Core Viewpoint - Value investing remains a preferred strategy for identifying strong stocks across various market conditions, utilizing established valuation metrics to assess potential investments [2][3]. Company Summary - NCS Multistage (NCSM) is currently rated with a Zacks Rank 1 (Strong Buy) and holds an A grade for Value, indicating strong potential for value investors [4]. - The stock is trading at a P/E ratio of 8.07, significantly lower than the industry average of 14.28, suggesting it may be undervalued [4]. - NCSM has a P/B ratio of 0.72, compared to the industry average of 1.89, further indicating its potential undervaluation [5]. - The P/S ratio for NCSM stands at 0.54, which is lower than the industry average of 0.74, reinforcing the notion of the stock being undervalued [6]. - The P/CF ratio for NCSM is 5.21, which is attractive compared to the industry average of 6.61, highlighting the strength of its cash flow outlook [7]. - Overall, the metrics suggest that NCS Multistage is likely undervalued, making it an appealing option for value investors at this time [8].

Summary of NCS Multistage (NCSM) Conference Call - August 21, 2025 Company Overview - NCS Multistage is an oilfield-focused technology company serving the oilfield services and equipment market, selling directly to major oil and natural gas producers such as Chevron, Conoco, and BP [2][4] - The company competes with larger established firms like Schlumberger and Halliburton, focusing on areas where it can achieve leadership and attractive margins [2] Business Model and Financials - NCS operates with a capital-light business model, outsourcing manufacturing to minimize capital investment and convert EBITDA into free cash flow [3][4] - The company reported a market capitalization and enterprise value just below $85 million, with trailing twelve-month EBITDA of $26 million and free cash flow of $10 million, indicating a low trading multiple and robust free cash flow yield [4] - Revenue grew by 14% or $20 million in 2024, with expectations for continued growth in 2025 despite a challenging market environment [8] Strategic Focus - NCS has three core business strategies: 1. Build on leading market positions, particularly in fracturing systems and Canadian completions [6] 2. Capitalize on offshore and international opportunities, as these markets are growing faster than North America [6] 3. Commercialize innovative solutions to complex customer challenges, enhancing customer value [7] Acquisition of ResMetrix - The strategic acquisition of ResMetrix, a provider of tracer diagnostics technologies, was announced in July 2025 [9][10] - ResMetrix has trailing twelve-month unaudited revenue of over $10 million and an EBITDA margin exceeding 30% [13] - The acquisition aims to create a leading global tracer diagnostics business, enhancing NCS's service offerings and expanding its geographic footprint, particularly in the Middle East [12][10] - NCS plans to integrate ResMetrix carefully, focusing on optimizing chemical usage and realizing economies of scale [12] Market Position and Future Outlook - NCS believes that as the North American exploration and production business matures, oilfield service providers will need to engage in strategic combinations to remain competitive [14] - The company is positioned well for organic growth and complementary acquisitions, with a strong balance sheet and approximately $25 million in cash available for strategic transactions [16] - NCS aims to continue delivering revenue, gross profit, and EBITDA growth with strong incremental margins, focusing on innovative technology for technically demanding applications [15][14] Conclusion - NCS Multistage presents a compelling investment opportunity with a solid growth track record and a focus on expanding its presence in growth markets for unconventional resource development [14]

Summary of NCS Multistage Holdings Conference Call Company Overview - NCS Multistage Holdings is a technology-focused oilfield services and equipment company, selling directly to oil and natural gas producers such as Chevron, Conoco, and BP [4][5] - Competes with larger companies like Schlumberger and Halliburton, focusing on areas where it can achieve leadership and attractive margins [5] - Operates a capital-light business model, outsourcing manufacturing to minimize capital investment and generate free cash flow [6] Financial Highlights - Recent market capitalization and enterprise value are just below $90 million, with trailing twelve-month EBITDA of $26 million and free cash flow of $10 million [7] - Revenue grew by 14% or $20 million in 2024, with expectations for continued growth in 2025 despite a challenging market [23] - Gross margin approximately 40%, with an improvement of 200 basis points in 2024 compared to 2023 [24] - Free cash flow generation expected to be between $7 million and $11 million for the year [49] Product Lines - **Fracturing Systems**: Represents about 60% of revenue, helping customers maximize resource recovery [8][10] - **Repeat Precision**: Second-largest product line, expanding its offerings to capture additional market share [11][12] - **Tracer Diagnostics**: Acquired in 2017, provides cost-effective services to improve well designs and field development strategies [13][14] - **Well Construction**: Focuses on technologies that assist in drilling longer laterals, enhancing economic returns [15][16] Strategic Initiatives - Three core business strategies introduced in late 2022: 1. Build on leading market positions in fracturing systems and tracer diagnostics [17] 2. Capitalize on offshore and international opportunities, with international revenue doubling from 5% to 10% of total revenue [20] 3. Commercialize innovative solutions to complex customer challenges [19][21] - Recent acquisition of ResMetrix enhances tracer diagnostics capabilities and expands market presence in the Middle East [28][30] Market Dynamics - North American market for unconventional development is maturing, with customers focusing on value over volume [40] - International markets, particularly in the North Sea and Middle East, are seen as growth opportunities [41][42] - Tracer diagnostics is a discretionary service, but its use is expected to grow as operators seek to optimize production profiles [44][46] Cash Management and Future Outlook - The company maintains a strong balance sheet with approximately $25 million in cash and $17 million available through a revolving credit facility [35] - Limited capital expenditure (CapEx) of about 1-2% of revenue, allowing for operational leverage and free cash flow generation [52][54] - The management is open to strategic acquisitions but also considers stock buybacks if suitable opportunities do not arise [56][59] Conclusion - NCS Multistage Holdings presents a compelling investment opportunity with a strong growth track record, innovative technology, and a capital-light business model that supports free cash flow generation [33][34]

Core Viewpoint - The article emphasizes the importance of identifying and sustaining stock price trends for successful short-term investing, highlighting the need for strong fundamentals and positive earnings revisions to maintain momentum [1][2]. Group 1: Stock Performance - NCS Multistage (NCSM) has shown a solid price increase of 12.6% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has also increased by 10.6% over the last four weeks, suggesting that the upward trend is still intact [5]. - NCSM is currently trading at 81.4% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - NCSM holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. Group 3: Investment Strategy - The article suggests that investors can utilize the "Recent Price Strength" screen to identify stocks like NCSM that are on an upward trend supported by strong fundamentals [3][8]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find stocks that align with their investment strategies [8].

Company Overview - NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services for optimizing oil and natural gas well construction, completions, and field development strategies [4] - The company primarily serves exploration and production companies for onshore and offshore wells, especially those drilled with horizontal laterals in both unconventional and conventional formations [4] - NCS's products and services are utilized across North America and selected international markets, including the North Sea, Middle East, Argentina, and China [4] - The company's common stock is traded on the Nasdaq Capital Market under the symbol "NCSM" [4] Upcoming Investor Conferences - Ryan Hummer, the CEO of NCS, is scheduled to present at the EnerCom Denver Conference on August 19, 2025, at 8:30 a.m. Mountain Time [1] - NCS will participate in the Sidoti Investor Conference with a virtual presentation on August 21, 2025, at 9:00 a.m. Central Time, along with virtual one-on-one meetings with investors [2] - The company will also present at the Emerging Growth Conference on August 21, 2025, at 3:40 p.m. Central Time, with registration required for attendance [3] - Webcasts of the presentations will be available on the company's website for approximately 90 days following the events [3]

Group 1 - Advantage Energy (AAVVF) is currently performing well in the Oils-Energy sector, with a year-to-date return of 15%, significantly outperforming the sector average of 2.6% [4] - The Zacks Rank for Advantage Energy is 2 (Buy), indicating positive analyst sentiment and an improving earnings outlook, with a 1.6% increase in the consensus estimate for full-year earnings over the past 90 days [3] - Advantage Energy is part of the Alternative Energy - Other industry, which has seen an average gain of 35.4% this year, indicating that AAVVF is slightly underperforming its industry [5] Group 2 - NCS Multistage (NCSM) is another stock in the Oils-Energy sector that has outperformed, with a year-to-date return of 19.6% and a Zacks Rank of 1 (Strong Buy) [4][5] - The Oil and Gas - Field Services industry, to which NCS Multistage belongs, is currently ranked 227 and has declined by 9.8% year to date, contrasting with the performance of Advantage Energy [6] - Investors should continue to monitor both Advantage Energy and NCS Multistage for potential investment opportunities in the Oils-Energy sector [6]

Core Insights - NCS Multistage Holdings, Inc. (NCSM) reported total revenues of $36.5 million in Q2 2025, reflecting a 22.8% year-over-year increase, driven by strong fracturing systems activity and frac plug sales in the U.S. and Canada [1][5] - The company experienced a 52% sequential revenue decline in Canada due to spring break-up, while international revenues decreased year-over-year but increased 67.2% sequentially, supported by higher equipment sales in the North Sea [1][5] - U.S. revenues rose 45% sequentially as previously delayed projects resumed, with adjusted gross margins at 35.7%, down from 40.3% in Q2 2024 [1][5] Financial Performance - Adjusted EBITDA improved to $2.2 million, and earnings per share (EPS) was reported at $0.34, which includes a $1.4 million tax benefit [5] - The acquisition of ResMetrics was completed in Q2 2025, expected to contribute $4-5 million in revenue and $1-1.5 million in EBITDA for FY25 [5] Future Outlook - The company anticipates modest revenue and margin growth through FY25, supported by resilience in core product lines and contributions from the recent acquisition of ResMetrics [1]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $158.0 million, while total liabilities decreased and total equity rose as of June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $110,970 | $105,570 | | **Total Assets** | **$157,977** | **$152,812** | | **Total Current Liabilities** | $23,806 | $25,419 | | **Total Liabilities** | **$33,998** | **$36,703** | | **Total Equity** | **$123,979** | **$116,109** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net income of $0.9 million in Q2 2025, a significant turnaround driven by a 22.8% revenue increase Q2 and H1 2025 vs 2024 Statement of Operations (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $36,454 | $29,690 | $86,459 | $73,548 | | **Income (Loss) from Operations** | $(2,030) | $(4,150) | $2,259 | $(1,649) | | **Net Income (Loss) Attributable to NCS** | $924 | $(3,095) | $4,980 | $(1,025) | | **Diluted EPS** | $0.34 | $(1.21) | $1.84 | $(0.41) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased to $1.9 million for H1 2025, with overall cash and equivalents decreasing by $0.5 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,876 | $4,099 | | **Net cash used in investing activities** | $(474) | $(393) | | **Net cash used in financing activities** | $(2,240) | $(1,669) | | **Net change in cash and cash equivalents** | $(508) | $1,894 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail financial aspects including Canada's market growth, ABL facility, ongoing patent litigation, a deferred tax benefit, and a subsequent acquisition - Canada is the company's largest market, with revenues growing **27.4% to $55.7 million** for the six months ended June 30, 2025, compared to the prior year period[27](index=27&type=chunk) - The company has an undrawn ABL Facility with an available borrowing base of **$17.2 million** as of June 30, 2025. Total debt of **$7.7 million** consists solely of finance leases[42](index=42&type=chunk)[45](index=45&type=chunk) - The company is involved in ongoing patent litigation. An appeal in a Canadian case against Kobold was heard in April 2025, with a decision expected by late 2025 or early 2026. Favorable U.S. verdicts against Nine Energy and TCO are also under appeal[56](index=56&type=chunk)[58](index=58&type=chunk) - A deferred income tax benefit of **$1.4 million** was recorded during the period due to the reversal of a valuation allowance against its Canadian subsidiary's deferred tax assets[66](index=66&type=chunk) - On July 31, 2025, the company acquired Reservoir Metrics, LLC for **$5.9 million** in cash and assumed debt, plus a potential earn-out[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, Q2 2025 revenue growth, market outlook, key risks, and the company's sufficient liquidity position [Overview and Outlook](index=19&type=section&id=Overview%20and%20Outlook) NCS provides oil and gas well optimization products, with a 2025 outlook of stable Canadian activity, U.S. decline, and international growth, facing commodity and tariff risks - The company acquired Reservoir Metrics, LLC on July 31, 2025, to expand and complement its existing tracer diagnostics offerings[74](index=74&type=chunk) - Management's 2025 outlook anticipates: (i) stable or slightly decreased activity in Canada, (ii) continued decline in the U.S. market, and (iii) potential activity increases in international markets where NCS participates[76](index=76&type=chunk) - The company faces risks from competitive pressures, cost inflation, and trade tariffs on steel and chemicals from China, which could negatively impact costs and margins[78](index=78&type=chunk)[79](index=79&type=chunk) [Market Conditions](index=20&type=section&id=Market%20Conditions) Q2 2025 saw volatile commodity prices and declining U.S. and Canadian rig counts, reflecting seasonal market conditions Average Quarterly Commodity Prices | Quarter Ended | WTI Crude (per Bbl) | Henry Hub Natural Gas (per MMBtu) | | :--- | :--- | :--- | | 3/31/2025 | $71.78 | $4.14 | | 6/30/2025 | $64.57 | $3.19 | Average Quarterly Drilling Rig Count | Quarter Ended | U.S. Land | Canada Land | | :--- | :--- | :--- | | 6/30/2024 | 583 | 134 | | 3/31/2025 | 574 | 214 | | 6/30/2025 | 559 | 127 | [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2025 total revenues increased **22.8% to $36.5 million**, driven by product sales, resulting in net income despite a gross margin decrease due to mix shift Q2 2025 vs Q2 2024 Results (in thousands) | Metric | Q2 2025 | Q2 2024 | Change % | | :--- | :--- | :--- | :--- | | **Total Revenues** | $36,454 | $29,690 | 22.8% | | Product Sales | $27,776 | $19,022 | 46.0% | | Services | $8,678 | $10,668 | (18.7)% | | **Total Gross Profit** | $12,269 | $11,318 | 8.4% | | **Total Gross Margin** | 33.7% | 38.1% | - | | **Net Income (Loss)** | $1,698 | $(2,839) | 159.8% | - Revenue growth in Q2 was primarily driven by increased fracturing systems activity in Canada and higher frac plug sales by Repeat Precision in the United States[96](index=96&type=chunk) - SG&A expenses decreased by **8.1% to $13.6 million** in Q2 2025, mainly due to lower professional fees and payroll expenses[98](index=98&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with **$25.4 million** cash and an undrawn ABL facility, despite a decrease in H1 2025 operating cash flow to **$1.9 million** - As of June 30, 2025, the company had **$25.4 million** in cash and cash equivalents and **$17.2 million** available under its ABL facility, with no outstanding borrowings[109](index=109&type=chunk) - Planned capital expenditures for the full year 2025 are estimated to be between **$1.4 million and $1.6 million**[112](index=112&type=chunk) - Net cash provided by operating activities for the first six months of 2025 was **$1.9 million**, a decrease from **$4.1 million** in the same period of 2024[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk exposure remains largely unchanged since year-end 2024, though customer concentration risk increased due to a merger - There has been no material change in market risk exposure since year-end 2024[126](index=126&type=chunk) - A business combination of two large customers resulted in a single entity constituting **17%** of trade receivables as of June 30, 2025, increasing customer concentration risk[126](index=126&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control - Management concluded that disclosure controls and procedures were effective as of June 30, 2025[127](index=127&type=chunk) - No material changes in internal control over financial reporting were identified during the quarter ended June 30, 2025[128](index=128&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the financial statements for detailed information on ongoing legal proceedings - For information regarding legal proceedings, the report refers to "Note 10. Commitments and Contingencies" in the financial statements[130](index=130&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors disclosed in the company's 2024 Annual Report on Form 10-K have occurred - There have been no material changes to the risk factors disclosed in the company's 2024 Annual Report[131](index=131&type=chunk) [Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter ended June 30, 2025[132](index=132&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The report lists filed exhibits, including CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[133](index=133&type=chunk)

Core Insights - Ncs Multistage reported a significant turnaround to profitability in Q2 2025, with GAAP revenue of $36.5 million, exceeding analyst estimates by 31.6% [1][2] - The company achieved GAAP earnings per share of $0.34, contrasting with an expected loss of $1.29, indicating strong operational performance despite cost pressures and margin contraction [1][2] Financial Performance - Revenue increased by 23.0% year-over-year, driven by strong activity in Canada and the U.S., with Canadian revenue rising to $17.97 million and U.S. revenue to $13.61 million [5][6] - Adjusted EBITDA more than doubled to $2.2 million, while free cash flow for the first half of 2025 decreased to $1.4 million from $3.7 million in the same period of 2024 [2][7] - Adjusted gross margin fell by 4.0 percentage points to 36%, attributed to a shift towards lower-margin products and increased cost pressures [6][11] Business Overview and Strategy - Ncs Multistage specializes in oil and gas well completions, focusing on pinpoint stimulation technology to enhance hydrocarbon extraction efficiency [3][4] - The company aims to expand the adoption of its pinpoint stimulation technology and introduce new products like sliding sleeves and tracer diagnostics [4][8] Market Dynamics - Canadian revenue surged by approximately 49%, while U.S. revenue grew by about 15.5%, despite a decline in the overall Canadian rig count [5] - International revenue decreased by 16.6%, primarily due to a slowdown in tracer diagnostics work in the Middle East [5] Innovation and Acquisitions - The company acquired ResMetrics for $5.9 million, which generated over $10 million in revenue and has EBITDA margins above 30%, enhancing Ncs's tracer diagnostics capabilities [10] - Ongoing innovation includes the commercialization of new products and expansion of field trials for advanced tracer diagnostics systems [9][10] Future Outlook - Management did not provide updated guidance for Q3 or full fiscal year 2025, maintaining a cautious tone due to deteriorating market conditions and potential risks affecting customer activity [12][13] - Investors are expected to monitor the adoption of new technologies and the impact of cost pressures on future performance [13]

Financial Data and Key Metrics Changes - The company's second quarter revenue for 2025 was $36,500,000, representing a year-over-year improvement of 23% and the highest second quarter revenue since 2019 [18] - Adjusted EBITDA for the second quarter was $2,200,000, an improvement compared to $900,000 for the same period in 2024 [21] - Net income for the second quarter was $900,000, or diluted earnings per share of $0.34, compared to a net loss of $3,100,000 or a loss per share of $1.21 in the prior year [20] - Adjusted gross profit was $13,000,000, with an adjusted gross margin of 36%, down from 40% a year ago [19] Business Line Data and Key Metrics Changes - Revenue in Canada for 2025 was $56,000,000, increasing 27% compared to the same period in 2024, driven by strong performance in fracturing systems [7] - U.S. revenues improved by 15%, reflecting an increase in fracturing system sales and higher frac plug sales at Repeat Precision [18] - International revenues decreased by 17%, primarily due to the timing of tracer diagnostic projects in the Middle East [18] Market Data and Key Metrics Changes - The Canadian rig count was approximately 10% to 15% below the previous year, impacting the company's performance [38] - The company expects continued success in the North Sea, with an increase in customers from two in 2022 to seven in 2025 [10] - The Middle East market is seeing increased well construction sales, partially offsetting delays in tracer diagnostics projects [10] Company Strategy and Development Direction - The company aims to build upon its leading market positions, capitalize on international opportunities, and commercialize innovative solutions [11] - The acquisition of ResMetrix is expected to enhance the company's tracer diagnostics capabilities and expand its presence in the Middle East [15] - The company maintains a strong balance sheet and liquidity position, utilizing cash on hand for strategic acquisitions [16] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the second half of 2025 due to deteriorating market conditions, including a decline in U.S. rig counts and potential oversupply in the oil market [25] - The company is maintaining a wider than normal range for annual operating guidance, with expected revenue growth of 6% at the midpoint [25] - Management noted a cautiously optimistic tone among customers, with a focus on the fourth quarter and potential impacts from OPEC supply [48] Other Important Information - The total purchase price for ResMetrics is up to a maximum cash amount of $7,150,000, with an earn-out component of up to $1,250,000 [22] - The company expects ResMetrics to contribute an additional $4,000,000 to $5,000,000 of revenue and $1,000,000 to $1,500,000 of adjusted EBITDA for the last five months of 2025 [27] Q&A Session Summary Question: Opportunities for cross-selling post-acquisition of ResMetrics - Management indicated that there are distinct customer bases for ResMetrics and the existing tracer diagnostics business, with potential revenue synergy opportunities as new technologies are introduced to a broader customer set [33][34] Question: Targeting new geographies and market uncertainty - Management expressed interest in continuing momentum in the North Sea and expanding into other offshore markets, while remaining cautious due to market uncertainties [35] Question: Factors needed to tighten guidance range - Management highlighted the importance of Canadian rig counts and indicated that narrowing the guidance range would depend on improvements in rig activity [36][38] Question: Margin opportunities and integration of ResMetrics - Management discussed potential operational synergies and cost reductions through the adoption of best practices, with a long-term goal of generating $1,000,000 to $2,000,000 in operational synergies [42][43] Question: Customer mindset in the current market environment - Management noted a cautiously optimistic tone among customers, with a focus on the potential impacts of OPEC supply and a reassessment of forecasts in Canada [46][50]