Depreciation is an operating expense if the asset being depreciated is used in an organization's main operating activities. + A Step by Step Calculate the Sum of the Years Digits Depreciation. Once they do so, they report it in the income statement. In these cases, the assets contribute directly to the core activities of the underlying company. Operating income excludes taxes and interest expenses, which is why it's often referred to as EBIT. This amount shows the portion of the asset's cost used up during the accounting period. Amortization is the same practice as depreciation except that amortization is used for intangible assets such as a patent, while depreciation is used for tangible assets such as machinery. NOI is, arguably, the most foundational component of real estate valuation. ~ Strong 4Q sequential sales and profit increase ~~ 4Q sales at the high end of guidance, profit above guidance ~ ~ Strong cash management reduced net total debt by $123 million in 2020 ~ PLANO, Texas, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Integer Holdings Corporation (NYSE:ITGR), a leading medical device outsource manufacturer, today announced results for the three and twelve months ended . Repairs and maintenance are operating expenses, but improvements and additions are not - they are capital expenditures. Its useful in comparing companies within the same industry operating in the U.S. and abroad because the corporate tax structures differ by country. Tax These assets include resources used by companies in the long term. ATHENS, Greece, March 16, 2021 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (NYSE: "DLNG") ("Dynagas Partners" or the "Partnership"), an owner and operator of liquefied natural gas ("LNG") carriers, today announced its results for the three months and year ended December 31, 2020. In other words, there may not be a separate line item for depreciation and amortization. These may include items such as office equipment or building. Analyzing a company's OIBDA shows how well a company is generating revenue while managing its production and operating expenses. Interest and provision for income taxes are listed below operating income, meaning they are not reflected in operating income and can be excluded from the OIBDA calculation. Operating Income = Gross income - operating expenses. Therefore, depreciation should not be considered a cash component of operating expenses in the short term, but it should be considered one over a period long enough to encompass equipment replacement cycles. A Walmart's 2021 OIBDA of $33.70 billion was more than $2 billion higher than 2020. Article Sources & Citations. In the long-run depreciation equals capital expenditures. Hence, depreciation is an expense. Thus, depreciation is a non-cash component of operating expenses (as is also the case with amortization). This depreciation will be allocated to the goods produced and is considered part of a product's indirect costs. It posted losses from operations in 2018 and 2019 before turning a profit in 2020 due in great part to a surge in gross profit. Companies usually expense those assets out in the same period as they help generate revenues. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a companys overall financial performance. Operating expenses include selling, general and administrative expense (SG&A), depreciation, and amortization, and other operating expenses.Operating income excludes taxes and interest expenses, which is why it's often referred to as EBIT. If those parts do not apply to the underlying resource, they will not fall under assets. He is the sole author of all the materials on AccountingCoach.com. If one company doesn't have many fixed assets while the other does, the depreciation expenses and OIBDA for the two companies might be quite different. But, this approach also presents a dilemma. Since assets contribute to revenues across several periods, companies cannot charge them for a single period. However, operating income does not include interest on debt and tax expenses. MIAMI, Feb. 25, 2021 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (together with NCL Corporation Ltd., "Norwegian Cruise Line Holdings", "Norwegian" or the "Company") today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided a business update. Depreciation Expenses: Definition, Methods, and Examples, What Is the Residual Value of Fixed Assets and How to Calculate It, Top 5 Depreciation and Amortization Methods (Explanation and Examples), Fixed Assets (IAS 16): Definition, Recognition, Measurement, Depreciation, and Disclosure, Top 10 Auditing And Accounting Companies In Singapore (2022), Top 10 Auditing And Accounting Firms In Malaysia (2022), A Quick Guide To Government Home Loans 2022, Top 10 Auditing And Accounting Companies In Vietnam, Top 10 Auditing And Accounting Companies In Cambodia. Operating income before depreciation and amortization (OIBDA) is a measure of financial performance used by companies to show profitability in their core business activities. . What Are the Limitations of Operating Income. By charting the decrease in the value of an asset or assets, depreciation reduces the amount of taxes a company or business pays via tax deductions. Firstly, companies must only depreciate items that fall under the definition of an asset. Loan payments, depreciation and capital expenditures are not considered operating expenses. For example, let's look at a. Operating income differs from net income in that net income may include sources of income other than operations, such as interest income. Is operating income the same as net income? In a companys income statement, revenue represents the top line figure for the amount of money generated from the sale of goods and services. Earnings before interest and taxes (EBIT) is an indicator of a company's profitability and is calculated as revenue minus expenses, excluding taxes and interest. General Administrative expenses (3) $400,000. + Operating income differs from net income in that net income may include sources of income other than operations, such as interest income. The operating income is the gross profit or profit generated by the company minus operating expense which includes selling general and administrative expenses, amortization, depreciation of assets, rent, salary of employees, insurance, commission, postage expense, and supplies expense. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Join the Action Alerts Plus investing club today. Depreciation is a method to spread an asset's cost over several periods. Any amounts in this account decrease the carrying value of assets reported in the balance sheet. This table is a shortened version of Teslas 2020 income statement from its Form 10-K. All figures, except percentage changes, are in millions of dollars. EBITDA is a formula that measures a company's overall revenue before interest, depreciation, taxes and amortization. Nonetheless, depreciation is crucial to reducing an assets carrying value and spreading it. By analyzing a company's OIBDA, we can see how well a company generates revenue from sales while managing its production and operating expenses. In this case, the underlying resource is still a part of the business and operations. Amoritization This principle states that companies must match expenses to the revenues they help generate. Hence, there is no benchmark figure for the ATOI, and no "high" or "low" amount. But operating income is not the same as EBITDA, which excludes depreciation and amortization costs. It represents the profit generated from the operations of a company and is reported after revenue and any expenses associated with the operations of the business such as COGS and SG&A. - Grows Revenue 29%, System-wide Sales 28%, and System-wide Comp Sales 21%, Compared to Q1 2020 - - Reports Operating Income of $2.0 Million, Up 162% Compared to Q1 2020 -- Posts Adjusted EBITDA of $3.5 Million, Up 108% Compared to Q1 2020 - - Raises 2021 Revenue and Adjusted EBITDA Guidance - SCOTTSDALE, Ariz., May 06, 2021 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT), a national . (ii) Operating . OIBDA=OI+D+A+Tax+Interestwhere:OI=OperatingIncomeD=DepreciationA=Amoritization. Operating income includes the company's overhead and operating expenses as well as depreciation and amortization. Similarly, it may include various resources, as listed above. Operating income includes the company's overhead and operating expenses as well as depreciation and amortization. For EBITDA, continue up to include depreciation and amortization. Does operating income include depreciation? The Formula for Calculating EBITDA (With Examples). Net income does account for these expenses. . In other words, it applies to all resources that fall under the criteria set by IAS 16. Operating Income = Revenue Cost of Goods Sold Operating Expenses. An income statement is one of the three major financial statements that report a companys financial performance over a specific accounting period. * Operating Income for the year increased by $35.6 million, over 30% from prior year, despite weather that was 8% warmer than prior year, which led to a 3.5% decrease in volumes. This offer is not available to existing subscribers. For example, some relate to the production activities performed by a company. Accountants expense assets onto the income statement via . However, operating income does not include interest on debt and tax expenses. Depreciation is the process of accounting for the costs of wear and tear on an asset on a company's financial statements. So, depending on ones perspective, operating income looks at expenses tied to a companys normal operations. \begin{aligned}&\text{OIBDA}=\text{OI}\ +\ \text{D}\ +\ \text{A}\ +\ \text{Tax}\ +\ \text{Interest}\\&\textbf{where:}\\&\text{OI}=\text{Operating Income}\\&\text{D}=\text{Depreciation}\\&\text{A}=\text{Amoritization}\end{aligned} However, it will fall under the former. Operating income tells investors and company owners how much revenue will eventually become profit for a company. If the expenses are listed after operating income, they should be excluded from the OIBDA calculation. Before delving further into operating income, its necessary to understand operating expenses. Depreciation is an amount that reflects the loss in value of a company's fixed asset. Many companies report it as "operating income" and these are used interchangeably. The reason is that cash was expended during the acquisition of the underlying fixed asset; there is no further need to expend cash as part of the depreciation process, unless it is expended to upgrade the asset. The depreciation will appear under operating expenses if the resource relates to operating activities. Similarly, the matching principle in accounting may dictate the process. July 09, 2022 An operating expense is any expense incurred as part of normal business operations. An asset includes a resource that companies own or control. A company's depreciation expense reduces the amount of earnings on which taxes are based, thus reducing the amount of taxes owed. Timothy Li is a consultant, accountant, and finance manager with an MBA from USC and over 15 years of corporate finance experience. These are assets that companies dont own or control. Operating income also serves in measuring the performance of executive management on how they are handling expenses associated with the companys normal operations. To calculate EBITDA, non-cash items like depreciation, taxes, and capital structure are stripped from the equation. We can see that Walmart is increasing its income from its core business operations since OIBDA in 2021 was much better than 2020 and also beat 2019's OIBDA. For example, they can use straight-line, declining balance, or other depreciation methods. Tax payments and interest expenses are excluded. As a result, the company must pay an interest expense each accounting period, which represents the interest rate applied to the debt by the lender. IAS 16 requires companies to use depreciation to expense out an asset. When calculating OIBDA, depreciation and amortization are added back into operating income since they are typically subtracted from gross profit to arrive at operating income. Bottom Line. The following are answers to some of the most common questions investors ask about operating income. Its separation from operating income ensures that the calculation only reflects the income earned from core operations. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. In other words, operating expenses include all types of cost, which is required to be incurred in running the day to day operations of the business. It is a measure of EVN AG operating cash flow based on data from the EVN AG income statement and is a very good way to compare companies within industries or across different sectors. As a result, these two expenses would not normally be included in the OIBDA calculation. EBITDA and operating income are both useful . Several assets fall under the depreciation process. Operating profit represents income from a company's normal business activities before deducting interest expenses and taxes. Key Learning Points What does operating profit include? However, unlike Operating Cash Flow, EBITDA does not include the effects of changes in . It provides an overview of the cash transactions in the business. Apple EBITDA is currently at 133.14 B. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. = Capital Expenditures Operating an investment property can be expensive, and yes, there will be years when more capital is required for maintenance. However, IAS 16 presents a solution to this issue. Operating income = Net Income Earnings + Interest Expense + taxes The company's operating income (also known as income from operations) is the sum of total revenue and operating expenses. The cash flow statement is created from both the balance sheet and the income statement. OI These items directly relate to daily decisions that managers make. For instance, depreciation on machinery and factory will fall under the cost of sales. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Depreciation represents the periodic, scheduled conversion of a fixed asset into an expense as the asset is used during normal business operations. Essentially, this expense comes from the depreciation method used to depreciate an asset. Net income does account for these expenses. Accounting standards allow companies to estimate the charge for each category based on percentage. where: By subtracting cost of sales from revenue, gross profit, or gross margin, is calculated. The OIBDA calculation begins with operating income, while EBITDA begins with net income, which represents the profit for the accounting period. The operating revenue doesn't include income from extraordinary activities. However, some companies report interest and tax expenses higher on the income statement and are reflected in operating income and, therefore, must be added back into operating income to arrive at OIBDA. Depreciation is also crucial in matching expenses to revenues under the matching concept. Depreciation can be an operating expense or classified as the cost of sales. However, operating income does not include items such as other income, non-operating income, and non-operating expenses. These resources may be a part of different areas for operations. Net Operating Income (NOI) vs. Earnings Before Interest and Taxes (EBIT): An Overview. However, unlike Operating Cash Flow, EBITDA does not include the effects of changes in . Similarly, that life must be longer than a year. Operating income = Gross Profit Less Operating Expenses Less Depreciation Less Amortization OR 3. An alternative way to calculate EBIT is to add interest and tax payments, working upwards on the income statements starting with net income. Similarly, companies cant depreciate them. EBIT is a company's operating profit without interest expense and taxes. Operating expenses include selling, general and administrative expense (SG&A), depreciation, and amortization, and other operating expenses. For the company, the process results in a cost or expense. Another item listed as operating expense is depreciation and amortization, which are bundled together and those estimate the costs related to the devaluation of the companys assets, such as machinery, office equipment, furniture, buildings, copyrights, trademarks, and patents. Companies use various methods to calculate this amount, as stated above. Many companies that purchase fixed assets, such as a building, must borrow the money to finance the purchase. EBIT is an acronym used interchangeably with operating income because it represents a companys earnings before interest costs and tax payments are deducted. On the other hand, depreciation also refers to the accumulated amount for different assets. Operating income also typically does not include expenses for depreciation or amortization of long-term assets such as buildings, machinery or land. Depreciation Does EBIT include depreciation? After-tax operating income = (Gross revenue - Operating expenses - Depreciation) - Taxes After-tax operating income = ($3 million - $1 million - $0.3 million) - $0.2 million After-tax operating income = $0.5 million Conclusion Operating income includes a company's profits after deducting its operating expenses from its gross profits. An operating expense is any expense incurred as part of normal business operations. For publicly traded companies, the income statement is part of the quarterly and annual reports filed with the Securities and Exchange Commission. Operating income is the amount of money that remains after operating expenses and cost of goods sold have been deducted from revenue. Based on the above information, the OIBDA of Smith Company can be computed as follows: OIBDA = $394,000 + $188,000. Since NOI only looks at real, annual expenses that come out of cash earned each year, depreciation is also not included in the calculation. D Some companies list their operating income as operating profit or operating earnings. Similarly, these resources must result in an inflow of economic benefits in the future. However, this cost differs from others in the income statement. "While 2020 has been without a doubt the most challenging year in . Operating income can be used in metrics such as profitability ratios, where operating income is measured against another benchmark like sales. Operating income is a company's profit after deducting operating expenses such as wages, depreciation, and cost of goods sold. EBITDA = Net Income + Interest + Taxes + Depreciation + Amortization So, depending on one's perspective, operating income looks at expenses tied to a company's normal operations. It focuses on revenue, expenses, gains, and losses. However, it excludes resources such as those falling under operating leases. What Does OIBDA Mean? When companies purchase an asset such as a piece of machinery, it can be quite expensive. Also, like EBITDA, operating income does not take into consideration expenses for interest and taxes. Operating income before depreciation and amortization (OIBDA) attempts to show how much income a company is earning for its core business. This account is called accumulated depreciation. Unlike EBITDA, OIBDA does not incorporate non-operating income or one-time charges. When reporting depreciation, companies must differentiate between those assets. Operating margin is the percentage of each dollar of income that a company gets to keep after it subtracts out its operating expenses and some fixed expenses, such as depreciation. What is NOI (Net Operating Income)? Operating Margin vs. EBITDA: What's the Difference? = Depreciation turns an assets cost into expense over several periods. 2022 TheStreet, Inc. All rights reserved. However, they may not understand if they can apply this process to a specific asset. EL DORADO, Ark., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced selected preliminary . Operating income includes the company's overhead and operating expenses as well as depreciation and amortization. The after tax operating income is subjective because since it is a non-GAAP measure and what is included and excluded in it differs by each company and industry. Operating income is important because it is an indirect measure of efficiency. United States Securities and Exchange Commission, Form 10K, Walmart Inc. Operating income before depreciation and amortization (OIBDA) shows a company's profitability in its core business activities. Operating profit is before financing and government costs. From this perspective, there is (eventually) a relationship between cash outflow and the amount of depreciation recognized as operating expense. Operating income includes operating expenses for running the company in addition to COGS. EL DORADO, Ark., Jan. 20, 2021 (GLOBE NEWSWIRE) -- Murphy USA Inc. (NYSE: MUSA), a leading marketer of retail motor fuel products and convenience merchandise, today announced selected preliminary financial items for the three and twelve months ended December 31, 2020. When calculating cash flow, companies must add non-cash expenses, such as D&A, to net income to arrive at the cash flow for the period. Error: You have unsubscribed from this list. Impairment of Assets - What Is It and What Causes of Impairment? Its a measure of how a companys executive management is handling its expenses and achieving profitability. The gross profit margin is the percentage of revenue that exceeds the cost of goods sold (COGS). OperatingIncome On top of that, it also conforms to the matching principle in accounting. It doesn't take interest, taxes, capital expenditures, depreciation, or amortization expenses into account. EBITDA and operating income are both useful . Thus, as an example, if you collected $100,000 net income from the property and you had $30,000 worth of depreciation against the building, the investor would end up paying a tax on $70,000 instead of $100,000 that year. Operating income is the income that a company earns from its core business. OIBDA excludes the effects of capital spending on fixed assets, such as equipment. Depreciation also represents how much of an assets value a company has used since its acquisition. Companies can also spread the cost of intangible assets across various periods. Operating income measures the amount of income that a company generates through its operations and uses the following formula: Operating income = net sales - cost of goods sold - operating expenses. Depreciation is a method to spread an assets cost over several periods. * Retail customer growth of 3% over prior year. Unable to negotiate lower rates on large debts, interest expenses can be a burden. Operating expenses include the costs of running and maintaining the building, including insurance premiums, legal fees, utilities, property taxes, repair costs, and janitorial fees. = Depreciation only applies to tangible fixed assets. From the EBIT viewpoint, its net income plus interest expenses and tax payments. EVN AG EBITDA is currently at 875.9 M. EBITDA stands for earnings before interest, taxes, depreciation, and amortization. Companies use different methods to determine annual depreciation expense, which reduces an asset's value on the balance sheet and is recorded as an expense on the income statement. D In the period in which a product is sold, its cost (including its share of depreciation) will be reported as part of the. Consequently, they can divide the depreciation for those assets based on estimation. If a business has a large fixed asset investment, this means that the non-cash depreciation portion of its operating expenses can greatly overstate the amount of month-to-month cash outflow actually being caused by company operations. Essentially, companies must use depreciation for all items classified as property, plant, or equipment. The court ruled that depreciation should not have been deducted from the claim recovery. OIBDA also excludes the interest expense or cost of debt and tax expenses. As demand for electric vehicles picked up in 2020, Teslas revenues rose, but the company kept its expenses in check. A company's operating profit is its total earnings from its core business functions for a given period, excluding the deduction of interest and taxes.It also excludes any profits earned from ancillary investments, such as earnings from other businesses that a company has a part interest in. In accountancy, depreciation is a term that refers to two aspects of the same concept: first, the actual decrease of fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wear, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are used (depreciation with the matching principle). It is typically found as a line item after Operating Expenses and before Other Income (Expenses) on a companys income statement. Regulatory agencies, such as the Securities and Exchange Commission (SEC), mandate that companies report their financial performance in a standardized format to help investors and creditors compare companies more effectively. The consent submitted will only be used for data processing originating from this website. Are Depreciation and Amortization Included in Gross Profit? Usually, companies acquire these assets to help support their operations. Yes, depreciation is an operating expense. One-time items ultimately add or deduct from a company's profit or earnings but are not included in OIBDA. Similarly, the accounting for depreciation also reflects this classification. While the courts may treat depreciation differently for temporary purposes than it does for permanent support, it should consider many factors on a case by case basis. Depreciation is a non-operating expense if the asset being depreciated is used in a peripheral or incidental activity of an organization. Depreciation and amortization are listed under Cash Flow from Operating Activities totaling $11.152 billion for 2021. Operating income measures a companys efficiency and performance and is the profit after operating expenses have been subtracted from gross profit. On the other hand, it also decreases its carrying value on the balance sheet. It is a measure of Apple operating cash flow based on data from the Apple Inc income statement and is a very good way to compare companies within industries or across different sectors. For some assets, such as land, depreciation may not apply. OIBDA is a non-GAAP financial measure, meaning it's not a regulatory requirement when companies report their financial statements. "United States Securities and Exchange Commission, Form 10K, Walmart Inc.," Pages 54, 58. That means that each year the asset is used it loses value. This process requires spreading the depreciable amount for the asset over its useful life. The difference depends on the underlying asset and its usage within operations. Instead of reporting the total cost of the asset in the year that it was purchased, companies are allowed to spread the cost of that asset each year over the estimated useful life of the asset. Since the asset is part of normal business operations, depreciation is considered an operating expense. Depreciation involves spreading an assets cost over the periods it helps generate revenues. Will Kenton is an expert on the economy and investing laws and regulations. Usually, companies can choose between various approaches to the process. These include white papers, government data, original reporting, and interviews with industry experts. Although the loss of income claim could have been made under the BI provision or the RVI provision, the court applied the contract rule that if both a general provision and a specific provision apply, the specific provision should be used. = Executive management at startups or companies that just went public would use profit on an EBIT or EBITDA basis to deflect net losses posted on their quarterly or annual income statements because they can argue that the company is profitable before tax and interest expensesboth of which can be significantare added. An expense incurred as a part of any regular business operations is considered an operating expense. . By adding up the non-operating income to the operating income, the company's earnings before taxes can be calculated. However, 2021's OIBDA was approximately $1 billion higher than 2019. David has helped thousands of clients improve their accounting and financial systems, create budgets, and minimize their taxes. Examples of depreciation being reported as part of the operating expenses on the income statement include: To learn more, see the Related Topics listed below: Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Companies that expense an asset out will include this amount in a contra asset account. But both will come out at the same amount of profit in the income statement. OIBDA excludes the. Operating income before depreciation and amortization (OIBDA) is a measure of financial performance used by companies to show profitability in their core business activities. How Does Operating Income Relate to EBIT or EBITDA? However, some people may still confuse between the two. This definition includes various parts. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page. The definition for expenses set by the contextual framework also covers depreciation. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School for Social Research and Doctor of Philosophy in English literature from NYU. Definition: Operating income before depreciation & amortization (OIBDA) is a non-GAAP financial metric of a firm's operating efficiency that calculates a firm's income in a given period without taking into account its tax structure and capital spending. B Since the net value added gets distributed as income to the owners of factors of production, GDP is the sum of domestic factor incomes and fixed capital consumption (or depreciation).Thus GDP at Factor Cost = Net value added + Depreciation.GDP at factor cost includes:(i) Compensation of employees i.e., wages, salaries, etc. Another way of looking at the situation is to assume that all fixed assets must eventually be replaced, in which case depreciation is simply masking a large, infrequent cash outflow to pay for a replacement asset. Operating Income A company's income from the goods and services it provides, less its operating expenses and depreciation. The first is the depreciation expense charged to the income statement. IAS 16 Property, Plant, and Equipment cover the accounting treatment for fixed assets. The rate of change for cost of revenues and operating expenses were below that of revenue. OIBDA = $582,000. Operating income is the result of subtracting operating expenses from gross profit. Separating those assets is crucial for companies to report an accurate amount. Operating profit margin, or operating margin, measures operating profit to sales. Operating income = Net Earnings + Interest Expense + Taxes Sample Calculation While gross profit shows how much profit a company earns from its production line, operating income is more inclusive. * Gross Profit for the fourth fiscal quarter increased by $13.5 million, or 10%. Locate operating income on the income statement. More particularly, they question if depreciation is a part of operating expenses. Alternatively, companies can use a percentage to depreciate their resources. The investor uses depreciation to offset taxes paid each year on the income produced from the property. The cost of the asset can be used to reduce a company's taxable income. + David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning. 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