Broadridge Financial Solutions, Inc.

BRBroadridge Financial Solutions, Inc. US flag

New York Stock Exchange

152.59

USD

-2.24

- -

17.65BMarket Cap

Income Statement (USD)

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	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	2,167	2,304	2,431	2,558	2,694	2,897	4,143	4,330	4,362	4,529	4,994	5,709	6,061	6,507	6,889
+ Sales & Services Revenue	2,167	2,304	2,431	2,558	2,694	2,897	4,143	4,330	4,362	4,529	4,994	5,709	6,061	6,507	6,889
- Cost of Revenue	1,617	1,715	1,768	1,761	1,828	1,976	3,108	3,167	3,132	3,265	3,571	4,117	4,276	4,573	4,752
+ Cost of Goods & Services	1,617	1,715	1,768	1,761	1,828	1,976	3,108	3,167	3,132	3,265	3,571	4,117	4,276	4,573	4,752
Gross Profit	550	588	663	797	866	921	1,035	1,162	1,230	1,264	1,423	1,592	1,785	1,934	2,137
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	270	300	324	378	399	421	501	564	578	639	744	832	849	917	948
+ Selling, General & Admin	270	300	324	378	399	421	501	564	578	639	744	832	849	917	948
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	280	288	339	418	467	500	534	598	653	625	679	760	936	1,017	1,189
- Non-Operating (Income) Loss	10	88	16	23	28	31	46	37	46	45	-18	88	142	140	130
+ Interest Expense, Net	8	12	12	22	23	26	43	39	42	59	55	85	136	138	123
+ Interest Expense	10	13	14	24	25	28	45	42	46	62	58	88	144	150	136
- Interest Income	2	2	2	2	3	3	2	4	4	4	2	3	8	12	13
+ Other Non-Op (Income) Loss	2	76	4	1	5	6	3	-2	4	-13	-73	3	6	2	7
Pretax Income	270	201	323	396	439	469	488	561	607	580	696	672	795	877	1,059
- Income Tax Expense (Benefit)	98	76	111	132	152	161	161	133	125	117	149	133	164	179	219
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	172	125	212	263	287	308	327	428	482	462	548	539	631	698	840
- Net Extraordinary Losses (Gains)	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	-2	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	4	3	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	170	124	212	263	287	308	327	428	482	462	548	539	631	698	840
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	170	124	212	263	287	308	327	428	482	462	548	539	631	698	840
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	170	124	212	263	287	308	327	428	482	462	548	539	631	698	840
EBIT	280	288	339	418	467	500	534	598	653	625	679	760	936	1,017	1,189
EBITDA	337	362	409	488	542	585	675	762	825	822	900	1,092	1,235	1,337	1,516
EBITDA Margin (%)	15.56	15.7	16.82	19.06	20.1	20.18	16.3	17.59	18.92	18.14	18.02	19.14	20.38	20.55	22
EBITA	280	288	339	418	467	500	534	598	653	625	679	760	936	1,017	1,189
Gross Margin (%)	25.37	25.54	27.27	31.14	32.14	31.79	24.98	26.85	28.2	27.91	28.49	27.89	29.46	29.72	31.02
Operating Margin (%)	12.91	12.52	13.96	16.35	17.33	17.27	12.89	13.81	14.96	13.8	13.59	13.31	15.45	15.63	17.25
Profit Margin (%)	7.83	5.37	8.73	10.28	10.66	10.61	7.89	9.88	11.05	10.21	10.96	9.44	10.4	10.73	12.19
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.6	0.63	0.7	0.81	1.02	1.17	1.29	1.42	1.82	2.1	2.26	2.49	2.81	3.13	3.44
Depreciation Expense	57	73	69	69	75	84	141	164	173	197	221	333	299	320	327
Basic Weighted Avg Shares	125	124	122	120	120	118	118	117	116	115	116	117	118	118	117
Basic EPS, GAAP	1.36	1	1.74	2.2	2.39	2.6	2.77	3.66	4.16	4.03	4.73	4.62	5.36	5.93	7.17
Basic EPS from Cont Ops	1.38	1.01	1.74	2.2	2.39	2.6	2.77	3.66	4.16	4.03	4.73	4.62	5.36	5.93	7.17
Diluted Weighted Avg Shares	128	128	125	124	124	122	121	120	119	117	118	118	119	119	118
Diluted EPS, GAAP	1.32	0.97	1.69	2.12	2.32	2.53	2.71	3.55	4.06	3.95	4.65	4.55	5.3	5.86	7.1
Diluted EPS from Cont Ops	1.34	0.98	1.69	2.12	2.32	2.53	2.7	3.55	4.06	3.95	4.65	4.55	5.3	5.86	7.1

Balance Sheet (USD)

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	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	751	777	807	881	861	1,289	990	991	1,042	1,328	1,261	1,328	1,392	1,541	1,817
+ Cash, Cash Equivalents & STI	242	320	266	348	324	728	271	264	273	477	274	225	252	304	562
+ Cash & Cash Equivalents	242	320	266	348	324	728	271	264	273	477	274	225	252	304	562
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	407	371	442	425	444	453	590	615	664	711	820	947	974	1,066	1,077
+ Accounts Receivable, Net	407	371	442	425	444	453	590	615	664	711	820	947	974	1,066	1,077
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	103	86	99	108	93	108	129	112	105	140	166	157	166	171	178
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,153	1,210	1,211	1,312	1,507	1,584	2,160	2,314	2,838	3,562	6,858	6,841	6,841	6,702	6,728
+ Property, Plant & Equip, Net	83	79	81	88	97	112	198	204	189	454	439	374	344	348	346
+ Property, Plant & Equip	405	419	424	452	493	521	567	596	613	761	772	742	752	793	835
- Accumulated Depreciation	322	340	344	364	396	408	369	392	424	307	333	368	408	444	489
+ LT Investments & Receivables	- -	13	21	25	33	48	63	80	100	142	194	222	242	271	299
+ LT Investments	- -	13	21	25	33	48	63	80	100	142	194	222	242	271	299
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,070	1,119	1,109	1,198	1,376	1,423	1,899	2,029	2,549	2,966	6,225	6,245	6,255	6,082	6,082
+ Total Intangible Assets	883	923	899	986	1,166	1,210	1,646	1,749	2,056	2,258	5,145	4,562	4,929	4,777	4,887
+ Goodwill	736	780	778	856	970	999	1,159	1,255	1,500	1,674	3,720	3,485	3,462	3,469	3,610
+ Other Intangible Assets	147	143	121	130	196	210	486	494	556	584	1,425	1,077	1,467	1,307	1,277
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	187	195	210	212	210	213	253	280	493	708	1,080	1,683	1,326	1,305	1,196
Total Assets	1,904	1,988	2,018	2,192	2,368	2,873	3,150	3,305	3,881	4,890	8,120	8,169	8,233	8,242	8,545
+ Payables & Accruals	247	223	277	258	273	304	402	399	445	490	663	663	577	749	618
+ Accounts Payable	119	102	143	116	116	133	167	156	134	152	249	245	157	314	220
+ Accrued Taxes	24	43	52	35	28	50	80	20	69	38	43	41	70	112	60
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	104	78	82	107	129	121	154	222	242	300	372	377	350	323	338
+ ST Debt	400	- -	- -	- -	- -	125	- -	- -	- -	435	40	45	1,219	38	536
+ ST Borrowings	400	- -	- -	- -	- -	125	- -	- -	- -	400	- -	- -	1,178	- -	499
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	35	40	45	41	38	37
+ Other ST Liabilities	136	187	192	226	236	264	343	379	358	416	584	605	601	634	706
+ Deferred Revenue	33	48	49	62	73	83	122	146	126	156	241	257	265	280	334
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	102	140	143	164	163	181	221	233	232	260	344	348	336	354	373
Total Current Liabilities	783	410	470	484	509	693	745	777	803	1,341	1,288	1,313	2,398	1,422	1,861
+ LT Debt	124	524	524	524	689	891	1,102	1,053	1,470	1,676	4,151	4,021	2,433	3,539	2,922
+ LT Borrowings	124	524	524	524	689	891	1,102	1,053	1,470	1,388	3,888	3,793	2,235	3,355	2,753
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	288	263	228	198	184	170
+ Other LT Liabilities	200	202	208	222	242	244	299	380	480	526	872	916	1,162	1,113	1,106
+ Accrued Liabilities	119	102	111	121	137	132	156	133	247	302	598	662	884	746	690
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	131	144	163	158	182	215	238
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	81	101	97	100	105	112	142	246	102	80	111	96	95	152	178
Total Noncurrent Liabilities	324	727	733	746	931	1,134	1,401	1,433	1,950	2,202	5,023	4,936	3,595	4,652	4,028
Total Liabilities	1,107	1,137	1,202	1,230	1,440	1,827	2,146	2,210	2,753	3,543	6,311	6,250	5,993	6,074	5,890
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	669	741	785	812	857	903	989	1,050	1,111	1,180	1,247	1,346	1,438	1,554	1,665
+ Common Stock	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2
+ Additional Paid in Capital	667	739	783	811	856	901	988	1,048	1,109	1,178	1,246	1,345	1,437	1,552	1,663
- Treasury Stock	530	580	784	835	1,040	1,117	1,399	1,631	2,000	2,036	2,031	2,025	2,026	2,489	2,599
+ Retained Earnings	642	686	811	974	1,132	1,298	1,469	1,727	2,088	2,303	2,584	2,824	3,113	3,435	3,862
+ Other Equity	16	4	4	10	-21	-38	-56	-52	-71	-100	9	-226	-285	-332	-273
Equity Before Minority Interest	797	850	816	962	928	1,046	1,004	1,094	1,128	1,347	1,809	1,919	2,241	2,168	2,655
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	797	850	816	962	928	1,046	1,004	1,094	1,128	1,347	1,809	1,919	2,241	2,168	2,655
Total Liabilities & Equity	1,904	1,988	2,018	2,192	2,368	2,873	3,150	3,305	3,881	4,890	8,120	8,169	8,233	8,242	8,545
Shares Outstanding	124	125	119	120	118	118	116	116	114	115	116	117	118	117	117
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	324	303	273	239	222	207
Net Debt	283	204	258	176	365	288	831	790	1,197	1,311	3,613	3,568	3,161	3,051	2,691
Net Debt to Equity	35.47	23.97	31.68	18.35	39.37	27.53	82.78	72.15	106.17	97.35	199.71	185.93	141.07	140.7	101.34
Tangible Common Equity Ratio	-8.37	-6.84	-7.42	-2.02	-19.84	-9.86	-42.65	-42.08	-50.9	-34.64	-112.14	-73.28	-81.35	-75.26	-61.01
Current Ratio	0.96	1.89	1.72	1.82	1.69	1.86	1.33	1.28	1.3	0.99	0.98	1.01	0.58	1.08	0.98
Cash Conversion Cycle	40.35	38.05	35.72	34.99	35.71	33.56	28.3	32.13	36.62	39.46	35.49	34.6	40.67	38.4	36.24

Cash Flow Statement (USD)

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	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	172	125	212	263	287	308	327	428	482	462	548	539	631	698	840
+ Depreciation & Amortization	57	73	69	69	75	84	141	164	173	197	221	333	299	320	327
+ Non-Cash Items	50	107	72	31	37	38	23	73	105	196	157	272	124	69	229
+ Stock-Based Compensation	30	28	27	35	39	43	46	55	58	61	59	68	73	71	73
+ Deferred Income Taxes	13	-8	14	-12	1	-6	-15	-9	-4	29	52	51	-51	-120	-5
+ Asset Impairment Charge	- -	69	- -	- -	- -	- -	- -	- -	- -	30	31	40	2	18	14
+ Other Non-Cash Adj	7	18	31	8	-2	1	-8	27	50	76	15	114	99	100	146
+ Chg in Non-Cash Work Cap	-88	-14	-83	24	32	8	25	29	-142	-257	-286	-700	-230	-31	-225
+ (Inc) Dec in Accts Receiv	-40	35	-73	19	-4	-5	-44	-19	-35	-34	-42	-85	20	-37	32
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-8	23	57	10	32	76	135	10	-11	59	144	-27	-104	136	-146
+ Inc (Dec) in Other	-41	-72	-66	-4	4	-63	-66	38	-97	-282	-388	-588	-145	-130	-110
+ Net Cash From Disc Ops	23	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	214	284	271	388	431	438	516	694	617	598	640	444	823	1,056	1,171
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-18	-13	-13	-13	-16	-18	-118	-61	-22	-36	-49	-44	-37	-56	-71
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	-18	-13	-13	-13	-16	-18	-118	-61	-22	-36	-49	-44	-37	-56	-71
+ Cash (Repurchase) of Equity	-222	-52	-238	-130	-302	-120	-343	-277	-398	-69	-22	-23	-24	-485	-135
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-222	-52	-238	-130	-302	-120	-343	-277	-398	-69	-22	-23	-24	-485	-135
+ Net Change in LT Investment	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	67	- -	- -	- -	- -
+ Dec in LT Investment	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	67	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-294	-72	- -	-97	-210	-53	-449	-108	-355	-339	-2,604	-13	- -	-34	-194
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-294	-72	- -	-97	-210	-53	-449	-108	-355	-339	-2,604	-13	- -	-34	-194
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-29	-27	-39	-40	-50	-66	-92	-80	-57	-67	-68	-53	-44	-58	-52
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-341	-110	-52	-150	-276	-137	-659	-249	-434	-442	-2,654	-110	-80	-148	-316
+ Dividends Paid	-75	-78	-86	-97	-122	-138	-152	-166	-211	-241	-262	-291	-331	-368	-402
+ Net Cash From Debt	200	- -	- -	- -	163	333	85	-50	416	329	2,094	-96	-385	-60	-104
+ Cash From Debt	240	490	- -	400	320	808	500	340	803	1,622	4,325	670	990	1,023	1,238
+ Repayments of Debt	-40	-490	- -	-400	-157	-475	-415	-390	-387	-1,293	-2,231	-766	-1,375	-1,083	-1,342
+ Other Financing Activities	44	41	51	68	103	34	98	43	20	32	-13	38	26	58	41
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-52	-89	-273	-159	-158	109	-312	-450	-173	51	1,798	-371	-715	-856	-601
Effect of Foreign Exchange Rates	8	-6	- -	3	-20	-6	-2	-2	-1	-4	14	-12	-1	-1	3
Net Changes in Cash	-179	85	-54	78	-3	409	-455	-6	10	208	-216	-38	28	53	254
EBITDA	337	362	409	488	542	585	675	762	825	822	900	1,092	1,235	1,337	1,516
EBITDA Margin (%)	15.56	15.7	16.82	19.06	20.1	20.18	16.3	17.59	18.92	18.14	18.02	19.14	20.38	20.55	22
Free Cash Flow	196	271	258	375	416	420	398	632	595	562	591	399	786	1,001	1,100
Net Cash Paid for Acquisitions	294	72	- -	97	210	53	449	108	355	339	2,604	13	- -	34	194
Free Cash Flow to Firm	203	280	267	390	432	439	427	665	631	612	637	470	900	1,120	1,208
Free Cash Flow to Equity	414	284	271	387	594	771	601	644	1,033	927	2,734	348	438	996	1,067
Free Cash Flow per Basic Share	1.57	2.19	2.12	3.13	3.47	3.55	3.37	5.41	5.13	4.9	5.11	3.42	6.68	8.5	9.4
Price/Free Cash Flow	13.29	9.13	11.75	12.89	13.87	17.41	14.39	18.36	23.74	23.28	27.62	34.64	22.92	21.1	23.14
Cash Flow to Net Income	1.26	2.3	1.28	1.47	1.5	1.42	1.58	1.62	1.28	1.29	1.17	0.82	1.31	1.51	1.4
Capital Expenditures	-18	-13	-13	-13	-16	-18	-118	-61	-22	-36	-49	-44	-37	-56	-71