[Fiscal Second Quarter of 2025 Results](index=1&type=section&id=Fiscal%20Second%20Quarter%20of%202025%20Results) [Overall Financial Highlights](index=1&type=section&id=Overall%20Financial%20Highlights) Raymond James Financial reported strong Q2 and record H1 fiscal 2025 results, driven by diverse revenue growth and robust capital Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Change vs. Q2 2024 | Change vs. Q1 2025 | | :--- | :--- | :--- | :--- | | Net Revenues | $3.40 billion | +9% | -4% | | Net Income (to common shareholders) | $493 million | +4% | -18% | | Diluted EPS | $2.36 | +6% | -17% | | Adjusted Net Income (to common shareholders) | $507 million | +3% | -17% | | Adjusted Diluted EPS | $2.42 | +5% | -17% | First Half Fiscal 2025 Key Financial Metrics | Metric | H1 2025 | Change vs. H1 2024 | | :--- | :--- | :--- | | Net Revenues | $6.94 billion (**Record**) | +13% | | Pre-tax Income | $1.42 billion (**Record**) | +15% | | Diluted EPS | $5.22 | +15% | | Adjusted Diluted EPS | $5.36 | +14% | - Client assets under administration reached **$1.54 trillion**, and Private Client Group assets in fee-based accounts were **$872.8 billion**, up **6%** and **9%** respectively over March 2024[4](index=4&type=chunk) - The firm repurchased **$250 million** of common stock in Q2 2025 and an additional **$190 million** in April 2025 Approximately **$1.01 billion** remains available under the repurchase authorization as of April 21, 2025[4](index=4&type=chunk)[19](index=19&type=chunk) - CEO Paul Shoukry highlighted strong financial advisor recruiting, a **robust investment banking pipeline** despite macroeconomic uncertainty, and a **strong balance sheet** with capital and cash **well above targets**[3](index=3&type=chunk) [Segment Results](index=2&type=section&id=Segment%20Results) [Private Client Group (PCG)](index=2&type=section&id=Private%20Client%20Group) The Private Client Group saw **6%** YoY revenue growth from asset management fees and continued asset expansion, despite a sequential revenue dip PCG Q2 2025 Performance | Metric | Q2 2025 | Change vs. Q2 2024 | Change vs. Q1 2025 | | :--- | :--- | :--- | :--- | | Net Revenues | $2.49 billion | +6% | -2% | | Pre-tax Income | $431 million | -3% | -7% | | Assets Under Administration | $1.48 trillion | +6% | -1% | | Assets in Fee-Based Accounts | $872.8 billion | +9% | ~0% | | Domestic Net New Assets | $8.8 billion | - | - | - Domestic Private Client Group net new assets for the quarter represented an annualized growth rate of **2.6%** from beginning of period assets[12](index=12&type=chunk) [Capital Markets](index=2&type=section&id=Capital%20Markets) Capital Markets saw **23%** YoY revenue growth from investment banking and fixed income, despite a sequential decline due to market volatility Capital Markets Q2 2025 Performance | Metric | Q2 2025 (millions) | Change vs. Q2 2024 | Change vs. Q1 2025 | | :--- | :--- | :--- | :--- | | Net Revenues | $396 | +23% | -18% | | Investment Banking Revenues | $207 | +21% | -35% | | Pre-tax Income | $36 | N/A (vs. loss) | -51% | - The sequential decrease in revenues was primarily due to **unfavorable market conditions** leading to decreased investment banking activity, though the pipeline remains **robust**[9](index=9&type=chunk) [Asset Management](index=2&type=section&id=Asset%20Management) Asset Management achieved strong **15%** YoY revenue and **21%** pre-tax income growth, driven by increased assets under management and net inflows Asset Management Q2 2025 Performance | Metric | Q2 2025 (millions) | Change vs. Q2 2024 | Change vs. Q1 2025 | | :--- | :--- | :--- | :--- | | Net Revenues | $289 | +15% | -2% | | Pre-tax Income | $121 | +21% | -3% | | Financial Assets Under Management | $245.0 billion | +8% | ~0% | [Bank](index=4&type=section&id=Bank) The Bank segment achieved **2%** sequential revenue growth, record net loans, and an expanded NIM, while maintaining **strong credit quality** Bank Q2 2025 Performance | Metric | Q2 2025 | Change vs. Q2 2024 | Change vs. Q1 2025 | | :--- | :--- | :--- | :--- | | Net Revenues | $434 million | +2% | +2% | | Pre-tax Income | $117 million | +56% | -1% | | Net Loans | $48.3 billion (**Record**) | +9% | +2% | | Net Interest Margin (NIM) | 2.67% | +1 bps | +7 bps | - The loan portfolio continues to maintain **strong credit quality** and **healthy reserves**[17](index=17&type=chunk) [Consolidated Financial Statements and Key Metrics](index=5&type=section&id=Consolidated%20Financial%20Statements%20and%20Key%20Metrics) [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q2 2025 total revenues increased **6%** YoY and net revenues rose **9%** YoY, driven by asset management and brokerage fees, with a **higher effective tax rate** Q2 2025 Revenue Breakdown (vs. Q2 2024) | Revenue Source | Q2 2025 (millions) | YoY Change | | :--- | :--- | :--- | | Asset management & related admin fees | $1,725 | +14% | | Total brokerage revenues | $580 | +10% | | Investment banking | $216 | +21% | | Net interest income (Net Revenues - Non-interest Revenues) | $882 | +1% | - Interest expense decreased by **15%** YoY to **$442 million**, contributing to the **9%** growth in net revenues despite an **8%** decline in interest income[26](index=26&type=chunk) - The provision for income taxes increased by **32%** YoY to **$176 million**, reflecting a **higher effective tax rate** of **26.2%** for the quarter[18](index=18&type=chunk)[26](index=26&type=chunk) [Consolidated Selected Key Metrics](index=8&type=section&id=Consolidated%20Selected%20Key%20Metrics) As of March 31, 2025, the company maintained a **robust financial position** with increased assets, common equity, and **strong capital ratios** Key Balance Sheet & Capital Metrics (as of March 31, 2025) | Metric | Value (billions) | YoY Change | | :--- | :--- | :--- | | Total Assets | $83.1 | +2% | | Total Common Equity | $12.1 | +11% | | Book Value per Share | $59.74 | +14% | | Tangible Book Value per Share | $51.29 | +16% | | Tier 1 Leverage Ratio | 13.3% | - | Client Asset & Cash Metrics (as of March 31, 2025) | Metric | Value (billions) | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Client Assets Under Administration | $1,535.9 | +6% | -1% | | Total Clients' Domestic Cash & ESP Balances | $57.8 | -1% | -3% | [Consolidated Net Interest Analysis](index=9&type=section&id=Consolidated%20Net%20Interest%20Analysis) Q2 2025 firmwide net interest income was **$521 million** with a **2.77%** NIM, showing a YoY decline but sequential improvement in the Bank segment Net Interest Margin (NIM) | Period | Firmwide NIM | Bank Segment NIM | | :--- | :--- | :--- | | Q2 2025 | 2.77% | 2.67% | | Q2 2024 | 2.91% | 2.66% | | Q1 2025 | 2.74% | 2.60% | - Total interest-earning assets averaged **$76.2 billion** for the quarter, yielding **5.08%**, down from **5.71%** in the prior-year quarter[34](index=34&type=chunk) - Total interest-bearing liabilities averaged **$65.6 billion** for the quarter, with an average rate of **2.74%**, down from **3.26%** in the prior-year quarter[34](index=34&type=chunk) [Non-GAAP Financial Measures](index=19&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Measures](index=19&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Non-GAAP measures provide a clearer view of core operating results, with Q2 2025 adjusted net income of **$507 million** and **19.7%** adjusted return on tangible common equity - Non-GAAP measures are used to exclude material items not indicative of core operating results, primarily expenses related to acquisitions and amortization of identifiable intangible assets[60](index=60&type=chunk) Q2 2025 GAAP to Non-GAAP Reconciliation Summary | Metric | GAAP (millions) | Adjustments (millions) | Non-GAAP (Adjusted) (millions) | | :--- | :--- | :--- | :--- | | Pre-tax Income | $671 | +$19 | $690 | | Net Income (to common shareholders) | $493 | +$14 | $507 | | Diluted EPS | $2.36 | +$0.06 | $2.42 | Q2 2025 Adjusted Returns | Metric | Value | | :--- | :--- | | Adjusted Return on Common Equity | 16.9% | | Adjusted Return on Tangible Common Equity | 19.7% |

Core Insights - Raymond James Financial, Inc. reported record net revenues of $3.40 billion and net income of $493 million for the fiscal second quarter ended March 31, 2025, with adjusted net income of $507 million [1][5] - The company achieved record net revenues of $6.94 billion and pre-tax income of $1.42 billion for the first half of fiscal 2025, reflecting a 13% and 15% increase over the same period in fiscal 2024 [2][3] Financial Performance - Quarterly net revenues increased by 9% compared to the prior year's fiscal second quarter, while pre-tax income rose by 10%, driven by higher asset management fees, brokerage revenues, and investment banking revenues [2][5] - Sequentially, quarterly net revenues and pre-tax income decreased by 4% and 10%, respectively, primarily due to lower investment banking revenues [2][5] - For the first six months of fiscal 2025, earnings per diluted share reached $5.22, a 15% increase year-over-year, with adjusted earnings per diluted share at $5.36, up 14% [3] Segment Results - The Private Client Group and Asset Management segments generated record net revenues and pre-tax income during the first half of fiscal 2025 [3] - Capital Markets segment saw a 23% year-over-year increase in quarterly net revenues, mainly from higher investment banking and fixed income brokerage revenues, although there was an 18% sequential decrease due to lower investment banking activity [8][15] Client Assets and Capital Management - Client assets under administration totaled $1.54 trillion, with Private Client Group assets in fee-based accounts at $872.8 billion, reflecting a 6% and 9% increase, respectively, over March 2024 [5][6] - The company repurchased $250 million of common stock during the fiscal second quarter and an additional $190 million in April 2025, with approximately $1.01 billion remaining under the repurchase authorization [17] Tax and Regulatory Compliance - The effective tax rate for the quarter was 26.2%, influenced by nondeductible losses on the company-owned life insurance portfolio [13] - The total capital ratio stood at 24.8% and the tier 1 leverage ratio at 13.3%, both well above regulatory requirements [17]

Core Viewpoint - Raymond James (RJF) is expected to report a year-over-year increase in earnings and revenues for the second quarter of fiscal 2025, with earnings estimated at $2.44 per share, reflecting a 5.6% growth from the previous year, and revenues projected at $3.43 billion, indicating a 9.9% increase [1][3]. Financial Performance - In the last quarter, RJF's earnings surpassed the Zacks Consensus Estimate, driven by strong performance in investment banking and brokerage within the Capital Markets segment, alongside solid results from the Private Client Group and Asset Management segments [2]. - The consensus estimate for investment banking fees is $255.8 million, representing a 42.9% year-over-year increase, while RJF's own estimate is $253.1 million [7]. - Trading revenues are anticipated to show solid growth due to robust client activity and market volatility during the quarter [8]. Interest Income and Expenses - The Federal Reserve maintained interest rates at 4.25%-4.5%, which is expected to have a favorable impact on RJF's net interest income (NII), although higher funding costs may offset some benefits [9]. - The consensus estimate for interest income is $993.1 million, indicating a decline of 5.3%, while RJF's estimate is $1.01 billion [10]. - Total non-interest expenses are projected to reach $2.75 billion, reflecting a 9.6% year-over-year increase due to competitive pressures and inflation [12]. Management Outlook - Management expects asset management and related administrative fees to decline nearly 2% from the prior quarter [13]. - The company has a history of earnings surprises, having outperformed the Zacks Consensus Estimate three times in the last four quarters, with an average beat of 7.75% [3]. Market Conditions - The global mergers and acquisitions landscape showed marginal improvement, primarily driven by the Asia Pacific region, although overall deal value and volume were less impressive than anticipated [4]. - The IPO market is exhibiting cautious optimism amid market volatility and rising flotation costs, while bond issuance volume remains strong due to solid investor demand [6].

Core Insights - Raymond James has launched its proprietary AI Search technology, which utilizes generative artificial intelligence to enhance service excellence for financial advisors and associates [1] - The firm is committed to investing in innovation that improves service levels and saves time for advisors by providing a streamlined question and answer experience [2] - The strategic framework for AI innovation at Raymond James is built on three pillars: data-driven insights, enhanced service models, and secure applications [3] Technology and Investment - AI Search is designed to reduce the time advisors spend searching for information by integrating into existing knowledge centers, thus avoiding the need for new system adoption [2] - The firm invests $975 million annually in technology improvements to support the advisor-client relationship [5] - AI Search includes a real-time voting system to gather feedback on the quality of its results, ensuring reliability [3] Development and Implementation - The development of AI Search includes human checkpoints to minimize errors and maintain transparency and flexibility [4] - The technology is developed in close collaboration with financial advisors to ensure it meets their needs [5] Company Overview - Raymond James Financial, Inc. is a diversified financial services company with total client assets of $1.58 trillion [6]

Company Overview - Raymond James Financial, Inc. (RJF) shares increased by 9.2% to close at $136.28, following a period of 10.6% loss over the past four weeks, indicating a significant recovery in stock performance [1][2] - The stock's rally was supported by strong trading volume, with more shares exchanged than usual, reflecting heightened investor interest [1] Market Context - The surge in RJF shares was attributed to broader market strength, particularly after President Donald Trump's announcement of a 90-day suspension on tariffs for non-retaliating countries, which alleviated trade tensions and improved market sentiment [2] Earnings Expectations - RJF is projected to report quarterly earnings of $2.48 per share, representing a year-over-year increase of 7.4%, with expected revenues of $3.45 billion, up 10.6% from the previous year [3] - However, the consensus EPS estimate for the quarter has been revised 4% lower in the last 30 days, which may indicate potential challenges in sustaining stock price appreciation [4] Industry Comparison - RJF operates within the Zacks Financial - Investment Bank industry, where another company, Robinhood Markets, Inc. (HOOD), saw a significant increase of 23.5% in its stock price, closing at $42.21, despite a -6% return over the past month [4] - Robinhood's consensus EPS estimate for its upcoming report has changed by -0.6% to $0.35, reflecting a substantial year-over-year increase of 94.4% [5]

Core Insights - Raymond James is enhancing its leadership team to strengthen its platform for financial advisors, appointing Doug Brigman as president of Asset Management Services and Michelle Lynch as senior vice president of Practice Management and Growth Consulting [1][6]. Group 1: Leadership Appointments - Doug Brigman will assume the role of president of Asset Management Services effective October 1, 2025, succeeding Erik Fruland, who is retiring after over 34 years with the firm [2]. - Brigman has been with Raymond James since 2008 and has held various leadership positions, including chief administrative officer and president of Raymond James Insurance Group [3]. - Michelle Lynch will take on the newly created role of senior vice president, Practice Management and Growth Consulting, effective May 5, 2025, focusing on supporting financial advisors throughout their business lifecycle [6]. Group 2: Strategic Focus - The firm aims to provide a premier platform for financial advisors, emphasizing fee-based investment solutions, consultation, and service excellence [2][4]. - Brigman expressed a commitment to enhancing collaboration among internal business units to support the growth of the advisory platform [5]. - Lynch highlighted the importance of helping advisors build and grow their businesses according to their unique needs and those of their clients [7]. Group 3: Company Overview - Raymond James Financial, Inc. is a diversified financial services company with total client assets amounting to $1.58 trillion [10].

Core Viewpoint - Raymond James Financial, Inc. reported strong first-quarter fiscal 2025 earnings, surpassing estimates, but shares have underperformed the S&P 500 in the past month, raising questions about future performance [1][2]. Financial Performance - Adjusted earnings for Q1 fiscal 2025 were $2.93 per share, exceeding the Zacks Consensus Estimate of $2.75, and reflecting a 22% increase from the prior-year quarter [2][3]. - Net income available to common shareholders was $599 million, or $2.86 per share, up from $497 million, or $2.32 per share, in the prior-year quarter [3]. - Quarterly net revenues reached $3.54 billion, a 17% year-over-year increase, surpassing the Zacks Consensus Estimate of $3.48 billion [4]. Segment Performance - The Capital Markets segment saw a 42% increase in revenues, while the Private Client Group and Asset Management segments reported growths of 14% and 25%, respectively [4]. - The Bank segment experienced a 4% decline in revenues, and the "Others" category saw a significant 54% drop [4]. Expense Analysis - Non-interest expenses rose 17% year-over-year to $2.79 billion, primarily due to increased compensation, commissions, and investment sub-advisory fees [5]. - No bank loan provision for credit losses was recorded in the reported quarter, contrasting with $12 million in the prior-year quarter [5]. Asset Management - As of December 31, 2024, client assets under administration totaled $1.56 trillion, a 14% increase from the prior-year quarter, while financial assets under management grew 13% to $243.9 billion [6]. Balance Sheet Strength - Total assets were $82.28 billion, down 1% from the prior quarter, while total equity increased by 2% to $11.84 billion [7]. - Book value per share rose to $57.89 from $51.32 a year ago, and the total capital ratio improved to 25% from 23% [7]. Return on Equity - The annualized return on common equity was 20.4%, up from 19.1% a year ago [8]. Share Repurchase Activity - In the reported quarter, the company repurchased 0.3 million shares for $50 million [9]. Future Outlook - For fiscal 2025, management anticipates non-compensation expenses to be approximately $2.1 billion, reflecting about 10% growth from the previous year [11]. - Management expects a sequential decline of 2-3% in aggregate net interest income and related fees due to two fewer billing days in the second quarter [12]. - The effective tax rate for fiscal 2025 is estimated to be around 24% to 25% [12]. Estimate Trends - There has been an upward trend in estimates revisions over the past month, indicating positive sentiment among investors [13][15]. VGM Scores - Raymond James Financial holds an average Growth Score of C, a Momentum Score of F, and a Value Score of B, resulting in an aggregate VGM Score of C [14].

Core Viewpoint - Raymond James Financial, Inc. (RJF) is experiencing significant selling pressure, with a recent decline of 11.1% over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analyst expectations of better-than-previously predicted earnings [1] Group 1: Technical Indicators - The Relative Strength Index (RSI) is utilized to identify oversold stocks, with a reading below 30 indicating that a stock may be oversold [2] - RJF's current RSI reading is 29, suggesting that the heavy selling pressure may be exhausting, indicating a potential reversal in trend [5] Group 2: Fundamental Indicators - There is a strong consensus among sell-side analysts that RJF's earnings estimates for the current year have increased by 1.4% over the last 30 days, which typically correlates with price appreciation [6] - RJF holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [7]

Group 1 - Raymond James Financial, Inc. (RJF) has experienced a 12% decline in stock price over the past four weeks, but is now in oversold territory, indicating potential for a trend reversal [1] - The Relative Strength Index (RSI) for RJF is currently at 27.08, suggesting that the heavy selling pressure may be exhausting, which could lead to a price rebound [5] - There is strong consensus among Wall Street analysts that RJF will report better earnings than previously predicted, with a 1.4% increase in consensus EPS estimates over the last 30 days [6] Group 2 - RJF holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [7]

Assets and Liabilities - Total trading assets amounted to $1,459 million as of December 31, 2024, with a significant portion in debt securities totaling $1,418 million[26]. - Available-for-sale securities reached $7,727 million, primarily consisting of agency MBS, agency CMOs, and U.S. Treasuries[29]. - Total assets at fair value on a recurring basis were $9,715 million, with Level 1 assets at $1,046 million and Level 2 assets at $8,857 million[26]. - Total liabilities at fair value on a recurring basis were $1,304 million, with trading liabilities accounting for $835 million[26]. - The company reported a total of $10,278 million in assets at fair value on a recurring basis as of September 30, 2024[28]. - The fair value of Level 3 trading assets decreased to $2 million, while Level 3 derivative liabilities were recorded at $2 million[32]. - The total estimated fair value of bank loans, net, was $46,065 million as of December 31, 2024, compared to $45,185 million on September 30, 2024[43]. - The total available-for-sale securities fair value decreased from $8,260 million on September 30, 2024, to $7,727 million on December 31, 2024[46]. - The total amount of collateral received under reverse repurchase agreements was $3,770 million as of December 31, 2024, slightly down from $3,800 million on September 30, 2024[74]. - The total amount of collateral pledged with the FHLB or FRB was $17,493 million as of December 31, 2024, compared to $15,773 million on September 30, 2024[77]. Financial Performance - Total revenues for the three months ended December 31, 2024, were $4,035 million, an increase from $3,520 million in the same period of 2023, representing a growth of approximately 14.6%[181]. - Non-interest revenues for the same period were $3,008 million, compared to $2,467 million in 2023, reflecting a year-over-year increase of about 21.9%[181]. - Asset management and related administrative fees reached $1,743 million in Q4 2024, up from $1,407 million in Q4 2023, marking a growth of approximately 23.8%[181]. - Total brokerage revenues increased to $559 million in Q4 2024 from $522 million in Q4 2023, showing a rise of about 7.1%[181]. - Investment banking revenues totaled $325 million in Q4 2024, compared to $181 million in Q4 2023, indicating a significant increase of approximately 79.0%[181]. - Interest income for the three months ended December 31, 2024, was $1,027 million, slightly down from $1,053 million in the same period of 2023[185]. - Net interest income after bank loan provision for credit losses was $529 million for Q4 2024, compared to $534 million in Q4 2023[185]. - The company reported a net change in accumulated other comprehensive income (AOCI) as of December 31, 2024, totaling $(655) million[174]. - The company’s total dividends paid for the three months ended December 31, 2024, were $1 million, consistent with the previous year[166]. Loans and Credit Quality - Total loans held for investment increased to $47,424 million as of December 31, 2024, up from $46,267 million on September 30, 2024[82]. - The allowance for credit losses (ACL) as a percentage of total loans held for investment was 0.95% as of December 31, 2024, compared to 0.99% on September 30, 2024[82]. - The total past due loans (30-89 days and more) were $7 million as of December 31, 2024, with nonaccrual loans totaling $131 million[88]. - The credit quality of the bank loan portfolio includes loans classified as "criticized," which are under close management attention due to potential weaknesses[99]. - The company reported $72 million of nonaccrual loans that were current as of December 31, 2024[88]. - The total amount of residential mortgage loans held for investment was $9,602 million as of December 31, 2024[88]. - The company has maintained a consistent credit quality with no significant changes in the allowance for credit losses across different loan segments[106]. - The provision for credit losses for the three months ended December 31, 2024 reflected an improved macroeconomic forecast and loan repayments, offset by provisions on new loans and charge-offs of certain loans[107]. Shareholder Information - The balance of common shares outstanding as of December 31, 2024, was 204.6 million, a decrease from 208.7 million in the same period of 2023[168]. - During the three months ended December 31, 2024, the company repurchased 310 thousand shares of common stock for $50 million at an average price of $161.13 per share[169]. - Dividends per common share declared increased to $0.50 in 2024 from $0.45 in 2023, while dividends paid rose to $0.45 from $0.42[171]. - The dividend payout ratio for the three months ended December 31, 2024, was 17.5%, down from 19.4% in 2023[172]. - As of December 31, 2024, $1.45 billion remained available under the Board of Directors' common stock repurchase authorization[169]. Regulatory and Legal Matters - The company continues to face significant litigation and regulatory scrutiny, with no assurance that material losses will not be incurred from unasserted claims[161]. - As of December 31, 2024, the estimated upper end of the range of reasonably possible aggregate loss for legal and regulatory matters is approximately $30 million[163]. Capital and Liquidity - RJF's Tier 1 capital ratio was 23.7%, exceeding the required 8.5%[194]. - RJF's total capital ratio stood at 25.0%, well above the required 10.5%[194]. - For Raymond James Bank, the Tier 1 leverage ratio was 8.2%, above the required 4.0%[198]. - The company emphasizes the importance of forward-looking statements regarding future strategic objectives and financial results[221]. - The management discusses anticipated savings and financial results, including expenses and earnings, as part of their strategic outlook[221]. - The management's discussion includes a focus on liquidity and capital resources, indicating ongoing financial health[219].