Income Statement Latch, Inc.

Stocks

LTCH

US51818V1061

Business Support Services

Market Closed - OTC Markets 14:17:52 2026-10-02 EDT			5-day change	1st Jan Change
0.1900 ^USD	0.00%		+11.37%	+26.50%

09-24	Eliseai and Door Team Up So Renters Can Tour Units and Get Maintenance Done on Their Own Schedule	CI
08-10	Latch, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2026	CI

73584e04b96f6.jMeKQBrfYaeh2KTMCu7nIm2S7oMxt76qG2RJx4mYdLI.vP77L1CMF56Xlsa1U4PTblX128dY09KbWQEP_v7VGYvYqt4saLQOkMutxw

Published financial data: LATCH, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Revenues	41.36M	42.96M	44.96M	56.63M	70.12M
Total Revenues	41.36M	42.96M	44.96M	56.63M	70.12M
Cost of Goods Sold, Total	44.04M	46.88M	32.43M	31.61M	43.27M
Gross Profit	-2.68M	-3.92M	12.53M	25.02M	26.85M
Selling General & Admin Expenses, Total	89.88M	98.87M	68.54M	56.07M	34.83M
R&D Expenses	45.85M	54.93M	30.84M	16.56M	18.34M
Depreciation & Amortization - (IS)	3.24M	5.5M	7.2M	7.2M	5.28M
Other Operating Expenses, Total	139M	159M	107M	79.83M	58.44M
Operating Income	-142M	-163M	-94.05M	-54.81M	-31.59M
Interest Expense, Total	-7.78M	-2.96M	-5.79M	-4.48M	-1.11M
Interest And Investment Income	-	-	8.1M	5.89M	-
Net Interest Expenses	-7.78M	-2.96M	2.31M	1.42M	-1.11M
Other Non Operating Income (Expenses)	-8.5M	9.42M	449K	495K	87K
EBT, Excl. Unusual Items	-158M	-157M	-91.29M	-52.9M	-32.62M
Restructuring Charges	-	-	-5.81M	-1.58M	-
Impairment of Goodwill	-	-	-	-	-16.6M
Gain (Loss) On Sale Of Investments	50K	-3.46M	-	-91K	-
Asset Writedown	-	-	-	-3.05M	-1.3M
Legal Settlements	-6.93M	-2.01M	-10.4M	-7.38M	-3.23M
Other Unusual Items	-1.47M	-	-	7.4M	-
EBT, Incl. Unusual Items	-166M	-162M	-108M	-57.59M	-53.75M
Income Tax Expense	53K	89K	30K	2K	-
Earnings From Continuing Operations	-166M	-162M	-108M	-57.6M	-53.75M
Net Income to Company	-166M	-162M	-108M	-57.6M	-53.75M
Net Income - (IS)	-166M	-162M	-108M	-57.6M	-53.75M
Net Income to Common Incl Extra Items	-166M	-162M	-108M	-57.6M	-53.75M
Net Income to Common Excl. Extra Items	-166M	-162M	-108M	-57.6M	-53.75M
Per Share Items
Net EPS - Basic	-1.92	-1.13	-0.68	-0.37	-0.34
Basic EPS - Continuing Operations	-1.92	-1.13	-0.68	-0.37	-0.34
Basic Weighted Average Shares Outstanding	86.47M	144M	159M	157M	160M
Net EPS - Diluted	-1.92	-1.13	-0.68	-0.37	-0.34
Diluted EPS - Continuing Operations	-1.92	-1.13	-0.68	-0.37	-0.34
Diluted Weighted Average Shares Outstanding	86.47M	144M	159M	157M	160M
Normalized Basic EPS	-1.14	-0.68	-0.36	-0.21	-0.13
Normalized Diluted EPS	-1.14	-0.68	-0.36	-0.21	-0.13
Supplemental Items
EBITDA	-141M	-162M	-92.25M	-52.81M	-31.02M
EBITA	-142M	-163M	-93.55M	-53.81M	-31.29M
EBIT	-142M	-163M	-94.05M	-54.81M	-31.59M
EBITDAR	-140M	-161M	-	-51.61M	-30.32M
Total Revenues (As Reported)	41.36M	42.96M	44.96M	56.63M	70.12M
Effective Tax Rate - (Ratio)	-0.03	-0.05	-0.03	-0	-
Current Domestic Taxes	50K	65K	-	-	-
Current Foreign Taxes	3K	24K	30K	2K	-
Total Current Taxes	53K	89K	30K	2K	-
Normalized Net Income	-98.7M	-97.99M	-57.06M	-33.06M	-20.39M
Supplemental Operating Expense Items
Advertising Expense	2.5M	2.7M	-	-	-
Selling and Marketing Expenses	34.98M	45.59M	13.74M	12.25M	15.33M
General and Administrative Expenses	54.89M	53.28M	54.8M	43.82M	19.5M
Research And Development Expense From Footnotes	45.85M	54.93M	33.79M	17.32M	18.34M
Net Rental Expense, Total	900K	1.1M	-	1.2M	700K
Imputed Operating Lease Interest Expense	1.85M	-	-	2.8M	964K
Imputed Operating Lease Depreciation	-948K	-	-	-1.6M	-264K
Stock-Based Comp., COGS (Total)	210K	584K	-20K	4K	1K
Stock-Based Comp., R&D Exp. (Total)	10.74M	13.41M	6.53M	747K	68K
Stock-Based Comp., S&M Exp. (Total)	3.75M	5.76M	1.54M	59K	51K
Stock-Based Comp., G&A Exp. (Total)	15.18M	10.51M	10.12M	-1.39M	431K
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	29.88M	30.26M	18.17M	-580K	551K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Assets
Cash And Equivalents	125M	110M	94.68M	70.2M	34.62M
Short Term Investments	159M	120M	84.86M	6.14M	954K
Total Cash And Short Term Investments	284M	230M	180M	76.34M	35.57M
Accounts Receivable, Total	25.64M	7.03M	6M	13.94M	9.97M
Other Receivables	-	-	-	10M	82K
Total Receivables	25.64M	7.03M	6M	23.94M	10.05M
Inventory	11.62M	29.44M	16.56M	14.38M	17.33M
Prepaid Expenses	11.61M	12.33M	34.76M	2.77M	1.98M
Other Current Assets, Total	-	-	-	12.72M	-
Total Current Assets	333M	279M	237M	130M	64.94M
Gross Property Plant And Equipment	3.9M	5.67M	5.98M	6.6M	6.62M
Accumulated Depreciation	-1.86M	-3.2M	-4.52M	-5.53M	-5.78M
Net Property Plant And Equipment	2.04M	2.47M	1.46M	1.07M	835K
Long-term Investments	103M	4.84M	-	-	-
Goodwill	-	-	25.32M	30.2M	13.6M
Other Intangibles, Total	13.32M	13.89M	14.55M	13.33M	10.68M
Other Long-Term Assets, Total	1.45M	16.62M	16.24M	21.66M	16.75M
Total Assets	452M	317M	294M	196M	107M
Liabilities
Accounts Payable, Total	6.23M	6M	3.64M	7.82M	4.45M
Accrued Expenses, Total	16.33M	13.04M	6.81M	8.16M	3.11M
Short-term Borrowings	3.4M	-	22M	-	-
Current Portion of Long-Term Debt	-	-	-	1.31M	1.31M
Current Portion of Leases	-	278K	589K	704K	407K
Unearned Revenue Current, Total	6.02M	10.69M	10.84M	11.9M	11.24M
Other Current Liabilities	8.8M	14.25M	50.46M	27.29M	7.73M
Total Current Liabilities	40.77M	44.26M	94.34M	57.19M	28.25M
Long-Term Debt	-	-	-	4.52M	3.33M
Long-Term Leases	-	146K	2.16M	2.19M	2.05M
Unearned Revenue Non Current	24.19M	31.24M	28.74M	21.28M	15.14M
Other Non Current Liabilities	9.79M	260K	50K	61K	30K
Total Liabilities	74.75M	75.91M	125M	85.24M	48.79M
Preferred Stock Convertible	-	-	-	-	-
Total Preferred Equity	-	-	-	-	-
Common Stock, Total	25K	16K	19K	19K	19K
Additional Paid In Capital	707M	736M	770M	770M	770M
Retained Earnings	-329M	-494M	-601M	-659M	-712M
Treasury Stock	-	-	-	-1K	-1K
Comprehensive Income and Other	-676K	-1.46M	48K	21K	39K
Total Common Equity	378M	241M	169M	111M	58.01M
Total Equity	378M	241M	169M	111M	58.01M
Total Liabilities And Equity	452M	317M	294M	196M	107M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	143M	161M	165M	164M	164M
ECS Total Common Shares Outstanding	142M	145M	176M	164M	164M
Book Value / Share	2.65	1.66	0.96	0.68	0.35
Tangible Book Value	364M	227M	129M	67.65M	33.73M
Tangible Book Value Per Share	2.56	1.56	0.73	0.41	0.21
Total Debt	3.4M	424K	24.75M	8.72M	7.1M
Net Debt	-280M	-230M	-155M	-67.62M	-28.48M
Debt Equivalent Oper. Leases	7.2M	8.8M	-	9.6M	5.6M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	2.51M	8.34M	6.66M	6.12M	4.32M
Inventories - Finished Goods, Total	9.49M	24.75M	9.89M	8.26M	10.93M
Machinery, Total	3.9M	5.67M	5.98M	6.44M	6.45M
Full Time Employees	440	169	75	220	120
Accumulated Allowance for Doubtful Accounts (Supple)	2M	2.54M	496K	96K	117K

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Net Income	-166M	-162M	-108M	-57.6M	-53.75M
Depreciation & Amortization - CF	839K	1.6M	1.3M	1M	277K
Amortization of Goodwill and Intangible Assets - (CF)	-	-	500K	1M	300K
Depreciation & Amortization, Total	839K	1.6M	1.8M	2M	577K
Amortization of Deferred Charges, Total - (CF)	2.4M	3.9M	5.4M	5.2M	4.7M
(Gain) Loss From Sale Of Asset	-	-	-	189K	1.22M
(Gain) Loss on Sale of Investments - (CF)	-50K	3.51M	-	92K	-9K
Asset Writedown & Restructuring Costs	-	921K	697K	2.85M	16.6M
Stock-Based Compensation (CF)	29.88M	30.26M	18.17M	-580K	551K
Provision and Write-off of Bad Debts	1.89M	1.3M	-793K	-278K	345K
Other Operating Activities, Total	14.7M	-10.53M	-2.74M	-1.36M	-179K
Change In Accounts Receivable	-19.31M	3.57M	1.95M	-2.35M	1.54M
Change In Inventories	-3.51M	-16.69M	16.33M	-3.76M	3.12M
Change In Accounts Payable	2.5M	-506K	-2.36M	3.65M	-3.37M
Change in Unearned Revenues	14.68M	11.46M	-2.35M	-6.74M	-6.81M
Change in Other Net Operating Assets	16.44M	-1.68M	5.85M	-16.74M	-439K
Cash from Operations	-106M	-135M	-65.59M	-75.41M	-35.89M
Capital Expenditure	-1.54M	-2.24M	-327K	-766K	-79K
Sale of Property, Plant, and Equipment	-	-	-	-	28K
Cash Acquisitions	-	-	8.08M	-950K	-
Sale (Purchase) of Intangible assets	-7.28M	-4.77M	-1.52M	-6.14M	-3.61M
Investment in Marketable and Equity Securities, Total	-269M	133M	44.24M	80.74M	5.34M
Cash from Investing	-278M	126M	50.48M	72.89M	1.69M
Short Term Debt Issued, Total	7.93M	1.34M	-	-	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	7.93M	1.34M	-	-	-
Short Term Debt Repaid, Total	-4.57M	-4.71M	-	-	-
Long-Term Debt Repaid, Total	-5M	-	-	-22M	-1.22M
Total Debt Repaid	-9.57M	-4.71M	-	-22M	-1.22M
Issuance of Common Stock	3.26M	724K	-	-	-
Repurchase of Common Stock	-1.8M	-3.39M	-	-	-
Issuance of Preferred Stock	-	-	-	-	-
Other Financing Activities, Total	448M	-	-	-	-
Cash from Financing	448M	-6.04M	-	-22M	-1.22M
Foreign Exchange Rate Adjustments	-6K	-32K	-46K	48K	-153K
Net Change in Cash	64.25M	-14.95M	-15.15M	-24.47M	-35.58M
Supplemental Items
Cash Interest Paid	348K	348K	32K	2.1M	472K
Cash Income Tax Paid (Refund)	70K	70K	11K	4K	-8K
Levered Free Cash Flow	-72.6M	-74.88M	-19.91M	-51.95M	-23.21M
Unlevered Free Cash Flow	-67.74M	-73.03M	-16.29M	-49.15M	-22.51M
Change In Net Working Capital	3.52M	-245K	-18.96M	14.61M	4.91M
Net Debt Issued / Repaid	-1.63M	-3.37M	-	-22M	-1.22M

Fiscal Period: December	2021 (USD)	2022 (USD)	2023 (USD)	2024 (USD)	2025 (USD)
Profitability
Return on Assets	-32.67	-26.63	-19.24	-13.96	-13.02
Return on Total Capital	-39.83	-33.17	-27.05	-22.03	-21.68
Return On Equity %	-86.65	-52.81	-52.47	-41.09	-63.53
Return on Common Equity	-148.98	-52.81	-52.47	-41.09	-63.53
Margin Analysis
Gross Profit Margin %	-6.47	-9.14	27.87	44.18	38.29
SG&A Margin	217.3	230.17	152.45	99.01	49.67
EBITDA Margin %	-340.43	-376.27	-205.18	-93.25	-44.23
EBITA Margin %	-342.46	-380.01	-208.07	-95.02	-44.63
EBIT Margin %	-342.46	-380.01	-209.18	-96.78	-45.06
Income From Continuing Operations Margin %	-402.13	-377.92	-239.18	-101.71	-76.65
Net Income Margin %	-402.13	-377.92	-239.18	-101.71	-76.65
Net Avail. For Common Margin %	-402.13	-377.92	-239.18	-101.71	-76.65
Normalized Net Income Margin	-238.64	-228.11	-126.91	-58.38	-29.08
Levered Free Cash Flow Margin	-175.54	-174.32	-44.28	-91.73	-33.1
Unlevered Free Cash Flow Margin	-163.79	-170.01	-36.23	-86.79	-32.11
Asset Turnover
Asset Turnover	0.15	0.11	0.15	0.23	0.46
Fixed Assets Turnover	29.63	19.07	22.88	44.63	73.5
Receivables Turnover (Average Receivables)	2.44	4.54	6.9	4.38	5.87
Inventory Turnover (Average Inventory)	4.42	1.79	1.41	2.04	1.95
Short Term Liquidity
Current Ratio	8.16	6.3	2.51	2.28	2.3
Quick Ratio	7.59	5.36	1.97	1.75	1.62
Operating Cash Flow to Current Liabilities	-2.6	-3.06	-0.7	-1.32	-1.27
Days Sales Outstanding (Average Receivables)	149.45	80.36	52.88	83.63	62.22
Days Outstanding Inventory (Average Inventory)	82.5	204.42	258.84	179.1	187.38
Average Days Payable Outstanding	38.38	42.92	90.04	71.29	66.84
Cash Conversion Cycle (Average Days)	193.56	241.86	221.68	191.45	182.77
Long Term Solvency
Total Debt/Equity	0.9	0.18	14.64	7.85	12.24
Total Debt / Total Capital	0.89	0.18	12.77	7.27	10.9
LT Debt/Equity	-	0.06	1.28	6.03	9.27
Long-Term Debt / Total Capital	-	0.06	1.12	5.59	8.26
Total Liabilities / Total Assets	16.53	23.97	42.55	43.4	45.68
EBIT / Interest Expense	-18.21	-55.13	-16.24	-12.24	-28.39
EBITDA / Interest Expense	-18.1	-54.21	-15.74	-11.53	-27.24
(EBITDA - Capex) / Interest Expense	-18.3	-54.97	-15.8	-11.7	-27.31
Total Debt / EBITDA	-0.02	-0	-0.27	-0.17	-0.23
Net Debt / EBITDA	1.99	1.43	1.7	1.31	0.94
Total Debt / (EBITDA - Capex)	-0.02	-0	-0.27	-0.17	-0.23
Net Debt / (EBITDA - Capex)	1.97	1.41	1.69	1.29	0.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	129	55.56	4.67	25.95	23.82
Gross Profit, 1 Yr. Growth %	22.96	-22.14	-422.49	99.66	7.31
EBITDA, 1 Yr. Growth %	134.01	14.09	-39.73	-42.32	-35.43
EBITA, 1 Yr. Growth %	133.15	14.5	-39.43	-42.05	-36.18
EBIT, 1 Yr. Growth %	133.15	14.5	-39.19	-41.29	-36.86
Earnings From Cont. Operations, 1 Yr. Growth %	152.02	-2.88	-33.75	-46.44	-6.68
Net Income, 1 Yr. Growth %	152.02	-2.88	-33.75	-46.44	-6.68
Normalized Net Income, 1 Yr. Growth %	143.93	-1.24	-38.4	-41.61	-32.34
Diluted EPS Before Extra, 1 Yr. Growth %	-78.91	-41.52	-39.84	-48.61	-8.11
Accounts Receivable, 1 Yr. Growth %	211.68	-40.9	-14.59	16.7	-28.48
Inventory, 1 Yr. Growth %	40.06	27.56	-43.74	-13.18	-36.05
Net Property, Plant and Equip., 1 Yr. Growth %	170.78	20.94	-40.59	-26.76	-22.18
Total Assets, 1 Yr. Growth %	404.75	-29.57	-7.02	-33.29	-45.63
Tangible Book Value, 1 Yr. Growth %	-324.85	-37.35	-43.02	-47.67	-50.14
Common Equity, 1 Yr. Growth %	-344.73	-35.63	-29.75	-34.26	-47.82
Cash From Operations, 1 Yr. Growth %	97.35	26.96	-51.5	14.97	-52.4
Capital Expenditures, 1 Yr. Growth %	472.86	45.3	-85.4	134.25	-89.69
Levered Free Cash Flow, 1 Yr. Growth %	68.43	11.67	-72.37	189.76	-48.95
Unlevered Free Cash Flow, 1 Yr. Growth %	64.73	17.4	-75.83	243.5	-50.48
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	66.68	81.81	27.6	14.82	24.88
Gross Profit, 2 Yr. CAGR %	5.41	22.22	57.69	153.75	46.37
EBITDA, 2 Yr. CAGR %	69.86	62.12	-21.21	-41.26	-41.79
EBITA, 2 Yr. CAGR %	69.63	62.11	-20.87	-40.98	-41.95
EBIT, 2 Yr. CAGR %	69.63	62.11	-20.68	-40.47	-41.83
Earnings From Cont. Operations, 2 Yr. CAGR %	81.97	55.17	-19.79	-40.44	-29.3
Net Income, 2 Yr. CAGR %	81.97	55.17	-19.79	-40.44	-29.3
Normalized Net Income, 2 Yr. CAGR %	79.92	53.91	-25.77	-40.26	-40
Diluted EPS Before Extra, 2 Yr. CAGR %	-49.86	-65.16	-40.69	-42.79	-31.28
Accounts Receivable, 2 Yr. CAGR %	91.03	-7.59	-28.95	40.85	-8.64
Inventory, 2 Yr. CAGR %	37.39	88.4	-15.29	-30.11	2.3
Net Property, Plant and Equip., 2 Yr. CAGR %	38.43	80.97	-15.24	-34.04	-24.5
Total Assets, 2 Yr. CAGR %	147.95	87.98	-19.08	-21.24	-39.77
Tangible Book Value, 2 Yr. CAGR %	97.07	18.34	-40.25	-45.39	-48.92
Common Equity, 2 Yr. CAGR %	104.29	24.92	-32.75	-32.04	-41.44
Cash From Operations, 2 Yr. CAGR %	49.09	57.87	-21.53	-25.33	-26.02
Capital Expenditures, 2 Yr. CAGR %	30.27	188.5	-53.93	-41.51	-50.85
Levered Free Cash Flow, 2 Yr. CAGR %	-	31.62	-47.5	-15.09	13.78
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	33.07	-50.52	-14.6	25.43
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	42.36	51.25	27.05	17.74
Gross Profit, 3 Yr. CAGR %	-	17.64	68.34	70.59	90.46
EBITDA, 3 Yr. CAGR %	-	49.06	14.47	-29.17	-41.26
EBITA, 3 Yr. CAGR %	-	49.12	14.63	-28.85	-41.27
EBIT, 3 Yr. CAGR %	-	49.12	14.83	-28.43	-41.11
Earnings From Cont. Operations, 3 Yr. CAGR %	-	47.85	16.84	-29.89	-30.82
Net Income, 3 Yr. CAGR %	-	47.85	16.84	-29.89	-30.82
Normalized Net Income, 3 Yr. CAGR %	-	47.57	11.32	-31.65	-39.62
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-47.14	-58.21	-42.37	-33
Accounts Receivable, 3 Yr. CAGR %	-	-0	-9.98	5.45	12.37
Inventory, 3 Yr. CAGR %	-	68.5	25.92	-14.59	-16.19
Net Property, Plant and Equip., 3 Yr. CAGR %	-	32.34	24.84	-19.27	-30.3
Total Assets, 3 Yr. CAGR %	-	62.67	48.67	-24.12	-30.39
Tangible Book Value, 3 Yr. CAGR %	-	34.24	-7.25	-42.84	-47.03
Common Equity, 3 Yr. CAGR %	-	38.58	3.11	-33.26	-37.77
Cash From Operations, 3 Yr. CAGR %	-	41.61	6.52	-10.88	-35.74
Capital Expenditures, 3 Yr. CAGR %	-	35.1	6.72	-20.78	-67.2
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-22.77	-10.4	-31.45
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-26.63	-9.6	-30.61
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	30.63	40.09
Gross Profit, 5 Yr. CAGR %	-	-	-	59.68	59.18
EBITDA, 5 Yr. CAGR %	-	-	-	1.59	-12.79
EBITA, 5 Yr. CAGR %	-	-	-	1.8	-12.81
EBIT, 5 Yr. CAGR %	-	-	-	2.17	-12.65
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	2.78	-4.43
Net Income, 5 Yr. CAGR %	-	-	-	2.78	-4.43
Normalized Net Income, 5 Yr. CAGR %	-	-	-	1.63	-13.19
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	-45.44	-48.42
Accounts Receivable, 5 Yr. CAGR %	-	-	-	14.68	3.92
Inventory, 5 Yr. CAGR %	-	-	-	18.5	15.88
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	0.17	2.09
Total Assets, 5 Yr. CAGR %	-	-	-	21.7	3.57
Tangible Book Value, 5 Yr. CAGR %	-	-	-	-6.33	-26.94
Common Equity, 5 Yr. CAGR %	-	-	-	4.21	-17.77
Cash From Operations, 5 Yr. CAGR %	-	-	-	9.63	-7.93
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-3.34	-21.73
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	-11.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	-	-11.4