AMERISAFE, Inc.

AMSF

AMSFAMERISAFE, Inc. US flag

NASDAQ Global Select

30.65

USD

+0.50

- -

573.27MMarket Cap

Income Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	281	321	356	404	402	397	375	378	370	340	316	295	307	309	317
+ Sales & Services Revenue	281	321	356	404	402	397	375	378	370	340	316	295	307	309	317
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	20	21	23	25	24	25	26	26	27	28	26	27	27	32	33
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-20	-21	-23	-25	-24	-25	-26	-26	-27	-28	-26	-27	-27	-32	-33
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-27	-37	-59	-74	-101	-113	-82	-88	-116	-107	-79	-68	-77	-69	-59
+ Interest Expense, Net	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest Expense	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-29	-38	-59	-74	-101	-113	-82	-88	-116	-107	-79	-68	-77	-69	-59
Pretax Income	27	37	59	74	101	113	82	88	116	107	79	68	77	69	59
- Income Tax Expense (Benefit)	3	8	16	20	31	35	36	16	23	20	14	12	15	14	12
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	24	29	44	54	70	78	46	72	93	87	66	56	62	55	47
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	24	29	44	54	70	78	46	72	93	87	66	56	62	55	47
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	24	29	44	54	70	78	46	72	93	87	66	56	62	55	47
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	24	29	44	54	70	78	46	72	93	87	66	56	62	55	47
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1	-1
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	8.62	9.14	12.25	13.28	17.54	19.63	12.32	18.96	25.03	25.51	20.81	18.87	20.24	17.93	14.86
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	0.32	1.99	3.62	3.98	4.31	4.4	4.52	4.6	5.17	5.22	4.87	4.48	2.56
Depreciation Expense	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Basic Weighted Avg Shares	18	18	18	19	19	19	19	19	19	19	19	19	19	19	19
Basic EPS, GAAP	1.32	1.62	2.38	2.88	3.72	4.08	2.41	3.73	4.82	4.49	3.4	2.89	3.24	2.91	2.48
Basic EPS from Cont Ops	1.32	1.62	2.38	2.88	3.72	4.08	2.41	3.73	4.82	4.49	3.4	2.89	3.24	2.91	2.48
Diluted Weighted Avg Shares	19	19	19	19	19	19	19	19	19	19	19	19	19	19	19
Diluted EPS, GAAP	1.29	1.58	2.33	2.84	3.69	4.05	2.4	3.71	4.8	4.47	3.39	2.88	3.23	2.89	2.47
Diluted EPS from Cont Ops	1.29	1.58	2.33	2.84	3.69	4.05	2.4	3.71	4.8	4.47	3.39	2.88	3.23	2.89	2.47

Balance Sheet (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	193	311	445	456	457	568	547	533	542	522	470	397	133	131	149
+ Cash & Cash Equivalents	46	93	123	91	69	59	56	40	44	62	71	61	39	44	62
+ ST Investments	148	218	322	365	388	509	491	493	498	460	399	335	95	87	87
+ Accounts & Notes Receiv	227	254	258	278	288	278	277	285	264	272	270	257	273	269	279
+ Accounts Receivable, Net	217	243	247	265	276	267	264	274	254	263	256	247	263	260	269
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	10	10	11	13	12	11	12	10	10	9	14	10	10	10	10
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-420	-564	-704	-733	-745	-846	-824	-818	-805	-794	-740	-654	-406	-400	-428
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	806	808	868	1,005	1,033	1,071	1,130	1,125	1,125	1,089	1,013	889	858	789	735
+ LT Investments	806	808	868	1,005	1,033	1,071	1,130	1,125	1,125	1,089	1,013	889	858	789	735
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-806	-808	-868	-1,005	-1,033	-1,071	-1,130	-1,125	-1,125	-1,089	-1,013	-889	-858	-789	-735
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-806	-808	-868	-1,005	-1,033	-1,071	-1,130	-1,125	-1,125	-1,089	-1,013	-889	-858	-789	-735
Total Assets	1,144	1,221	1,329	1,457	1,502	1,519	1,518	1,516	1,493	1,471	1,403	1,269	1,229	1,158	1,131
+ Payables & Accruals	2	1	1	3	1	14	13	3	3	- -	38	38	- -	1	2
+ Accounts Payable	1	- -	1	1	- -	- -	37	39	40	- -	38	38	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	1	4	- -	3	3	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1	- -	- -	2	- -	10	-24	-39	-40	- -	- -	- -	- -	1	2
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-2	-1	-1	-3	-1	-14	-13	-3	-3	- -	-38	-38	- -	-1	-2
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-2	-1	-1	-3	-1	-14	-13	-3	-3	- -	-38	-38	- -	-1	-2
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Borrowings	26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	795	840	912	1,010	1,048	1,063	1,093	1,106	1,063	1,032	1,003	952	937	900	879
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	186	188	193	199	205	209	210	212	213	216	218	221	222	224	226
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	186	187	193	199	205	208	210	211	213	215	217	220	222	224	226
- Treasury Stock	22	22	22	22	22	22	22	22	22	22	22	35	37	42	54
+ Retained Earnings	184	213	251	267	269	270	234	221	227	225	190	146	114	84	83
+ Other Equity	2	3	-4	3	3	- -	4	-1	12	21	14	-14	-7	-9	-3
Equity Before Minority Interest	349	381	417	447	454	456	425	410	430	439	399	317	292	257	252
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	349	381	417	447	454	456	425	410	430	439	399	317	292	257	252
Total Liabilities & Equity	1,144	1,221	1,329	1,457	1,502	1,519	1,518	1,516	1,493	1,471	1,403	1,269	1,229	1,158	1,131
Shares Outstanding	18	18	19	19	19	19	19	19	19	19	19	19	19	19	19
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	-20	-93	-123	-91	-69	-59	-56	-40	-44	-62	-71	-61	-39	-44	-62
Net Debt to Equity	-5.65	-24.31	-29.53	-20.35	-15.3	-12.92	-13.06	-9.85	-10.18	-14.07	-17.71	-19.36	-13.23	-17.12	-24.61
Tangible Common Equity Ratio	30.55	31.22	31.36	30.67	30.22	30.03	28.02	27.03	28.82	29.83	28.47	25.01	23.79	22.23	22.25
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

API Chat

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	24	29	44	54	70	78	46	72	93	87	66	56	62	55	47
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	4	9	17	16	24	17	30	16	8	9	-1	14	-1	-2	-2
+ Stock-Based Compensation	- -	1	1	2	1	2	2	2	2	3	2	2	2	3	3
+ Deferred Income Taxes	-2	- -	- -	-1	1	-2	13	-1	1	2	1	-1	1	1	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	5	8	16	16	21	18	16	15	5	4	-4	13	-3	-6	-5
+ Chg in Non-Cash Work Cap	15	43	68	71	-1	19	54	11	-22	-32	-27	-41	-31	-29	-34
+ (Inc) Dec in Accts Receiv	- -	-22	-30	-8	-6	3	9	12	5	-1	16	18	-9	-12	-19
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	- -	5	4	6	4	4	-2	4	-5	-7	-2	1	- -	-2	2
+ Inc (Dec) in Other	15	60	95	72	1	13	47	-6	-22	-24	-41	-60	-23	-16	-17
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	44	81	129	141	93	114	131	98	79	63	38	28	30	24	11
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-1	-1	-1	-1	-2	- -	-1	-1	-1	-1	-2	-1	-1	-2
+ Acq of Fixed Prod Assets	-1	-1	-1	-1	-1	-2	- -	-1	-1	-1	-1	-2	-1	-1	-2
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-12	-2	-5	-12
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-12	-2	-5	-12
+ Net Change in LT Investment	-42	-8	-86	-140	-49	-49	-51	-28	13	44	72	78	44	73	71
+ Dec in LT Investment	253	260	260	313	277	306	351	340	359	365	343	293	178	184	138
+ Inc in LT Investment	-295	-268	-346	-453	-326	-355	-402	-368	-346	-321	-271	-215	-134	-111	-67
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	-10	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-43	-9	-97	-141	-50	-50	-52	-29	12	43	71	75	44	72	68
+ Dividends Paid	- -	- -	-6	-37	-69	-76	-83	-84	-87	-89	-100	-100	-93	-85	-49
+ Net Cash From Debt	-10	-26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Repayments of Debt	-10	-26	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	4	1	4	6	4	2	- -	- -	- -	- -	- -	- -	-1	-1	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-16	-25	-2	-32	-65	-74	-83	-84	-87	-89	-100	-113	-97	-91	-62
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-15	47	30	-32	-21	-11	-3	-15	3	18	9	-9	-23	5	18
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	43	80	128	140	92	113	130	97	78	62	37	26	29	23	9
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	44	80	128	140	92	113	130	97	78	62	37	26	29	23	9
Free Cash Flow to Equity	32	54	128	140	92	113	130	97	78	62	37	26	29	23	9
Free Cash Flow per Basic Share	2.33	4.4	6.97	7.49	4.85	5.89	6.8	5.06	4.04	3.24	1.9	1.36	1.53	1.22	0.47
Price/Free Cash Flow	9.7	6.15	6.08	5.66	10.37	10.34	9.03	11	15.99	17.29	26.6	33.16	29.59	39.45	55.45
Cash Flow to Net Income	1.81	2.76	2.96	2.62	1.32	1.47	2.83	1.37	0.85	0.73	0.58	0.51	0.48	0.44	0.23
Capital Expenditures	-1	-1	-1	-1	-1	-2	- -	-1	-1	-1	-1	-2	-1	-1	-2