Balance Sheet Carriage Services, Inc.

Equities

CSV

US1439051079

Personal Services

Market Closed - Nyse Other stock markets 04:00:02 2026-03-06 pm EST			5-day change	1st Jan Change
43.45 ^USD	-1.23%		-5.69%	+2.72%

Feb. 26	Carriage Services, Inc., 2025 Earnings Call, Feb 26, 2026
Feb. 24	Carriage Services, Inc. Reports Earnings Results for the Full Year Ended December 31, 2025	CI

463c0ff369afd40c0990c278.F_vqt20zDHxGHrBjQ8Cd2KljBb_zAH4u8GkiSi-5dD8.W7zd1AR8PT8tWvxaObesnfNVZIfCbAwahjF6ARvuMmpInp_cO2VUEBVU0w

Published financial data: CARRIAGE SERVICES, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	348M	343M	352M	370M	380M
Other Revenues, Total	27.59M	26.93M	30.86M	34.22M	37.66M
Total Revenues	376M	370M	383M	404M	417M
Cost of Goods Sold, Total	234M	238M	244M	247M	258M
Gross Profit	142M	133M	138M	157M	160M
Selling General & Admin Expenses, Total	33.95M	37.47M	42.12M	59.01M	48.65M
Depreciation & Amortization - (IS)	13.85M	13.32M	14.17M	13.73M	13.17M
Other Operating Expenses, Total	47.8M	50.79M	56.29M	72.74M	61.82M
Operating Income	94.33M	81.76M	82.17M	84.38M	98.03M
Interest Expense, Total	-25.46M	-25.9M	-36.27M	-32.08M	-28.36M
Net Interest Expenses	-25.46M	-25.9M	-36.27M	-32.08M	-28.36M
Other Non Operating Income (Expenses)	-84K	-75K	1.72M	-61K	-29K
EBT, Excl. Unusual Items	68.78M	55.78M	47.62M	52.24M	69.63M
Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-445K	-	-	-
Gain (Loss) On Sale Of Assets	-166K	486K	-737K	-1.94M	2.39M
Asset Writedown	-500K	-1.91M	-454K	-637K	-1.76M
Insurance Settlements	-	3.47M	-	417K	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	-23.81M	-190K	-	-	-
EBT, Incl. Unusual Items	44.3M	57.19M	46.43M	50.08M	70.26M
Income Tax Expense	11.14M	15.81M	13.02M	17.13M	18.76M
Earnings From Continuing Operations	33.16M	41.38M	33.41M	32.95M	51.51M
Net Income to Company	33.16M	41.38M	33.41M	32.95M	51.51M
Net Income - (IS)	33.16M	41.38M	33.41M	32.95M	51.51M
Preferred Dividend and Other Adjustments	53K	26K	306K	432K	687K
Net Income to Common Incl Extra Items	33.11M	41.36M	33.11M	32.52M	50.82M
Net Income to Common Excl. Extra Items	33.11M	41.36M	33.11M	32.52M	50.82M
Per Share Items
Net EPS - Basic	1.9	2.78	2.24	2.17	3.29
Basic EPS - Continuing Operations	1.9	2.78	2.24	2.17	3.29
Basic Weighted Average Shares Outstanding	17.41M	14.86M	14.8M	14.97M	15.43M
Net EPS - Diluted	1.81	2.63	2.14	2.1	3.25
Diluted EPS - Continuing Operations	1.81	2.63	2.14	2.1	3.25
Diluted Weighted Average Shares Outstanding	18.27M	15.71M	15.46M	15.44M	15.63M
Normalized Basic EPS	2.47	2.35	2.01	2.18	2.82
Normalized Diluted EPS	2.35	2.22	1.93	2.11	2.78
Dividend Per Share	0.41	0.45	0.45	0.45	0.45
Payout Ratio	21.91	16.34	20.08	20.66	13.64
Supplemental Items
EBITDA	115M	102M	104M	107M	122M
EBITA	102M	88.19M	88.81M	93.1M	108M
EBIT	94.33M	81.76M	82.17M	84.38M	98.03M
EBITDAR	120M	106M	108M	112M	126M
Total Revenues (As Reported)	376M	370M	383M	404M	417M
Effective Tax Rate - (Ratio)	25.16	27.65	28.03	34.2	26.69
Current Domestic Taxes	11.84M	12.78M	9.71M	17.82M	14.78M
Total Current Taxes	11.84M	12.78M	9.71M	17.82M	14.78M
Deferred Domestic Taxes	-692K	3.04M	3.31M	-698K	3.98M
Total Deferred Taxes	-692K	3.04M	3.31M	-698K	3.98M
Normalized Net Income	42.99M	34.87M	29.76M	32.65M	43.52M
Interest on Long-Term Debt	30.66M	26.7M	36.27M	32.46M	28.36M
Supplemental Operating Expense Items
General and Administrative Expenses	33.95M	37.47M	42.12M	59.01M	48.65M
Net Rental Expense, Total	4.12M	4.03M	4.13M	4.61M	4.32M
Imputed Operating Lease Interest Expense	1.59M	1.4M	1.97M	2.03M	1.76M
Imputed Operating Lease Depreciation	2.53M	2.63M	2.16M	2.58M	2.56M
Stock-Based Comp., G&A Exp. (Total)	858K	718K	800K	1.3M	-
Stock-Based Comp., Other (Total)	4.87M	5.52M	6.9M	6M	7.5M
Total Stock-Based Compensation	5.73M	6.24M	7.7M	7.3M	7.5M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.15M	1.17M	1.52M	1.16M	1.69M
Total Cash And Short Term Investments	1.15M	1.17M	1.52M	1.16M	1.69M
Accounts Receivable, Total	23.37M	22.93M	25.78M	29.29M	35.06M
Other Receivables	6.01M	2.03M	2.16M	902K	7.89M
Total Receivables	29.38M	24.96M	27.94M	30.19M	42.96M
Inventory	7.35M	7.61M	8.35M	7.92M	7.76M
Prepaid Expenses	2.22M	4.08M	3.78M	3.99M	3.53M
Other Current Assets, Total	125K	149K	137K	1.27M	141K
Total Current Assets	40.21M	37.97M	41.72M	44.54M	56.08M
Gross Property Plant And Equipment	414M	424M	442M	434M	445M
Accumulated Depreciation	-126M	-129M	-138M	-146M	-146M
Net Property Plant And Equipment	287M	295M	304M	288M	299M
Goodwill	392M	410M	424M	415M	428M
Other Intangibles, Total	25.81M	28.76M	32.62M	35.44M	38.12M
Accounts Receivable Long-Term	23.15M	26.67M	35.58M	50.96M	67.06M
Deferred Charges Long-Term	3.56M	4.05M	4.68M	4.99M	5.49M
Other Long-Term Assets, Total	407M	390M	426M	441M	452M
Total Assets	1.18B	1.19B	1.27B	1.28B	1.35B
Liabilities
Accounts Payable, Total	14.2M	11.68M	11.87M	15.43M	19M
Accrued Expenses, Total	34.74M	26.65M	30.62M	32.64M	29.92M
Current Portion of Long-Term Debt	521K	555K	537K	571K	607K
Current Portion of Leases	2.29M	2.62M	3.3M	3.34M	3.69M
Current Income Taxes Payable	485K	459K	-	208K	8K
Other Current Liabilities	8.55M	3.52M	4.74M	5.85M	3.99M
Total Current Liabilities	60.79M	45.47M	51.07M	58.04M	57.22M
Long-Term Debt	552M	588M	579M	537M	528M
Long-Term Leases	23.68M	22.06M	21.63M	20.08M	19.88M
Unearned Revenue Non Current	80.79M	83.78M	101M	101M	110M
Deferred Tax Liability Non Current	45.78M	48.82M	52.13M	51.43M	55.41M
Other Non Current Liabilities	287M	268M	290M	304M	320M
Total Liabilities	1.05B	1.06B	1.09B	1.07B	1.09B
Common Stock, Total	263K	264K	266K	269K	274K
Additional Paid In Capital	237M	239M	241M	244M	239M
Retained Earnings	135M	177M	210M	243M	295M
Treasury Stock	-245M	-279M	-279M	-279M	-279M
Total Common Equity	128M	137M	173M	209M	255M
Total Equity	128M	137M	173M	209M	255M
Total Liabilities And Equity	1.18B	1.19B	1.27B	1.28B	1.35B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	15.33M	14.89M	15.14M	15.65M	15.75M
ECS Total Common Shares Outstanding	15.33M	14.73M	15M	15.25M	15.75M
Book Value / Share	8.35	9.31	11.54	13.67	16.18
Tangible Book Value	-290M	-302M	-283M	-242M	-211M
Tangible Book Value Per Share	-18.9	-20.48	-18.88	-15.85	-13.41
Total Debt	579M	613M	605M	561M	553M
Net Debt	578M	612M	603M	560M	551M
Debt Equivalent Oper. Leases	32.92M	32.22M	33.06M	36.88M	34.6M
Account Code - Inventory Valuation	8	8	8	8	8
Land - (BS)	82.1M	84.4M	87.64M	86.61M	92.74M
Buildings, Total	240M	252M	264M	260M	269M
Machinery, Total	73.38M	70.52M	74.37M	72.05M	71.83M
Full Time Employees	1.14K	1.17K	1.25K	1.2K	1.25K
Part Time Employees	1.52K	1.38K	1.35K	1.22K	1.07K
Accumulated Allowance for Doubtful Accounts (Supple)	990K	1.01M	1.51M	1.32M	3.57M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	33.16M	41.38M	33.41M	32.95M	51.51M
Depreciation & Amortization - CF	13.85M	13.94M	15.08M	14.32M	13.92M
Amortization of Goodwill and Intangible Assets - (CF)	7.32M	6.43M	6.64M	8.72M	9.79M
Depreciation & Amortization, Total	21.16M	20.37M	21.72M	23.05M	23.71M
Amortization of Deferred Charges, Total - (CF)	1.74M	1.76M	2.01M	2.36M	3.08M
(Gain) Loss From Sale Of Asset	666K	1.58M	1.19M	1.98M	-2.38M
Asset Writedown & Restructuring Costs	181K	445K	-	597K	1.76M
Stock-Based Compensation (CF)	5.51M	5.96M	7.7M	6.52M	7.81M
Provision and Write-off of Bad Debts	1.78M	2.82M	3.05M	3.35M	3.58M
Other Operating Activities, Total	23.03M	-400K	1.56M	-1.12M	3.98M
Change In Accounts Receivable	-4.09M	-5.36M	-8.12M	-24.62M	-28.15M
Change In Inventories	-4.45M	2.3M	-72K	1.06M	-1.69M
Change In Accounts Payable	522K	-101K	169K	1.62M	-369K
Change in Unearned Revenues	5.01M	1.3M	14.97M	6.87M	-1.75M
Change in Other Net Operating Assets	16K	-11.03M	-2M	-2.62M	-382K
Cash from Operations	84.25M	61.02M	75.59M	52M	60.69M
Capital Expenditure	-24.88M	-26.08M	-18.04M	-16.1M	-20.63M
Cash Acquisitions	-3.28M	-31.28M	-44M	-	-56.53M
Divestitures	2.68M	1.73M	1.03M	10.96M	40.48M
Sale (Purchase) of Real Estate properties	5.2M	700K	2.6M	1.1M	1.5M
Other Investing Activities, Total	7.76M	2.44M	1.4M	403K	-
Cash from Investing	-12.54M	-52.49M	-57M	-3.64M	-35.17M
Long-Term Debt Issued, Total	662M	155M	86.1M	54.9M	138M
Total Debt Issued	662M	155M	86.1M	54.9M	138M
Long-Term Debt Repaid, Total	-563M	-121M	-98.87M	-98.06M	-149M
Total Debt Repaid	-563M	-121M	-98.87M	-98.06M	-149M
Issuance of Common Stock	2.64M	1.74M	1.49M	2.63M	1.72M
Repurchase of Common Stock	-143M	-36.99M	-252K	-593K	-8.28M
Common Dividends Paid	-7.26M	-6.76M	-6.71M	-6.81M	-7.02M
Common & Preferred Stock Dividends Paid	-7.26M	-6.76M	-6.71M	-6.81M	-7.02M
Other Financing Activities, Total	-22.53M	-922K	-	-781K	-
Cash from Financing	-71.45M	-8.51M	-18.23M	-48.72M	-25M
Net Change in Cash	259K	22K	353K	-358K	523K
Supplemental Items
Cash Interest Paid	24.13M	24.46M	34.68M	30.63M	26.82M
Cash Income Tax Paid (Refund)	16.11M	9.71M	10.45M	16.65M	16.99M
Levered Free Cash Flow	57.74M	23.78M	43.62M	53.03M	44.98M
Unlevered Free Cash Flow	72.56M	38.92M	65.08M	71.91M	61.63M
Change In Net Working Capital	-10.96M	13.42M	-1.54M	-3.73M	12.22M
Net Debt Issued / Repaid	98.39M	34.42M	-12.77M	-43.16M	-11.42M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.07	4.31	4.17	4.14	4.67
Return on Total Capital	8.27	7.01	6.72	6.82	7.77
Return On Equity %	18	31.21	21.54	17.27	22.23
Return on Common Equity	17.97	31.19	21.35	17.04	21.94
Margin Analysis
Gross Profit Margin %	37.81	35.81	36.2	38.87	38.29
SG&A Margin	9.03	10.12	11.01	14.6	11.65
EBITDA Margin %	30.72	27.59	27.16	26.58	29.16
EBITA Margin %	27.04	23.82	23.22	23.03	25.83
EBIT Margin %	25.09	22.09	21.48	20.88	23.48
Income From Continuing Operations Margin %	8.82	11.18	8.73	8.15	12.34
Net Income Margin %	8.82	11.18	8.73	8.15	12.34
Net Avail. For Common Margin %	8.81	11.17	8.65	8.05	12.17
Normalized Net Income Margin	11.44	9.42	7.78	8.08	10.43
Levered Free Cash Flow Margin	15.36	6.42	11.4	13.12	10.77
Unlevered Free Cash Flow Margin	19.3	10.51	17.01	17.79	14.76
Asset Turnover
Asset Turnover	0.32	0.31	0.31	0.32	0.32
Fixed Assets Turnover	1.3	1.27	1.28	1.37	1.42
Receivables Turnover (Average Receivables)	15.22	14.83	14.44	13.44	11.8
Inventory Turnover (Average Inventory)	32.01	31.77	30.58	30.38	32.85
Short Term Liquidity
Current Ratio	0.66	0.84	0.82	0.77	0.98
Quick Ratio	0.5	0.57	0.58	0.54	0.78
Operating Cash Flow to Current Liabilities	1.39	1.34	1.48	0.9	1.06
Days Sales Outstanding (Average Receivables)	23.98	24.62	25.28	27.24	30.92
Days Outstanding Inventory (Average Inventory)	11.4	11.49	11.93	12.05	11.11
Average Days Payable Outstanding	19.87	19.85	17.55	20.25	24.4
Cash Conversion Cycle (Average Days)	15.51	16.25	19.66	19.03	17.63
Long Term Solvency
Total Debt/Equity	452.24	446.82	349.38	268.94	216.86
Total Debt / Total Capital	81.89	81.71	77.75	72.9	68.44
LT Debt/Equity	450.04	444.51	347.16	267.06	215.17
Long-Term Debt / Total Capital	81.49	81.29	77.25	72.39	67.91
Total Liabilities / Total Assets	89.14	88.5	86.35	83.7	81.07
EBIT / Interest Expense	3.7	3.16	2.27	2.63	3.46
EBITDA / Interest Expense	4.7	4.1	2.98	3.49	4.44
(EBITDA - Capex) / Interest Expense	3.72	3.09	2.48	2.99	3.72
Total Debt / EBITDA	4.84	5.77	5.6	5.01	4.38
Net Debt / EBITDA	4.83	5.76	5.58	5	4.37
Total Debt / (EBITDA - Capex)	6.11	7.65	6.72	5.85	5.24
Net Debt / (EBITDA - Capex)	6.1	7.64	6.7	5.83	5.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.1	-1.52	3.34	5.67	3.28
Gross Profit, 1 Yr. Growth %	19.5	-6.74	4.47	13.48	1.73
EBITDA, 1 Yr. Growth %	16.92	-11.57	1.71	3.7	13.32
EBITA, 1 Yr. Growth %	20.51	-13.24	0.69	4.79	15.81
EBIT, 1 Yr. Growth %	19.9	-13.33	0.51	2.69	16.18
Earnings From Cont. Operations, 1 Yr. Growth %	106.08	24.8	-19.26	-1.38	56.3
Net Income, 1 Yr. Growth %	106.08	24.8	-19.26	-1.38	56.3
Normalized Net Income, 1 Yr. Growth %	49.54	-18.89	-19.64	13.88	33.29
Diluted EPS Before Extra, 1 Yr. Growth %	103.37	45.3	-18.63	-1.87	54.76
Accounts Receivable, 1 Yr. Growth %	4.36	-1.85	12.39	13.64	19.7
Inventory, 1 Yr. Growth %	1.2	3.63	9.64	-5.12	-1.98
Net Property, Plant and Equip., 1 Yr. Growth %	-1.04	2.76	2.92	-5.21	3.78
Total Assets, 1 Yr. Growth %	2.86	1.21	6.3	0.91	5.18
Tangible Book Value, 1 Yr. Growth %	62.04	4.14	-6.15	-14.75	-12.62
Common Equity, 1 Yr. Growth %	-46.77	7.12	26.2	20.51	22.17
Cash From Operations, 1 Yr. Growth %	1.61	-27.56	23.87	-31.21	16.73
Capital Expenditures, 1 Yr. Growth %	63.73	4.81	-30.83	-10.76	28.14
Levered Free Cash Flow, 1 Yr. Growth %	6.93	-58.82	85.65	20.46	-13.05
Unlevered Free Cash Flow, 1 Yr. Growth %	-0.51	-46.36	68.43	9.83	-12.72
Dividend Per Share, 1 Yr. Growth %	22.22	9.09	0	0	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.1	6	0.88	4.49	4.46
Gross Profit, 2 Yr. CAGR %	24.32	5.57	-1.3	8.88	7.44
EBITDA, 2 Yr. CAGR %	27.78	1.68	-5.17	2.66	8.41
EBITA, 2 Yr. CAGR %	33.6	2.25	-6.54	2.74	10.16
EBIT, 2 Yr. CAGR %	34.31	1.94	-6.67	1.59	9.22
Earnings From Cont. Operations, 2 Yr. CAGR %	51.05	60.37	0.38	-10.76	24.16
Net Income, 2 Yr. CAGR %	51.05	60.37	0.38	-10.76	24.16
Normalized Net Income, 2 Yr. CAGR %	61.48	10.02	-16.79	-6.23	21.36
Diluted EPS Before Extra, 2 Yr. CAGR %	50.42	71.9	8.73	-10.64	23.24
Accounts Receivable, 2 Yr. CAGR %	8.9	1.21	5.03	13.01	16.63
Inventory, 2 Yr. CAGR %	2.52	2.41	6.6	2	-3.56
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.39	0.84	2.84	-1.23	-0.81
Total Assets, 2 Yr. CAGR %	2.14	2.04	3.72	3.57	3.02
Tangible Book Value, 2 Yr. CAGR %	20.11	29.9	-1.14	-10.5	-13.69
Common Equity, 2 Yr. CAGR %	-24.83	-24.49	16.27	23.32	21.33
Cash From Operations, 2 Yr. CAGR %	39.62	-14.21	-5.28	-7.69	-10.39
Capital Expenditures, 2 Yr. CAGR %	27.2	31	-14.86	-21.44	6.94
Levered Free Cash Flow, 2 Yr. CAGR %	109.85	-33.64	-12.92	49.45	2.01
Unlevered Free Cash Flow, 2 Yr. CAGR %	60.72	-26.95	-5.16	36	-2.38
Dividend Per Share, 2 Yr. CAGR %	17.26	15.47	4.45	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	11.94	10.53	5.1	2.45	4.09
Gross Profit, 3 Yr. CAGR %	16.84	12.96	5.2	3.4	6.44
EBITDA, 3 Yr. CAGR %	22.73	13.02	1.7	-2.4	6.1
EBITA, 3 Yr. CAGR %	27.84	15.69	1.73	-2.89	6.92
EBIT, 3 Yr. CAGR %	28.51	16.06	1.46	-3.65	6.24
Earnings From Cont. Operations, 3 Yr. CAGR %	41.74	41.74	27.58	-0.21	7.57
Net Income, 3 Yr. CAGR %	41.74	41.74	27.58	-0.21	7.57
Normalized Net Income, 3 Yr. CAGR %	48.28	28.36	1.09	-8.76	5.43
Diluted EPS Before Extra, 3 Yr. CAGR %	42.16	48.69	33.97	5.08	7.31
Accounts Receivable, 3 Yr. CAGR %	7.73	5.19	4.8	7.82	15.2
Inventory, 3 Yr. CAGR %	2.86	2.89	4.77	2.54	0.65
Net Property, Plant and Equip., 3 Yr. CAGR %	3.27	-0.71	1.53	0.08	0.41
Total Assets, 3 Yr. CAGR %	8.71	1.83	3.44	2.78	4.1
Tangible Book Value, 3 Yr. CAGR %	40.68	14.53	16.56	-5.86	-11.21
Common Equity, 3 Yr. CAGR %	-16.7	-15.41	-10.39	17.67	22.93
Cash From Operations, 3 Yr. CAGR %	19.8	12.19	-3.04	-14.86	-0.18
Capital Expenditures, 3 Yr. CAGR %	22.53	19.25	5.88	-13.51	-7.52
Levered Free Cash Flow, 3 Yr. CAGR %	17.49	21.95	-6.87	-2.68	23.74
Unlevered Free Cash Flow, 3 Yr. CAGR %	15.43	11.48	-3.73	-0.2	16.6
Dividend Per Share, 3 Yr. CAGR %	11.2	14.47	10.06	2.94	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.66	7.48	7.38	8.08	4.85
Gross Profit, 5 Yr. CAGR %	9.65	8.58	9.22	11.31	6.09
EBITDA, 5 Yr. CAGR %	11.83	9.28	10.71	8.72	4.27
EBITA, 5 Yr. CAGR %	13.27	10.77	12.79	10.33	5.03
EBIT, 5 Yr. CAGR %	13.44	10.81	13.08	10.04	4.5
Earnings From Cont. Operations, 5 Yr. CAGR %	11.11	2.16	23.47	17.79	26.2
Net Income, 5 Yr. CAGR %	11.11	2.16	23.47	17.79	26.2
Normalized Net Income, 5 Yr. CAGR %	15.96	11.35	17.68	14.65	8.6
Diluted EPS Before Extra, 5 Yr. CAGR %	10.08	4.7	27.71	21.29	29.57
Accounts Receivable, 5 Yr. CAGR %	4.75	3.41	6.64	8.25	9.38
Inventory, 5 Yr. CAGR %	3.63	3.15	4.34	2.53	1.35
Net Property, Plant and Equip., 5 Yr. CAGR %	4.09	3.6	3.09	-0.92	0.59
Total Assets, 5 Yr. CAGR %	5.9	5.3	6.69	2.52	3.27
Tangible Book Value, 5 Yr. CAGR %	20.37	22.72	22.17	3.77	3.39
Common Equity, 5 Yr. CAGR %	-6.14	-7.05	-4.82	-1.64	1.16
Cash From Operations, 5 Yr. CAGR %	10.98	6.17	9.06	3.77	-6.05
Capital Expenditures, 5 Yr. CAGR %	1.49	9.73	5.93	0.92	6.3
Levered Free Cash Flow, 5 Yr. CAGR %	12.65	0.17	4.14	32.24	-3.59
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.48	5.9	6.65	20.68	-3.31
Dividend Per Share, 5 Yr. CAGR %	22.42	14.87	8.45	8.45	5.92