Flowserve Corporation

Flowserve Corporation

FLS
Flowserve CorporationUS flagNew York Stock Exchange
75.41
USD
-0.89
- -
9.64BMarket Cap

Income Statement (USD)

APIChat
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
4,510
4,751
4,955
4,878
4,558
3,990
3,661
3,836
3,940
3,728
3,541
3,615
4,321
4,558
4,729
+ Sales & Services Revenue
4,510
4,751
4,955
4,878
4,558
3,990
3,661
3,836
3,940
3,728
3,541
3,615
4,321
4,558
4,729
- Cost of Revenue
2,997
3,170
3,267
3,168
3,080
2,754
2,572
2,645
2,650
2,611
2,491
2,621
3,044
3,124
3,148
+ Cost of Goods & Services
2,997
3,170
3,267
3,168
3,080
2,754
2,572
2,645
2,650
2,611
2,491
2,621
3,044
3,124
3,148
Gross Profit
1,514
1,581
1,688
1,710
1,478
1,237
1,089
1,191
1,289
1,117
1,050
994
1,277
1,434
1,581
+ Other Operating Income
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Operating Expenses
914
922
967
937
973
965
902
967
913
878
797
816
961
978
1,062
+ Selling, General & Admin
914
922
967
937
973
965
902
967
913
878
797
816
961
978
1,062
+ Research & Development
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Operating Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Operating Income (Loss)
600
659
721
773
505
271
187
224
376
239
253
179
316
456
519
- Non-Operating (Income) Loss
12
47
28
45
92
59
-76
68
54
36
119
24
92
70
-6
+ Interest Expense, Net
35
43
53
59
63
57
56
52
47
52
55
42
60
64
70
+ Interest Expense
36
44
54
60
65
60
60
58
55
56
58
46
67
69
78
- Interest Income
2
1
1
2
2
3
3
6
8
4
3
4
7
5
8
+ Other Non-Op (Income) Loss
-23
5
-25
-14
29
1
-132
16
7
-16
64
-18
32
6
-76
Pretax Income
588
612
693
729
412
213
263
156
322
202
134
154
224
386
525
- Income Tax Expense (Benefit)
159
161
205
209
148
77
259
47
75
61
-3
-44
19
85
156
- (Income) Loss from Affiliates
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) from Cont Ops
429
451
488
519
264
136
4
110
247
141
136
198
205
301
370
- Net Extraordinary Losses (Gains)
1
5
6
12
11
6
3
11
16
21
20
19
37
37
47
+ Discontinued Operations
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Extraord. & Accounting Changes
1
5
6
12
11
6
3
11
16
21
20
19
37
37
47
Income (Loss) Incl. MI
428
446
483
507
253
129
1
99
231
120
116
179
168
264
323
- Minority Interest
-1
-2
-3
-6
-6
-3
-2
-5
-8
-10
-10
-9
-18
-18
-24
Net Income, GAAP
429
448
486
513
258
132
3
105
239
130
126
189
187
283
346
- Preferred Dividends
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Other Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income Avail to Common, GAAP
429
448
486
513
258
132
3
105
239
130
126
189
187
283
346
EBIT
600
659
721
773
505
271
187
224
376
239
253
179
316
456
519
EBITDA
707
766
828
884
632
388
306
337
482
339
352
270
399
542
615
EBITDA Margin (%)
15.68
16.12
16.7
18.11
13.86
9.73
8.35
8.78
12.24
9.1
9.95
7.46
9.24
11.89
13
EBITA
600
659
721
773
505
271
187
224
376
239
253
179
316
456
519
Gross Margin (%)
33.56
33.27
34.07
35.06
32.42
30.99
29.75
31.05
32.73
29.96
29.64
27.5
29.55
31.47
33.44
Operating Margin (%)
13.29
13.87
14.56
15.85
11.08
6.8
5.11
5.85
9.55
6.4
7.13
4.94
7.31
10.01
10.98
Profit Margin (%)
9.5
9.44
9.8
10.52
5.67
3.32
0.07
2.72
6.06
3.5
3.56
5.22
4.32
6.2
7.32
Sales per Employee
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
0.42
0.47
0.54
0.62
0.7
0.75
0.76
0.76
0.76
0.8
0.8
0.8
0.8
0.84
0.84
Depreciation Expense
108
107
106
110
127
117
118
112
106
101
100
91
84
86
95
Basic Weighted Avg Shares
167
157
142
137
133
130
131
131
131
130
130
131
131
131
130
Basic EPS, GAAP
2.57
2.86
3.43
3.75
1.94
1.02
0.02
0.8
1.82
1
0.97
1.44
1.42
2.15
2.66
Basic EPS from Cont Ops
2.58
2.87
3.45
3.79
1.98
1.04
0.03
0.84
1.88
1.08
1.05
1.52
1.56
2.29
2.84
Diluted Weighted Avg Shares
168
158
142
138
134
131
131
131
132
131
131
131
132
132
131
Diluted EPS, GAAP
2.55
2.84
3.41
3.72
1.93
1.01
0.02
0.8
1.81
1
0.96
1.44
1.42
2.14
2.64
Diluted EPS from Cont Ops
2.55
2.85
3.43
3.77
1.97
1.03
0.03
0.84
1.88
1.07
1.04
1.51
1.56
2.28
2.82

Balance Sheet (USD)

APIChat
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
2,628
2,740
2,847
2,794
2,457
2,298
2,559
2,383
2,507
2,904
2,389
2,451
2,704
2,904
3,043
+ Cash, Cash Equivalents & STI
337
304
364
450
366
367
703
620
671
1,095
658
435
546
675
760
+ Cash & Cash Equivalents
337
304
364
450
366
367
703
620
671
1,095
658
435
546
675
760
+ ST Investments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Accounts & Notes Receiv
1,060
1,104
1,155
1,082
986
883
857
1,021
1,068
1,031
935
1,102
1,162
1,276
1,352
+ Accounts Receivable, Net
1,060
1,104
1,155
1,082
986
883
857
792
784
749
715
853
868
957
1,015
+ Notes Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Loans Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Receivable, Net
- -
- -
- -
- -
- -
- -
- -
229
285
282
220
249
294
319
337
+ Inventories
1,008
1,087
1,061
996
979
898
884
634
661
667
678
803
880
837
790
+ Raw Materials
329
352
357
353
391
348
359
310
328
322
318
360
408
392
356
+ Work In Process
793
799
787
687
739
630
548
192
193
210
242
296
303
262
253
+ Finished Goods
279
288
307
265
221
206
216
206
218
222
213
245
279
276
258
+ Inventory Adjustments
-393
-352
-390
-310
-372
-286
-239
-74
-79
-86
-95
-98
-109
-92
-77
+ Other Inventory
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other ST Assets
222
246
268
266
126
150
114
109
106
111
117
111
116
116
141
+ Misc ST Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Prepaid Expenses
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Assets Held-for-Sale
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Noncurrent Assets
1,994
2,071
2,189
2,174
2,506
2,411
2,352
2,233
2,432
2,410
2,361
2,340
2,405
2,596
2,665
+ Property, Plant & Equip, Net
599
654
716
694
758
725
672
610
750
765
710
676
663
699
733
+ Property, Plant & Equip
1,319
1,439
1,566
1,531
1,614
1,607
1,640
1,567
1,765
1,858
1,902
1,849
1,821
1,842
1,958
- Accumulated Depreciation
720
785
850
837
855
882
968
957
1,015
1,093
1,192
1,173
1,158
1,143
1,225
+ LT Investments & Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Investments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other LT Assets
1,396
1,417
1,473
1,480
1,747
1,686
1,680
1,623
1,682
1,645
1,651
1,664
1,742
1,897
1,933
+ Total Intangible Assets
1,209
1,204
1,268
1,214
1,453
1,420
1,428
1,388
1,374
1,393
1,349
1,303
1,304
1,475
1,590
+ Goodwill
1,045
1,054
1,108
1,067
1,224
1,205
1,218
1,198
1,193
1,225
1,196
1,168
1,182
1,286
1,392
+ Other Intangible Assets
163
150
161
146
229
215
210
191
181
168
152
135
122
189
198
+ LT Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Assets
187
213
205
266
295
267
252
235
308
252
302
361
438
422
342
Total Assets
4,623
4,811
5,037
4,968
4,963
4,709
4,910
4,616
4,938
5,315
4,750
4,791
5,109
5,501
5,708
+ Payables & Accruals
829
857
854
854
1,290
684
709
612
657
678
651
904
1,052
1,107
1,142
+ Accounts Payable
597
617
612
612
491
412
443
419
448
440
410
477
548
545
554
+ Accrued Taxes
33
57
37
54
56
31
43
24
38
60
68
62
51
57
72
+ Interest & Dividends Payable
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Payables & Accruals
199
183
204
188
742
241
223
169
171
178
173
366
454
504
515
+ ST Debt
54
59
73
53
60
85
76
68
47
44
74
82
99
78
85
+ ST Borrowings
54
59
73
53
60
85
76
68
11
9
41
49
66
44
50
+ ST Finance Leases
- -
- -
- -
- -
- -
- -
- -
- -
36
35
33
33
32
34
36
+ Other ST Liabilities
588
674
631
565
- -
409
458
401
413
419
407
257
288
284
275
+ Deferred Revenue
379
435
381
326
324
260
278
202
221
194
203
257
288
284
275
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
11
8
12
13
11
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc ST Liabilities
198
232
238
226
-335
148
181
198
192
225
204
- -
- -
- -
- -
Total Current Liabilities
1,470
1,591
1,558
1,472
1,350
1,178
1,243
1,081
1,117
1,142
1,132
1,243
1,439
1,468
1,502
+ LT Debt
452
869
1,128
1,102
1,561
1,485
1,500
1,415
1,518
1,894
1,429
1,379
1,306
1,610
1,675
+ LT Borrowings
452
869
1,128
1,102
1,561
1,485
1,500
1,415
1,366
1,718
1,262
1,224
1,167
1,460
1,525
+ LT Finance Leases
- -
- -
- -
- -
- -
- -
- -
- -
152
176
167
155
139
150
150
+ Other LT Liabilities
422
457
474
453
388
408
497
460
531
518
352
310
389
371
277
+ Accrued Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Pension Liabilities
422
457
474
453
388
408
497
460
531
518
352
310
- -
- -
- -
+ Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
389
371
277
Total Noncurrent Liabilities
874
1,326
1,602
1,554
1,948
1,893
1,997
1,875
2,048
2,412
1,781
1,689
1,695
1,981
1,952
Total Liabilities
2,344
2,916
3,160
3,026
3,299
3,072
3,240
2,955
3,166
3,553
2,912
2,932
3,134
3,449
3,454
+ Preferred Equity and Hybrid Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Share Capital & APIC
695
689
697
717
716
713
709
716
722
723
727
728
728
723
730
+ Common Stock
74
221
221
221
221
221
221
221
221
221
221
221
221
221
221
+ Additional Paid in Capital
621
468
476
496
495
492
488
495
501
502
506
507
507
502
509
- Treasury Stock
424
1,164
1,600
1,831
2,107
2,079
2,060
2,049
2,052
2,059
2,058
2,037
2,014
2,008
2,232
+ Retained Earnings
2,206
2,579
2,985
3,416
3,566
3,598
3,504
3,543
3,652
3,671
3,691
3,774
3,855
4,026
4,262
+ Other Equity
-206
-213
-212
-370
-528
-616
-499
-567
-576
-603
-556
-641
-632
-733
-569
Equity Before Minority Interest
2,270
1,890
1,870
1,932
1,647
1,616
1,655
1,642
1,747
1,731
1,804
1,825
1,936
2,008
2,191
+ Minority/Non Controlling Interest
8
4
7
10
17
21
16
18
26
30
33
34
39
44
63
Total Equity
2,278
1,894
1,877
1,942
1,664
1,637
1,671
1,661
1,772
1,761
1,837
1,859
1,975
2,052
2,254
Total Liabilities & Equity
4,623
4,811
5,037
4,968
4,963
4,709
4,910
4,616
4,938
5,315
4,750
4,791
5,109
5,501
5,708
Shares Outstanding
162
144
137
134
129
130
130
131
131
130
130
130
131
131
127
Number of Employees
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Capital Leases - Total
- -
- -
- -
- -
- -
- -
- -
- -
188
211
199
188
171
183
185
Net Debt
168
624
836
705
1,255
1,203
872
863
706
632
644
839
688
829
815
Net Debt to Equity
7.37
32.96
44.56
36.28
75.38
73.5
52.17
51.99
39.85
35.86
35.07
45.12
34.83
40.39
36.15
Tangible Common Equity Ratio
31.33
19.14
16.16
19.4
6.03
6.62
6.97
8.44
11.18
9.38
14.36
15.94
17.63
14.33
16.12
Current Ratio
1.79
1.72
1.83
1.9
1.82
1.95
2.06
2.2
2.24
2.54
2.11
1.97
1.88
1.98
2.03
Cash Conversion Cycle
123.91
135.51
133.97
130.2
134.07
148.11
152.15
117.52
103.1
105.96
112.02
123.36
113.67
108.63
105.68

Cash Flow Statement (USD)

APIChat
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
429
451
488
519
264
136
4
110
247
141
136
198
205
301
370
+ Depreciation & Amortization
108
107
106
110
127
117
118
112
106
101
100
91
84
86
95
+ Non-Cash Items
21
- -
-4
69
109
103
30
58
12
33
105
-2
10
68
-36
+ Stock-Based Compensation
32
35
36
43
35
30
23
20
24
27
29
26
28
30
38
+ Deferred Income Taxes
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Asset Impairment Charge
- -
- -
- -
- -
- -
81
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Non-Cash Adj
-11
-35
-40
27
74
-8
7
38
-12
5
76
-28
-17
37
-74
+ Chg in Non-Cash Work Cap
-340
-41
-103
-104
-60
-115
158
-90
-41
36
-91
-327
26
-29
76
+ (Inc) Dec in Accts Receiv
-243
-35
-54
-80
53
37
60
-50
-42
50
66
-194
-36
-101
-13
+ (Inc) Dec in Inventories
-140
-73
29
-31
-21
53
49
-29
-31
15
-32
-147
-60
39
87
+ (Inc) Dec in Prepaid Assets
-12
-5
-7
-4
-14
-45
33
-15
-9
34
1
17
8
15
-56
+ Inc (Dec) in Accts Payable
39
115
-81
39
-63
-160
9
-8
37
28
-33
74
112
37
-4
+ Inc (Dec) in Other
17
-44
11
-28
-15
- -
8
13
5
-91
-93
-77
2
-20
63
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Operating Activities
218
517
488
594
441
240
311
191
324
311
250
-40
326
425
506
+ Change in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp in Fixed & Intang
4
17
2
2
10
3
5
6
42
- -
- -
- -
- -
- -
- -
+ Disp of Fixed Prod Assets
4
17
2
2
10
3
5
6
42
- -
- -
- -
- -
- -
- -
+ Disp of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Fixed Prod Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Cash (Repurchase) of Equity
-150
-772
-458
-247
-304
- -
- -
- -
-15
-32
-18
- -
- -
-20
-255
+ Increase in Capital Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Decrease in Capital Stock
-150
-772
-458
-247
-304
- -
- -
- -
-15
-32
-18
- -
- -
-20
-255
+ Net Change in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
66
- -
- -
- -
+ Dec in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
66
- -
- -
- -
+ Inc in LT Investment
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Net Cash From Acq & Div
-91
-8
-31
47
-354
-5
233
-4
- -
- -
- -
- -
- -
-308
-66
+ Cash from Divestitures
- -
- -
46
47
- -
- -
233
- -
- -
- -
- -
- -
- -
- -
- -
+ Cash for Acq of Subs
-91
-8
-77
- -
-354
-5
- -
-4
- -
- -
- -
- -
- -
-308
-66
+ Cash for JVs
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Investing Activities
-108
-136
-139
-133
-182
-90
-62
-84
-76
-42
-59
-72
-69
-79
-59
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Investing Activities
-194
-126
-168
-84
-525
-91
177
-81
-33
-42
-59
-6
-69
-387
-125
+ Dividends Paid
-70
-74
-77
-85
-94
-98
-99
-99
-100
-104
-105
-105
-105
-110
-110
+ Net Cash From Debt
-25
418
274
-40
481
-60
-60
-60
-105
307
-453
-32
-40
271
62
+ Cash From Debt
- -
1,373
299
- -
526
- -
- -
- -
150
498
798
90
560
466
200
+ Repayments of Debt
-25
-955
-25
-40
-45
-60
-60
-60
-255
-191
-1,251
-122
-600
-195
-138
+ Other Financing Activities
6
-1
6
-20
-46
14
-26
-14
-12
-23
-25
-13
-8
-23
-25
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Financing Activities
-239
-429
-256
-391
38
-144
-185
-173
-231
148
-600
-150
-153
117
-327
Effect of Foreign Exchange Rates
-5
5
-4
-33
-37
-5
34
-20
-8
8
-28
-27
7
-26
31
Net Changes in Cash
-215
-38
64
119
-47
5
302
-64
59
416
-409
-196
104
156
54
EBITDA
707
766
828
884
632
388
306
337
482
339
352
270
399
542
615
EBITDA Margin (%)
15.68
16.12
16.7
18.11
13.86
9.73
8.35
8.78
12.24
9.1
9.95
7.46
9.24
11.89
13
Free Cash Flow
218
517
488
594
441
240
311
191
324
311
250
-40
326
425
506
Net Cash Paid for Acquisitions
91
8
31
-47
354
5
-233
4
- -
- -
- -
- -
- -
308
66
Free Cash Flow to Firm
245
549
526
637
483
279
312
232
366
350
- -
- -
387
479
561
Free Cash Flow to Equity
197
952
763
556
932
184
257
137
261
618
-203
-73
286
696
568
Free Cash Flow per Basic Share
1.31
3.3
3.44
4.34
3.31
1.84
2.38
1.46
2.47
2.38
1.92
-0.31
2.48
3.23
3.89
Price/Free Cash Flow
25.54
14.95
23.02
13.87
12.78
26.17
17.77
26.15
20.22
15.55
16.01
-100.69
16.69
17.9
17.96
Cash Flow to Net Income
0.51
1.15
1
1.16
1.71
1.82
117.29
1.83
1.36
2.38
1.99
-0.21
1.74
1.5
1.46
Capital Expenditures
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -