PENN NATIONAL GAMING, INC. PENN Cash Flow

Penn national gaming, inc. (PENN)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Operating activities
Net income (loss)
-606,500	43,100	94,000	86,419	89,063	93,500	-202,623	550,642	513,733	473,400	816,555	73,750	90,706	109,310	95,212	53,577	22,525	686	-140,029	-160,277	-182,533	-183,822	-709,701	-653,036	-645,943	-581,252	113,173	118,302	197,149	210,497	235,763	260,120	269,442	242,351	45,188	22,730	-46,287	-61,660	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, Depletion and Amortization, Nonproduction
405,800	414,200	409,600	360,124	312,710	269,000	237,212	246,844	257,254	267,100	276,797	278,217	275,430	271,214	267,781	266,019	262,112	259,461	256,447	252,327	259,926	266,742	279,723	297,670	308,411	315,297	312,624	295,055	271,231	247,497	224,420	214,216	211,655	211,476	214,295	215,942	214,365	212,387	0	0	0
Amortization of items charged to interest expense
7,800	7,700	7,500	7,083	6,697	6,400	6,267	6,868	6,928	7,000	7,010	6,774	6,999	7,200	7,392	7,292	6,970	6,599	6,238	6,026	6,038	6,040	6,194	6,834	7,470	8,112	8,444	7,908	7,398	6,898	6,541	6,702	8,150	9,601	11,025	12,276	12,372	12,581	0	0	0
Noncash operating lease expense
92,000	100,400	79,000	61,047	30,400	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
100	7,000	5,800	4,920	4,066	500	11,694	-9,385	-8,226	-6,800	-14,406	6,280	5,038	1,277	-541	-7,162	-6,926	-5,374	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Holding loss on equity securities
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Disposition of Property Plant Equipment
-5,600	-5,500	-8,300	-4,090	-3,645	-3,200	-3,297	-196	-300	-200	-1,072	1,804	1,415	2,471	2,955	-101	-32	-1,286	-1,441	-1,310	-940	-738	-917	-930	-1,213	-3,652	-2,349	-2,022	-1,645	1,690	777	463	570	-340	-2,092	-1,933	-3,005	-3,104	0	0	0
Income (Loss) from Equity Method Investments
26,800	28,400	27,200	23,147	22,639	22,300	21,150	20,226	19,513	18,700	17,025	15,749	14,276	14,337	14,255	14,509	15,115	14,488	13,597	12,129	9,448	7,949	8,066	8,071	10,419	9,657	8,096	6,607	3,840	3,804	-4,460	12,026	11,403	7,364	-4,842	-26,060	-26,916	-25,974	0	0	0
Return on investment from unconsolidated affiliates
31,200	29,000	27,400	27,200	27,000	27,000	26,900	26,800	27,250	26,500	26,000	25,950	24,650	26,300	27,600	27,500	27,550	28,150	27,550	26,000	25,500	23,000	22,000	23,500	22,000	21,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
-57,300	21,100	-5,800	-19,481	-21,626	-26,700	252,788	-511,777	-512,626	-517,900	-756,111	7,283	10,128	8,736	8,835	42,633	37,848	57,236	54,238	17,221	21,268	2,908	-121,699	-144,286	-145,282	-137,396	23,375	69,492	55,706	44,389	1,061	-20,415	10,575	21,560	28,373	34,782	856	-2,204	0	0	0
Share-based Payment Arrangement, Noncash Expense
17,500	14,900	13,600	12,732	12,471	12,000	10,773	9,758	8,556	7,800	8,144	7,808	7,589	6,871	6,331	6,839	7,594	8,223	9,100	9,991	10,171	10,666	12,751	16,204	19,137	22,809	24,484	25,003	26,949	28,609	28,069	27,288	26,016	24,330	24,653	25,250	25,795	25,954	0	0	0
Write off of debt issuance costs and discounts
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment losses and write downs
0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Hollywood Casino Joliet fire
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Gain (Loss) on Extinguishment of Debt
-	-	-	-	-	-21,000	-9,788	-9,449	-6,870	-24,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable
-69,200	-27,000	-10,600	-29	8,673	1,800	334	10,812	11,760	9,200	8,882	-3,267	-2,425	5,911	-1,000	-2,372	1,820	-710	-5,592	-23,567	-11,372	-10,046	-5,060	11,251	-8,242	-5,034	-15,084	-1,694	1,806	-1,887	16,340	4,138	9,129	6,064	-5,631	1,446	5,041	1,338	0	0	0
Insurance receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,072	0	0	0	-	-	-	-	-28,673	0	0	0
Prepaid expenses and other current assets
-13,500	-9,700	-28,000	-18,125	-12,448	-13,300	2,868	7,552	6,116	7,300	2,886	-1,541	-2,662	485	174	-953	-1,508	-10,345	2,560	4,812	2,943	13,305	-4,143	-3,358	-671	-786	5,371	5,399	2,003	-14,445	-4,142	36,140	26,272	4,648	24,868	-12,308	-12,032	-3,585	0	0	0
Other assets
-4,800	2,300	-8,700	-1,582	-1,467	-1,500	7,616	-3,697	-3,579	-2,400	6,165	11,193	13,423	8,638	5,663	1,708	-1,002	-4,363	-4,695	-1,380	546	-141	-2,750	9,115	18,325	36,956	40,008	30,470	21,547	12,331	8,624	6,232	5,445	2,556	3,380	-1,093	-1,131	-10,160	0	0	0
Accounts payable
32,600	4,400	7,100	-3,967	-1,058	-6,100	-3,747	1,515	-2,072	-400	-761	-5,404	-8,019	-7,500	-11,142	-10,545	-2,725	2,113	2,772	-15,454	2,729	2,028	4,516	25,212	-3,911	-2,175	931	709	5,059	1,334	-5,471	-3,388	-530	397	1,470	-308	125	477	0	0	0
Accrued expenses
-80,000	-3,900	-30,800	-34,985	-21,666	-47,000	11,430	14,247	-785	55,200	11,278	3,183	6,222	1,519	3,506	8,415	2,960	7,243	-3,817	-1,650	-315	-19,512	-9,298	-6,364	-9,314	-25,551	-12,819	-11,194	6,164	12,770	6,500	13,887	7,916	8,382	18,621	995	3,241	505	0	0	0
Accrued interest
-	-	-	-	-	-	-	-	-	-	-2,846	7,391	-3,215	-746	-159	-3,094	-2,804	1,910	930	5,784	3,916	136	-2,856	-15,019	-5,556	-15,030	1,175	2,530	4,646	3,925	920	-1,953	-3	-4,038	210	-2,115	252	648	0	0	0
Accrued salaries and wages
-	-	-	-	-	-	-	-	-	-	10,230	2,029	-4,048	-6,721	-8,946	-11,508	597	8,454	-333	5,800	-1,263	-2,530	5,748	6,993	149	-2,317	-3,715	4,575	14,390	10,285	15,292	6,119	4,163	8,961	3,764	11,056	4,841	7,824	0	0	0
Gaming, pari-mutuel, property and other taxes
-	-	-	-	-	-	-	-	-	-	9,313	6,983	1,755	3,379	-5,609	-14,661	-4,741	3,933	1,699	6,925	969	-44	-4,766	-7,815	-4,554	-1,592	12,602	20,306	11,973	6,051	7,601	6,034	7,034	2,047	-1,129	1,073	1,509	7,506	0	0	0
Income taxes
-44,200	-7,200	-13,400	-9,770	-4,072	-3,300	19,182	19,834	16,382	20,400	1,605	13,325	12,583	26,008	30,998	26,322	36,696	1,443	-16,858	7,806	1,037	5,193	-6,629	-4,581	-6,736	35,713	51,790	-15,382	-67,369	-70,802	0	0	0	-	-	-	-	-	-	-	-
Operating lease liabilities
-131,600	-139,100	-107,600	-78,307	-38,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other current and long-term liabilities
20,200	47,600	12,600	-6,065	-8,658	-6,800	23,728	53,999	50,088	46,300	31,007	-10,815	-4,410	-7,045	-11,559	-10,724	-5,511	-8,527	-14,939	-5,828	-13,014	-2,126	10,238	11,004	5,088	10,950	11,155	11,949	14,107	12,903	7,881	2,035	2,811	2,849	6,571	9,453	10,684	6,827	0	0	0
Other noncurrent tax liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,607	1,430	2,228	2,994	-422	-15,398	-15,899	-16,146	-11,891	8,701	359	-683	-5,583	-8,058	-21	-10,323	0	0	0
Net cash provided by (used in) operating activities
545,000	703,900	571,800	460,935	411,575	352,800	422,659	470,941	459,893	477,800	443,270	427,840	420,770	407,960	427,694	408,154	407,794	413,808	331,785	318,187	296,823	262,223	262,392	306,065	363,415	453,767	597,387	567,733	518,353	507,189	467,053	507,274	587,699	567,365	561,544	560,806	501,732	493,178	0	0	0
Investing activities
Project capital expenditures
-	-	-	-	-	2,900	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Project capital expenditures
-	-	-	-	-	-	-	-	-	-	0	0	18,422	-	25,861	57,215	106,115	136,548	174,308	198,990	168,679	144,707	117,652	84,321	91,159	119,051	184,686	255,167	307,534	386,344	311,165	310,747	281,184	216,049	281,180	259,218	297,094	362,955	0	0	0
Capital expenditures
170,600	165,500	153,400	141,423	116,798	89,700	82,369	77,210	73,824	74,200	73,705	74,249	74,610	78,505	72,257	65,070	65,705	62,692	59,605	69,330	71,214	83,438	84,455	79,289	83,092	80,862	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Consideration paid for Barstool Sports Investment
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Consideration paid for acquisitions of businesses, net of cash acquired
992,100	1,359,400	3,301,700	3,301,660	2,315,500	1,945,200	2,568	4,053	125,259	127,700	155,476	210,565	86,485	84,192	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additional contributions to joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,555	0	0	0	-	-	-	-	675	-3,100	-3,100	-3,100	36,000	65,800	59,273	129,798	100,398	87,564	130,807	60,282	63,632	0	0	0
Increase in cash in escrow
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-18,000	0	0	0	-8,000	-34,825	-35,125	-24,975	-24,625	0	0	0	-	-	-	-	30,224	0	0	0
Consideration paid for gaming licenses and other intangible assets
-	-	-	-	-	81,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property and equipment
-	-	-	-	-	-	-	0	753	-	5,760	16,415	16,428	18,210	13,384	2,458	2,506	561	882	1,864	1,682	1,665	1,737	1,195	1,449	3,837	5,451	5,338	6,557	5,323	4,467	15,159	14,091	12,966	11,845	925	682	1,627	0	0	0
Insurance remediation proceeds
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,821	0	0	0
Funds advanced to the JIVDC in connection with their refinancing
-	-	-	-	-	-	-	-	-	-	-69,124	-3,848	46,387	98,000	209,293	169,426	141,098	105,658	80,822	66,689	54,861	47,093	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
3,800	1,400	900	-76	-127	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of businesses and gaming and other licenses, net of cash acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-8,874	0	0	0	-	-	-	-
Net cash used in investing activities
-643,800	-607,500	-1,881,100	-1,838,604	-1,507,730	-1,423,100	-113,248	-134,505	-260,759	-221,600	5,572	-101,737	-31,392	-79,288	-374,474	-761,625	-786,900	-781,005	-767,107	-368,499	-387,777	-375,536	-353,413	-268,864	-197,617	-180,357	-817,079	-944,684	-1,091,972	-1,188,487	-606,709	-519,497	-391,550	-338,802	-544,012	-606,368	-699,307	-736,758	0	0	0
Financing activities
Proceeds from revolving credit facility
862,000	412,000	507,000	487,000	261,000	201,000	100,965	113,965	101,965	256,400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments on revolving credit facility
284,000	384,000	307,000	207,000	169,000	89,000	140,965	163,965	232,965	447,400	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on long-term debt
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt
-	-	-	-	-	-	-	-	-	1,200,000	1,100,192	1,150,158	1,163,061	0	118,956	526,280	529,290	562,076	0	0	0	-	-	-	4,725,509	4,745,790	925,789	1,030,841	1,134,731	1,162,709	378,606	1,896,494	1,791,164	1,773,232	1,807,609	184,652	208,847	212,732	0	0	0
Principal payments on long-term debt
-	-	-	-	-	482,500	221,345	206,524	86,657	1,127,500	1,048,483	1,081,573	1,116,542	53,662	124,544	125,237	116,713	115,195	101,723	89,448	64,529	49,541	3,824,401	3,873,212	4,005,008	4,135,059	712,302	677,299	571,184	494,891	180,649	1,918,781	1,923,183	1,928,571	1,967,882	190,648	383,646	383,476	0	0	0
Prepayment penalties and modification payments incurred with debt refinancing
-	-	-	-	-	-	-	-	-	18,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of other long-term obligations
15,900	15,400	16,300	16,003	15,964	15,700	14,973	14,847	15,003	35,400	35,612	35,062	34,906	13,772	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on financing obligations
52,500	51,600	57,500	59,977	63,350	67,400	62,679	61,238	59,665	57,800	56,049	54,278	52,685	50,548	49,353	48,185	47,058	46,885	45,775	44,665	43,442	42,222	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on finance leases
6,200	6,200	4,600	2,941	1,600	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of preferred stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	649,518	0	0	0	-	-	-	-	-	-	-	-	11,200	0	0	0
Proceeds from exercise of options
6,000	1,900	1,000	2,917	7,109	7,400	10,570	11,874	10,579	10,400	13,177	10,713	10,471	11,601	6,984	8,490	8,398	9,399	11,645	9,283	6,961	9,799	12,379	24,764	41,655	51,535	67,620	56,204	42,754	31,933	16,146	17,558	18,038	16,719	17,764	16,341	14,063	11,488	0	0	0
Repurchase of common stock
-	-	-	-	-	-	-	-	-	24,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments of contingent purchase price
-	-	-	-	-	4,100	4,263	20,100	19,700	19,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from insurance financing
18,100	16,100	18,800	18,356	18,259	13,100	11,732	11,673	11,673	11,900	12,273	12,363	12,694	13,119	13,449	13,359	13,028	4,720	14,957	14,957	15,438	28,888	18,743	18,743	18,262	19,233	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payments on insurance financing
19,900	19,400	17,700	13,660	12,893	11,000	8,896	11,832	12,838	12,200	12,948	13,840	13,093	13,608	15,127	14,752	14,745	15,275	15,639	16,736	17,689	18,228	18,614	18,997	19,216	20,069	19,707	18,926	18,277	17,253	16,352	15,192	13,855	12,645	13,775	14,300	12,678	13,421	0	0	0
Other
-100	-400	-300	-280	-300	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax benefit from stock options exercised
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,656	8,805	8,987	10,360	12,796	14,602	15,056	10,771	10,954	9,363	8,069	6,081	3,172	2,977	2,460	2,557	5,226	5,081	5,547	3,311	0	0	0
Net cash provided by (used in) financing activities
432,100	-122,400	1,488,500	1,564,815	1,290,823	1,272,100	-329,808	-359,953	-239,880	-207,000	-389,462	-326,823	-347,887	-339,930	-74,941	341,713	355,615	395,533	428,104	32,131	40,988	28,991	53,857	-21,037	-125,805	-240,882	270,131	407,960	603,870	703,325	149,267	-105,636	-213,176	-236,508	-165,153	-30,657	-210,454	-223,153	0	0	0
Change in cash, cash equivalents, and restricted cash
333,300	-26,000	179,200	187,146	194,668	201,800	-20,397	-23,517	-40,746	49,200	59,380	-720	41,491	-11,258	-21,721	-11,758	-23,491	28,336	-7,218	-18,181	-49,966	-84,322	-37,164	16,164	39,993	32,528	50,439	31,009	30,251	22,027	9,611	-117,859	-17,027	-7,945	-147,621	-76,219	-408,029	-466,733	0	0	0
Supplemental disclosure:
Cash paid for interest, net of amounts capitalized
524,000	528,100	584,600	566,001	549,871	530,400	457,540	460,182	459,204	452,800	459,091	445,504	453,038	452,842	452,110	451,759	447,625	434,175	430,934	421,680	419,398	418,544	393,747	324,396	233,809	167,157	96,019	89,908	79,589	70,923	64,959	72,862	78,790	93,140	96,719	106,510	111,430	116,307	0	0	0
Cash payments related to income taxes, net
22,400	21,800	21,500	22,393	20,467	24,400	2,152	-30,934	-31,564	-43,100	-21,144	-4,938	-8,234	-11,412	-7,483	-7,449	-7,591	5,116	12,817	20,587	23,059	23,185	22,656	44,540	68,986	69,758	59,428	100,709	173,286	187,515	206,752	177,137	104,889	90,702	92,120	72,028	65,986	72,091	0	0	0
Non-cash investing and financing activities:
Commencement of operating leases
518,000	713,500	713,300	712,837	196,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commencement of finance leases
-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued capital expenditures
13,400	12,600	11,100	7,247	13,514	7,700	4,307	-3,606	-6,593	1,900	4,396	7,446	10,233	6,749	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued advances to Jamul Tribe
-	-	-	-	-	-	-	-	-	2,500	-26,687	-30,539	-28,849	6,962	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued debt issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-