Bragg Gaming Group Inc. (BRAG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when BRAG posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
Bragg Gaming Group Inc. (BRAG) stock price & volume — 10-year historical chart
Bragg Gaming Group Inc. (BRAG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Bragg Gaming Group Inc. (BRAG) competitors in iGaming and Emerging Tech (Blockchain, IoT) — business model, growth, and fundamentals comparison
Bragg Gaming Group Inc. (BRAG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Bragg Gaming Group Inc. (BRAG) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Mar'17 | Mar'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 3.97M | 6.78M | 26.59M | 71.14M | 58.32M | 84.73M | 93.52M | 102M | 103.64M | 123.49M |
Revenue Growth % | 350.3% | 70.8% | 292.01% | 167.53% | -18.02% | 45.29% | 10.37% | 9.07% | 1.61% | 19.09% |
Cost of Goods Sold | 1.98M | 3.63M | 14.56M | 44.6M | 30M | 39.65M | 43.58M | 47.96M | 65.63M | 67.46M |
COGS % of Revenue | 49.94% | 53.49% | 54.76% | 62.7% | 51.44% | 46.8% | 46.6% | 47.02% | 63.32% | - |
Gross Profit | 1.99M▲ 0% | 3.16M▲ 58.7% | 12.03M▲ 281.3% | 26.54M▲ 120.6% | 28.32M▲ 6.7% | 45.08M▲ 59.2% | 49.94M▲ 10.8% | 54.05M▲ 8.2% | 38.01M▼ 29.7% | 56.03M▲ 0% |
Gross Margin % | 50.06% | 46.51% | 45.24% | 37.3% | 48.56% | 53.2% | 53.4% | 52.98% | 36.68% | 45.38% |
Gross Profit Growth % | 125.43% | 58.69% | 281.29% | 120.59% | 6.72% | 59.18% | 10.77% | 8.22% | -29.66% | - |
Operating Expenses | 3.4M | 8.96M | 20.11M | 27.19M | 34.67M | 45.91M | 50.72M | 57.59M | 42.58M | 61.17M |
OpEx % of Revenue | 85.62% | 132.05% | 75.63% | 38.22% | 59.44% | 54.18% | 54.23% | 56.46% | 41.09% | - |
Selling, General & Admin | 3.36M | 8.6M | 11.71M | 27.19M | 26.32M | 34.1M | 35.67M | 38.15M | 25.38M | 40.65M |
SG&A % of Revenue | 84.65% | 126.74% | 44.03% | 38.22% | 45.12% | 40.25% | 38.15% | 37.4% | 24.48% | - |
Research & Development | 0 | 0 | -1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | - | -4.6% | - | - | - | - | - | - | - |
Other Operating Expenses | 0 | 0 | 9.62M | 0 | 8.35M | 11.81M | 15.04M | 19.44M | 17.21M | 3.74M |
Operating Income | -1.41M▲ 0% | -13.05M▼ 824.0% | -8.08M▲ 38.1% | -654.38K▲ 91.9% | -6.35M▼ 869.8% | -828K▲ 87.0% | -777K▲ 6.2% | -3.54M▼ 356.0% | -4.57M▼ 29.0% | -5.13M▲ 0% |
Operating Margin % | -35.56% | -192.36% | -30.39% | -0.92% | -10.88% | -0.98% | -0.83% | -3.47% | -4.41% | -4.16% |
Operating Income Growth % | -203.11% | -823.99% | 38.07% | 91.9% | -869.77% | 86.95% | 6.16% | -355.98% | -28.98% | - |
EBITDA | -1.37M | -12.69M | -6M | 3.75M | -1.55M | 7.63M | 12.29M | 13.35M | 14.41M | 17.07M |
EBITDA Margin % | -34.59% | -187.05% | -22.57% | 5.27% | -2.66% | 9% | 13.14% | 13.09% | 13.9% | 13.82% |
EBITDA Growth % | 53.2% | -823.6% | 52.7% | 162.46% | -141.32% | 592.32% | 61.16% | 8.63% | 7.93% | 23.82% |
D&A (Non-Cash Add-back) | 38.45K | 360.69K | 2.08M | 4.4M | 4.8M | 8.45M | 13.07M | 16.89M | 18.98M | 22.2M |
EBIT | -1.42M | -13.78M | -8.08M | -19.81M | -6.44M | -941K | -709K | -3.95M | -4.57M | -4.81M |
Net Interest Income | -232.52K | -159.2K | -1.75M | -1.38M | -184K | -972K | -2.22M | -2.75M | -952.64K | -1.03M |
Interest Income | 0 | -1 | 4K | 6K | 61K | 13K | 1K | 0 | 31.27K | 30.49K |
Interest Expense | 232.52K | 159.2K | 1.76M | 1.39M | 245K | 985K | 2.22M | 2.75M | 983.91K | 1.06M |
Other Income/Expense | -261.4K | -8.14M | -1.75M | -19.7M | -340K | -1.1M | -2.15M | -3.16M | -1.67M | -859.31K |
Pretax Income | -1.67M▲ 0% | -13.94M▼ 732.8% | -9.84M▲ 29.4% | -20.35M▼ 106.9% | -6.69M▲ 67.1% | -1.93M▲ 71.2% | -2.93M▼ 51.9% | -6.7M▼ 129.0% | -6.24M▲ 6.8% | -5.99M▲ 0% |
Pretax Margin % | -42.14% | -205.47% | -36.98% | -28.61% | -11.46% | -2.27% | -3.13% | -6.57% | -6.02% | -4.85% |
Income Tax | 253.71K | -7.12M | 541K | 1.83M | 826K | 1.56M | 910K | -1.55M | 1.69M | 1.5M |
Effective Tax Rate % | -15.16% | 51.08% | -5.5% | -9.01% | -12.35% | -80.89% | -31.1% | 23.18% | -27% | -25.07% |
Net Income | -1.67M▲ 0% | -13.91M▼ 730.9% | -11.95M▲ 14.1% | -22.53M▼ 88.6% | -7.51M▲ 66.7% | -3.48M▲ 53.6% | -3.84M▼ 10.1% | -5.15M▼ 34.2% | -7.93M▼ 54.0% | -7.5M▲ 0% |
Net Margin % | -42.14% | -204.99% | -44.93% | -31.67% | -12.88% | -4.11% | -4.1% | -5.05% | -7.65% | -6.07% |
Net Income Growth % | - | -730.86% | 14.08% | -88.59% | 66.66% | 53.62% | -10.1% | -34.18% | -54.05% | -27.44% |
Net Income (Continuing) | -1.67M | -13.94M | -10.38M | -22.18M | -7.51M | -3.48M | -3.84M | -5.15M | -7.93M | -7.5M |
Discontinued Operations | 0 | 0 | -1.57M | -346.35K | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EPS (Diluted) | -1.23▲ 0% | -5.08▼ 313.0% | -1.64▲ 67.7% | -1.70▼ 3.7% | -0.39▲ 77.1% | -0.16▲ 59.0% | -0.17▼ 6.3% | -0.21▼ 23.5% | -0.32▼ 52.4% | -0.29▲ 0% |
EPS Growth % | 84.43% | -313.01% | 67.72% | -3.66% | 77.06% | 58.97% | -6.25% | -23.53% | -52.38% | -19.21% |
EPS (Basic) | -1.23 | -5.08 | -1.64 | -1.70 | -0.39 | -0.16 | -0.17 | -0.21 | -0.32 | - |
Diluted Shares Outstanding | 1.36M | 2.74M | 7.3M | 8.59M | 19.5M | 21.4M | 22.6M | 24.3M | 25.3M | 25.6M |
Basic Shares Outstanding | 1.36M | 2.74M | 7.3M | 8.59M | 19.5M | 21.4M | 22.6M | 24.3M | 25.3M | 25.6M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Bragg Gaming Group Inc. (BRAG) balance sheet — assets, liabilities & shareholders' equity
| Metric | Mar'17 | Mar'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 1.19M | 3.43M | 8.34M | 36.81M | 26.96M | 29.74M | 29.09M | 33.16M | 31.6M | 25.6M |
Cash & Short-Term Investments | 249.34K | 1.86M | 682K | 26.1M | 16.01M | 11.29M | 8.8M | 10.47M | 6.64M | 3.43M |
Cash Only | 249.34K | 1.86M | 682K | 26.1M | 16.01M | 11.29M | 8.8M | 10.47M | 6.64M | 3.43M |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 879.93K | 1.28M | 6.18M | 10.45M | 8.51M | 16.63M | 18.64M | 20.07M | 21.07M | 19.57M |
Days Sales Outstanding | 80.87 | 68.85 | 84.83 | 53.59 | 53.26 | 71.63 | 72.75 | 71.83 | 74.2 | 76.87 |
Inventory | 0 | 0 | 0 | 249K | 0 | 1.7M | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | 0 | - | - | 2.04 | - | 15.6 | - | - | - | - |
Other Current Assets | 59.54K | 0 | 1.14M | 14K | 20K | 128K | 372K | 1.13M | 3.9M | 2.61M |
Total Non-Current Assets | 20.16K | 6.95M | 35.54M | 35.28M | 56.43M | 74.65M | 74.28M | 73.43M | 67.49M | 67.35M |
Property, Plant & Equipment | 20.16K | 84.68K | 1.01M | 980K | 831K | 1.24M | 3.87M | 4.85M | 5.16M | 4.79M |
Fixed Asset Turnover | 197.05x | 80.10x | 26.43x | 72.59x | 70.18x | 68.56x | 24.15x | 21.03x | 20.09x | 21.36x |
Goodwill | 0 | 5.15M | 19.94M | 19.94M | 24.73M | 31.66M | 31.92M | 32.72M | 31.13M | 31.59M |
Intangible Assets | 0 | 1.72M | 14.56M | 14.28M | 30.84M | 41.7M | 38.13M | 35.86M | 30.34M | 30.12M |
Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 457.84K | 2.18M |
Other Non-Current Assets | 0 | 0 | 38K | 87K | 28K | 47K | 348K | 0 | 403.98K | 406.71K |
Total Assets | 1.21M▲ 0% | 10.39M▲ 759.2% | 43.88M▲ 322.4% | 72.09M▲ 64.3% | 83.39M▲ 15.7% | 104.39M▲ 25.2% | 103.37M▼ 1.0% | 106.59M▲ 3.1% | 99.1M▼ 7.0% | 92.95M▲ 0% |
Asset Turnover | 3.29x | 0.65x | 0.61x | 0.99x | 0.70x | 0.81x | 0.90x | 0.96x | 1.05x | 1.09x |
Asset Growth % | -42.9% | 759.19% | 322.44% | 64.3% | 15.67% | 25.18% | -0.98% | 3.12% | -7.03% | 30.21% |
Total Current Liabilities | 3.33M | 1.31M | 20.8M | 30.04M | 15.32M | 24.31M | 27.9M | 29.11M | 32.61M | 27.1M |
Accounts Payable | 1.91M | 1.31M | 5.15M | 6.41M | 1.46M | 4.33M | 7.5M | 3.24M | 9.12M | 8.89M |
Days Payables Outstanding | 351.55 | 131.37 | 128.99 | 52.42 | 17.81 | 39.83 | 62.85 | 24.63 | 50.75 | 55.68 |
Short-Term Debt | 1.42M | 0 | 185K | 0 | 0 | 109K | 0 | 6.58M | 4.87M | 4.21M |
Deferred Revenue (Current) | 0 | 0 | 0 | 102K | 27K | 746K | 0 | 0 | 0 | 0 |
Other Current Liabilities | -709.2K | 0 | 10.8M | 11.52M | 0 | 2.5M | 4.43M | 1.24M | 16.8M | 14.05M |
Current Ratio | 0.36x | 2.63x | 0.40x | 1.23x | 1.76x | 1.22x | 1.04x | 1.14x | 0.97x | 0.94x |
Quick Ratio | 0.36x | 2.63x | 0.40x | 1.22x | 1.76x | 1.15x | 1.04x | 1.14x | 0.97x | 0.94x |
Cash Conversion Cycle | -270.68 | - | - | 3.21 | - | 47.4 | - | - | - | 21.2 |
Total Non-Current Liabilities | 0 | 0 | 16.46M | 2.15M | 1.88M | 10.55M | 5.2M | 3.98M | 3.94M | 3.59M |
Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 6.65M | 0 | 0 | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 674K | 593K | 451K | 344K | 2.57M | 2.81M | 2.72M | 12.24M |
Deferred Tax Liabilities | 0 | 0 | 1.54M | 1.42M | 1.24M | 1.2M | 852K | 680K | 507.71K | 2.43M |
Other Non-Current Liabilities | 0 | 0 | 14.25M | 147K | 184K | 233K | 1.78M | 487K | 717.18K | 698.94K |
Total Liabilities | 3.33M | 1.31M | 37.26M | 32.2M | 17.2M | 34.85M | 33.12M | 33.1M | 36.55M | 30.68M |
Total Debt | 1.42M | 0 | 1.04M | 726K | 600K | 7.39M | 3.28M | 10.28M | 7.58M | 6.63M |
Net Debt | 1.17M | -1.86M | 362K | -25.38M | -15.41M | -3.89M | -5.52M | -191K | 943.61K | 3.2M |
Debt / Equity | - | - | 0.16x | 0.02x | 0.01x | 0.11x | 0.05x | 0.14x | 0.12x | 0.11x |
Debt / EBITDA | - | - | - | 0.19x | - | 0.97x | 0.27x | 0.77x | 0.53x | 0.39x |
Net Debt / EBITDA | - | - | - | -6.77x | - | -0.51x | -0.45x | -0.01x | 0.07x | 0.19x |
Interest Coverage | -6.11x | -86.55x | -4.59x | -14.25x | -26.29x | -0.96x | -0.32x | -1.43x | -4.64x | -4.52x |
Total Equity | -2.12M▲ 0% | 9.08M▲ 527.7% | 6.62M▼ 27.1% | 39.9M▲ 503.0% | 66.19M▲ 65.9% | 69.53M▲ 5.0% | 69.95M▲ 0.6% | 73.5M▲ 5.1% | 62.54M▼ 14.9% | 62.27M▲ 0% |
Equity Growth % | -318.08% | 527.73% | -27.15% | 503.04% | 65.91% | 5.04% | 0.59% | 5.08% | -14.91% | 10.29% |
Book Value per Share | -1.57 | 3.31 | 0.91 | 4.64 | 3.39 | 3.25 | 3.09 | 3.02 | 2.47 | 2.43 |
Total Shareholders' Equity | -2.12M | 9.08M | 6.62M | 39.9M | 66.19M | 69.53M | 69.95M | 73.5M | 62.54M | 62.27M |
Common Stock | 5.85M | 23.16M | 40.2M | 62.3M | 100.28M | 109.9M | 120.02M | 131.73M | 133.61M | 134.55M |
Retained Earnings | -8.68M | -21.42M | -46.66M | -61.23M | -68.74M | -72.23M | -76.06M | -81.21M | -89.23M | -91.03M |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | 28.31K | 93.39K | -212K | -150K | 2.48M | 4.09M | 2.92M | 5.3M | 542.62K | 848.57K |
Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Bragg Gaming Group Inc. (BRAG) cash flow — operating, investing & free cash flow history
| Metric | Mar'17 | Mar'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | -1.23M | -4.11M | -98K | 6.73M | 115K | 5.75M | 11.74M | 11.16M | 16.58M | 19.76M |
Operating CF Margin % | -30.99% | -60.62% | -0.37% | 9.46% | 0.2% | 6.79% | 12.55% | 10.94% | 16% | - |
Operating CF Growth % | 54.42% | -234.07% | 97.62% | 6966.33% | -98.29% | 4902.61% | 104.05% | -4.92% | 48.6% | 659.64% |
Net Income | -1.67M | -13.94M | -10.38M | -14.48M | -7.51M | -3.48M | -3.84M | -5.15M | -7.93M | -7.5M |
Depreciation & Amortization | 38.45K | 360.69K | 2.08M | 2.87M | 4.8M | 8.45M | 13.07M | 16.89M | 18.98M | 22.2M |
Stock-Based Compensation | 23.8K | 2.64M | 1.65M | 2.96M | 4.67M | 3.77M | 2.06M | 809K | 0 | 743K |
Deferred Taxes | 0 | 7.27M | -112K | -125K | -172K | 1.56M | 910K | -1.55M | -166.1K | 240.38K |
Other Non-Cash Items | 41.39K | 7.77M | 7.1M | 10.64M | 331K | -902K | -2K | 4M | 2.55M | 380.67K |
Working Capital Changes | 339.09K | -943.28K | -438K | 4.85M | -2M | -3.65M | -455K | -3.84M | 3.15M | 3.7M |
Change in Receivables | -373.35K | -440.21K | -2.92M | -4.04M | 2.25M | -7.74M | -2.01M | -1.43M | -1.01M | 4.49M |
Change in Inventory | 0 | 0 | 0 | 4.04M | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 724.16K | -532.3K | 2.43M | 8.11M | -2.7M | 4.31M | 2.3M | -1.9M | 5.3M | -8.88M |
Cash from Investing | -8.88K | 1.24M | -2.3M | -2.78M | -23.88M | -16.87M | -9.72M | -13.17M | -15.35M | -18.89M |
Capital Expenditures | -8.88K | -446.18K | -1.68M | -2.51M | -123K | -544K | -332K | -1.06M | -14.51M | -11.73M |
CapEx % of Revenue | 0.22% | 6.58% | 6.3% | 3.53% | 0.21% | 0.64% | 0.36% | 1.04% | 14% | 9.5% |
Acquisitions | 0 | 1.69M | -639K | -268K | -20.85M | -9.04M | 0 | 0 | 0 | -300K |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 0 | -369.27K | 16K | -527K | -2.91M | -7.29M | -9.39M | -12.11M | -390.83K | -6.92M |
Cash from Financing | 1.23M | 4.43M | -521K | 22.26M | 12.41M | 6.9M | -4.17M | 3.61M | -3.83M | -5.12M |
Debt Issued (Net) | 1.23M | -222.9K | -484K | -212K | -171K | 7.2M | -4.4M | 4.37M | -2.62M | -3.6M |
Equity Issued (Net) | 0 | 4.47M | 0 | 12.13M | 1.31M | 0 | 0 | 0 | 48.85K | 743 |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Financing | 0 | 176.98K | -37K | 10.35M | 11.27M | -307K | 231K | -752K | -1.26M | -1.53M |
Net Change in Cash | 23.93K▲ 0% | 1.64M▲ 6754.9% | -4.8M▼ 392.5% | 25.42M▲ 629.8% | -10.1M▼ 139.7% | -4.72M▲ 53.3% | -2.49M▲ 47.2% | 1.67M▲ 167.1% | -2.58M▼ 254.1% | -5.31M▲ 0% |
Free Cash Flow | -1.24M▲ 0% | -4.56M▼ 267.7% | -1.77M▲ 61.1% | 4.22M▲ 338.0% | -3.15M▼ 174.7% | -2.17M▲ 31.2% | 2.02M▲ 193.0% | -2M▼ 199.5% | 16.23M▲ 909.4% | 12.75M▲ 0% |
FCF Margin % | -31.22% | -67.2% | -6.67% | 5.93% | -5.4% | -2.56% | 2.16% | -1.97% | 15.66% | 10.32% |
FCF Growth % | 54.43% | -267.66% | 61.1% | 338.01% | -174.67% | 31.2% | 192.99% | -199.45% | 909.43% | 136.2% |
FCF per Share | -0.91 | -1.66 | -0.24 | 0.49 | -0.16 | -0.10 | 0.09 | -0.08 | 0.64 | 0.50 |
FCF Conversion (FCF/Net Income) | 0.74x | 0.30x | 0.01x | -0.30x | -0.02x | -1.65x | -3.06x | -2.17x | -2.09x | -1.70x |
Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Bragg Gaming Group Inc. (BRAG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | - | -399.69% | -152.22% | -96.88% | -14.16% | -5.13% | -5.5% | -7.18% | -11.66% | -10.2% |
Return on Invested Capital (ROIC) | -993.86% | -311.96% | -85.35% | -4.57% | -14.58% | -1.07% | -0.9% | -3.86% | -5.01% | -5.07% |
Gross Margin | 50.06% | 46.51% | 45.24% | 37.3% | 48.56% | 53.2% | 53.4% | 52.98% | 36.68% | 45.38% |
Net Margin | -42.14% | -204.99% | -44.93% | -31.67% | -12.88% | -4.11% | -4.1% | -5.05% | -7.65% | -6.07% |
Debt / Equity | - | - | 0.16x | 0.02x | 0.01x | 0.11x | 0.05x | 0.14x | 0.12x | 0.11x |
Interest Coverage | -6.11x | -86.55x | -4.59x | -14.25x | -26.29x | -0.96x | -0.32x | -1.43x | -4.64x | -4.52x |
FCF Conversion | 0.74x | 0.30x | 0.01x | -0.30x | -0.02x | -1.65x | -3.06x | -2.17x | -2.09x | -1.70x |
Revenue Growth | 350.3% | 70.8% | 292.01% | 167.53% | -18.02% | 45.29% | 10.37% | 9.07% | 1.61% | 19.09% |
Bragg Gaming Group Inc. (BRAG) stock FAQ — growth, dividends, profitability & financials explained
Bragg Gaming Group Inc. (BRAG) reported $123.5M in revenue for fiscal year 2025. This represents a 27021569% increase from $0.0M in 2004.
Bragg Gaming Group Inc. (BRAG) grew revenue by 1.6% over the past year. Growth has been modest.
Bragg Gaming Group Inc. (BRAG) reported a net loss of $7.5M for fiscal year 2025.
Bragg Gaming Group Inc. (BRAG) has a return on equity (ROE) of -11.7%. Negative ROE indicates the company is unprofitable.
Bragg Gaming Group Inc. (BRAG) generated $12.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.