8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 23, 2016

BARNES & NOBLE, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-12302	06-1196501
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

122 Fifth Avenue, New York, New York	10011
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 633-3300

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

Barnes & Noble, Inc. (the “Company”) will hold an investor presentation on June 23, 2016. A copy of the slides that will be used during the investor presentation is attached hereto as Exhibit 99.1.

The information furnished in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under Section 18 of the Exchange Act and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Use of Non-GAAP Financial Information

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), in the Investor Presentation attached hereto as Exhibit 99.1, the Company uses the non-GAAP financial measure of EBITDA (defined by the Company as earnings before interest, taxes, depreciation and amortization).

The Company’s management reviews this non-GAAP measure internally to evaluate the Company’s performance and manage its operations. The Company believes that the inclusion of EBITDA results provide investors useful and important information regarding the Company’s operating results. The non-GAAP measure included in the Investor Presentation attached hereto as Exhibit 99.1 has been reconciled to the comparable GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures. The Company urges investors to carefully review the GAAP financial information included as part of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and quarterly earnings releases.

Item 9.01 Financial Statements and Exhibits

(d) The following exhibits are filed as a part of this Report.

Exhibit No.	Description
99.1	Barnes & Noble, Inc. Investor Presentation, June 2016

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BARNES & NOBLE, INC.,
Date:  June 23, 2016	By:	/s/ Bradley A. Feuer
		Name:  Bradley A. Feuer
		Title:    Vice President, General Counsel and Corporate Secretary

BARNES & NOBLE, INC.

EXHIBIT INDEX

Exhibit No.	Description
99.1	Barnes & Noble, Inc. Investor Presentation, June 2016

EX-99.1

Exhibit 99.1

 NYSE:BKS      June 23, 2016        Investor Presentation 

 Forward-Looking Statements  This presentation contains statements that may be characterized as forward‐looking statements under the Private Securities Litigation Reform Act of 1995. Those statements represent the current beliefs of management with respect to future events, financial performance and industry conditions. Those statements also involve a number of risk factors and uncertainties that could cause actual results to differ materially from those contained in this presentation, including those set forth in the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission.These charts and the associated remarks are integrally related and areintended to be presented and understood together.    NYSE:BKS  2 

 WelcomeCompany Overview & Strategy Presentation New Store & Café Initiatives  Andy MilevojVP, Investor RelationsRon BoireChief Executive OfficerJaime CareyPresident, Development and the Restaurant GroupMary AmicucciChief Merchandising OfficerFred ArgirChief Digital OfficerAllen LindstromChief Financial Officer  Bookstore Merchandising InitiativesDigital Business Overview Financial Overview  Agenda    NYSE:BKS  3 

 Video    NYSE:BKS 

 Ron Boire  Chief Executive Officer    NYSE:BKS 

   Industry Overview      $19BU.S. Consumer Book Market      85%Physical Portion of Overall Book Market      72%of U.S. adults have read a book within past 12 months      $3BU.S. Digital Consumer BookMarket      $16B  U.S. Physical Consumer BookMarket      80%of young adults read a book within past 12 months  NYSE:BKS  6  Sources: Market Size – Company Estimates derived from Veronis Suhler Stevenson, AAP, Nielsen BookScan; Pew Research 

       640Barnes & Noble Bookstores      6MBarnes & Noble Members      2MActive NOOK Customers          Only National Bookstore Operator      $4BAnnual Revenues              Complete Multi-Channel Offering      17MUnique Monthly BN.com Visitors      30MBarnes & Noble Customers  NYSE:BKS  7  Company Overview 

       100,000Community Events Every Year      #1Specialty Magazine Retailer      203MPhysical Books Sold Annually      100%2016 CorporateEquality Index8th Yr. in a Row      1MUnique Physical Book Titles Sold Annually  Barnes & Noble is Content & Community Driven      588CafésServing 60M Beverages6M Cookies3M Sandwiches  NYSE:BKS  8 

   Barnes & Noble stores are community centers where customers come to discover, become enriched and entertained          NYSE:BKS  9 

   Barnes & Noble has tremendous brand strength and a relationship with its customers unlike most other retailers    79 %American CustomerSatisfaction Index  72 %Nielsen BrandEquity Index  61%Net PromoterScore        NYSE:BKS  10 

             What customers are saying about Barnes & Noble…                              @SunshineGrevI have 4 books in my hands and I haven't even gotten through the second set of doors at Barnes & Noble.              @dvnrmnI just want to spend all my time in Barnes&Noble is that too much to ask              @softball_karaI have $75 in Barnes & Noble gift cards I don't think I've ever been happier  @_toryelizabethhI would give anything to be at Barnes & Noble right now              @sydneyny_I got a $60 gift card to Barnes & Noble for my birthday and I'm so overwhelmed with all of the options.              @highimlexi_you kinda have to forcefully, physically remove me from barnes & noble if you don't wanna stay there all day              @DaynaFrancoWalk into Barnes & Noble and they're playing@JamesBayMusic album. My fav place & fav artist, life can't get more perfect than that.              @JuliaSch7It's physically impossible for me to leave a Barnes & Noble without purchasing a book.  NYSE:BKS  11 

       51%  49%      And, B&N has a very desirable customer demographic…Barnes & Noble shoppers are young,educated and earn a high income  Gender  Source: Nielsen Research, Adult demographics only                    Earn an Income greater than$75,000      44%      71    %        College Educated or higher  NYSE:BKS  12  Millennials  37  % 

   Deep and Experienced Retail Management Team        Ron BoireChief Executive Officer  Jaime CareyPresident, Development and the Restaurant Group  Allen LindstromChief Financial Officer  Fred ArgirChief Digital Officer  Mary AmicucciChief Merchandising Officer        Mary Ellen KeatingSVP, Corporate Communications                NYSE:BKS  13  Brad Feuer  William Wood  Michelle Smith  David Deason  Rosa Hakala  Theresa Thompson  General Counsel  Chief Information  VP, Human Resources  VP, Development  VP, Distribution &  EVP, Sterling Publishing    Officer      Logistics   

         Four Key Objectives for Success  Significantly reduce NOOK losses  Grow online and bookstore sales  Reduce Retail SG&A by 100 – 200 basis points in 24 months  Grow Membership Program      n                  MemberBarnes & NobleBN.com    NYSE:BKS  14 

 640 Barnes & Noble Bookstores Across All 50 States      Barnes & Noble Has a Great Multi-Channel Offering  Improved BN.com Customer Experience  NOOK World-Class Digital Reading Experience  Any Book, Anytime, Anywhere and in Any Format                  NYSE:BKS  15 

   Provides single view ofthe customer  Provides customers a unified experience  B&N is Developing a True Omni-Channel Experience                                  n                    NYSE:BKS  16 

   Membership is an ImportantPillar of our Growth Strategy      Increase participation rateIncrease Member spendDevelop deeper relationships and have more meaningful communications with our customers  NYSE:BKS  17 

 B&N’s Member Program is Simple and Provides Rich Benefits      $25Annual Fee      FreeExpress Online Shipping    40% 10%  NYSE:BKS  18  offHardcoverBestsellers  Almost Everything Else  off 

 Members are Barnes & Noble’s Best Customers    6MMembers              Enrollment has consistently grown over last few years    2x  Members spend over 2x more than non-members      Strong retention rates – over 70%  NYSE:BKS  19 

 Use Member Program to Increase Sales                            Track Member purchases and engagement          $Increase Member spend as a % of total spend  Leverage unique assets to increase appeal and loyalty  Increase totalMember count                  Develop better Member insights  Fine-tune Member communications        NYSE:BKS  20 

 Piloting New Program to Increase Participation Rates      Designing Program for Higher Participation Rates    Provide Rich Rewards for Customers    Increase Program Awareness  Offer different Membership tiersIncrease customer engagementConsolidate programs – integrate Kids Club program  Leverage unique assets that others can’t compete onIncentivize additional traffic and repeat visitsEstablish goals to encourage and reward higher spending  In-store – 28,000 Booksellers as advocates and ambassadorsRobust cross-channel marketing plan    Enhanced Customer Experience  NYSE:BKS  21  Better reward loyaltyUse transactional data to enable smart CRMOptimize and unify marketing channels 

               Upgraded our technology systems to enhance communicationsIntegrated multi-channel data sets to provide single view of customerImproved and more personalizedemail campaign engineTargeted and localized messaging  Utilize Member Insights for Personalized Engagement      NYSE:BKS  22 

 Leveraging Social Media to Communicate with Customers                                              NYSE:BKS  23 

 NYSE:BKS                          At the heart of the omni-channel experience are B&N’s 640 stores located in the top shopping centers and regional malls across the U.S.  24 

 NYSE:BKS                        Conclusion  Significantly reduce NOOK losses  Grow online and bookstore salesReduce Retail SG&A  Grow Membership Program      n                      Member  25  Barnes & Noble  BN.com 

 Jaime Carey  President of Development and the Restaurant Group    NYSE:BKS 

 Highly Desirable Tenant   B&N attracts a very desirable educated and affluent demographicOnly national bookstore operatorExperienced real estateteam      NYSE:BKS  27 

 Tremendous Real Estate Profile            98%Barnes & Noble bookstores that are cash flow positive on a four-wall basis  B&N’s leases are relatively short term, providing much flexibilityMany locations are anchor status, providing beneficial terms, and have co-tenancy provisionsImproving sales trends are leading to fewer store closuresClosed 8 stores in fiscal 2016 – the fewest closures since fiscal 2000    NYSE:BKS  28 

 Developing New Concept Stores  Community spaces for customers to learn, discover and growContemporary aestheticsGeared towards discoveryIncreased customer seating areasUse of digital to improve upon the store experienceUpgraded Café experience        NYSE:BKS  29 

 Barnes & Noble Café        NYSE:BKS  30 

 Barnes & Noble Café        NYSE:BKS  31 

 Mary Amicucci  Chief Merchandising Officer    NYSE:BKS 

 Barnes & Noble is a Destination For Discovery      B&N Stores offer a comprehensive title selectionBestsellers represent only ~ 4% to 6% of B&N store salesOne of the few locations where customers can physically browse back-list titles28,000 B&N ambassadors serving customers    NYSE:BKS  33 

 Barnes & Noble is also a Destination for Entertainment with Over 100,000 Events Held Annually                          NYSE:BKS  34 

 Initiatives to Grow Bookstore Sales              Improve Navigation and Discovery    Increase LocalFocus  Use B&N Programs to Prominently Highlight Notable Titles  Increase TrafficthroughStore Events                          NYSE:BKS  35 

 Improve Navigation and Discovery    Increase discovery through a customer friendly and more intuitive organization of books  Improve signage for easier browsing within and across sections  Category reorganizations enable better and more immediate sales analysis  Before      After                          NYSE:BKS  36 

 We’re Going to Continue to Nurture Growing Categories          Young Readers                                Graphic Novels& Manga                  NYSE:BKS  37 

 Use B&N Programs to Prominently Highlight Notable Titles    BOOKS WE’RETALKING ABOUT      SIGNED EDITIONSBY ACCLAIMED AUTHORS                                                NYSE:BKS  38 

 Video    NYSE:BKS 

     Additionally, We Have Initiatives to Grow Complimentary Departments    Music & DVDs Toys & Games Gift                NYSE:BKS  40 

   Increase Local Focus      Unleash the power of the store manager to make B&N the center of their communityEnhance local customer experience through:Improved store organizationTailored merchandiseLocal eventsCommunity outreachBuild relationships with local customers, businesses, schools and organizations  NYSE:BKS  41 

   Everyday 20% Educator discount on purchases for classroom useEducator Appreciation Days featuring 25% discountHost special events for EducatorsB&N Bookfairs provide fundraising opportunity for Pre-K – 12 schools and not-for-profit arts and literacy organizations    Educator Outreach and B&N Bookfair Programs Further Integrate B&N into the Local Communities We Serve    NYSE:BKS  42 

 Two Years Ago, B&N developed large-scale, nationwide events that generate a wholenew level of excitement providing entertainment and hands-on learning opportunities                  Mini Maker Faire            NYSE:BKS  43 

 Introducing Two New Exciting Reading Events in FY ‘17          Three-day teen book festival  NYSE:BKS  44  Leverage Barnes & Noble’s content and community expertise  Connect customers to authors, industry experts and their next great read  Customers will participate to choose their favorite book heroes and places to win gold, silver and bronze  Children will have fun engaging in the competition and earning a free book 

         R E L I V E THE M A G I Cw i t hB A R N E S & N O B L E  And, Speaking of Events… B&N is ready to relive the magic of Harry Potter witha number of exciting events and activities providing one of a kind experiences      NYSE:BKS  45 

                       Conclusion  Improve navigation and discoveryUse B&N programs to prominently highlight notable titlesIncrease local focus to further integrate B&N into communitiesIncrease traffic through store events              NYSE:BKS  46 

 Fred Argir  Chief Digital Officer    NYSE:BKS 

 BN.com Presents Significant Opportunities for Growth                            Omnichannel opportunities  On-site searchoptimization  Implementedpre-redesign fixes  Launched newsite back-end  Mobile refresh Tablet site launch  Redesign websitefront-end                NYSE:BKS  48 

 Mobile is an Important Component of eCommerce Growth                      The mobile experience will focus on quick purchase, store location, price comparison and mobile optimized email landing pages  The tablet experience will deliver a simplified version of the desktop experience  The mobile app experience will focus on membership engagement, content delivery and in-store experience activation  Desktop  Tablet  Mobile                        AppB&N  The desktop experience will focus on discovery, browsing, account administration and content consumption    NYSE:BKS  49 

 BN.com Improvements    Streamlined commerce experienceThoughtful architecture of entire digital ecosystemCorrect points of connectivityDeep content and improved product discovery      NYSE:BKS  50 

 Mobile Improvements    Mobile optimized experienceCommerce with deep connectivity to app ecosystemFast purchaseStore locationAccount administration      NYSE:BKS  51 

 Tablet Improvements    Tablet optimized experienceSimple path to purchaseStore discoveryOrder and account managementDeep content ecosystem              NYSE:BKS  52 

 App Improvements      Single consolidated app that focuses on the needs of the customerStreamlined app that reduces friction and fosters mobile commerceEffective commerce connectivity and rich content deliveryIntegrated customer experience across ecosystems  NYSE:BKS  53 

 Home PageDesign Evolution  Drives customers to the most important elements on any given pageMore elegant product presentationReduced visual noiseCreated appropriate hierarchies          NYSE:BKS  54 

 Product PageDesign Evolution  Streamlined product page with reduced clutterNavigate customers to the elements that are most important to themEnable customers to better digest information          NYSE:BKS  55 

 Save for Later capabilitiesShopping carts synched between the website and appBar code scan to product pagesWishlist capabilities on the app  Recent Mobile App Update                    NYSE:BKS  56 

   NOOK is an important component of our omnichannel strategy to offer any book, anytime, anywhere and in any format        NYSE:BKS  57 

 Initiatives to Improve NOOK Business                Cost Reduction  GrowthOpportunities  Devices                        $    n    Exited Apps, Video andUK businesses  Entered into agreement with BCT to outsource certain functions      NOOK Press Print onDemand   Began process of shutting down Santa Clara, CA and Taipei offices  Audiobooks partnershipwith Findaway  Agreement to release new Samsung device in fiscal 2017  Exploring additional partnership opportunities    NYSE:BKS  58 

 NOOK FY17 – Cost Reduction                      Exited Apps, Video, and UK businessesTotal savings of $4 millionStores closed on March 15, 2016Video transfer to CinemaNow & DisneyUK transfer to Sainsbury’sExecuted contract with Bahwan CyberTek (BCT)Cloud managementDevelopment support for NOOK softwareClosing California and Taipei officesRe-banding of many current employees with BCTAnnualized cash savings of $13 million*  NYSE:BKS  59  *includes approximately $8 million of expense reductions and approximately $5 million of capital expenditure reductions. 

 NOOK FY17 – Growth Opportunities          NOOK Press™Platform improvements planned to bring product up to market standardDeveloping “author tool-kit” to help market self-published worksRe-architecting the experience          NOOK Press™ Print on DemandPrint on Demand platform beta tested with 5 authors – March 29, 2016Public launch of Print on Demand – June 28, 2016          AudiobooksPlanning late 2016 re-launch with catalog now integrated into BN.comEvaluating business models to deliver a unique value proposition              NYSE:BKS  60 

 NOOK FY17 – Devices    Samsung  NYSE:BKS  61  Future Devices  Legacy Devices  Existing Devices  Entered into new agreement New device to be released during FY17  Assessing potential partners for an entry level(sub-$100) tablet  Aggressive marketing and trade-in programs tomove legacy customers to new devices  Strategic consolidation of the current device ecosystem with good/better/best and price point rationalization 

 Allen Lindstrom  Chief Financial Officer    NYSE:BKS 

 Fiscal 2016 Fourth Quarter Review                      NYSE:BKS  63  $ in millions  Metrics  FY 2016  FY 2015  Inc./Dec.  Sales  $877  $910  ($33)  Total Comparable Store Sales  (0.8%)  (1.3%)  0.5%  Core Comparable Store Sales  (0.8%)  (0.5%)  (0.3%)          Retail Operating Profit  ($35)  $9  ($44)  NOOK Operating Profit  ($23)  ($24)  $1  Total Operating Profit  ($58)  ($15)  ($43)          Retail EBITDA  ($11)  $33  ($44)  NOOK EBITDA  ($15)  ($14)  ($1)  Total EBITDA  ($26)  $19  ($45) 

 Fiscal 2016 Review                      NYSE:BKS  64  $ in millions  Metrics  FY 2016  FY 2015  Inc./Dec.  Sales  $4,164  $4,297  ($133)  Total Comparable Store Sales  Flat  (1.9%)  +1.9%  Core Comparable Store Sales  0.4%  0.5%  (0.1%)          Retail Operating Profit  $113  $213  ($100)  NOOK Operating Profit  ($99)  ($123)  $24  Total Operating Profit  $15  $90  ($75)          Retail EBITDA  $215  $318  ($103)  NOOK EBITDA  ($65)  ($84)  $19  Total EBITDA  $151  $234  ($83) 

 Executing the Four Key Strategic Objectives PositionsUs to Achieve our Long-Term Financial Goals                          Reduce Retail SG&A                MemberBarnes & NobleBN.comGrow Membership Program  Grow online and bookstore sales  nSignificantly ReduceNOOK Losses        $IncreaseEBITDA      Increase Shareholder Value      NYSE:BKS  65 

 Fiscal 2017 Outlook    $ in millions    NYSE:BKS  66    FY 2016  FY 2017  Inc./Dec.  Total Comparable Store Sales  Flat  Flat to 1%  Flat to 1%  Retail EBITDA  $215  $240 - $280  $25 - $65  NOOK EBITDA  ($65)  ($30) – ($40)  $35 – $25  Total EBITDA  $151  $200 - $250  $49 - $99 

 Comparable Store Sales Trends            -5.8%  -1.9%  0.0%  -7.0%  -6.0%  -5.0%  -4.0%  -3.0%  -1.0%  0.0%  1.0%  2.0%  2014  2015  2016  2017P    Flat to 1%  NYSE:BKS  67 

 Reduce Retail SG&A as a % of Salesby 100 – 200 basis points over 24 months    SG&A pressure in recent years by sales deleverage, wage and benefit increases  Plan to reduce Retail SG&A through:  HQ organizational design  System enhancementsProcess Improvements                      23.0%  24.1%  25.0%  0.9%  21%  22%  23%  24%  25%  26%  2014  2015  2016  2017P  24.25% – 24.50%  Retail SG&A as a % of Sales      NYSE:BKS  68 

             $215  $35  FY 16  Deleveraging  FY 17 Forecast  Implementing Initiatives to Improve Retail EBITDA    $ in millions  InitiativesSG&A Reductions Store Sales Initiatives Online Initiatives Membership Initiatives      $240 - $280  NYSE:BKS  69  Pressures Wage Increases Benefit CostsOccupancy Costs Fixed Expenses Supply Chain Costs 

 Continue to Rationalize NOOK Losses While Providing Digital Reading Experience for Customers    rationalization effortsExited Apps and video businesses as well as exit ofU.K. market  outsource certain back-office NOOK functionsExit of Santa Clara, CA andTaiwan facilitiesEntered into new agreement with Samsung to lower committment  $ in millions              ($218)  NYSE:BKS  70  ($84)  ($65)  ($250)  ($200)  ($150)  ($100)  ($50)  $0  FY 14  FY 15  FY 16  FY 17F  FY 18F  ($30 - $40)  ~ $10 

 Long-Term Consolidated EBITDA Targets                $ in millions$350  $35$150$100$151$50$0FY 16 FY 17F FY 20FFY ’16 includes a $10 million severance charge, a $21 million pension settlement charge and a $4 million publishing contract charge CAGR based on $186 million EBITDA in FY ’16 and assumes mid-point of FY ‘20 Forecasted EBITDA  $200  $250  $300  $186  $200 - $250  $270 - $310      NYSE:BKS  71 

 Capital Expenditures Guidance          60%  40%    Growth    Maintenance  FY 17 Capital Expenditures      $100Million  New StoresImproved Café experienceMerchandising initiativesMembership initiativesBN.com initiatives  60%   CapEx spend going towards growth initiatives    NYSE:BKS  72 

 Returns to Shareholders                $ in millions$30  $23.4  $11.4  $11.2  $16.5  $10.2  $0  $5  $10  $15  $20  $25  Q4 FY 16      Q2 FY 16 *  Q3 FY 16  Dividends Stock Buyback* Dividend program was initiated in mid-July 2015 and the record date for first payment was 8/7/15  Dividends & Stock Buyback      $73M   Capital Returned to Shareholders in FY ‘16  buyback program in July 2015Commenced $50M stock repurchase program in December 2015    NYSE:BKS  73 

                       Conclusion  Grow bookstore and online salesReduce Retail and NOOK expenses  Grow Membership Program  Increase EBITDA and Shareholder Value                      Member  NYSE:BKS  74  Barnes & Noble  BN.com  $ 

 Q & A    NYSE:BKS  75 

 Barnes & Noble, Inc. EBITDA Reconciliation    NYSE:BKS  76  $ in millions  Retail EBITDA   Q4 2016 ($11.1)   Q4 2015 $33.1   FY 2016$215.2   FY 2015$317.7  NOOK EBITDA   ($14.9)   ($14.3)   ($64.7)   ($83.9)  Total EBITDA   ($26.0)   $18.8    $150.5    $233.9   Depreciation & Amortization   $32.0    $33.7    $135.9    $143.7   Operating Profit  ($58.0)  ($14.9)  $14.7  $90.2  Interest  $1.5  $3.0  $8.8  $17.7  Income Taxes   ($28.9)   ($14.8)   ($8.8)   $39.6   Net Income from Continuing Operations  ($30.6)  ($3.0)  $14.7  $32.9  Net Income from Discontinued Operations   -   ($16.4)   ($39.1)   $3.7   Net Income   ($30.6)   ($19.4)   ($24.4)   $36.6