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Apple now has more cash than the federal operating balance, and most among the US non-financial firms

Posted: , by Daniel P.

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Apple now has more cash than the federal operating balance, and most among the US non-financial firms
With the $76 billion in cash amassed mostly since the iPhone introduction in 2007, Apple now has more money to play with than the current US government operating cash balance of $73.77 billion. It would be cruel to mention that Apple also holds no debt, whereas the US public finances are... well, the debt ceiling soap opera continues unabated just a few days before the arbitrary deadline of 8/2, set by the trusty Tim Geithner.

Not only that, but it seems that Steve Jobs's pride and joy company has the most cash out of each and every non-financial US company, i.e., those that actually produce something instead of moving digital money around with clicks of the mouse, and whose cash pile is mostly collateralized, i.e. phony.

In fact, just in the last quarter, Apple added $10 billion to its reserves, more than Google's entire revenue stream for Q2. Not bad for a company that makes consumer electronics and software, so we can't help to wonder what the US economy would look like if it wasn't for the Silicon Valley.

Apple now has more cash than the federal operating balance, and most among the US non-financial firms
While the Valley giants Apple, Google and Microsoft are all trying to pay as little taxes as possible, this is true for any other big US firm out there too. After all, why mostly sponsor Wall Street with your hard-earned cash, unless you get some sort of tax amnesty to bring the money sitting in offshore accounts back home, as Apple and others are lobbying for.

The biggest downside is that the jobs that produce those gadgets or IT services have mostly gone overseas, so the fact that Apple has so much disposable cash is of little comfort to many.

A pending question is what is Cupertino planning to do with this money, after it conquered the world of mobile, and is well-positioned for the post-PC era, as Steve Jobs loves to call it. There have been many rumors about an Apple TV set, powered by iOS and iTunes, which will no doubt play well with your iPhone and iPad, if true, so that's another venture for which the cash war chest might be opened.

via DailyTech, AppleInsider & BizJournals

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posted on 29 Jul 2011, 04:46 4

1. dionddc (Posts: 129; Member since: 19 Jul 2011)

I like the bold words exclaiming how much Apple has compared to Google.

Phone Arena forgot to mention how much Samsung has. It's a lot more.

posted on 29 Jul 2011, 05:17

2. HTCFreak (Posts: 156; Member since: 17 Jul 2010)

Yeah! samsung has like $120 billion!! :)

posted on 29 Jul 2011, 05:29

3. dionddc (Posts: 129; Member since: 19 Jul 2011)

I'm not sure how much cash they have, but given that they have over $317 billion in assets, it's guaranteed to be a lot more than Apple.

posted on 29 Jul 2011, 09:02

20. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

How much does Samsung have?

posted on 29 Jul 2011, 21:23 1

57. 530gemini (Posts: 2198; Member since: 09 Sep 2010)

@htcfreak. Samsung does not have $120B. Provide us your source please. Also, Samsung has billions of dollars of debts as well, while Apple has zero debt.

posted on 30 Jul 2011, 20:51

87. ladyhaly (Posts: 106; Member since: 17 Jan 2011)

Where did you get that "debt" idea with Samsung? PROVIDE US YOUR SOURCE PLEASE. Just echoing your own words. :)

posted on 29 Jul 2011, 08:32 1

15. Hen (unregistered)

They did not forget, they just saw it as irrelevant because to get the large number that Samsung has, it has to aggregate that from a host of other industries that have nothing to do with wireless and portable devices such as appliances and televisions. When you take those out, while the profits are nice, it pales in comparison.

posted on 29 Jul 2011, 18:04

53. dionddc (Posts: 129; Member since: 19 Jul 2011)


Samsung Electronics still has a near $120 billion in assets compared to Apple's approximate $75 billion in assets.

The fact that Apple isn't in appliances proves the fact that Samsung is stronger anyway.

posted on 29 Jul 2011, 21:26

58. 530gemini (Posts: 2198; Member since: 09 Sep 2010)

@dionddc. We're talking about actual cash reserves here. Not just cash. Apple has zero debt, while Samsung has billions of debts. Give us your source that details as to how much spendable cash Samsung has. Stop beating around the bush.

posted on 29 Jul 2011, 10:35 1

32. nodo (unregistered)

Samsung is not US company.

posted on 29 Jul 2011, 05:45 2

4. The_Miz (Posts: 1496; Member since: 06 Apr 2011)

This is why Apple has so much money - they cater to the needs of their consumers, Rather than try and cram out the next high end phone and call it 4G, they focus on keeping what made them successful in the first place and run with it. Google could learn a thing or two from them, but they're too busy coming up with their next big failure, copying Facebook through Google+

posted on 29 Jul 2011, 07:15 7

10. remixfa (Posts: 14255; Member since: 19 Dec 2008)

ooor.. they over charge the crap out of the customer for the "magic" of having an iProduct. Its amazing how much more expencive an iMac is compared to a PC, even though they run off the exact same hardware. They have the highest profit margins by far in the industry. They also have a cult following that has been compared to a major religion which keeps devoted idiots like you buying their stuff blindly and hating everything about everyone else even though you have no idea what your talking about.

Good for Apple though. Id like to swim in those money coffers once.. lol.

posted on 29 Jul 2011, 08:18 5

12. Hen (unregistered)

Cult lol? Just like the Android fanboys. You both are two in the same. You just toot to a different horn. So why is there such a big need to flame on one another? Also lame to compare Samsung as a whole when the company has so many other divisions not related to wireless such as appliances and televisions. You Android fanboys always have to go fishing because of hatred for Apple when it is not that serious. Enjoy your Evo or SGII and let them enjoy the iPhone.

posted on 29 Jul 2011, 12:03

39. gallitoking (Posts: 4718; Member since: 17 May 2011)

@Hen.. you sir.... speak the truth... thumbs up to you and have a nice weekend

posted on 29 Jul 2011, 08:30 4

14. davecann2 (Posts: 460; Member since: 15 Mar 2011)

It’s now becoming a lame argument that Apple over charges for its products and here is why....

If you noticed the iPhone is priced at a reasonable $200 on contract. Just like all premium smart phones. Also, the iPad is at the same price point as its competitors.

You can also take notice that Samsung’s Ultra slim laptops, with similar specs, cost more money than the Apple MacBook Air.

So why would you say they overprice there products?

posted on 29 Jul 2011, 08:50

19. beatlesfan (Posts: 150; Member since: 03 Mar 2011)

compare a Windows based laptop, let's say a Dell. You can have a completely customized Dell with HDMI out, blu-ray, Intel i-7 processor, etc., etc. for $1000 or less, but you can barely get a BASE model macbook for $1000, not to mention (last I checked, it may have since changed), Apple does not even have blu-ray OR HDMI out on even their high-end Macbook Pro

posted on 29 Jul 2011, 12:41 3

42. remixfa (Posts: 14255; Member since: 19 Dec 2008)

apple does not charge 200 bux for an iphone, they charge 600 for the phone. Carriers subsidize the phone pretty heavily. Most full retail smart phones go for 400-500 and have much stronger tech.

Apples profit margin is in the high 30s which is nearly unheard of. Most other cell only companies like HTC have margins in the teens to low 20s which is still high but nowhere near Apples.

The reason that people bring up samsung's other arms is that apple posts its computer and cell profits under 1 lump number while other companies like samsung post them seperately since they are seperate divisions.
Also because iBots seem to think apple is the biggest software company in the world because of all these reports.. which isnt true.

There is report after report that Apple has not only an occult following that in chemically for many people Apple ignights the same part of the brain as religious devotion. They are the only company that has such a high % of "religious ferver". Its great for them but it also makes people blind to some of the dirty things that apple pulls... like the deadly working conditions of its workers.

posted on 29 Jul 2011, 09:05 2

21. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

You should stop making excuses and own up the fact Apple makes better products. If android has more market share that makes you the sheep and Apple users savvy consumers. Apple dominates the market. It's well documented.

posted on 29 Jul 2011, 09:59 1

24. dandirk (unregistered)

You get charged the same amount for an iphone... but the carrier is paying a TON more then for other phones. They just eat the cost.

While I completely agree with remixfa, Apple has done what very few companies can. Create a brand that has such strong following that is borders on religious. ALL companies strive for this type of market branding and apple has achieved it.

The brand alone allows for the super high margins apple products have I would guestimate 50% of the added margin. While quality/functionality is the rest.

Apple does make quality products, and their closed system allows for even better quality control.

Look at cars... while a bmw costs more, not all of that cost is purely better parts/labor. There is a cost for the brand of bmw that people pay.

Apple has just been sooo good and at the right times to break what people thought was even possible.

Apple products have a minimum of 30% margin... most other technical/electronic gear is under %10 I think... That is AMAZING that apple can pull that off.

posted on 29 Jul 2011, 15:59 2

44. remixfa (Posts: 14255; Member since: 19 Dec 2008)

lol, noone disagrees that apples marketing has been anything shortof genius. They do have a religious following. Its unheard of for anything outside of religion or global warming (which has the same affects as religion for many).

I believe their net operating profit was somewhere in the celestial 37% range. Its insaine. They charge so much because people are willing to buy it. Its supply & demand 101. The price is what the market will bear.

Thats great for apple's stocks... but that still doesnt mean its over priced junk.. :)

Personally I have an adversion to closed systems on the general be it computers, big government, or anything else. Everything has its + and -, and for me ill take the risk and reward for the free market over the closed system any day.

posted on 29 Jul 2011, 10:07

26. Heatfan316 (unregistered)

Savvy consumers you say anything but tech savvy most of you are mindless morons who don't know s**t about phones or tech most of you just buy it because it's trendy and no other reason except for that. Oh yeah and that's well documented also

posted on 29 Jul 2011, 10:21

28. dandirk (unregistered)


I personally think your statement is disingenuous.

The quality of the product is not 100% of consumers decisions. Brand, and coolness is a large factor as well (as much as I wish it wasn't so).

I will not admit apple make "better" products, because I don't think its true. At least not "better" for me. Maybe "better" for others.

Apple also does NOT dominate the phone market, not any more. But they also aren't dominated either. 30% vs 40% is pretty much a wash when marketshare is concerned. As much as you don't want to admit it, you cannot compare 1 android device to the iphone. The OS and app ecosystem DOES matter. Until Apple licenses out iOS you cannot compare them that way.

Also please stop using market share, you can't use it any more since it was an argument pro-apple fans used even just months ago to prove the iphone is "better"

btw I don't think Android can use it either. Market share can't be used for the "better" argument either way... again look at bmw... many consider it a better vehicle but it doesn't dominate US market. Yet the camery is often considered "better" in its class and does hold the largest market share. Marketshare and quality can go both ways.

Market share can determine popularity and general quality... get you in the right neighborhood as it were.

posted on 29 Jul 2011, 11:05

33. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

I'm going off customer satisfaction surveys and sales figures. People buy products because they are happy with them. No matter how you want to spin Apple's marketing people would not continue to buy the product if they didn't like the previous one and Apple leads by a wide margin with customer satisfaction. Apple also gets excellent reviews on their products from all tech sites. So despite what the PA trolls want to say all the facts point to Apple making amazing products and dominating in sales. It's well documented.

posted on 29 Jul 2011, 16:04 2

45. remixfa (Posts: 14255; Member since: 19 Dec 2008)

people buy products because
1) they were happy with another product from taht company
2) peer reviews
3) brand recognition.
4) sales reccomendations.

Apple's biggest buy reasons are brand recognitions and peer reviews.
Anything wrong with that? not at all.

Taco, for the last time *yea right* iOS is NOT DOMINATING SALES.
18% for iOS vs 40% for Andriod is BEING DOMINATED.

If you were to say "app store is dominating android market", or "iOS brand recognition is dominating any Android phone" or anything like that.. you would be correct...
but iOS is being destroyed by Android device sales and its only getting worse each quarter.
That horse is dead.. quit beating it.

posted on 29 Jul 2011, 19:52

55. stealthd (unregistered)

iOS is 28%, not 18%. iOS isn't being "destroyed", it has it's market, and Android has it's own. Android has the budget market cornered right now, which is why Apple is eyeing prepaid. You want to know what dominating really looks like? Motorola, Samsung, HTC, LG, have all been making phones far longer than Apple, yet in less than 4 years Apple has passed all of them individually in sales with just 4 phones, beating out their army of devices on every carrier. Google doesn't sell a product to consumers, they license one to OEM's, so comparing Android as a whole to iOS doesn't always make sense when you're talking about sales.

posted on 30 Jul 2011, 10:17

76. remixfa (Posts: 14255; Member since: 19 Dec 2008)

no, worldwide its 18%. The article your thinking of.. the one posted the other day was AMERICA only. I speaking world wide.. not just america. PA posted an article about that like last week.

Gotta keep your facts straight. :)

posted on 29 Jul 2011, 21:30

59. 530gemini (Posts: 2198; Member since: 09 Sep 2010)

@remix. So what would you call yourself for patronizing your beloved android? Just a plain android consumer?

Apple is successful because they produce great products. No gimmicks there. However, fandroids like you try so hard to come up with your excuses against Apple. Obviously, your attempts are futile, hahahahaha.

posted on 30 Jul 2011, 09:37

70. remixfa (Posts: 14255; Member since: 19 Dec 2008)

the difference between us Gemini, is while i love the android OS, i am not afraid to try new things. I also had an HD7 this year which was quite nice actually. If it had more features I might have kept it longer. Ive had pretty much every OS under the sun other than iOS and Bada. Ive used androids from every manufacturer except LG and Huwaii.
I am not a "die hard" like you or taco that blindly follows one company. I may sound like a fanboy on these sites because I have to defend inaccuracies by ibots but thats about it.

posted on 30 Jul 2011, 20:53

88. ladyhaly (Posts: 106; Member since: 17 Jan 2011)

+1. You just spoke my mind. I don't have anything else to add.

posted on 30 Jul 2011, 21:15

89. ladyhaly (Posts: 106; Member since: 17 Jan 2011)

They cater to the needs of their consumers? Really? Is that why they're charging for everything? Is that why their products have a larger percentage of profits per purchase compared with other manufacturer's handset? And is it also a need for their consumers to not be able to share music or pictures or any other files with other devices that are not from Apple? Is it a need for their consumers to have an expensive device be expensive just because of the high profits which the consumers buy off simply because the company creates the atmosphere of exclusivity that social climbers who want to shout out to everyone that they are rich are after? What you say is contradicting because there are different preferences of different consumers and if a company was trying to bring the consumers what they wanted, they would release several devices to suit their tastes and needs per year rather than going for one device per year, chucking it down to everyone's throats with its "magic", and shouting that it's the perfect device when it's clear that it's VERY MUCH FLAWED. All while pricing the device highly--- in fact, the highest in the smartphone market--- simply in order to create the illusion of symbolic high socioeconomic status for the social climbing user who will swallow everything up because they want to be "it". No, it's not because they've chosen the device that balances out price and quality; it's because of the symbolism.

So, no, Miz. No, thanks. I wouldn't say so if Apple has created an iPhone that has no huge setbacks by now that just turns me off while meeting up price with quality but I don't think that's ever going to happen.

posted on 29 Jul 2011, 06:10

5. calamazoo (unregistered)

Actually, Samsung has 19 trillion korean won in cash at the end of second quarter, which translates into around $18 billion - page 3 here:

posted on 29 Jul 2011, 07:12

9. remixfa (Posts: 14255; Member since: 19 Dec 2008)

thats samsung electronics, just 1 arm of the samsung octopus. weve gone over that 300 times now. :)

posted on 29 Jul 2011, 09:06

22. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

Ok remix post some proof of how much Samsung makes or shut up

posted on 29 Jul 2011, 16:06 1

46. remixfa (Posts: 14255; Member since: 19 Dec 2008)

we did this last month, remember, I made every statement u made look foolish with back up links..

Did you forget that already? Samsung electronics is one of like 15 branches of samsung.
You want links? go find them.. ive already posted them all.

why dont u put up a link for all this "iOS is dominating Android in sales" bs u keep spouting? Bet you cant find one. :)

posted on 29 Jul 2011, 06:31 1

6. awais (unregistered)

Samsung's total global revenue was $135.8 billion in last year and apple revenue is only $42 billion

posted on 29 Jul 2011, 06:47

8. calamazoo (unregistered)

yeah, revenue is one thing, profit another - Samsung is a huge established conglomerate, some of its businesses lose money, some make money, but in the end the profit was $14,5 billion for the whole 2010...

posted on 29 Jul 2011, 08:07 1

11. remixfa (Posts: 14255; Member since: 19 Dec 2008)

calmazoo, again you are only talkin about samsung electronics. the whole samsung conglomerate made quite a bit more.
And how do they make 18 billion a quarter in one link and only 14 billion for the year in another post? :)

posted on 29 Jul 2011, 08:36 2

17. calamazoo (unregistered)

the 18 billion is the cash they currently have, that's amassed over past quarters, whereas the 14 billion is their entire profit for 2010, which you can use in many ways, including to add to your cash deposits...

and yes, this is the result for the whole of Samsung, although it states Samsung Electronics at the top - this is Samsung's main site earning report -http://www.samsung.com/us/aboutsamsung/ir/newsMain.do

It includes semiconductors, displays, appliances, telecom, everything that Samsung makes. They are not Hyundai, they don't make nuclear reactors...

posted on 29 Jul 2011, 08:41 3

18. Hen (unregistered)

Dude you are about to be thumbed down big time lol. The fanboys cannot handle the truth at all.

posted on 29 Jul 2011, 09:11 1

23. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

Hahaha Remix proven wrong once again. Just stop posting man. The saying goes better to keep your mouth shut and appear foolish than to open your mouth and remove all doubt.

posted on 29 Jul 2011, 16:10 1

49. remixfa (Posts: 14255; Member since: 19 Dec 2008)

like normal taco, you talk without knowing anything of which you speak.

one day you will do research or.. pay attention in middle school.

posted on 29 Jul 2011, 16:08 1

47. remixfa (Posts: 14255; Member since: 19 Dec 2008)

thats samsung electronics.. not all of samsung

samsung also makes
the worlds largest supplier of large ships
construction equipment
constructs buildings
has a hotel chain
has utility companies
constructs and runs appartment buildings
appliances of all shapes and kinds
on and on..

Samsung ELECTRONICS is not all of samsung.. in fact its only one small part of samsung.

posted on 30 Jul 2011, 02:11 1

68. calamazoo (unregistered)

sorry, my bad, it's true that Samsung Group builds ships and has life insurance company and theme parks.
Comparing anything but Samsung Electronics to Apple, though, is a bit far-fetched. Still, the whole of Samsung Group last year made $17.7 billion.
They have $318 billion in assets, but out of those $123 billion are actual equity -http://en.wikipedia.org/wiki/Samsung#cite_note-report-2
Not to mention Samsung does this with more than 275 000 employees, whereas Apple has 46 600, so profit and value added per employee is way higher there, same with Microsoft or Google

on another note, i'd get a high-res super amoled plus in a heartbeat when it comes around :-)

posted on 29 Jul 2011, 06:34 1

7. Chakra (Posts: 130; Member since: 02 Dec 2009)

So with so much cash, maybe they should start charging more reasonable prices for their products. They don't cost any more to produce than any other laptop, computer, phone in the marketplace.

posted on 29 Jul 2011, 19:54

56. stealthd (unregistered)

They do cost more, Apple does use premium materials, but their margins are still higher.

posted on 30 Jul 2011, 14:06

80. remixfa (Posts: 14255; Member since: 19 Dec 2008)

premium materials? They use glass and aluminum. Neither are high cost. Heck aluminum is barely more expencive than plastic if at all. you might be talking about a price difference of about $0.10 a phone.. at most. A roll of aluminum foil is a whole buck at walmart. You could make 50 iphones or more from that. As thin as aluminum is in phones, the plastic that other manufacturers use is actually more durable.

posted on 29 Jul 2011, 08:25

13. nimo (Posts: 72; Member since: 11 Jun 2010)

When you look at something like this its not hard to see why they make so much money

Scenerio. You drop your iphone 4 and smash the back cover.

Ebay price $10.00

Apple price $90.00

Scenerio You drop your iphone and smash the front.

Ebay price $100.00

Apple price $200.00

Maybe making a phone out of glass wasn't such a bad idea after all (for apple that is)

posted on 29 Jul 2011, 08:36

16. Random guy (unregistered)

Why change something of a standard for apple pricing they have charged the same for years and people are willing to pay it.

posted on 29 Jul 2011, 10:05

25. eli577 (Posts: 84; Member since: 29 Jun 2010)

I'm amazed that there is an arguement going on about how much billions of dollars are these companies make as a profit. I think we can ask one question: where is that megaprofit coming from? A thousand bucks for a phone....come on....it's a joke. You can buy a big screen tv for that kindda money (oh yeah, and you can watch it for several years, not just one). So, Apple products are good, I can't argue with that, but their pricing.....not that's where those big profits comes from. Maybe there are people out there who are thinking this is a good thing (like shareholders), but to me, this is a disaster. (There are numerous countries in the world, where a thousand dollar is one's annual salary......no comment).

posted on 29 Jul 2011, 10:10

27. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

iPhone sells for $49, $199 and $299. Not sure where you're getting $1000 per phone.

posted on 29 Jul 2011, 10:21

29. eli577 (Posts: 84; Member since: 29 Jun 2010)

Never heard of unlocked phones? When a new Iphone came out it's unlocked starting price was over a thousand. Not to mention that those prices that you wrote come with a high-end contract, and you'll problably pay 60-90 bucks for those per month.

posted on 29 Jul 2011, 11:07

34. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

an iPhone has never cost $1,000 except maybe ebay

posted on 29 Jul 2011, 16:09

48. remixfa (Posts: 14255; Member since: 19 Dec 2008)

Taco, outside of america the iphone4 goes for a much higher full retail price.. as do many other phones.

posted on 29 Jul 2011, 21:34

60. 530gemini (Posts: 2198; Member since: 09 Sep 2010)

@remix. And people still buy it because it is totally worth it for them. And you have a problem with that because?

posted on 30 Jul 2011, 14:07

81. remixfa (Posts: 14255; Member since: 19 Dec 2008)

did i say anything about that gemini? dont put words in my mouth.

posted on 29 Jul 2011, 10:29

30. dandirk (unregistered)

Unlocked iphone 4 from apple: $650

Unlocked Samsung GSII from amazon: $670

Apples product process is about a year old... and they have kept the price up thus increasing margins. Good for them!

I don't think its worth it, but many others do. Don't fault either.

posted on 29 Jul 2011, 12:08

40. gallitoking (Posts: 4718; Member since: 17 May 2011)

2dandirk ...the high prices are based on demand... my friend... buy a simple hotdog in a baseball stadium, and come back to me on this...

posted on 29 Jul 2011, 10:30

31. InspectorGadget80 (unregistered)

N all those billions could help create jobs

posted on 29 Jul 2011, 11:12 1

35. Whateverman (Posts: 3262; Member since: 17 May 2009)

@ InspectorGadget80. Thank you! The thing that stuck with me from this article is that Apple has MORE MONEY to play with than the US Government. And "The biggest downside is that the jobs that produce those gadgets or IT services have mostly gone overseas, so the fact that Apple has so much disposable cash is of little comfort to many." Apple, Google, Microsoft, Motorola (Not so much now), GE and every other manufacture of the gadgets and appliances that we buy and use every freakin' day, are making money by the billions and to thank us for our patronage, they create no jobs here. They pay very little taxes here, with Google being the lowest tax payer of them all. They ship our jobs overseas to capitalize on the horrible work conditions in other world countries...And all anyone here is saying is how great of a company Apple is?! How much better Android is?!

PA is basically pointing out how much consumer power we have and how all these companies are screwing us all, but all you guys care about is your love or hatred for a company who could give two squirts of piss what any of you think as long as you buy the next version, keep buying their apps, or keep buying songs! I don't really care how many phones Samsung sells, but I will buy one because they actually have a plant here in the US. Motorola use too, but check your Droid carefully guys. They are all made in Mexico and China. Don't get me wrong, there isn't anything wrong with buying overseas products, but instead of reverting to fanboyism with every Apple article. Start asking each other when are these multi-BILLION dollar "American" companies going to start giving back?

posted on 29 Jul 2011, 11:20 1

36. taco50 (banned) (Posts: 5506; Member since: 08 Oct 2009)

When the government stops making it easy for them to avoid paying taxes and puts rules in place that favor US based companies. Republicans are still pushing for more corporate tax cuts to "create jobs". It will create jobs just not in the US.

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