6 2.2 9.7 1.6 2.7 7.8 6.1 0.2 32.7 4.0 36.3 16.6 31.6 10.4 9.6 19.2 0 1.3 0 0 0 0 0
Other Investing Activities 0 0.7 0.3 7.8 0 (1.2) (47.8) (50.6) 20.3 (6.8) (4.1) 1.0 (0.1) 5.9 5.6 19.5 13.8 0.3 (0.5) (39.1) 11.1 (8.9) (2.2) (4.8)
Investing Cash Flow (30.5) (265.9) (43.7) (27.7) 9.3 (2.1) (47.0) (53.7) (225.7) (180.8) (77.9) (25.5) (5.0) (1.6) (3.2) 2.8 (30.5) (90.7) (38.2) (82.3) (23.7) (33.9) (16.2) (14)
Financing Activities
Net Debt Issuance (52.7) 223 (107.9) 7.0 (2) (53.1) (27.5) 30 150.0 45.0 (0.1) (4.7) (7.8) (21.9) (36.3) (60.7) (1.8) 9.6 24.3 39.6 (8.7) 29.4 31.1 3.2
Stock Repurchased (15) (45.4) (11.8) (74.3) (100.4) (32.9) (25.1) (43.3) (33.7) (10.8) (24.9) (1.9) (1.3) (19.5) (0.3) (0.3) (2.3) (1.5) (13.5) (1.4) (0.2) 0 (0.2) (3.9)
Dividends Paid (22.2) (21.7) (21.1) (19.7) (20.3) (19.6) (18.7) (17.9) (16.4) (14.7) (13.2) (6.7) (6.5) (6.2) (6.1) (5.8) (5.8) (5.7) (5.3) (4.8) (4.5) (4.2) (3.8) (3.6)
Other Financing Activities (6.2) (9.8) (3.8) (4.1) 2.1 (2.3) (3.2) (1.1) (1.6) (0.8) 1.7 0 0 (0.8) (0.2) (0.6) (0.3) 0.1 0.1 0 (0.1) 0.1 0 0
Financing Cash Flow (96.2) 146.0 (144.6) (91.0) (120.6) (107.9) (74.5) (32.3) 98.3 18.7 (36.4) (12.4) (14.6) (46.3) (38.3) (66.9) (7.5) 5.6 10.5 37.3 (12.3) 27 29 (2.8)
Cash Position
Net Change in Cash (1.9) 4.2 15.7 (16.1) (9.7) 32.3 (14.3) 9.9 (0.1) (41.0) 8.3 (1.9) (2.3) (5.2) 10.7 (2.5) 5.9 5.6 3.8 37.3 (12.3) 27 1.9 (2.8)
Cash at Beginning 41.4 37.2 21.5 37.6 47.3 15.0 29.2 19.4 19.5 60.5 52.2 7.8 10.2 15.4 4.7 7.2 1.3 7.9 4.1 7.4 2.9 10.8 8.9 18.7
Cash at End 39.5 41.4 37.2 21.5 37.6 47.3 15.0 29.2 19.4 19.5 60.5 6.0 7.8 10.2 15.4 4.7 7.2 13.5 7.9 44.7 (9.4) 37.8 10.8 15.9
Free Cash Flow 95.2 89.6 161.0 57.5 78.6 115.7 55.8 35.7 74.1 52.9 81.9 16.4 5.8 29.9 41.7 46.8 (0.2) (2.3) (5) 6 17.9 (26) (24.9) (2.3)
Key Metrics 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 1,404.7 1,361.0 1,416.9 1,440.7 1,314.0 1,230.8 1,387.4 1,402.6 1,326.2 1,114.5 981.2 933.9 771.4 700.2 662.5 582.8 696.7 925.5 881.8 778.8 696.7 628.8 535.3 771.8 802.3 865.2 840.5 792.6 912.8 950.8 871.1 756.5 688.2 572.5
Gross Profit 319.5 364.1 372.6 335.3 302.4 275.7 304.0 293.6 333.5 292.0 243.6 208.5 165.3 145.7 117.1 83.1 162.1 200.7 185.2 148.4 130.1 115.7 94.5 186.1 187.7 213.2 200.3 196.1 203.4 172.3 135 120.9 99.6 93.4
Operating Income 84.5 118.1 133.8 125.8 22.0 25.5 87.8 67.3 114.3 122.2 97.4 63.6 40.3 27.4 3.8 (21.0) 45.4 77.7 66.5 47.7 30.2 26.3 7.7 41.7 44.1 31.9 19.4 42.2 40.9 46.5 32.4 24.2 12.2 6.5
Net Income 54.1 85.1 99.6 104.1 3.5 15.4 61.9 45.7 79.5 85.8 65.3 50.5 28.0 19.1 4.6 (10.3) 31.7 51.0 48.6 31.7 23.8 16.6 (5.6) 29.9 26.1 15.0 12.2 25.2 (51.1) 26.2 17.8 13.1 3.8 4.5
EPS (Diluted) 2.52 3.89 4.51 4.64 0.14 0.59 2.32 1.63 2.76 2.97 2.22 1.72 0.95 0.67 0.17 -0.37 1.15 1.81 1.67 1.12 0.85 0.60 -0.20 1.06 0.91 0.54 0.44 0.91 -1.80 0.91 0.66 0.49 0.15 0.17
Balance Sheet
Cash & Equivalents 39.5 41.4 37.2 19.9 37.6 47.3 15.0 17.1 19.4 19.5 60.5 13.0 12.3 7.8 10.2 15.4 4.7 7.2 1.3 7.9 4.1 7.4 2.9 10.8 8.9
Total Assets 1,122.3 1,175.3 884.1 915.4 887.9 1,015.1 1,129.0 1,068.2 1,014.7 784.7 657.4 527.7 563.5 335.2 382.8 409.1 432.7 481.2 471.2 464.1 501 386.1 361.9 306.2 251.5
Total Debt 286.4 351.9 106.2 214.7 215.3 226.7 272.3 245.7 215.9 65.4 20.4 8.4 58.2 40.0 47.8 69.7 104.5 164.6 166.4 153.7 129.3 84.4 93.2 63.7 32.6
Stockholders' Equity 511.8 487.9 471.0 396.4 386.2 492.7 516.8 496.3 510.6 470.6 406.2 316.6 284.6 167.5 178.2 170.9 148.3 137.8 130.7 109.6 172.1 138.9 124.6 114.1 112.3
Cash Flow
Operating Cash Flow 122.5 125.2 204.2 102.7 100.5 141.9 107.3 96.4 127.3 121.0 124.0 36.1 17.2 42.7 52.1 61.6 43.8 78.6 34 41.6 40.5 (1) (10.9) 6.9
Capital Expenditure (27.3) (35.6) (43.2) (45.2) (21.8) (26.2) (51.4) (60.7) (53.2) (68.1) (42.0) (19.6) (11.5) (12.8) (10.5) (14.8) (44.0) (80.9) (39) (35.6) (22.6) (25) (14) (9.2)
Free Cash Flow 95.2 89.6 161.0 57.5 78.6 115.7 55.8 35.7 74.1 52.9 81.9 16.4 5.8 29.9 41.7 46.8 (0.2) (2.3) (5) 6 17.9 (26) (24.9) (2.3)