Select Medical Holdings Corporation

SEM

SEMSelect Medical Holdings Corporation US flag

New York Stock Exchange

16.50

USD

+0.01

- -

2.05BMarket 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	2,805	2,949	2,976	3,065	3,743	4,217	4,365	5,081	5,454	5,532	6,205	4,609	4,826	5,187	5,453
+ Sales & Services Revenue	2,805	2,949	2,976	3,065	3,743	4,217	4,365	5,081	5,454	5,532	6,205	4,609	4,826	5,187	5,453
- Cost of Revenue	2,309	2,444	2,495	2,582	3,212	3,665	3,735	4,341	4,641	4,710	5,285	4,208	4,254	4,553	4,824
+ Cost of Goods & Services	2,309	2,444	2,495	2,582	3,212	3,665	3,735	4,341	4,641	4,710	5,285	4,208	4,254	4,553	4,824
Gross Profit	496	505	480	483	531	552	630	740	813	821	919	401	572	634	629
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	134	130	141	154	197	252	274	323	341	254	206	257	304	365	293
+ Selling, General & Admin	62	66	77	85	92	107	114	121	128	138	147	153	170	226	154
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	72	63	64	68	105	145	160	202	213	116	59	104	134	139	139
Operating Income (Loss)	362	376	339	329	334	300	356	417	472	568	714	145	267	268	336
- Non-Operating (Income) Loss	178	132	141	125	126	119	153	182	207	111	84	109	128	94	63
+ Interest Expense, Net	99	95	87	85	113	170	155	198	201	153	131	137	154	129	118
+ Interest Expense	99	95	87	85	113	170	155	198	201	153	136	137	154	129	118
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	79	37	54	40	13	-51	-1	-17	7	-42	-47	-28	-27	-35	-55
Pretax Income	184	244	198	204	208	181	202	236	265	456	630	35	140	175	273
- Income Tax Expense (Benefit)	71	90	75	76	72	55	-18	59	64	112	130	17	29	45	58
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	113	154	123	128	136	125	221	177	201	345	500	19	110	130	215
- Net Extraordinary Losses (Gains)	10	11	17	15	11	20	87	78	105	171	195	-101	-77	-1	137
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	179	189	167	- -
+ Extraord. & Accounting Changes	10	11	17	15	11	20	87	78	105	171	195	-281	-266	-168	137
Income (Loss) Incl. MI	103	143	106	113	125	106	134	99	96	173	305	120	187	131	78
- Minority Interest	-5	-6	-9	-8	-5	-10	-43	-39	-53	-86	-98	-39	-56	-83	-68
Net Income, GAAP	108	148	114	121	131	115	177	138	148	259	402	159	243	214	146
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	108	148	114	121	131	115	177	138	148	259	402	159	243	214	146
EBIT	362	376	339	329	334	300	356	417	472	568	714	145	267	268	336
EBITDA	434	439	403	397	439	445	516	619	684	773	916	351	476	472	476
EBITDA Margin (%)	15.46	14.89	13.55	12.97	11.73	10.56	11.82	12.18	12.55	13.98	14.77	7.61	9.86	9.1	8.74
EBITA	362	376	339	329	334	300	356	417	472	568	714	145	267	268	336
Gross Margin (%)	17.68	17.14	16.14	15.75	14.19	13.09	14.43	14.57	14.91	14.85	14.82	8.71	11.84	12.22	11.54
Operating Margin (%)	12.91	12.75	11.39	10.74	8.93	7.11	8.15	8.21	8.65	10.26	11.5	3.14	5.54	5.17	6.17
Profit Margin (%)	3.85	5.03	3.84	3.94	3.49	2.74	4.06	2.71	2.72	4.68	6.48	3.45	5.05	4.13	2.68
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	1.52	0.31	0.41	0.1	- -	- -	- -	- -	- -	0.39	0.53	0.52	0.52	0.26
Depreciation Expense	72	63	64	68	105	145	160	202	213	206	203	206	209	204	140
Basic Weighted Avg Shares	151	139	137	129	127	128	129	135	134	130	130	123	123	125	123
Basic EPS, GAAP	0.72	1.07	0.84	0.93	1.03	0.9	1.37	1.02	1.11	2	3.09	1.3	1.98	1.72	1.19
Basic EPS from Cont Ops	0.75	1.11	0.9	0.99	1.07	0.98	1.71	1.31	1.5	2.66	3.84	0.15	0.9	1.04	1.75
Diluted Weighted Avg Shares	151	139	137	129	128	128	129	135	134	130	130	123	123	125	123
Diluted EPS, GAAP	0.72	1.07	0.83	0.93	1.02	0.9	1.37	1.02	1.11	2	3.09	1.3	1.98	1.72	1.19
Diluted EPS from Cont Ops	0.75	1.11	0.9	0.99	1.06	0.98	1.71	1.31	1.5	2.66	3.84	0.15	0.9	1.04	1.75

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	483	454	454	528	749	763	921	993	1,213	1,594	1,139	1,271	1,258	1,020	1,025
+ Cash, Cash Equivalents & STI	12	40	4	3	14	99	123	175	336	577	74	173	112	60	27
+ Cash & Cash Equivalents	12	40	4	3	14	99	123	175	336	577	74	98	53	60	27
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	75	59	- -	- -
+ Accounts & Notes Receiv	414	360	391	444	604	574	692	707	763	897	889	941	724	821	864
+ Accounts Receivable, Net	414	360	391	444	604	574	692	707	763	897	889	941	724	821	864
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	58	54	59	80	131	90	107	111	114	120	176	157	422	139	135
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,289	2,308	2,363	2,397	3,640	4,158	4,206	4,972	6,127	6,061	6,221	6,394	6,432	4,588	4,826
+ Property, Plant & Equip, Net	510	502	509	542	864	892	913	980	2,002	1,976	2,040	2,171	1,636	1,780	1,950
+ Property, Plant & Equip	786	818	866	938	1,313	1,405	1,543	1,744	2,920	3,009	3,178	3,451	2,689	2,942	3,226
- Accumulated Depreciation	276	317	357	395	449	513	631	765	917	1,033	1,138	1,280	1,053	1,162	1,275
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18	45	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18	45	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,779	1,806	1,854	1,855	2,775	3,266	3,294	3,992	4,125	4,086	4,162	4,178	4,796	2,808	2,876
+ Total Intangible Assets	1,704	1,712	1,715	1,715	2,633	3,092	3,109	3,758	3,801	3,767	3,824	3,836	2,389	2,435	2,462
+ Goodwill	1,632	1,641	1,643	1,642	2,315	2,751	2,783	3,321	3,392	3,379	3,449	3,484	2,283	2,332	2,361
+ Other Intangible Assets	72	72	72	73	319	341	327	438	409	388	375	352	105	103	101
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	75	94	140	140	142	174	184	234	324	319	339	342	2,407	373	414
Total Assets	2,772	2,761	2,818	2,925	4,389	4,921	5,127	5,964	7,340	7,655	7,360	7,665	7,690	5,608	5,852
+ Payables & Accruals	356	344	341	362	476	519	554	636	681	801	900	842	706	752	755
+ Accounts Payable	96	90	88	109	137	127	128	147	146	177	234	187	154	142	157
+ Accrued Taxes	- -	- -	1	- -	- -	- -	9	4	3	8	1	- -	1	7	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	261	254	253	253	338	392	416	486	533	616	665	655	551	603	598
+ ST Debt	27	29	30	33	254	53	52	69	233	233	289	313	272	226	229
+ ST Borrowings	27	29	30	33	254	53	52	69	25	13	60	76	99	46	41
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	208	220	229	237	172	180	188
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	404	84	- -	271	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	404	84	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	271	- -	- -
Total Current Liabilities	384	373	372	394	729	572	605	705	914	1,438	1,273	1,155	1,248	978	984
+ LT Debt	1,386	1,459	1,428	1,542	2,161	2,685	2,678	3,250	4,273	4,265	4,473	4,844	4,253	2,479	2,639
+ LT Borrowings	1,386	1,459	1,428	1,542	2,161	2,685	2,678	3,250	3,420	3,389	3,556	3,835	3,584	1,692	1,804
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	853	875	917	1,008	669	787	835
+ Other LT Liabilities	156	184	200	213	590	758	911	1,093	1,224	301	249	276	614	155	192
+ Accrued Liabilities	82	90	96	109	219	199	125	154	148	132	143	170	120	81	112
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	74	95	103	104	371	559	787	939	1,076	169	106	106	494	73	80
Total Noncurrent Liabilities	1,542	1,643	1,627	1,755	2,751	3,443	3,589	4,343	5,497	4,566	4,722	5,120	4,867	2,633	2,831
Total Liabilities	1,926	2,016	1,999	2,150	3,480	4,015	4,195	5,048	6,411	6,004	5,995	6,275	6,116	3,611	3,816
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	494	474	475	414	425	444	464	483	491	509	504	452	494	911	875
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	494	474	475	414	425	444	463	483	491	509	504	452	493	911	875
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	326	243	311	326	435	372	360	320	280	553	593	581	752	770	837
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	12	89	43	- -	-6
Equity Before Minority Interest	820	717	786	740	859	816	823	803	771	1,060	1,110	1,122	1,288	1,681	1,706
+ Minority/Non Controlling Interest	27	28	32	36	49	90	109	113	158	591	255	269	286	316	330
Total Equity	846	745	819	775	909	906	933	916	929	1,651	1,365	1,391	1,574	1,997	2,036
Total Liabilities & Equity	2,772	2,761	2,818	2,925	4,389	4,921	5,127	5,964	7,340	7,655	7,360	7,665	7,690	5,608	5,852
Shares Outstanding	145	141	140	131	131	133	134	135	134	135	134	127	128	129	124
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	1,061	1,096	1,146	1,245	841	967	1,024
Net Debt	1,401	1,448	1,453	1,571	2,400	2,639	2,607	3,143	3,109	2,825	3,542	3,814	3,631	1,678	1,818
Net Debt to Equity	165.58	194.23	177.55	202.69	264.18	291.35	279.52	343.06	334.67	171.09	259.5	274.24	230.68	84.02	89.33
Tangible Common Equity Ratio	-80.27	-92.16	-81.22	-77.62	-98.26	-119.5	-107.87	-128.85	-81.15	-54.4	-69.53	-63.85	-15.37	-13.8	-12.57
Current Ratio	1.26	1.22	1.22	1.34	1.03	1.33	1.52	1.41	1.33	1.11	0.9	1.1	1.01	1.04	1.04
Cash Conversion Cycle	36.5	34.05	33.07	35.84	37.12	37.8	40.46	38.67	37.67	42.24	38.35	54.24	48.37	42.51	45.09

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	113	154	123	128	136	125	221	177	201	345	500	198	300	297	215
+ Depreciation & Amortization	72	63	64	68	105	145	160	202	213	206	203	206	209	204	140
+ Non-Cash Items	122	53	76	84	48	-11	-46	31	45	-1	29	41	14	72	51
+ Stock-Based Compensation	4	6	7	11	15	17	19	23	26	27	31	38	44	101	17
+ Deferred Income Taxes	35	8	7	14	-2	-13	-72	7	-7	-15	5	8	-16	-32	31
+ Asset Impairment Charge	- -	- -	- -	- -	- -	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	82	39	62	58	35	-21	7	1	26	-14	-7	-5	-14	4	4
+ Chg in Non-Cash Work Cap	-89	29	-70	-110	-81	87	-97	84	-13	479	-330	-160	59	-55	-60
+ (Inc) Dec in Accts Receiv	-111	15	-67	-98	-93	29	-119	55	-58	-117	23	-52	1	-96	-45
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	26	9	8	-10	10	31	21	26	43	196	-20	-35	78	10	-6
+ Inc (Dec) in Other	-3	4	-12	-2	2	27	1	4	2	400	-333	-72	-19	31	-8
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	217	299	193	171	208	347	238	494	445	1,028	401	285	582	518	346
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-46	-68	-74	-95	-183	-162	-233	-167	-157	-146	-181	-190	-229	-222	-229
+ Acq of Fixed Prod Assets	-46	-68	-74	-95	-183	-162	-233	-167	-157	-146	-181	-190	-229	-222	-229
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-73	-45	-10	-123	-14	-3	-5	-7	-39	-16	-79	-196	-13	473	-100
+ Increase in Capital Stock	- -	2	2	7	2	- -	- -	- -	- -	- -	- -	- -	- -	511	- -
+ Decrease in Capital Stock	-73	-47	-12	-131	-16	-3	-5	-7	-39	-16	-79	-196	-13	-38	-100
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-17	-21	-37	-6	-1,031	-473	-40	-537	-160	-52	-103	-44	-39	-13	-11
+ Cash from Divestitures	- -	- -	- -	- -	33	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-17	-21	-37	-6	-1,064	-477	-40	-537	-160	-52	-103	-44	-39	-13	-11
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	8	17	3	- -	2	80	80	7	- -	83	27	8	- -	4	23
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-55	-72	-107	-101	-1,212	-554	-193	-697	-317	-115	-257	-226	-268	-231	-216
+ Dividends Paid	- -	-211	-42	-53	-13	- -	- -	- -	- -	- -	-51	-65	-64	-65	-31
+ Net Cash From Debt	676	68	-46	117	837	294	-14	571	73	-48	196	1,385	-204	-493	42
+ Cash From Debt	2,319	771	1,604	1,036	1,779	1,409	2,156	1,417	3,177	510	235	2,266	3,029	4,322	1,391
+ Repayments of Debt	-1,643	-704	-1,650	-919	-942	-1,114	-2,170	-846	-3,104	-558	-40	-881	-3,233	-4,815	-1,349
+ Other Financing Activities	-758	-10	-22	-11	205	1	-3	-309	-3	-607	-713	-1,159	-47	-226	-74
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-155	-198	-121	-71	1,014	292	-22	256	32	-672	-647	-35	-327	-311	-163
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	8	28	-36	-1	11	85	24	53	161	241	-503	24	-14	-24	-33
EBITDA	434	439	403	397	439	445	516	619	684	773	916	351	476	472	476
EBITDA Margin (%)	15.46	14.89	13.55	12.97	11.73	10.56	11.82	12.18	12.55	13.98	14.77	7.61	9.86	9.1	8.74
Free Cash Flow	171	230	119	75	26	185	5	327	288	882	221	94	353	296	117
Net Cash Paid for Acquisitions	17	21	37	6	1,031	473	40	537	160	52	103	44	39	13	11
Free Cash Flow to Firm	232	290	173	129	99	303	- -	476	440	997	329	167	475	391	210
Free Cash Flow to Equity	847	298	72	192	862	479	-9	898	362	834	416	1,479	149	-198	160
Free Cash Flow per Basic Share	1.14	1.66	0.87	0.58	0.2	1.45	0.04	2.42	2.14	6.79	1.69	0.77	2.87	2.37	0.96
Price/Free Cash Flow	2.62	1.93	3.22	3.78	2.09	1.8	2.61	1.69	2.8	1.65	3.54	3.45	1.92	3.17	3.16
Cash Flow to Net Income	2.01	2.01	1.68	1.41	1.59	3	1.34	3.59	3	3.97	1	1.79	2.39	2.42	2.37
Capital Expenditures	-46	-68	-74	-95	-183	-162	-233	-167	-157	-146	-181	-190	-229	-222	-229