Pitney Bowes Inc.

PBI

PBIPitney Bowes Inc. US flag

New York Stock Exchange

16.73

USD

+0.23

- -

2.27BMarket 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	4,125	3,824	3,791	3,822	3,578	2,981	2,784	3,212	3,205	3,554	3,674	2,483	2,079	2,027	1,893
+ Sales & Services Revenue	4,125	3,824	3,791	3,822	3,578	2,981	2,784	3,212	3,205	3,554	3,674	2,483	2,079	2,027	1,893
- Cost of Revenue	1,709	1,582	1,651	1,681	1,559	1,229	1,328	1,790	1,923	2,405	2,552	1,381	1,048	964	869
+ Cost of Goods & Services	1,709	1,582	1,651	1,681	1,559	1,229	1,328	1,790	1,923	2,405	2,552	1,381	1,048	964	869
Gross Profit	2,416	2,241	2,141	2,141	2,019	1,752	1,456	1,421	1,283	1,149	1,122	1,101	1,031	1,062	1,024
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,717	1,604	1,531	1,488	1,390	1,247	1,090	1,061	1,055	1,002	971	821	811	750	637
+ Selling, General & Admin	1,587	1,490	1,420	1,378	1,280	1,140	1,029	1,003	1,004	963	924	786	782	718	622
+ Research & Development	129	114	110	110	110	107	61	59	51	38	47	35	29	32	15
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	700	637	610	652	629	505	366	360	227	148	151	280	220	312	387
- Non-Operating (Income) Loss	208	126	226	221	19	303	172	172	201	331	158	92	263	365	194
+ Interest Expense, Net	110	107	104	86	88	89	118	115	111	106	97	87	99	110	101
+ Interest Expense	115	115	109	91	88	89	118	115	111	106	97	87	99	110	101
- Interest Income	6	8	5	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	99	18	122	135	-69	214	54	56	90	225	62	4	165	255	93
Pretax Income	491	512	384	431	611	202	194	188	27	-183	-7	189	-44	-52	193
- Income Tax Expense (Benefit)	36	114	78	113	190	107	14	6	-13	7	-11	43	17	-155	48
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	456	397	306	318	421	95	180	182	40	-190	4	146	-61	103	145
- Net Extraordinary Losses (Gains)	-162	-66	145	-34	-5	-17	-63	-60	-154	-10	5	109	324	306	- -
+ Discontinued Operations	180	66	-145	34	5	17	63	60	154	10	-5	-109	-324	-306	- -
+ Extraord. & Accounting Changes	-341	-132	290	-67	-11	-34	-127	-120	-309	-20	10	218	649	612	- -
Income (Loss) Incl. MI	617	464	161	352	426	112	244	242	194	-180	-1	37	-386	-204	145
- Minority Interest	-18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	636	464	161	352	426	112	244	242	194	-180	-1	37	-386	-204	145
- Preferred Dividends	18	18	18	18	18	19	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	617	445	143	334	408	93	243	242	194	-180	-1	37	-386	-204	145
EBIT	700	637	610	652	629	505	366	360	227	148	151	280	220	312	387
EBITDA	972	893	821	850	803	679	493	508	386	308	314	392	332	427	499
EBITDA Margin (%)	23.56	23.35	21.67	22.25	22.43	22.76	17.69	15.83	12.06	8.68	8.55	15.77	15.98	21.07	26.34
EBITA	700	637	610	652	629	505	366	360	227	148	151	280	220	312	387
Gross Margin (%)	58.57	58.62	56.46	56.02	56.44	58.77	52.3	44.25	40.02	32.34	30.54	44.36	49.57	52.42	54.1
Operating Margin (%)	16.96	16.67	16.09	17.07	17.59	16.92	13.14	11.2	7.09	4.16	4.11	11.29	10.56	15.42	20.45
Profit Margin (%)	15.41	12.12	4.25	9.21	11.91	3.75	8.75	7.53	6.06	-5.08	-0.04	1.49	-18.55	-10.05	7.65
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.48	1.5	0.94	0.75	0.75	0.75	0.75	0.75	0.2	0.2	0.26	0.2	0.2	0.2	0.3
Depreciation Expense	272	256	211	198	173	174	127	148	159	161	163	111	113	114	112
Basic Weighted Avg Shares	202	201	201	202	200	187	187	188	177	171	135	176	175	180	172
Basic EPS, GAAP	3.06	2.22	0.71	1.65	2.04	0.5	1.3	1.29	1.1	-1.05	-0.01	0.21	-2.2	-1.13	0.84
Basic EPS from Cont Ops	2.26	1.98	1.52	1.57	2.11	0.51	0.96	0.97	0.23	-1.11	0.03	0.83	-0.35	0.57	0.84
Diluted Weighted Avg Shares	202	201	204	204	201	189	187	188	177	172	179	177	176	183	173
Diluted EPS, GAAP	3.05	2.21	0.7	1.64	2.03	0.49	1.3	1.28	1.1	-1.05	-0.01	0.21	-2.2	-1.12	0.84
Diluted EPS from Cont Ops	2.25	1.97	1.5	1.56	2.1	0.5	0.96	0.96	0.22	-1.11	0.02	0.82	-0.35	0.56	0.84

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	3,260	3,212	2,838	2,764	2,325	2,325	2,830	2,698	2,236	2,113	1,892	1,798	2,058	1,318	1,100
+ Cash, Cash Equivalents & STI	869	950	939	1,103	768	803	1,058	927	1,040	940	747	681	622	486	297
+ Cash & Cash Equivalents	856	913	908	1,054	640	765	1,009	867	924	921	732	670	600	470	285
+ ST Investments	13	37	31	49	127	38	49	59	116	19	14	11	22	16	12
+ Accounts & Notes Receiv	2,077	1,968	1,602	1,466	1,402	1,361	1,313	1,031	1,009	981	909	917	764	706	668
+ Accounts Receivable, Net	1,975	1,917	1,573	1,438	1,395	1,349	1,255	1,025	1,003	957	335	344	200	160	168
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	561	565	- -	- -	- -
+ Other Receivable, Net	103	52	29	29	7	11	58	6	6	23	14	9	564	546	500
+ Inventories	179	180	104	85	89	93	41	62	68	71	79	84	63	60	66
+ Raw Materials	132	139	82	65	70	74	33	30	35	41	48	53	40	36	45
+ Work In Process	- -	- -	- -	6	6	6	5	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	72	68	39	27	25	25	13	37	37	31	30	31	23	24	21
+ Inventory Adjustments	-25	-27	-17	-13	-12	-12	-6	-4	-4	-6	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	-5	- -	- -	6	- -	- -	- -	- -	- -
+ Other ST Assets	135	114	194	109	67	69	418	678	119	120	157	116	608	66	69
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	4,887	4,648	3,934	3,736	3,798	3,512	3,857	3,241	3,231	3,112	3,067	2,943	2,214	2,080	2,068
+ Property, Plant & Equip, Net	663	627	471	485	508	503	557	597	618	632	672	744	404	357	317
+ Property, Plant & Equip	2,287	2,251	1,638	1,609	1,617	1,399	1,516	1,442	1,569	1,622	1,658	1,725	1,289	1,237	1,180
- Accumulated Depreciation	1,624	1,624	1,167	1,123	1,110	897	958	844	951	991	985	981	885	880	864
+ LT Investments & Receivables	138	35	294	332	412	426	436	311	239	364	333	260	250	190	205
+ LT Investments	138	35	294	332	412	426	436	311	239	364	333	260	250	190	205
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4,086	3,987	3,170	2,918	2,878	2,584	2,864	2,332	2,374	2,116	2,061	1,939	1,560	1,533	1,547
+ Total Intangible Assets	2,360	2,302	1,855	1,755	1,933	1,737	2,047	1,546	1,515	1,312	1,268	1,145	755	737	761
+ Goodwill	2,147	2,136	1,735	1,673	1,746	1,571	1,775	1,332	1,324	1,152	1,135	1,067	734	721	747
+ Other Intangible Assets	213	166	120	82	187	165	272	213	191	160	132	78	20	16	15
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,726	1,684	1,314	1,163	944	847	817	787	859	804	794	794	805	796	785
Total Assets	8,147	7,860	6,773	6,500	6,123	5,837	6,687	5,938	5,467	5,224	4,959	4,741	4,272	3,398	3,169
+ Payables & Accruals	1,068	995	797	622	544	519	523	1,029	475	485	512	483	836	386	391
+ Accounts Payable	334	363	270	269	302	294	285	281	282	295	311	315	829	240	230
+ Accrued Taxes	243	241	157	31	17	34	9	15	17	3	9	2	7	3	5
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	491	391	370	323	225	191	229	733	176	187	192	166	- -	143	156
+ ST Debt	550	375	- -	325	461	614	271	235	56	255	65	85	89	80	46
+ ST Borrowings	550	375	- -	325	461	614	271	200	20	216	25	33	59	53	17
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	35	36	39	40	53	30	27	28
+ Other ST Liabilities	1,473	1,507	1,430	1,368	1,274	1,195	1,275	626	1,039	1,130	1,151	1,159	974	1,207	1,111
+ Deferred Revenue	1,143	1,151	1,098	1,048	1,018	989	951	242	809	898	917	943	717	972	924
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	330	356	332	320	256	206	324	384	230	232	234	216	257	235	187
Total Current Liabilities	3,092	2,877	2,228	2,315	2,279	2,328	2,069	1,890	1,570	1,870	1,728	1,728	1,898	1,673	1,548
+ LT Debt	3,684	3,642	3,346	2,927	2,490	2,750	3,559	3,191	2,897	2,529	2,491	2,438	2,214	1,967	2,076
+ LT Borrowings	3,684	3,642	3,346	2,927	2,490	2,750	3,559	3,066	2,720	2,348	2,299	2,173	2,087	1,866	1,976
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	125	178	180	192	266	127	101	100
+ Other LT Liabilities	1,410	1,230	993	1,180	1,176	863	870	755	714	755	627	515	529	336	348
+ Accrued Liabilities	176	69	40	115	206	204	249	254	274	279	286	274	285	107	144
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	389	242	162	182	176	162
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,234	1,161	954	1,065	970	658	621	502	439	86	99	78	61	53	42
Total Noncurrent Liabilities	5,094	4,872	4,340	4,107	3,665	3,613	4,430	3,947	3,611	3,283	3,118	2,953	2,742	2,303	2,423
Total Liabilities	8,186	7,749	6,568	6,422	5,944	5,941	6,499	5,837	5,181	5,154	4,846	4,681	4,641	3,976	3,971
+ Preferred Equity and Hybrid Capital	1	1	1	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	564	547	520	502	485	471	462	445	422	392	326	323	270	270	270
+ Common Stock	323	323	323	323	323	323	323	323	323	323	323	323	270	270	270
+ Additional Paid in Capital	241	224	197	179	161	148	138	121	99	69	2	- -	- -	- -	- -
- Treasury Stock	4,542	4,501	4,457	4,477	4,573	4,743	4,711	4,674	4,735	4,688	4,602	4,553	2,866	2,681	2,939
+ Retained Earnings	4,600	4,745	4,716	4,898	5,156	5,108	5,230	5,280	5,439	5,205	5,169	5,126	3,078	2,672	2,656
+ Other Equity	-662	-681	-575	-846	-889	-940	-792	-949	-840	-839	-780	-836	-851	-839	-789
Equity Before Minority Interest	-335	111	205	77	179	-104	189	102	286	71	113	61	-369	-578	-802
+ Minority/Non Controlling Interest	296	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-39	111	205	77	179	-104	189	102	286	71	113	61	-369	-578	-802
Total Liabilities & Equity	8,147	7,860	6,773	6,500	6,123	5,837	6,687	5,938	5,467	5,224	4,959	4,741	4,272	3,398	3,169
Shares Outstanding	200	201	202	201	196	186	187	188	170	172	175	174	176	182	151
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	161	214	219	232	318	156	128	128
Net Debt	3,378	3,104	2,438	2,198	2,310	2,600	2,821	2,398	1,815	1,643	1,591	1,535	1,546	1,450	1,708
Net Debt to Equity	-8,663.8	2,805.81	1,188.49	2,844.83	1,292.78	-2,508.55	1,496.23	2,354.97	634.5	2,326.42	1,412.88	2,531.26	-419.45	-250.67	-212.89
Tangible Common Equity Ratio	-41.46	-39.45	-33.57	-35.37	-41.89	-44.89	-40.05	-32.87	-31.09	-31.73	-31.29	-30.15	-31.94	-49.43	-64.95
Current Ratio	1.05	1.12	1.27	1.19	1.02	1	1.37	1.43	1.42	1.13	1.09	1.04	1.08	0.79	0.71
Cash Conversion Cycle	-31.98	146.72	125.91	105.08	98.16	106.8	106.35	83.08	74.59	67.52	31.68	-11.15	-130.01	-147.33	-39.85

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	406	180	26	302	344	95	180	182	40	-190	4	146	-61	103	145
+ Depreciation & Amortization	272	256	211	198	173	174	127	148	159	161	163	111	113	114	112
+ Non-Cash Items	305	-36	219	74	-21	124	42	131	96	268	30	42	115	-44	111
+ Stock-Based Compensation	19	18	15	17	21	15	24	21	23	17	21	16	9	17	14
+ Deferred Income Taxes	34	-93	-34	1	40	3	-1	64	5	15	-20	6	-36	-174	38
+ Asset Impairment Charge	130	18	101	- -	- -	148	- -	- -	- -	198	- -	- -	124	10	- -
+ Other Non-Cash Adj	121	20	137	55	-82	-43	19	46	68	37	29	20	18	104	58
+ Chg in Non-Cash Work Cap	-34	261	168	84	27	10	53	-108	-36	102	105	42	68	103	16
+ (Inc) Dec in Accts Receiv	249	144	183	163	59	148	141	-15	21	23	58	-27	23	92	93
+ (Inc) Dec in Inventories	-13	-1	67	9	-8	-3	- -	-1	-5	2	-8	-3	18	2	-6
+ (Inc) Dec in Prepaid Assets	-12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-13	-47	-96	-53	-95	-98	-19	-4	22	95	58	49	-16	47	-62
+ Inc (Dec) in Other	-245	164	14	-35	70	-37	-69	-87	-74	-18	-3	23	43	-39	-9
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	93	53	-8	9	-38	- -	-166	-155	-47	- -
Cash from Operating Activities	949	660	625	658	523	496	454	345	268	302	302	175	80	229	383
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-87	9	7	-43	-132	-197	- -	- -	-105	- -	- -	-13	- -	- -	-378
+ Increase in Capital Stock	13	9	7	7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-100	- -	- -	-50	-132	-197	- -	- -	-105	- -	- -	-13	- -	- -	-378
+ Net Change in LT Investment	-99	-9	-4	-57	-67	75	-20	94	-29	38	22	-8	7	46	-6
+ Dec in LT Investment	303	295	371	623	207	287	114	176	109	635	97	29	26	77	28
+ Inc in LT Investment	-402	-304	-374	-681	-274	-213	-133	-82	-137	-597	-75	-37	-19	-30	-35
+ Net Cash From Acq & Div	- -	- -	390	102	-104	-38	-483	-10	-22	-7	13	106	- -	- -	-2
+ Cash from Divestitures	- -	- -	390	102	289	- -	- -	- -	- -	- -	28	112	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	-394	-38	-483	-10	-22	-7	-15	-5	- -	- -	-2
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-19	-78	-145	-200	-131	-152	-119	203	508	-107	-190	-123	-131	-96	-116
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	-2	-6	335	670	-3	-2	-42	-25	-7	- -
Cash from Investing Activities	-117	-87	241	-155	-303	-116	-621	286	458	-76	-155	-24	-124	-49	-125
+ Dividends Paid	-300	-301	-189	-152	-150	-141	-139	-140	-35	-34	-35	-35	-35	-36	-51
+ Net Cash From Debt	-100	-210	-668	-91	-275	434	472	-570	-540	-189	-250	-124	-56	-234	71
+ Cash From Debt	- -	340	412	509	241	895	1,437	- -	390	917	1,196	- -	267	- -	1,005
+ Repayments of Debt	-100	-550	-1,079	-600	-516	-461	-965	-570	-930	-1,106	-1,446	-124	-323	-234	-934
+ Other Financing Activities	32	-18	-18	-26	-22	-325	35	-35	10	-12	-45	-26	61	-36	-87
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-455	-520	-868	-312	-579	-230	368	-745	-670	-235	-330	-198	-30	-305	-445
Effect of Foreign Exchange Rates	-5	3	-13	-29	-44	-27	44	-25	2	6	-5	-16	6	-5	2
Net Changes in Cash	377	54	-2	192	-359	151	201	-114	55	-9	-184	-47	-74	-125	-187
EBITDA	972	893	821	850	803	679	493	508	386	308	314	392	332	427	499
EBITDA Margin (%)	23.56	23.35	21.67	22.25	22.43	22.76	17.69	15.83	12.06	8.68	8.55	15.77	15.98	21.07	26.34
Free Cash Flow	949	660	625	658	523	496	454	345	268	302	302	175	80	229	383
Net Cash Paid for Acquisitions	- -	- -	-390	-102	104	38	483	10	22	7	-13	-106	- -	- -	2
Free Cash Flow to Firm	1,056	750	712	725	583	538	564	456	- -	- -	- -	242	- -	- -	460
Free Cash Flow to Equity	831	432	-61	549	229	911	926	-226	-273	113	51	51	24	-5	454
Free Cash Flow per Basic Share	4.7	3.29	3.11	3.25	2.62	2.65	2.43	1.83	1.51	1.76	2.23	1	0.46	1.28	2.23
Price/Free Cash Flow	3.96	3.25	7.61	7.55	7.93	5.79	4.61	3.23	2.67	3.5	3.94	3.85	9.65	5.77	4.77
Cash Flow to Net Income	1.49	1.42	3.88	1.87	1.23	4.44	1.86	1.43	1.38	-1.67	-223.18	4.74	-0.21	-1.13	2.65
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -