Strategic Education, Inc.

Strategic Education, Inc.

STRA
Strategic Education, Inc.US flagNASDAQ Global Select
82.08
USD
+1.10
- -
1.87BMarket Cap

Income Statement (USD)

APIChatGPT
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
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
Sales/Revenue/Turnover
627
562
504
446
434
441
455
634
997
1,028
1,132
1,065
1,133
1,220
1,268
+ Sales & Services Revenue
627
562
504
446
434
441
455
634
997
1,028
1,132
1,065
1,133
1,220
1,268
- Cost of Revenue
292
300
310
236
234
242
269
372
531
533
608
597
624
650
647
+ Cost of Goods & Services
292
300
310
236
234
242
269
372
531
533
608
597
624
650
647
Gross Profit
335
262
193
210
200
199
186
263
467
495
523
468
509
569
621
+ Other Operating Income
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Operating Expenses
156
148
160
128
131
145
129
220
334
359
413
394
396
412
425
+ Selling, General & Admin
130
122
140
111
114
127
129
194
272
295
361
380
384
412
425
+ Research & Development
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Operating Expense
27
26
20
17
16
18
- -
26
62
64
51
14
11
- -
- -
Operating Income (Loss)
179
114
33
82
70
54
57
43
132
136
111
74
113
157
196
- Non-Operating (Income) Loss
4
5
5
5
4
-3
4
62
9
22
34
4
12
-4
19
+ Interest Expense, Net
4
5
5
5
4
1
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Interest Expense
4
5
5
5
4
1
1
- -
- -
- -
- -
- -
- -
- -
- -
- Interest Income
- -
- -
- -
- -
- -
- -
1
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Non-Op (Income) Loss
- -
- -
- -
- -
- -
-4
4
62
9
22
34
4
12
-4
19
Pretax Income
176
109
27
77
66
57
53
-19
124
114
77
70
101
161
177
- Income Tax Expense (Benefit)
69
43
11
30
26
22
32
-3
43
28
22
23
31
49
51
- (Income) Loss from Affiliates
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) from Cont Ops
106
66
16
46
40
35
21
-16
81
86
55
47
70
113
127
- Net Extraordinary Losses (Gains)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Discontinued Operations
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Extraord. & Accounting Changes
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Income (Loss) Incl. MI
106
66
16
46
40
35
21
-16
81
86
55
47
70
113
127
- Minority Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
106
66
16
46
40
35
21
-16
81
86
55
47
70
113
127
- Preferred Dividends
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- Other Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income Avail to Common, GAAP
106
66
16
46
40
35
21
-16
81
86
55
47
70
113
127
EBIT
179
114
33
82
70
54
57
43
132
136
111
74
113
157
196
EBITDA
201
138
68
102
88
72
75
97
237
245
214
137
170
202
245
EBITDA Margin (%)
31.98
24.48
13.56
22.95
20.21
16.34
16.56
15.37
23.8
23.81
18.91
12.87
15.04
16.53
19.28
EBITA
179
114
33
82
70
54
57
43
132
136
111
74
113
157
196
Gross Margin (%)
53.46
46.6
38.35
47.02
46.11
45.11
40.87
41.41
46.79
48.17
46.25
43.94
44.93
46.68
48.97
Operating Margin (%)
28.55
20.21
6.49
18.33
16.04
12.3
12.44
6.77
13.28
13.19
9.77
6.94
9.98
12.89
15.47
Profit Margin (%)
16.9
11.73
3.26
10.39
9.21
7.89
4.53
-2.47
8.14
8.39
4.87
4.38
6.16
9.24
9.98
Sales per Employee
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
4.12
4.16
- -
- -
- -
- -
1.07
1.83
2.15
2.47
2.46
2.5
2.51
2.52
2.53
Depreciation Expense
22
24
36
21
18
18
19
55
105
109
103
63
57
44
48
Basic Weighted Avg Shares
12
11
11
11
11
11
11
15
22
23
24
24
23
23
23
Basic EPS, GAAP
8.91
5.79
1.55
4.39
3.78
3.28
1.93
-1.03
3.73
3.81
2.3
1.97
2.98
4.81
5.57
Basic EPS from Cont Ops
8.91
5.79
1.55
4.39
3.78
3.28
1.93
-1.03
3.73
3.81
2.3
1.97
2.98
4.81
5.57
Diluted Weighted Avg Shares
12
11
11
11
11
11
11
16
22
23
24
24
24
24
23
Diluted EPS, GAAP
8.88
5.76
1.55
4.35
3.73
3.21
1.84
-0.99
3.67
3.77
2.28
1.94
2.91
4.67
5.41
Diluted EPS from Cont Ops
8.88
5.76
1.55
4.35
3.73
3.21
1.84
-0.99
3.67
3.77
2.28
1.94
2.91
4.67
5.41

Balance Sheet (USD)

APIChatGPT
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
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
Total Current Assets
95
90
127
197
132
161
190
420
524
286
368
329
329
305
278
+ Cash, Cash Equivalents & STI
57
48
95
162
107
129
156
349
455
195
275
223
208
184
148
+ Cash & Cash Equivalents
57
48
95
162
107
129
156
312
420
188
269
214
168
137
141
+ ST Investments
- -
- -
- -
- -
- -
- -
- -
37
35
8
7
9
40
47
7
+ Accounts & Notes Receiv
25
28
16
17
19
21
23
56
52
52
52
63
76
76
81
+ Accounts Receivable, Net
25
23
16
17
19
21
23
56
52
50
51
63
76
76
78
+ Notes Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Loans Receivable, Net
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Receivable, Net
- -
4
- -
- -
- -
- -
- -
- -
- -
1
- -
- -
- -
- -
3
+ Inventories
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Raw Materials
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Work In Process
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Finished Goods
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Inventory Adjustments
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Inventory
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other ST Assets
12
14
17
17
7
11
11
16
18
39
41
43
45
45
49
+ Misc ST Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Prepaid Expenses
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Assets Held-for-Sale
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Noncurrent Assets
136
138
127
111
116
138
131
1,241
1,265
2,010
1,938
1,833
1,796
1,745
1,761
+ Property, Plant & Equip, Net
121
122
94
82
77
73
74
123
202
280
300
258
238
215
199
+ Property, Plant & Equip
206
218
225
220
220
230
244
301
391
506
537
483
433
415
408
- Accumulated Depreciation
85
96
131
138
143
157
170
178
189
227
237
225
195
200
209
+ LT Investments & Receivables
- -
- -
- -
- -
- -
- -
- -
38
55
49
43
30
19
31
17
+ LT Investments
- -
- -
- -
- -
- -
- -
- -
38
55
49
43
30
19
31
17
+ LT Receivables
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other LT Assets
15
17
33
29
39
65
57
1,080
1,009
1,682
1,595
1,544
1,539
1,499
1,545
+ Total Intangible Assets
7
7
7
7
7
21
28
1,061
1,005
1,645
1,562
1,512
1,504
1,452
1,492
+ Goodwill
7
7
7
7
7
21
21
733
732
1,319
1,286
1,251
1,252
1,207
1,242
+ Other Intangible Assets
- -
- -
- -
- -
- -
- -
7
328
273
326
276
261
252
245
249
+ LT Deferred Tax Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ LT Derivative & Hedging Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Assets
9
10
26
22
32
44
29
19
4
37
33
32
36
47
53
Total Assets
231
228
254
308
248
299
321
1,661
1,789
2,296
2,306
2,162
2,125
2,050
2,039
+ Payables & Accruals
34
39
41
45
45
43
47
51
58
72
68
65
58
66
64
+ Accounts Payable
34
39
39
44
42
41
46
37
48
64
45
46
49
56
56
+ Accrued Taxes
- -
- -
3
1
3
2
1
- -
1
- -
- -
7
2
3
- -
+ Interest & Dividends Payable
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Payables & Accruals
- -
- -
- -
- -
- -
- -
- -
14
9
8
23
12
7
7
8
+ ST Debt
28
3
3
6
- -
- -
- -
- -
25
35
27
24
24
22
16
+ ST Borrowings
28
3
3
6
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ ST Finance Leases
- -
- -
- -
- -
- -
- -
- -
- -
25
35
27
24
24
22
16
+ Other ST Liabilities
16
1
1
5
13
17
22
75
73
94
101
121
127
128
138
+ Deferred Revenue
15
- -
1
5
12
17
22
39
39
61
73
88
92
90
96
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc ST Liabilities
- -
- -
- -
- -
- -
- -
- -
36
34
33
27
33
35
39
42
Total Current Liabilities
77
43
45
56
58
60
69
125
157
200
196
210
210
216
218
+ LT Debt
94
125
120
114
3
3
3
2
81
248
304
235
189
103
93
+ LT Borrowings
90
122
119
112
- -
- -
- -
- -
- -
142
142
101
61
- -
- -
+ LT Finance Leases
4
3
1
1
3
3
3
2
81
106
163
134
128
103
93
+ Other LT Liabilities
18
19
50
45
45
48
40
108
89
99
92
81
74
68
81
+ Accrued Liabilities
17
18
16
24
30
40
35
96
84
89
79
71
66
62
71
+ Pension Liabilities
- -
- -
- -
- -
- -
- -
- -
7
2
- -
- -
- -
- -
- -
- -
+ Deferred Revenue
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Deferred Tax Liabilities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Derivatives & Hedging
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Misc LT Liabilities
1
1
34
21
15
8
6
6
4
10
12
9
8
6
10
Total Noncurrent Liabilities
112
144
170
159
48
50
43
111
170
347
396
316
263
171
174
Total Liabilities
189
187
215
215
106
110
112
236
327
547
592
526
473
387
392
+ Preferred Equity and Hybrid Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Share Capital & APIC
- -
- -
7
15
25
36
47
1,307
1,310
1,520
1,530
1,511
1,518
1,533
1,437
+ Common Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Additional Paid in Capital
- -
- -
7
15
25
35
47
1,307
1,309
1,520
1,530
1,511
1,518
1,532
1,437
- Treasury Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Retained Earnings
42
41
32
78
118
153
162
118
153
180
175
160
169
218
255
+ Other Equity
-1
-1
- -
- -
- -
- -
- -
- -
- -
49
9
-35
-34
-89
-46
Equity Before Minority Interest
42
41
39
93
143
188
209
1,425
1,463
1,748
1,714
1,636
1,653
1,662
1,646
+ Minority/Non Controlling Interest
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Total Equity
42
41
39
93
143
188
209
1,425
1,463
1,748
1,714
1,636
1,653
1,662
1,646
Total Liabilities & Equity
231
228
254
308
248
299
321
1,661
1,789
2,296
2,306
2,162
2,125
2,050
2,039
Shares Outstanding
12
11
11
11
11
11
11
22
22
24
25
24
24
25
23
Number of Employees
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Capital Leases - Total
4
3
1
1
3
3
3
2
106
141
190
158
152
125
109
Net Debt
60
77
27
-44
-107
-129
-156
-312
-420
-46
-127
-112
-107
-137
-141
Net Debt to Equity
142.73
189.04
69.7
-46.94
-74.82
-68.61
-74.54
-21.87
-28.69
-2.61
-7.43
-6.86
-6.48
-8.25
-8.55
Tangible Common Equity Ratio
15.82
15.47
12.97
28.55
56.31
60.31
61.78
60.71
58.35
15.88
20.41
19.07
23.97
35.22
28.3
Current Ratio
1.23
2.08
2.82
3.49
2.3
2.68
2.76
3.36
3.34
1.43
1.88
1.57
1.57
1.41
1.27
Cash Conversion Cycle
24.51
-28.82
-31.48
-50.2
-52.22
-46.7
-41.73
-17.96
-9.29
-20.16
-16.46
-8.29
-5.41
-6.68
-9.3

Cash Flow Statement (USD)

APIChatGPT
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
As of date
12/31/2011
12/31/2012
12/31/2013
12/31/2014
12/31/2015
12/31/2016
12/31/2017
12/31/2018
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
12/31/2025
+ Net Income
106
66
16
46
40
35
21
-16
81
86
55
47
70
113
127
+ Depreciation & Amortization
22
24
36
21
18
18
19
55
105
109
103
63
57
44
48
+ Non-Cash Items
18
6
-14
8
7
-3
11
20
11
3
28
11
17
20
33
+ Stock-Based Compensation
13
5
9
9
10
11
12
16
12
15
18
22
20
26
23
+ Deferred Income Taxes
4
- -
-23
-1
-4
-9
6
-16
-8
-13
-8
-9
-6
- -
8
+ Asset Impairment Charge
- -
- -
- -
- -
- -
-3
-8
20
6
1
19
1
5
1
5
+ Other Non-Cash Adj
1
1
- -
-1
1
-1
- -
1
1
1
-1
-3
-2
-6
-2
+ Chg in Non-Cash Work Cap
8
-14
46
3
13
-5
6
-12
5
-55
-6
5
-27
-8
-10
+ (Inc) Dec in Accts Receiv
-3
2
4
1
-2
-1
-3
8
2
20
- -
-13
-13
- -
-1
+ (Inc) Dec in Inventories
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ (Inc) Dec in Prepaid Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Inc (Dec) in Accts Payable
-3
6
- -
7
-1
- -
4
1
- -
-23
-7
-4
1
12
4
+ Inc (Dec) in Other
15
-22
42
-4
15
-4
5
-21
3
-52
1
22
-14
-20
-13
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Operating Activities
154
82
84
78
78
45
56
47
202
143
181
126
117
169
198
+ Change in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Disp in Fixed & Intang
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
8
7
6
- -
2
+ Disp of Fixed Prod Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
8
7
6
- -
2
+ Disp of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Acq of Fixed & Intang
-30
-25
-9
-7
-13
-13
-18
-28
-39
-47
-49
-43
-37
-41
-44
+ Acq of Fixed Prod Assets
-30
-25
-9
-7
-13
-13
-18
-28
-39
-47
-49
-43
-37
-41
-44
+ Acq of Intangible Assets
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Cash (Repurchase) of Equity
-203
-25
-25
- -
- -
- -
- -
- -
- -
220
-6
-40
-10
-12
-139
+ Increase in Capital Stock
- -
- -
- -
- -
- -
- -
- -
- -
- -
220
- -
- -
- -
- -
- -
+ Decrease in Capital Stock
-203
-25
-25
- -
- -
- -
- -
- -
- -
- -
-6
-40
-10
-12
-139
+ Net Change in LT Investment
12
- -
- -
- -
- -
- -
- -
-10
1
33
8
6
-17
-24
51
+ Dec in LT Investment
12
- -
- -
- -
- -
- -
- -
16
44
36
9
6
10
31
79
+ Inc in LT Investment
- -
- -
- -
- -
- -
- -
- -
-27
-43
-3
-1
- -
-27
-55
-28
+ Net Cash From Acq & Div
-7
- -
- -
- -
- -
-8
- -
168
- -
-629
- -
-1
-1
- -
- -
+ Cash from Divestitures
- -
- -
- -
- -
- -
- -
- -
168
- -
- -
- -
- -
- -
- -
- -
+ Cash for Acq of Subs
-7
- -
- -
- -
- -
-8
- -
- -
- -
-629
- -
-1
-1
- -
- -
+ Cash for JVs
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Other Investing Activities
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Investing Activities
-25
-25
-9
-7
-13
-21
-18
130
-38
-642
-33
-31
-49
-64
9
+ Dividends Paid
-49
-47
- -
- -
- -
- -
-11
-28
-47
-56
-59
-59
-59
-59
-58
+ Net Cash From Debt
118
-76
-3
-3
-119
- -
- -
- -
- -
142
- -
-40
-40
-61
- -
+ Cash From Debt
220
110
- -
- -
- -
- -
- -
- -
- -
146
- -
- -
- -
- -
- -
+ Repayments of Debt
-102
-186
-3
-3
-119
- -
- -
- -
- -
-4
- -
-40
-40
-61
- -
+ Other Financing Activities
-2
81
- -
- -
-2
-1
- -
7
-9
-27
-3
-3
-5
-5
-10
+ Net Cash From Disc Ops
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Cash from Financing Activities
-137
-67
-28
-4
-120
-1
-11
-21
-56
279
-68
-142
-114
-137
-206
Effect of Foreign Exchange Rates
- -
- -
- -
- -
- -
- -
- -
- -
- -
2
-2
-4
- -
-3
2
Net Changes in Cash
-7
-10
47
68
-55
22
27
156
108
-220
80
-48
-45
-32
1
EBITDA
201
138
68
102
88
72
75
97
237
245
214
137
170
202
245
EBITDA Margin (%)
31.98
24.48
13.56
22.95
20.21
16.34
16.56
15.37
23.8
23.81
18.91
12.87
15.04
16.53
19.28
Free Cash Flow
124
57
75
71
65
31
38
19
163
96
131
83
80
129
154
Net Cash Paid for Acquisitions
7
- -
- -
- -
- -
8
- -
-168
- -
629
- -
1
1
- -
- -
Free Cash Flow to Firm
127
60
79
74
67
32
38
- -
163
96
131
83
80
129
154
Free Cash Flow to Equity
242
-18
72
68
-54
31
38
19
163
238
139
49
46
67
156
Free Cash Flow per Basic Share
10.45
5.03
7.12
6.73
6.13
2.96
3.57
1.27
7.52
4.25
5.47
3.5
3.43
5.5
6.77
Price/Free Cash Flow
6.3
6.02
3.95
9.32
7.16
15.16
13.52
24.08
14.58
11.49
6.07
11.11
14.36
10.74
7.74
Cash Flow to Net Income
1.46
1.24
5.12
1.68
1.94
1.28
2.72
-2.99
2.49
1.66
3.28
2.7
1.68
1.5
1.57
Capital Expenditures
-30
-25
-9
-7
-13
-13
-18
-28
-39
-47
-49
-43
-37
-41
-44