Black Knight (BKI) annual cash flow statement covering fiscal 2017 through 2022, as reported to the SEC.
Net cash provided by operating activities has shrunk 6.4% a year on average since fiscal 2017, from $351.1M to $251.7M.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||||||||||
Net (loss) earnings | |||||||||||||||||||||
450,000 | 179,900 | 245,800 | 108,800 | 168,500 | 254,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net (loss) earnings | 450,000 | 179,900 | 245,800 | 108,800 | 168,500 | 254,200 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
369,600 | 365,000 | 270,700 | 236,200 | 217,000 | 206,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization | 369,600 | 365,000 | 270,700 | 236,200 | 217,000 | 206,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Amortization of debt issuance costs and original issue discount | |||||||||||||||||||||
3,800 | 3,900 | 3,400 | 2,900 | 3,100 | 3,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Amortization of debt issuance costs and original issue discount | 3,800 | 3,900 | 3,400 | 2,900 | 3,100 | 3,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Gain on disposition of business | |||||||||||||||||||||
- | -2,500 | - | - | -5,800 | -12,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Gain on disposition of business | - | -2,500 | - | - | -5,800 | -12,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred income taxes, net | |||||||||||||||||||||
-160,000 | -17,000 | -20,600 | -3,700 | -7,500 | -78,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred income taxes, net | -160,000 | -17,000 | -20,600 | -3,700 | -7,500 | -78,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Equity in losses (earnings) of unconsolidated affiliates, net of tax | |||||||||||||||||||||
306,700 | 2,600 | 67,100 | -74,000 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Equity in losses (earnings) of unconsolidated affiliates, net of tax | 306,700 | 2,600 | 67,100 | -74,000 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Equity-based compensation | |||||||||||||||||||||
54,900 | 41,700 | 39,400 | 50,800 | 50,900 | 18,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Equity-based compensation | 54,900 | 41,700 | 39,400 | 50,800 | 50,900 | 18,900 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in assets and liabilities: | |||||||||||||||||||||
Trade receivables, including receivables from related parties | |||||||||||||||||||||
7,600 | 5,900 | -6,000 | -5,900 | -44,500 | 52,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Trade receivables, including receivables from related parties | 7,600 | 5,900 | -6,000 | -5,900 | -44,500 | 52,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Prepaid expenses and other assets | |||||||||||||||||||||
64,000 | 42,500 | 3,600 | 600 | 41,500 | -1,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Prepaid expenses and other assets | 64,000 | 42,500 | 3,600 | 600 | 41,500 | -1,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred contract costs | |||||||||||||||||||||
-42,300 | -57,900 | -46,900 | -40,900 | -6,400 | 35,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred contract costs | -42,300 | -57,900 | -46,900 | -40,900 | -6,400 | 35,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred revenues | |||||||||||||||||||||
43,800 | 3,900 | 20,700 | 15,600 | 44,800 | 48,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred revenues | 43,800 | 3,900 | 20,700 | 15,600 | 44,800 | 48,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Trade accounts payable and other liabilities | |||||||||||||||||||||
-2,200 | -13,300 | 9,000 | -39,500 | 45,900 | -2,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Trade accounts payable and other liabilities | -2,200 | -13,300 | 9,000 | -39,500 | 45,900 | -2,500 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by operating activities | |||||||||||||||||||||
251,700 | 449,900 | 415,400 | 378,300 | 435,500 | 351,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by operating activities | 251,700 | 449,900 | 415,400 | 378,300 | 435,500 | 351,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property and equipment | |||||||||||||||||||||
27,200 | 28,500 | 23,900 | 22,400 | 30,000 | 27,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Additions to property and equipment | 27,200 | 28,500 | 23,900 | 22,400 | 30,000 | 27,400 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Additions to software | |||||||||||||||||||||
93,100 | 85,100 | 89,300 | 81,500 | 73,100 | 53,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Additions to software | 93,100 | 85,100 | 89,300 | 81,500 | 73,100 | 53,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from the TitlePoint transaction | |||||||||||||||||||||
- | 302,600 | 1,869,400 | 52,800 | 43,400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from the TitlePoint transaction | - | 302,600 | 1,869,400 | 52,800 | 43,400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investments in unconsolidated affiliate | |||||||||||||||||||||
- | - | 100,000 | 392,600 | - | 4,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Investments in unconsolidated affiliate | - | - | 100,000 | 392,600 | - | 4,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sale of investment in unconsolidated affiliate | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sale of investment in unconsolidated affiliate | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Asset acquisitions | |||||||||||||||||||||
- | 10,000 | 15,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Asset acquisitions | - | 10,000 | 15,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other investing activities | |||||||||||||||||||||
4,000 | 3,600 | -8,400 | 1,700 | -2,400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other investing activities | 4,000 | 3,600 | -8,400 | 1,700 | -2,400 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from sale of PCLender | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from sale of PCLender | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by (used in) investing activities | |||||||||||||||||||||
-124,300 | -429,800 | -2,089,200 | -551,000 | -144,100 | -84,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by (used in) investing activities | -124,300 | -429,800 | -2,089,200 | -551,000 | -144,100 | -84,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash flows from financing activities: | |||||||||||||||||||||
Net proceeds from issuance of common stock, before offering expenses | |||||||||||||||||||||
- | - | 484,600 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net proceeds from issuance of common stock, before offering expenses | - | - | 484,600 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Costs directly associated with issuance of common stock | |||||||||||||||||||||
- | - | 400 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Costs directly associated with issuance of common stock | - | - | 400 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Issuance of senior unsecured notes, net of original issue discount | |||||||||||||||||||||
- | - | 990,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Issuance of senior unsecured notes, net of original issue discount | - | - | 990,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Revolver borrowings | |||||||||||||||||||||
750,600 | 660,400 | 600,600 | 876,000 | 676,900 | 180,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Revolver borrowings | 750,600 | 660,400 | 600,600 | 876,000 | 676,900 | 180,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Revolver payments | |||||||||||||||||||||
461,600 | 452,100 | 862,900 | 648,500 | 649,400 | 175,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Revolver payments | 461,600 | 452,100 | 862,900 | 648,500 | 649,400 | 175,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Term loan borrowings | |||||||||||||||||||||
- | 1,600 | - | - | 258,600 | 300,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Term loan borrowings | - | 1,600 | - | - | 258,600 | 300,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Term loan payments | |||||||||||||||||||||
28,800 | - | 54,700 | 31,300 | 418,500 | 39,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Term loan payments | 28,800 | - | 54,700 | 31,300 | 418,500 | 39,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payments made for redeemable noncontrolling interests | |||||||||||||||||||||
-433,500 | - | 578,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments made for redeemable noncontrolling interests | -433,500 | - | 578,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Tax withholding payments for restricted share vesting | |||||||||||||||||||||
17,800 | 25,600 | 22,400 | 15,900 | 9,400 | 6,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Tax withholding payments for restricted share vesting | 17,800 | 25,600 | 22,400 | 15,900 | 9,400 | 6,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Senior Notes redemption | |||||||||||||||||||||
- | - | - | - | - | 390,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Senior Notes redemption | - | - | - | - | - | 390,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Senior Notes redemption fee | |||||||||||||||||||||
- | - | - | - | - | 18,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Senior Notes redemption fee | - | - | - | - | - | 18,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Distributions to members | |||||||||||||||||||||
- | - | - | - | - | 75,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Distributions to members | - | - | - | - | - | 75,300 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Receipt from finalization of tax distribution | |||||||||||||||||||||
- | - | - | - | 1,800 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Receipt from finalization of tax distribution | - | - | - | - | 1,800 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Finance lease payments | |||||||||||||||||||||
800 | 3,600 | 13,000 | - | - | 13,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Finance lease payments | 800 | 3,600 | 13,000 | - | - | 13,800 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Contributions received for redeemable noncontrolling interests | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Contributions received for redeemable noncontrolling interests | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchases of treasury stock | |||||||||||||||||||||
- | 146,700 | - | 11,900 | 141,500 | 136,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchases of treasury stock | - | 146,700 | - | 11,900 | 141,500 | 136,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Debt issuance costs paid | |||||||||||||||||||||
- | 7,700 | 2,400 | - | 5,800 | 8,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Debt issuance costs paid | - | 7,700 | 2,400 | - | 5,800 | 8,600 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other financing activities | |||||||||||||||||||||
-400 | -4,000 | -4,300 | -600 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other financing activities | -400 | -4,000 | -4,300 | -600 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Senior notes call premium | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Senior notes call premium | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used in financing activities | |||||||||||||||||||||
-192,300 | 22,300 | 1,693,100 | 167,800 | -287,300 | -384,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used in financing activities | -192,300 | 22,300 | 1,693,100 | 167,800 | -287,300 | -384,100 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net decrease in cash and cash equivalents | |||||||||||||||||||||
-64,900 | 42,400 | 19,300 | -4,900 | 4,100 | -117,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net decrease in cash and cash equivalents | -64,900 | 42,400 | 19,300 | -4,900 | 4,100 | -117,700 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Supplemental cash flow information: | |||||||||||||||||||||
Interest paid, net | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Interest paid, net | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Income taxes paid, net | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Income taxes paid, net | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||