Marriott Vacations Worldwide Corporation

VAC

VACMarriott Vacations Worldwide Corporation US flag

New York Stock Exchange

85.50

USD

-4.16

- -

2.94BMarket 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	1,624	1,639	1,750	1,716	1,811	2,000	2,183	2,968	4,259	2,886	3,890	4,656	4,727	4,967	5,032
+ Sales & Services Revenue	1,624	1,639	1,750	1,716	1,811	2,000	2,183	2,968	4,259	2,886	3,890	4,656	4,727	4,967	5,032
- Cost of Revenue	1,051	1,090	1,142	1,092	1,130	1,346	1,418	1,868	2,558	2,190	2,437	2,671	2,909	3,112	3,144
+ Cost of Goods & Services	1,051	1,090	1,142	1,092	1,130	1,346	1,418	1,868	2,558	2,190	2,437	2,671	2,909	3,112	3,144
Gross Profit	573	549	607	624	681	654	765	1,100	1,701	696	1,453	1,985	1,818	1,855	1,888
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	422	415	415	416	437	455	515	787	1,137	663	990	1,188	1,231	1,306	1,456
+ Selling, General & Admin	422	415	415	416	437	434	494	725	996	540	844	1,056	1,096	1,156	1,185
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	21	21	62	141	123	146	132	135	150	271
Operating Income (Loss)	151	134	192	207	244	199	250	313	564	33	463	797	587	549	432
- Non-Operating (Income) Loss	368	103	61	57	37	1	10	210	339	373	336	215	189	243	731
+ Interest Expense, Net	47	58	44	38	37	9	10	54	132	150	164	118	145	162	169
+ Interest Expense	47	58	44	38	37	9	10	54	132	150	164	118	145	162	169
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	321	45	17	19	- -	-8	- -	156	207	223	172	97	44	81	562
Pretax Income	-217	31	131	151	206	198	240	103	225	-340	127	582	398	306	-299
- Income Tax Expense (Benefit)	-45	24	51	70	84	76	5	51	83	-84	74	191	146	89	8
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-172	7	80	81	123	122	235	52	142	-256	53	391	252	217	-307
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	-6	8	38	8	- -	-4	-2	2
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	-6	8	38	8	- -	-4	-2	2
Income (Loss) Incl. MI	-172	7	80	81	123	122	235	58	134	-294	45	391	256	219	-309
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	3	-4	-19	-4	- -	2	1	-1
Net Income, GAAP	-172	7	80	81	123	122	235	55	138	-275	49	391	254	218	-308
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-172	7	80	81	123	122	235	55	138	-275	49	391	254	218	-308
EBIT	151	134	192	207	244	199	250	313	564	33	463	797	587	549	432
EBITDA	184	164	215	226	266	220	271	375	705	156	609	929	722	695	581
EBITDA Margin (%)	11.33	10.01	12.28	13.17	14.7	11	12.41	12.63	16.55	5.41	15.66	19.95	15.27	13.99	11.55
EBITA	151	134	192	207	244	199	250	313	564	33	463	797	587	549	432
Gross Margin (%)	35.28	33.5	34.71	36.34	37.59	32.7	35.04	37.06	39.94	24.12	37.35	42.63	38.46	37.35	37.52
Operating Margin (%)	9.3	8.18	10.99	12.08	13.47	9.95	11.45	10.55	13.24	1.14	11.9	17.12	12.42	11.05	8.59
Profit Margin (%)	-10.59	0.43	4.56	4.71	6.78	6.1	10.77	1.85	3.24	-9.53	1.26	8.4	5.37	4.39	-6.12
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.9	- -	- -	0.24	0.76	1.22	1.4	1.52	1.84	1.09	0.54	2.45	2.9	3.02	3.15
Depreciation Expense	33	30	23	19	22	21	21	62	141	123	146	132	135	146	149
Basic Weighted Avg Shares	34	34	35	34	31	28	27	34	44	41	43	40	36	35	35
Basic EPS, GAAP	-5.1	0.2	2.25	2.4	3.9	4.38	8.67	1.64	3.13	-6.65	1.15	9.68	6.96	6.16	-8.83
Basic EPS from Cont Ops	-5.1	0.2	2.25	2.4	3.9	4.38	8.67	1.55	3.22	-6.19	1.24	9.68	6.9	6.13	-8.8
Diluted Weighted Avg Shares	34	36	37	35	32	28	28	34	45	41	43	45	44	42	35
Diluted EPS, GAAP	-5.1	0.19	2.18	2.33	3.82	4.29	8.48	1.61	3.09	-6.65	1.13	8.65	5.84	5.18	-8.83
Diluted EPS from Cont Ops	-5.1	0.19	2.18	2.33	3.82	4.29	8.48	1.52	3.18	-6.19	1.22	8.65	5.79	5.15	-8.8

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	2,403	2,215	2,235	2,256	1,970	2,060	2,096	3,840	4,116	3,867	3,846	4,004	3,936	4,090	4,418
+ Cash, Cash Equivalents & STI	110	103	200	347	177	147	409	231	287	524	342	524	248	197	406
+ Cash & Cash Equivalents	110	103	200	347	177	147	409	231	287	524	342	524	248	197	406
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1,253	1,156	1,079	1,027	1,052	1,134	1,207	2,363	2,556	2,116	2,324	2,490	2,728	2,827	2,993
+ Accounts Receivable, Net	104	100	109	110	132	162	92	324	323	276	172	194	265	250	271
+ Notes Receivable, Net	1,149	1,056	970	917	921	972	1,115	2,039	2,233	1,840	2,045	2,198	2,343	2,440	2,565
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	107	98	120	137	157
+ Inventories	959	888	870	773	669	713	398	863	859	759	719	660	634	735	692
+ Raw Materials	6	7	6	5	5	4	5	11	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	215	120	151	- -	- -	39	2	9	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	953	881	864	768	664	708	393	852	851	749	710	651	624	725	684
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	-215	-120	-151	- -	- -	-39	-2	-9	8	10	9	9	10	10	8
+ Other ST Assets	81	68	86	110	71	66	82	383	414	468	461	330	326	331	327
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	442	398	397	274	429	332	749	5,178	5,098	5,031	5,767	5,635	5,744	5,718	5,339
+ Property, Plant & Equip, Net	285	261	254	147	289	203	583	951	718	791	1,136	1,139	1,260	1,170	950
+ Property, Plant & Equip	659	604	596	474	615	527	911	1,287	1,124	1,252	1,724	1,765	1,918	1,873	1,689
- Accumulated Depreciation	374	343	342	326	326	324	328	336	406	461	588	626	658	703	739
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	157	137	143	127	141	129	166	4,227	4,380	4,240	4,631	4,496	4,484	4,548	4,389
+ Total Intangible Assets	- -	- -	- -	- -	- -	- -	- -	3,935	3,919	3,769	4,143	4,028	3,971	3,907	3,669
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	2,828	2,892	2,817	3,150	3,117	3,117	3,117	2,958
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	- -	1,107	1,027	952	993	911	854	790	711
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	157	137	143	127	141	129	166	292	461	471	488	468	513	641	720
Total Assets	2,845	2,613	2,632	2,531	2,400	2,391	2,845	9,018	9,214	8,898	9,613	9,639	9,680	9,808	9,757
+ Payables & Accruals	266	294	314	280	303	272	265	547	683	558	610	725	705	727	734
+ Accounts Payable	145	113	129	114	139	124	145	301	286	209	265	356	362	343	358
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	121	181	185	166	164	147	120	246	397	349	345	369	343	384	376
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	83	114	101	132	183	191	181	593	619	645	654	595	587	574	589
+ Deferred Revenue	28	32	19	39	78	95	69	383	433	488	453	344	382	354	371
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	55	82	82	93	104	96	112	210	186	157	201	251	205	220	218
Total Current Liabilities	349	408	415	412	485	463	446	1,140	1,302	1,203	1,264	1,320	1,292	1,301	1,323
+ LT Debt	850	678	678	703	679	737	1,095	3,818	4,087	4,268	4,487	5,026	5,145	5,225	5,680
+ LT Borrowings	850	678	678	703	679	730	1,088	3,801	4,073	4,260	4,404	4,940	4,956	5,026	5,482
+ LT Finance Leases	- -	- -	- -	- -	- -	7	7	17	14	8	83	86	189	199	198
+ Other LT Liabilities	512	388	330	336	259	283	263	594	794	745	876	795	861	841	761
+ Accrued Liabilities	171	151	145	181	209	268	249	582	597	548	652	628	612	702	619
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	341	237	185	155	50	16	14	12	197	197	224	167	249	139	142
Total Noncurrent Liabilities	1,362	1,066	1,008	1,039	938	1,021	1,358	4,412	4,881	5,013	5,363	5,821	6,006	6,066	6,441
Total Liabilities	1,711	1,474	1,423	1,451	1,423	1,484	1,804	5,552	6,183	6,216	6,627	7,141	7,298	7,367	7,764
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,117	1,116	1,130	1,138	1,151	1,163	1,189	3,722	3,739	3,761	4,073	3,942	3,956	3,976	3,997
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	1,117	1,116	1,130	1,138	1,151	1,162	1,189	3,721	3,738	3,760	4,072	3,941	3,955	3,975	3,996
- Treasury Stock	- -	- -	26	229	430	607	694	790	1,253	1,334	1,356	2,054	2,332	2,378	2,427
+ Retained Earnings	-2	2	82	154	244	346	529	523	569	272	275	593	742	852	434
+ Other Equity	19	21	23	17	11	5	17	6	-36	-48	-16	15	16	-8	-11
Equity Before Minority Interest	1,134	1,139	1,209	1,080	976	908	1,041	3,461	3,019	2,651	2,976	2,496	2,382	2,442	1,993
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	5	12	31	10	2	- -	-1	- -
Total Equity	1,134	1,139	1,209	1,080	976	908	1,041	3,466	3,031	2,682	2,986	2,498	2,382	2,441	1,993
Total Liabilities & Equity	2,845	2,613	2,632	2,531	2,400	2,391	2,845	9,018	9,214	8,898	9,613	9,639	9,680	9,808	9,757
Shares Outstanding	34	35	35	32	30	27	26	46	42	41	42	37	35	35	34
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	7	7	17	14	8	83	86	189	199	198
Net Debt	740	575	478	356	502	583	679	3,570	3,786	3,736	4,062	4,416	4,708	4,829	5,076
Net Debt to Equity	65.26	50.48	39.54	33.02	51.39	64.21	65.23	103	124.91	139.3	136.03	176.78	197.65	197.83	254.69
Tangible Common Equity Ratio	39.86	43.59	45.93	42.67	40.68	37.96	36.59	-9.23	-16.77	-21.19	-21.15	-27.27	-27.83	-24.84	-27.53
Current Ratio	6.89	5.43	5.39	5.48	4.06	4.45	4.7	3.37	3.16	3.21	3.04	3.03	3.05	3.14	3.34
Cash Conversion Cycle	363.83	285.75	263.36	253.13	212.19	179.52	119.58	113.89	108.63	129.49	95.61	65.18	53.45	59.16	60.47

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	-172	7	80	81	123	122	235	52	142	-256	53	391	252	217	-307
+ Depreciation & Amortization	33	30	23	19	22	21	21	62	141	123	146	132	135	146	149
+ Non-Cash Items	373	53	124	109	36	-20	-205	-72	-115	448	-85	-142	-175	14	243
+ Stock-Based Compensation	11	12	12	13	14	14	16	29	33	36	51	39	31	33	38
+ Deferred Income Taxes	-63	-47	18	19	28	30	-61	54	5	-38	34	87	-64	38	-103
+ Asset Impairment Charge	320	-2	3	1	- -	- -	- -	- -	99	100	3	- -	30	30	577
+ Other Non-Cash Adj	105	90	92	75	-7	-64	-160	-155	-252	350	-173	-268	-172	-87	-269
+ Chg in Non-Cash Work Cap	87	73	-66	83	-62	18	91	55	214	-16	229	141	20	-172	-57
+ (Inc) Dec in Accts Receiv	-3	-3	-8	-1	-24	- -	-9	-38	69	21	- -	-45	-105	-16	-40
+ (Inc) Dec in Inventories	110	66	34	83	72	-1	45	9	65	18	61	104	87	-33	27
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	27	54	-17	-9	44	-21	55	13	-8	-175	77	165	-45	25	-7
+ Inc (Dec) in Other	-47	-44	-75	11	-154	40	- -	71	88	120	91	-83	83	-148	-37
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	321	163	161	291	118	141	142	97	382	299	343	522	232	205	28
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	19	8	4	82	21	69	- -	- -	51	15	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	19	8	4	82	21	69	- -	- -	51	15	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	-26	-204	-201	-178	-88	-96	-465	-82	-78	-701	-286	-56	-61
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-26	-204	-201	-178	-88	-96	-465	-82	-78	-701	-286	-56	-61
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	-12	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	-12	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	19	8	4	82	21	69	- -	-1,353	51	15	-154	97	16	8	3
+ Cash from Divestitures	19	8	4	82	21	69	- -	40	51	15	3	97	16	8	3
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	-1,393	- -	- -	-157	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-29	-13	-43	-122	-104	-104	-26	-54	-65	-62	-59	-81	-128	-123	-73
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	9	3	-36	43	-63	34	-38	-1,407	37	-32	-213	16	-112	-115	-70
+ Dividends Paid	-64	- -	- -	-8	-24	-34	-38	-51	-81	-45	-23	-99	-106	-107	-110
+ Net Cash From Debt	-172	-158	- -	34	-23	54	337	1,632	249	180	-144	416	15	64	445
+ Cash From Debt	126	268	386	263	255	462	718	2,229	1,961	1,856	2,068	2,300	2,572	3,459	3,137
+ Repayments of Debt	-298	-426	-386	-229	-278	-408	-381	-597	-1,712	-1,676	-2,212	-1,884	-2,557	-3,395	-2,692
+ Other Financing Activities	-10	-14	-3	-8	-11	-48	-40	-52	-34	-30	-72	-102	-24	-33	-33
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-246	-172	-28	-186	-259	-206	171	1,433	-331	23	-317	-486	-401	-132	241
Effect of Foreign Exchange Rates	- -	-1	- -	-2	-4	-5	3	- -	-1	1	-2	-1	1	-4	6
Net Changes in Cash	84	-6	97	149	-203	-31	275	123	88	290	-187	52	-281	-42	199
EBITDA	184	164	215	226	266	220	271	375	705	156	609	929	722	695	581
EBITDA Margin (%)	11.33	10.01	12.28	13.17	14.7	11	12.41	12.63	16.55	5.41	15.66	19.95	15.27	13.99	11.55
Free Cash Flow	321	163	161	291	118	141	142	97	382	299	343	522	232	205	28
Net Cash Paid for Acquisitions	-19	-8	-4	-82	-21	-69	- -	1,353	-51	-15	154	-97	-16	-8	-3
Free Cash Flow to Firm	- -	176	187	312	141	147	152	124	465	- -	411	601	324	320	- -
Free Cash Flow to Equity	168	13	165	408	116	264	479	1,729	682	494	199	938	247	269	473
Free Cash Flow per Basic Share	9.53	4.74	4.54	8.66	3.76	5.06	5.24	2.89	8.66	7.23	8.05	12.92	6.36	5.79	0.8
Price/Free Cash Flow	1.8	9.25	12.02	8.86	15.47	17.1	26.38	24.83	15.05	18.98	21.33	11.65	15.92	18.44	71.91
Cash Flow to Net Income	-1.87	23.29	2.02	3.61	0.96	1.16	0.6	1.76	2.77	-1.09	7	1.34	0.91	0.94	-0.09
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -