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    Healthcare

  3. •

    Biotechnology
Novavax, Inc.

Novavax, Inc.

NVAX
Novavax, Inc.US flagNASDAQ Global Select
10.21
USD
-0.30
- -
1.68BMarket 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
15
22
21
31
36
15
31
34
19
22
198
1,599
556
682
1,123
+ Sales & Services Revenue
15
22
21
31
36
15
31
34
19
22
198
1,599
556
682
1,123
- Cost of Revenue
7
15
8
15
163
238
- -
- -
- -
- -
- -
903
344
203
73
+ Cost of Goods & Services
7
15
8
15
163
238
- -
- -
- -
- -
- -
903
344
203
73
Gross Profit
8
7
13
16
-126
-223
- -
- -
- -
22
198
696
213
479
1,050
+ Other Operating Income
- -
- -
-8
-15
-163
-238
-31
-34
-19
- -
- -
- -
- -
- -
- -
- Operating Expenses
29
37
73
114
193
284
203
208
148
439
1,884
1,341
779
728
500
+ Selling, General & Admin
11
10
15
20
31
47
34
34
34
145
298
489
469
337
157
+ Research & Development
18
27
59
94
163
238
168
174
114
747
2,535
1,235
738
391
342
+ Other Operating Expense
- -
- -
- -
- -
- -
- -
- -
- -
- -
-453
-949
-383
-427
- -
- -
Operating Income (Loss)
-22
-30
-52
-84
-157
-269
-172
-174
-130
-417
-1,687
-645
-567
-249
551
- Non-Operating (Income) Loss
-3
-1
- -
-1
- -
11
12
11
3
2
28
9
-23
-72
108
+ Interest Expense, Net
- -
- -
- -
- -
- -
13
12
12
12
15
21
20
14
20
23
+ Interest Expense
- -
- -
- -
- -
- -
13
14
12
12
15
21
20
14
20
23
- Interest Income
- -
- -
- -
- -
1
- -
2
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Non-Op (Income) Loss
-2
-1
- -
-1
- -
-2
- -
-1
-9
-14
7
-11
-38
-92
86
Pretax Income
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,715
-654
-543
-177
442
- Income Tax Expense (Benefit)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
29
4
2
11
2
- (Income) Loss from Affiliates
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) from Cont Ops
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
- Net Extraordinary Losses (Gains)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Discontinued Operations
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Extraord. & Accounting Changes
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) Incl. MI
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
- Minority Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
- Preferred Dividends
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Other Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income Avail to Common, GAAP
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
EBIT
-22
-30
-52
-84
-157
-269
-172
-174
-130
-417
-1,687
-645
-567
-249
551
EBITDA
-20
-28
-50
-79
-151
-261
-162
-166
-124
-412
-1,674
-616
-525
-200
578
EBITDA Margin (%)
-135.93
-126.83
-238.31
-258.54
-417.25
-1,697.44
-519.29
-483.43
-664.03
-1,839.53
-847.2
-38.51
-94.41
-29.38
51.47
EBITA
-22
-30
-52
-84
-157
-269
-172
-174
-130
-417
-1,687
-645
-567
-249
551
Gross Margin (%)
52.32
33.45
60.69
51.12
-348.67
-1,449.79
100
100
100
100
100
43.55
38.21
70.28
93.5
Operating Margin (%)
-146.92
-134.38
-250.7
-272.97
-433.75
-1,752.84
-550.78
-507.23
-694.44
-1,861.35
-853.61
-40.32
-101.82
-36.49
49.01
Profit Margin (%)
-131.84
-129.13
-248.54
-270.55
-432.93
-1,823.53
-589.46
-538.81
-711.04
-1,868.23
-882.55
-41.15
-97.97
-27.49
39.19
Sales per Employee
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
2
2
3
4
6
9
10
8
6
5
13
29
41
48
28
Basic Weighted Avg Shares
6
7
8
11
13
14
15
18
24
58
74
78
101
152
162
Basic EPS, GAAP
-3.41
-4.33
-6.13
-7.35
-11.97
-20.68
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.72
Basic EPS from Cont Ops
-3.41
-4.33
-6.13
-7.35
-11.97
-20.68
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.72
Diluted Weighted Avg Shares
6
7
8
11
13
14
15
18
24
58
74
78
101
152
173
Diluted EPS, GAAP
-3.41
-4.33
-6.13
-7.35
-11.97
-20.68
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.54
Diluted EPS from Cont Ops
-3.41
-4.33
-6.13
-7.35
-11.97
-20.68
-12.56
-9.99
-5.51
-7.27
-23.44
-8.42
-5.41
-1.23
2.54

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
26
50
145
188
287
288
203
119
97
1,248
2,155
1,703
1,144
1,129
978
+ Cash, Cash Equivalents & STI
18
44
133
168
231
235
157
92
79
711
1,515
1,337
569
923
735
+ Cash & Cash Equivalents
14
17
119
32
93
144
106
70
79
553
1,515
1,337
569
530
241
+ ST Investments
4
27
14
136
138
91
51
22
- -
158
- -
- -
- -
393
494
+ Accounts & Notes Receiv
4
3
7
11
2
- -
- -
- -
8
262
455
82
297
108
106
+ Accounts Receivable, Net
2
1
2
8
2
- -
- -
- -
8
262
455
82
297
108
106
+ Notes Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Loans Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Receivable, Net
2
2
5
3
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Inventories
- -
- -
- -
- -
- -
16
13
12
- -
- -
9
37
42
9
12
+ Raw Materials
- -
- -
- -
- -
- -
16
13
12
- -
- -
9
14
7
2
3
+ Work In Process
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
21
7
5
8
+ Finished Goods
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
28
2
1
+ Inventory Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Inventory
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other ST Assets
4
4
5
9
54
36
33
15
11
275
176
247
236
89
125
+ Misc ST Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Prepaid Expenses
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Assets Held-for-Sale
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Noncurrent Assets
40
52
90
88
99
106
99
89
76
334
422
555
654
431
198
+ Property, Plant & Equip, Net
7
11
14
20
32
40
36
28
11
180
266
400
491
300
68
+ Property, Plant & Equip
12
19
24
31
48
62
65
64
24
198
292
448
566
349
108
- Accumulated Depreciation
6
7
9
11
16
22
29
36
13
18
26
47
75
49
41
+ LT Investments & Receivables
- -
6
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Investments
- -
6
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other LT Assets
34
34
76
68
66
66
63
60
64
154
156
155
163
131
131
+ Total Intangible Assets
33
33
75
67
64
61
61
59
57
141
131
126
127
107
113
+ Goodwill
33
33
59
55
53
52
54
52
51
135
131
126
127
107
113
+ Other Intangible Assets
- -
- -
16
13
11
9
8
7
6
6
- -
- -
- -
- -
- -
+ LT Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Assets
- -
1
1
1
3
5
2
2
8
13
24
28
35
24
17
Total Assets
67
102
235
276
386
394
302
208
173
1,582
2,577
2,259
1,797
1,560
1,177
+ Payables & Accruals
5
7
11
24
27
28
29
24
15
171
762
755
471
192
81
+ Accounts Payable
3
3
6
13
12
6
6
9
3
54
127
217
133
42
25
+ Accrued Taxes
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Interest & Dividends Payable
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Payables & Accruals
2
4
5
11
15
22
24
15
12
117
635
539
339
151
56
+ ST Debt
- -
- -
1
1
- -
- -
- -
- -
1
106
131
352
5
7
3
+ ST Borrowings
- -
- -
1
1
- -
- -
- -
- -
- -
- -
- -
325
- -
- -
- -
+ ST Finance Leases
- -
- -
- -
- -
- -
- -
- -
- -
1
106
131
27
5
7
3
+ Other ST Liabilities
3
4
6
10
49
38
45
21
9
303
1,497
1,353
1,159
955
377
+ Deferred Revenue
- -
- -
- -
- -
34
30
26
10
2
273
1,423
370
241
675
140
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc ST Liabilities
3
4
6
10
14
8
19
11
8
30
74
983
917
280
237
Total Current Liabilities
8
12
18
34
76
66
74
46
26
580
2,390
2,460
1,635
1,154
460
+ LT Debt
- -
1
1
- -
- -
316
318
319
321
362
323
198
224
223
246
+ LT Borrowings
- -
1
1
- -
- -
316
318
319
321
322
323
166
168
170
244
+ LT Finance Leases
- -
- -
- -
- -
- -
- -
- -
- -
- -
40
- -
31
56
54
2
+ Other LT Liabilities
5
9
13
12
17
17
13
11
13
13
215
235
655
806
598
+ Accrued Liabilities
4
9
11
10
4
2
2
2
2
- -
173
179
622
447
359
+ Pension Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Liabilities
- -
- -
2
2
13
15
10
9
10
13
42
56
33
360
239
Total Noncurrent Liabilities
5
10
14
12
17
333
331
330
333
376
538
433
879
1,030
844
Total Liabilities
13
22
32
46
93
400
404
376
359
955
2,928
2,893
2,514
2,184
1,304
+ Preferred Equity and Hybrid Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Share Capital & APIC
385
440
615
732
954
939
1,024
1,145
1,261
2,536
3,353
3,739
4,194
4,503
4,541
+ Common Stock
1
1
2
2
3
3
3
- -
- -
1
1
1
1
2
2
+ Additional Paid in Capital
384
439
613
729
952
936
1,020
1,145
1,261
2,535
3,352
3,738
4,192
4,501
4,540
- Treasury Stock
2
2
2
2
2
2
2
2
3
42
85
91
92
96
103
+ Retained Earnings
-330
-358
-410
-493
-650
-930
-1,114
-1,299
-1,432
-1,874
-3,618
-4,276
-4,821
-5,008
-4,568
+ Other Equity
1
- -
1
-7
-9
-12
-9
-11
-13
7
-1
-6
3
-23
2
Equity Before Minority Interest
54
80
203
230
293
-6
-102
-168
-186
627
-352
-634
-717
-624
-128
+ Minority/Non Controlling Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
54
80
203
230
293
-6
-102
-168
-186
627
-352
-634
-717
-624
-128
Total Liabilities & Equity
67
102
235
276
386
394
302
208
173
1,582
2,577
2,259
1,797
1,560
1,177
Shares Outstanding
6
7
10
12
13
14
16
19
32
71
76
86
140
160
163
Number of Employees
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Capital Leases - Total
- -
- -
- -
- -
- -
- -
- -
- -
1
146
131
58
61
61
5
Net Debt
-14
-16
-118
-31
-93
172
211
249
242
-231
-1,192
-846
-400
-361
4
Net Debt to Equity
-25.6
-20.55
-57.86
-13.65
-31.68
-3,101.08
-207.86
-148.29
-129.98
-36.89
338.85
133.35
55.86
57.79
-2.8
Tangible Common Equity Ratio
61.94
68.06
80.09
77.79
71.02
-19.93
-67.69
-151.5
-208.87
33.73
-19.76
-35.66
-50.56
-50.33
-22.69
Current Ratio
3.44
4.32
8
5.52
3.76
4.33
2.76
2.62
3.77
2.15
0.9
0.69
0.7
0.98
2.13
Cash Conversion Cycle
-136.93
-48.35
-179
-173.99
21.66
29.77
- -
- -
- -
- -
- -
3.16
-16.55
-33.33
-73.62

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
-19
-29
-52
-83
-157
-280
-184
-185
-133
-418
-1,744
-658
-545
-187
440
+ Depreciation & Amortization
2
2
3
4
6
9
10
8
6
5
13
29
41
48
28
+ Non-Cash Items
- -
6
4
7
18
23
26
13
14
359
320
574
167
3
175
+ Stock-Based Compensation
2
2
2
6
13
19
20
18
17
128
184
130
85
48
36
+ Deferred Income Taxes
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Asset Impairment Charge
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
10
4
103
+ Other Non-Cash Adj
-2
4
2
1
5
4
6
-5
-3
231
137
444
71
-49
36
+ Chg in Non-Cash Work Cap
-6
3
- -
5
6
-11
3
-21
-24
12
1,734
-361
-377
48
-888
+ (Inc) Dec in Accts Receiv
-4
1
-4
-4
8
2
- -
1
-4
-423
-183
249
-274
354
61
+ (Inc) Dec in Inventories
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-9
-478
-74
13
-3
+ (Inc) Dec in Prepaid Assets
-2
- -
- -
-6
-2
-1
3
1
-4
- -
- -
- -
- -
- -
- -
+ Inc (Dec) in Accts Payable
-3
2
4
14
9
-5
5
-7
-11
163
600
913
-379
-386
-323
+ Inc (Dec) in Other
2
-1
-1
- -
-9
-7
-4
-17
-4
272
1,326
-1,046
351
67
-623
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Operating Activities
-24
-18
-45
-67
-126
-259
-144
-185
-137
-43
323
-416
-714
-87
-245
+ Change in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp of Fixed Prod Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-3
-4
- -
- -
- -
+ Acq of Fixed Prod Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-3
-4
- -
- -
- -
+ Cash (Repurchase) of Equity
11
54
129
108
204
- -
63
100
97
876
565
249
360
263
- -
+ Increase in Capital Stock
11
54
129
108
204
- -
63
100
97
876
565
249
360
263
- -
+ Decrease in Capital Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Net Change in LT Investment
19
-28
19
-123
-3
46
40
30
22
-158
158
- -
- -
-382
-92
+ Dec in LT Investment
21
20
34
54
226
403
258
150
40
206
160
- -
- -
444
354
+ Inc in LT Investment
-2
-49
-15
-176
-229
-357
-218
-120
-17
-363
-2
- -
- -
-826
-445
+ Net Cash From Acq & Div
- -
- -
3
- -
- -
- -
- -
- -
18
-166
- -
- -
- -
- -
- -
+ Cash from Divestitures
- -
- -
3
- -
- -
- -
- -
- -
18
- -
- -
- -
- -
- -
- -
+ Cash for Acq of Subs
- -
- -
- -
- -
- -
- -
- -
- -
- -
-166
- -
- -
- -
- -
- -
+ Cash for JVs
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Investing Activities
-1
-4
-6
-7
-18
-18
-4
-1
-2
-54
-55
-89
-59
178
13
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Investing Activities
19
-32
16
-130
-21
28
36
29
38
-378
100
-93
-59
-204
-78
+ Dividends Paid
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Net Cash From Debt
- -
- -
1
-1
-1
325
- -
- -
- -
-96
-128
82
-352
-4
33
+ Cash From Debt
- -
1
1
- -
- -
325
- -
- -
- -
- -
- -
175
- -
- -
43
+ Repayments of Debt
- -
- -
-1
-1
-1
- -
- -
- -
- -
-96
-128
-94
-352
-4
-10
+ Other Financing Activities
- -
-1
1
3
5
-45
1
3
1
205
25
-6
-3
1
-5
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Financing Activities
11
54
131
110
208
280
65
103
98
985
462
325
4
261
28
Effect of Foreign Exchange Rates
- -
- -
- -
- -
- -
- -
- -
- -
- -
2
-5
5
3
-8
6
Net Changes in Cash
6
3
102
-87
61
49
-44
-53
- -
564
885
-184
-768
-31
-295
EBITDA
-20
-28
-50
-79
-151
-261
-162
-166
-124
-412
-1,674
-616
-525
-200
578
EBITDA Margin (%)
-135.93
-126.83
-238.31
-258.54
-417.25
-1,697.44
-519.29
-483.43
-664.03
-1,839.53
-847.2
-38.51
-94.41
-29.38
51.47
Free Cash Flow
-24
-18
-45
-67
-126
-259
-144
-185
-137
-43
320
-420
-714
-87
-245
Net Cash Paid for Acquisitions
- -
- -
-3
- -
- -
- -
- -
- -
-18
166
- -
- -
- -
- -
- -
Free Cash Flow to Firm
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-222
Free Cash Flow to Equity
-24
-17
-44
-68
-127
66
-145
-185
-137
-139
195
-334
-1,066
-91
-212
Free Cash Flow per Basic Share
-4.16
-2.77
-5.35
-5.93
-9.62
-19.11
-9.87
-10
-5.67
-0.74
4.3
-5.37
-7.09
-0.57
-1.51
Price/Free Cash Flow
-6.06
-13.66
-19.15
-19.99
-17.45
-1.32
-2.51
-3.68
-0.7
-151.39
32.66
-1.95
-0.68
-14.02
-4.76
Cash Flow to Net Income
1.22
0.64
0.87
0.81
0.8
0.92
0.79
1
1.03
0.1
-0.19
0.63
1.31
0.47
-0.56
Capital Expenditures
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
-3
-4
- -
- -
- -