Core Insights - Coty's international operations are crucial for assessing its financial strength and growth potential, especially given its global presence [1][2] - The company's reliance on foreign markets presents both opportunities and challenges, impacting its revenue stability and growth trajectory [3][9] Revenue Performance - For the quarter ending December 2024, Coty's total revenue was $1.67 billion, a decline of 3.3% year over year [4] - EMEA region generated $839.8 million, accounting for 50.29% of total revenue, slightly below the expected $842.22 million [5] - Asia Pacific contributed $191.5 million, representing 11.47% of total revenue, also falling short of the consensus estimate of $202.55 million [6] Future Revenue Predictions - Analysts predict Coty's total revenue for the current fiscal quarter to be $1.32 billion, reflecting a 4.9% decline from the previous year [7] - For the entire year, total revenue is forecasted at $5.98 billion, a reduction of 2.2% from the previous year, with EMEA expected to contribute 48% and Asia Pacific 12.1% [8] Stock Market Performance - Coty's stock has declined by 21.9% over the past month, contrasting with a 4.7% increase in the S&P 500 [13] - Over the past three months, Coty's shares decreased by 23.8%, while the S&P 500 rose by 3.1% [13]

Core Insights - Coty Inc. reported weaker-than-expected earnings for its second quarter, with earnings of 11 cents per share, missing the analyst consensus estimate of 21 cents per share, and quarterly sales of $1.67 billion, below the expected $1.72 billion [1][2] Company Performance - CEO Sue Nabi indicated that FY25 is expected to be pivotal for Coty, noting that the global beauty market continues to grow, albeit at a moderated pace compared to previous years. Fragrances, which account for over 60% of Coty's revenues, are outperforming other beauty categories [2] - Following the earnings announcement, Coty's shares fell by 5.5%, trading at $5.79 [2] Analyst Reactions - Analysts adjusted their price targets for Coty after the earnings report, with Morgan Stanley lowering its target from $9 to $7, Canaccord Genuity from $10 to $8, Evercore ISI Group from $15 to $10, and Goldman Sachs from $9 to $8 [3][4]

Core Viewpoint - Stifel analyst Mark S. Astrachan reiterated a Hold rating on Coty Inc and lowered the price forecast from $8.50 to $8 due to disappointing second-quarter results and a lowered guidance for the fiscal year [1] Financial Performance - Coty's second-quarter FY25 results showed a 1% year-over-year decline in net revenue on a like-for-like (LFL) basis, with the Consumer Beauty segment experiencing a 4% LFL drop, while the Prestige segment grew by 1% LFL [1][2] - The adjusted EBITDA for the quarter reached $391 million, surpassing the consensus estimate of $386 million, marking a 7% year-over-year increase [2] - The adjusted gross margin stood at 66.8%, reflecting a 170 basis point increase from the previous year, driven by supply chain savings and pricing adjustments [3] Segment Analysis - The Consumer Beauty segment, representing around 33% of Coty's sales, faced challenges in mass cosmetics and body care, although mass fragrances saw growth [2] - The Prestige segment, accounting for roughly 67% of Coty's sales, was supported by growth in prestige fragrances, but this was partially offset by declines in prestige cosmetics [2] Guidance and Market Outlook - Coty lowered its F2025 guidance, projecting a 1% – 2% decline in organic sales for the second half of the fiscal year, compared to consensus growth expectations of around 3% – 4% [3] - The company attributed its outlook to foreign exchange impacts and slowing growth in several categories, particularly U.S. mass cosmetics [4] - The company noted that sell-out continued to outpace its sales, indicating that retailers are still working through inventory reductions, which may affect future performance [4] Analyst Expectations - Analysts expect a 5% reduction in consensus adjusted EBITDA estimates, with Coty's stock anticipated to drop less than the expected revisions due to already anticipated weakness in the beauty sector [5] - J.P. Morgan analyst Andrea Teixeira reiterated a Neutral rating, noting that Coty's second-quarter adjusted EPS of $0.22 matched forecasts and was slightly above Bloomberg's consensus estimate of $0.21 [6] - The company warned of a "broadly similar market environment" entering FY26, with key variances from projections including a higher gross margin and lower taxes, partially offset by disappointing sales results [7]

Core Insights - Coty Inc. reported weak second-quarter fiscal 2025 results, with both revenue and earnings declining year over year and missing consensus estimates [1][4][3] - Despite challenges in certain markets, consumer spending on beauty remains strong, particularly in fragrances, which is a key growth area for Coty [2][5] Financial Performance - Adjusted earnings were 11 cents per share, missing the Zacks Consensus Estimate of 22 cents, and down from 25 cents per share in the prior year [3] - Net revenues totaled $1,669.9 million, a 3% decline year over year, and missed the consensus estimate of $1,715 million [4] - Adjusted operating income increased to $333.7 million, an 8% rise from the previous year, with an adjusted operating margin of 20%, up 210 basis points [9] Segment Performance - Prestige segment revenues were $1,116.1 million, a 1% drop, impacted by foreign exchange and divestiture challenges, but adjusted operating income rose to $260 million [10][11] - Consumer Beauty segment revenues fell to $553.8 million, an 8% decline, with lower sales in color cosmetics and body care, though mass fragrance showed growth [15] - The global mass beauty market growth slowed to low-single-digit levels, with Coty's mass color cosmetics business underperforming [16] Regional Insights - Americas segment revenues were $638.6 million, a 7% decline, primarily due to sluggish color cosmetics sales [18] - EMEA segment revenues increased by 2% to $839.8 million, driven by growth in several European markets [19] - Asia Pacific segment revenues declined by 11% to $191.5 million, affected by market pressures in China and inventory reductions [20] Future Outlook - Management expects LFL sales trends for the second half of fiscal 2025 to remain consistent with the reported quarter, projecting a decline of 1% to 2% [24] - Coty anticipates adjusted EBITDA margin expansion of 70-90 basis points in the second half of fiscal 2025, with adjusted EBITDA expected to increase in the low single digits [27] - The company projects fiscal 2025 adjusted EPS growth of mid- to high single digits, despite a nearly 4% negative impact from prior year tax benefits [28]

Financial Data and Key Metrics Changes - The company reported a gross margin expansion of approximately 200 basis points, reaching close to 67% by the end of Q2 [36] - The EBITDA margin is expected to grow by 70 to 90 basis points in fiscal '25, targeting a close to 19% EBITDA margin by the end of the fiscal year [41][122] Business Line Data and Key Metrics Changes - The Prestige business was impacted by challenges in China, Travel Retail Asia, and Australia, contributing to a decline of roughly 3 points in sales [12][31] - The Consumer Beauty segment faced challenges in the U.S., also impacting sales by approximately 3 points [12] Market Data and Key Metrics Changes - The company noted that the Asian Travel Retail market is lagging behind other regions, with the Americas and Europe performing significantly better [61] - The Prestige Fragrance category continues to grow in the high single digits, while the Color Cosmetics category is facing more significant challenges [60][62] Company Strategy and Development Direction - The company aims to return to growth in fiscal '26 through major product launches and expanding distribution of key brands [30][31] - There is a focus on innovation in the Color Cosmetics category to create higher entry barriers and attract consumers back to the market [48][49] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about stabilization in retailer inventory levels, which have been affected by overreactions to past supply chain issues [26][27] - The company is committed to outperforming the beauty market despite current macroeconomic challenges and uncertainties [90][92] Other Important Information - The company is evaluating its portfolio for long-term opportunities and return on investment, particularly in the Consumer Beauty segment [111][112] - The gross margin reached a record level of 68% during the quarter, indicating strong financial health [122] Q&A Session Summary Question: Concerns about retailer replenishment and market conditions in China - Management acknowledged challenges in China and other regions, noting that these areas represent about 20% of the business and are impacting sales [11][12] Question: Structural and competitive challenges in U.S. color cosmetics - Management highlighted the need for a balance between heritage and new brands to revitalize the color cosmetics market [20][21] Question: Expectations for sales growth in fiscal '26 - Management anticipates improvement in sales growth driven by new product launches and stabilization in retailer inventory levels [26][30] Question: Margin outlook and cost structure - Management confirmed a healthy P&L with gross margin expansion and a focus on maintaining discipline in cost management [36][41] Question: Performance of Prestige Fragrances compared to other categories - Management noted that the uniqueness of Prestige Fragrances contributes to their resilience in the market [44][45] Question: Travel Retail performance outside Asia - Management confirmed a strategic shift of resources from Asia to the U.S. and European markets to capitalize on growth opportunities [60] Question: Pricing strategy in light of inflation - Management indicated that pricing increases will be more moderate moving forward, focusing on maintaining volume growth [74][75] Question: Inventory levels at wholesalers and retailers - Management acknowledged ongoing adjustments in inventory levels and the competitive landscape affecting sell-in and sell-out dynamics [81][82] Question: Long-term growth algorithm and business strategy - Management emphasized the importance of outperforming the market and highlighted several growth drivers, including expanding fragrance offerings and online sales [90][94]

Financial Data and Key Metrics Changes - The company reported a gross margin expansion of close to 200 basis points, reaching approximately 67% by the end of Q2 [36] - The EBITDA margin is expected to grow by 70 to 90 basis points in fiscal '25, aiming for a close to 19% EBITDA margin by the end of the fiscal year [41][122] Business Line Data and Key Metrics Changes - The Prestige business is impacted by challenges in China, Travel Retail Asia, and Australia, contributing to a decline of roughly 3 points in sales [12][31] - The Consumer Beauty segment is facing challenges in the U.S., also contributing to a 3-point impact on sales [12] Market Data and Key Metrics Changes - Retailers are exhibiting cautious inventory management, leading to a gap between sell-out and sell-in, particularly in the Prestige and Fragrance categories [14][68] - The U.S. market is showing strong sell-out growth, with some weeks reaching 50% to 60% growth prior to the holiday season [60] Company Strategy and Development Direction - The company plans to launch two major blockbuster products in fiscal '26 to drive organic sales growth [28] - There is a focus on expanding distribution for key brands in the Prestige division, particularly in the U.S. and emerging markets [30][97] - The company is shifting resources from Asia to the U.S. and European markets to capitalize on growth opportunities [60] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the current sales trend is unsatisfactory but remains optimistic about the long-term growth potential of the beauty category, particularly in Fragrances [121] - The company is committed to outperforming the beauty market despite macroeconomic uncertainties and regional challenges [92] Other Important Information - The company is evaluating its portfolio for long-term opportunities and return on investment, considering potential divestitures or M&A to enhance exposure to faster-moving categories [111] - The gross margin reached a record level of approximately 70%, indicating strong operational performance [122] Q&A Session Summary Question: Thoughts on retailer replenishment and issues in China - Management noted that 20% of the business is facing challenges, particularly in China and Travel Retail, with cautious inventory management from retailers impacting sales [11][14] Question: Structural and competitive challenges in U.S. color cosmetics - Management highlighted that the U.S. color cosmetics market is facing structural challenges, with a need for both heritage and new brands to drive growth [20][21] Question: Sales growth expectations for fiscal '26 - Management expects improvement in sales growth in fiscal '26, driven by retailer inventory normalization and significant product launches [26][31] Question: Margin outlook and cost structure - Management confirmed a healthy P&L with gross margin expansion and a focus on maintaining discipline in cost management while supporting brand initiatives [36][40] Question: Performance of Prestige Fragrances - Management indicated that Prestige Fragrances are holding up better due to their unique offerings and higher entry barriers compared to other categories [44][45] Question: Travel Retail performance outside Asia - Management acknowledged that Travel Retail in Asia is lagging, but the Americas and Europe are performing well, with a strategic shift in resources to capitalize on these markets [60][62] Question: Retail channel shifts and online competition - Management confirmed that e-commerce, particularly through platforms like Amazon, is growing rapidly for both Consumer Beauty and Prestige brands [70][71] Question: Pricing strategy amid FX impacts - Management plans to implement moderate price increases in the low single digits while monitoring market elasticity [74][75] Question: Inventory levels and sell-in versus sell-out - Management noted ongoing adjustments in inventory levels at wholesalers and retailers, with positive sell-in for Fragrances expected to continue [81][82]

Core Insights - Coty reported revenue of $1.67 billion for the quarter ended December 2024, a decrease of 3.3% year-over-year, with EPS at $0.11 compared to $0.25 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $1.72 billion by 2.65%, and the EPS was 50% lower than the consensus estimate of $0.22 [1] Financial Performance - Coty's shares returned +1.4% over the past month, while the Zacks S&P 500 composite increased by +2.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Geographic Revenue Breakdown - Americas: Revenue of $638.60 million, down 7.2% year-over-year, below the average estimate of $684.46 million [4] - Asia Pacific: Revenue of $191.50 million, a decline of 10.5% year-over-year, compared to the average estimate of $202.55 million [4] - EMEA: Revenue of $839.80 million, slightly up by 1.7% year-over-year, close to the estimated $842.22 million [4] Segment Revenue Analysis - Prestige: Net revenues of $1.12 billion, down 0.6% year-over-year, slightly below the average estimate of $1.13 billion [4] - Consumer Beauty: Net revenues of $553.80 million, down 8.5% year-over-year, below the average estimate of $591.15 million [4] - Adjusted Operating Income (Loss) for Prestige was $260 million, exceeding the estimate of $246.65 million [4] - Adjusted Operating Income (Loss) for Consumer Beauty was $73.70 million, below the estimate of $77.42 million [4]

Core Insights - Coty reported quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.22 per share, and down from $0.25 per share a year ago, representing an earnings surprise of -50% [1] - The company posted revenues of $1.67 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 2.65%, and down from $1.73 billion year-over-year [2] - Coty shares have underperformed the market, losing about 2.9% since the beginning of the year compared to the S&P 500's gain of 2.5% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.08 on revenues of $1.4 billion, and for the current fiscal year, it is $0.51 on revenues of $6.18 billion [7] - The estimate revisions trend for Coty is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Cosmetics industry, to which Coty belongs, is currently in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - European Wax Center, Inc., another company in the same industry, is expected to report quarterly earnings of $0.05 per share, reflecting a year-over-year change of -50% [9]

Financial Performance - Coty Inc. reported financial results for the fiscal year ended June 30, 2024, with a focus on strategic transformation and revenue growth initiatives [172]. - Net revenues for the three months ended December 31, 2024, decreased by 3%, or $57.7 million, to $1,669.9 million from $1,727.6 million in the same period of 2023 [203]. - Prestige segment net revenues decreased by 1%, or $6.5 million, to $1,116.1 million, while Consumer Beauty segment net revenues decreased by 8%, or $51.2 million, to $553.8 million [206][208]. - The overall decrease in net revenues was attributed to a 3% decline in unit volume and a negative foreign currency exchange impact of 2%, partially offset by a positive price and mix impact of 2% [203]. - Net income for the three months ended December 31, 2024, was $30.6 million, a decrease of 84% compared to $186.0 million in the same period of 2023 [224]. - Net income attributable to Coty Inc. for the three months ended December 31, 2024, decreased by 87% to $23.7 million from $180.9 million in the same period of 2023 [242]. - Net revenues for the six months ended December 31, 2024, decreased by 1% to $3,341.4 million from $3,369.0 million in the same period of 2023 [244]. - The net income for the six months ended December 31, 2024, was $121.3 million, a decrease of 38% compared to $196.2 million in 2023 [262]. Revenue Growth and Market Trends - The company aims to stabilize consumer beauty brands through innovation and improve execution, targeting a significant expansion in prestige fragrance and cosmetics markets [175]. - The fragrance category experienced mid-single digit percentage net revenue growth in the first half of fiscal 2025, driven by high-single digit percentage growth in the overall fragrance market [189]. - Net revenues from Prestige fragrances increased by a mid-single digit percentage in the first half of fiscal 2025, reflecting a deceleration in growth compared to the prior year [189]. - Net revenues in the Asia Pacific region declined by high-single digit percentage in the first half of fiscal 2025, impacted by challenging economic conditions in China [189]. - The Americas region saw a mid-single digit percentage decline in net revenues during the first half of fiscal 2025, driven by softness in the color cosmetics market in the United States [189]. - The skincare portfolio contributed a low single digit percentage of the first half fiscal 2025 net revenue, with ongoing expansion efforts [187]. Cost Management and Efficiency - The company is implementing cost efficiency and restructuring initiatives to improve gross margin and reduce debt levels [175]. - The annual gross margin is anticipated to remain in the mid-sixties, allowing for funding of new product initiatives and advertising investments [190]. - The company is re-accelerating cost reduction efforts to deliver savings above approximately $120 million in anticipation of a more uncertain demand backdrop [190]. - Cost of sales decreased by 8%, or $47.8 million, to $555.7 million, resulting in a gross margin increase of approximately 160 basis points [211]. - Selling, general and administrative expenses decreased by 4%, or $36.1 million, to $797.3 million, with expenses as a percentage of net revenues decreasing to 47.7% [212]. Strategic Initiatives and Future Outlook - Coty plans to enhance its skincare portfolio and digital capabilities, with a particular emphasis on direct-to-consumer channels and growth in China [175]. - Future product launches and rebranding efforts are anticipated, particularly in skincare and prestige cosmetics, with associated costs and marketing strategies being closely monitored [176]. - Coty is facing challenges related to global supply chain disruptions and inflationary pressures, which may impact pricing strategies and consumer demand [176]. - The company is committed to sustainability initiatives and aims to establish itself as an industry leader in this area, addressing climate change concerns through innovative practices [176]. - Coty emphasizes the importance of adapting to changing consumer preferences and market trends to maintain competitive positioning in the beauty industry [175]. Capital Allocation and Financial Strategy - Coty is evaluating its capital allocation strategy, including potential changes to dividend policies and stock repurchase plans [176]. - The Board of Directors suspended the payment of dividends on Common Stock until a Net debt to Adjusted EBITDA target of 2x is approached [301]. - Dividends on Convertible Series B Preferred Stock are expected to be paid in cash on a quarterly basis, subject to Board declaration [302]. - The company is focused on deleveraging its balance sheet and improving the maturity mix of its debt through refinancing and repayment initiatives [289]. Tax and Interest Expenses - The effective income tax rate rose to 45.9% in Q4 2024 from 27.7% in Q4 2023, influenced by losses on forward repurchase contracts and fair value losses related to investments [234]. - Net interest expense decreased to $54.4 million in Q4 2024 from $60.1 million in Q4 2023, attributed to lower debt balances and interest rates [230]. - Net interest expense decreased to $116.2 million in the six months ended December 31, 2024, from $129.9 million in 2023 due to lower debt balances and interest rates [270]. Other Financial Metrics - Adjusted operating income for the total company was $333.7 million for the three months ended December 31, 2024, compared to $309.3 million in the same period of 2023 [222]. - Adjusted operating income increased by 8% to $333.7 million in Q4 2024 from $309.3 million in Q4 2023, with an adjusted operating margin of 20.0% [224]. - Adjusted EBITDA rose by 7% to $390.7 million in Q4 2024, compared to $366.4 million in Q4 2023, with an adjusted EBITDA margin of 23.4% [224]. - The adjusted EBITDA for the six months ended December 31, 2024, increased by 3% to $750.8 million from $726.7 million in 2023 [262].

Financial Performance - In 1H25, Coty's reported net revenue decreased by 1% year-over-year, impacted by a 2% negative effect from foreign exchange (FX) and a 1% headwind from the divestiture of the Lacoste license[2]. - The reported operating income for 1H25 was $506.0 million, reflecting a 17% increase year-over-year, with an operating margin of 15.1%[8]. - Coty's reported net income for 1H25 was $100.0 million, down from $175.9 million in the prior year, resulting in a net income margin of 3.0%[9]. - Year-to-date net revenues decreased by 1% to $3,341.4 million, with a 6% decline in Consumer Beauty net revenue[35]. - Year-to-date reported operating income increased by 17% to $506.0 million, reflecting a 15.1% operating margin[35]. - Year-to-date adjusted EBITDA is projected to grow in the low single digits to $1,115-1,125 million, with a 70-90 basis points margin expansion target[28]. - FY25 adjusted EPS is expected to be between $0.50-0.52, indicating mid-to-high single digit percentage growth[29]. - Year-to-date reported EPS of $0.11 declined from $0.20 in the prior year, primarily due to a negative impact from the equity swap mark-to-market of $0.15[38]. - Year-to-date adjusted operating income of $637.3 million increased by 4% from $611.5 million in the prior year, with an adjusted operating margin of 19.1%, up 90 basis points year-over-year[38]. - Year-to-date adjusted EBITDA of $750.8 million increased 3% from $726.7 million in the prior year, with an adjusted EBITDA margin of 22.5%, up 90 basis points[38]. Revenue Trends - In Q2, Coty's reported net revenue declined by 3% on a reported basis, with a 2% headwind from FX, while LFL revenue decreased by 1%[2]. - The Americas region saw a reported net revenue decline of 7% in Q2, impacted by softness in the color cosmetics market and lower body care revenue in Brazil[5]. - Prestige net revenue of $2,230.2 million in 1H25 grew 2% on a reported basis, driven by Europe, the Middle East, and Latin America[40]. - Consumer Beauty net revenue of $1,111.2 million in 1H25 declined 6% on a reported basis, including a 4% negative impact from FX[42]. - EMEA net revenue of $1,627.6 million in 1H25 increased 4% on a reported basis, supported by broad-based mid-single-digit growth across most European markets[46]. Cost and Margin Analysis - Coty's gross margin expanded to 66.1% in 1H25, an increase of 180 basis points year-over-year, driven by supply chain savings and strong pricing discipline[7]. - Q2 adjusted gross margin expanded by 170 basis points year-on-year, reaching 66.8%[18]. - The company experienced a significant decrease in net income margin, dropping to 1.8% for the three months ended December 31, 2024, compared to 10.8% in the same period of the previous year[86]. - Gross profit margin improved to 66.7% for the three months ended December 31, 2024, compared to 65.1% in the prior year[75]. Cash Flow and Debt Management - Coty generated free cash flow of $419.0 million in Q2, with total debt at the end of the quarter amounting to $3,459.0 million[11]. - The company plans to purchase up to $300 million of its outstanding Senior Secured Notes to reduce total outstanding public debt as part of its deleveraging strategy[49]. - Total debt of $3,459.0 million on December 31, 2024, decreased from $4,002.2 million on September 30, 2024, resulting in a total debt to net income ratio of 100.3x[38]. - Free cash flow for the six months ended December 31, 2024, was $411.1 million, compared to $487.0 million in 2023, indicating a decrease of 16%[96]. - Cash and cash equivalents decreased to $249.6 million as of December 31, 2024, down from $300.8 million as of June 30, 2024[106]. Strategic Initiatives - Coty signed a new beauty license with Swarovski to develop and distribute fragrances, with the first offering expected to launch in 2026[14]. - The company is focused on implementing a multi-year strategic transformation agenda aimed at revenue growth, cost control, and gross margin improvement[52]. - The company anticipates ongoing expansion into prestige cosmetics and building a comprehensive skincare portfolio[52]. - The company aims to enhance its digital and direct-to-consumer capabilities, particularly in growth engine markets like China[52]. - The company is committed to sustainability initiatives and aims to establish itself as an industry leader in this area[52]. Market Challenges - The company is facing challenges related to global supply chain disruptions and inflationary pressures, impacting its operational performance[54]. - The company is evaluating the impact of geopolitical risks, including the war in Ukraine and conflicts in the Middle East, on its business operations[54]. - The company is experiencing increased competition and shifts in consumer preferences, necessitating agile responses to market trends[53]. Non-GAAP Measures and Financial Definitions - The Company presents adjusted operating income, adjusted EBITDA, and adjusted net income, which exclude restructuring costs, amortization, and acquisition-related expenses, providing a clearer view of core operating performance[62]. - Adjusted EBITDA margin for the Company is calculated by dividing adjusted EBITDA by net revenues, reflecting the operational efficiency[63]. - The Company defines free cash flow as net cash provided by operating activities less capital expenditures, highlighting cash available for strategic measures[67]. - Financial Net Debt is defined as total debt less cash and cash equivalents, while Economic Net Debt further excludes the value of the Wella Stake[67]. - The Company operates globally, with most net revenues generated outside the U.S., and presents results in constant currency to assess underlying business performance[67].