Core Insights - The company reported Q4 revenue of $9.5 million, a decrease from $10 million in the previous year [1] - The CFO highlighted 2025 as a transformative year, with four divestitures generating over $150 million in cash proceeds, which improved the balance sheet and allowed for investments in higher-return opportunities [1] - Over $65 million was invested into the aviation platform, which is viewed as high-growth and scalable [1] - The company made significant progress in reducing SG&A expenses, aiming for a leaner and more efficient organization [1] - Operational execution in Q4 did not meet expectations, and improving execution across segments is identified as a top priority [1] - The company sees significant potential in 2026, driven by internal initiatives, favorable market conditions, and a focus on capital deployment for accretive returns [1] Financial Performance - Q4 revenue was reported at $9.5 million, down from $10 million year-over-year [1] - Cash proceeds from divestitures exceeded $150 million, strengthening the balance sheet [1] - Investment of over $65 million into the aviation platform indicates a strategic focus on high-growth areas [1] Strategic Initiatives - The company reshaped its portfolio through divestitures, enhancing financial flexibility for future investments [1] - A commitment to using available liquidity for additional accretive investments across the current portfolio was emphasized [1] - Efforts to materially reduce SG&A run rate reflect a strategic move towards operational efficiency [1] Future Outlook - The company anticipates significant potential across its segments as it enters 2026 [1] - Internal self-help initiatives and favorable market tailwinds are expected to drive growth [1] - The focus remains on deploying capital into opportunities that yield accretive returns [1]

Revenue Generation - The company generated significant revenue from its infrastructure services, particularly through contracts with the Puerto Rico Electric Power Authority (PREPA), with agreements totaling up to $1.845 billion[27][28]. - The company recorded a non-cash, pre-tax charge of approximately $170.7 million in Q2 2024 related to accounts receivable from PREPA[31]. - The company had approximately 142 and 151 customers in 2025 and 2024, respectively, with the top five customers accounting for 55% and 58% of revenue in those years[57]. - The top five customers accounted for approximately 55% and 58% of the company's revenue for the years ended December 31, 2025 and 2024, respectively[110]. Infrastructure Services - The infrastructure services business has been significantly impacted by storm restoration work, particularly following Hurricane Maria, which has shaped its revenue generation strategy[27]. - The company aims to expand its infrastructure business in response to new fiber-related projects and monitor market conditions for capacity expansion[55]. - The infrastructure industry is driven by AI and data center projects, with strong funding opportunities from the Infrastructure Investment and Jobs Act, supporting investments in broadband and clean-energy projects[51]. - The company’s infrastructure services are subject to risks from government appropriations, which can impact project funding and customer payments[105]. Operational Capacity and Assets - As of December 31, 2025, the company had a capacity of 764 rooms in its accommodation services, with an average utilization of 186 rooms per night during the year[36]. - The company owns nine regional aircraft, two helicopters, five jet engines, and ten auxiliary power units (APUs) as of December 31, 2025[24]. - The rental services segment includes a diverse range of equipment, with operations concentrated in key regions such as West Texas and Eastern Ohio[23][21]. Market Conditions and Competition - The company operates in a highly competitive market, with major competitors in both infrastructure and natural sand proppant services[67]. - The company experienced challenges in its oil and gas businesses due to a declining rig count and elevated production levels, with expectations for steady activity in 2026 and potential upside in the latter half of the year[44]. - The natural sand proppant services business operates in a highly competitive market, with significant price pressure due to decreased demand for hydraulic fracturing services[148]. - The competitive environment is intensified by mergers and acquisitions among oil and gas companies, potentially leading to loss of market share[179]. Financial Position and Risks - The company maintains a conservative balance sheet with unrestricted cash of $102.0 million and no outstanding debt as of December 31, 2025[54]. - The company’s financial condition may be adversely affected by the ongoing geopolitical instability, particularly in Ukraine and the Middle East[105]. - The company faces risks related to customer concentration, with potential revenue decline if significant customers fail to pay[104]. - The company may experience losses in excess of recorded reserves for receivables due to unexpected changes in customer financial conditions[111]. Environmental and Regulatory Compliance - Compliance with environmental regulations may require costly measures and could materially affect operations and financial position[77]. - The EPA has adopted regulations requiring permits for stormwater discharges from oil and natural gas facilities, which may increase operational costs[84]. - The Clean Air Act and state regulations impose stringent controls on air emissions, potentially increasing compliance costs for facilities[86]. - Regulatory initiatives addressing seismic activity could restrict drilling and production activities, potentially increasing operating costs and adversely affecting cash flows[185][186]. Employee and Safety Management - The company emphasizes safety and quality management systems, investing in employee training to maintain long-term customer relationships[64]. - The company has 115 full-time employees as of December 31, 2025, with fluctuations based on service demand[100]. - The company emphasizes a culture of safety, with a comprehensive training program and a stop-work authority policy to ensure operational safety[101]. Technological and Operational Challenges - The company may face significant costs and operational challenges due to technological advancements in the oilfield services industry, which could impact market share[135]. - Delays in delivery and supply interruptions of major components could increase operational costs and adversely affect the rental business[132]. - The company relies on third-party suppliers for specialized equipment, making it vulnerable to delays and price increases[106]. Currency and Financial Exposure - Revenue from the remote accommodation business is denominated in Canadian dollars, exposing the company to currency fluctuations[158]. - The company’s revenue from remote accommodations is denominated in Canadian dollars, exposing it to currency fluctuation risks[106]. Strategic Acquisitions and Growth - The company intends to pursue selected, accretive acquisitions to enhance its portfolio and geographic presence, leveraging industry contacts for potential opportunities[56]. - The company’s growth through acquisitions may present challenges in identifying suitable opportunities and integrating new businesses[106]. Cybersecurity and Information Systems - The company is subject to cyber security risks, which may result in information theft, data corruption, operational disruption, and financial loss[108]. - The company is heavily dependent on its information systems, and any failure could adversely affect business operations and financial performance[201]. - Increased regulation related to cybersecurity may require additional resources for compliance, potentially disrupting operations and increasing costs[203]. Weather and Climate Impact - The company generated approximately 38% and 77% of its revenue from operations in regions affected by severe weather conditions for the years ended December 31, 2025, and 2024, respectively[164]. - The company’s operations are subject to severe weather disruptions, which could materially impact financial condition and results of operations[164]. - Climate change may lead to extreme weather conditions, affecting productivity and increasing operational costs[90].

Core Insights - Mammoth Energy Services is focusing on reshaping its portfolio, with significant investments in aviation rentals and divestitures of underperforming assets to enhance revenue stability and growth potential [4][7][22] Financial Performance - For Q4 2025, Mammoth reported revenue of $9.5 million, a decline from $10.9 million in Q3 2025 and $10.0 million in Q4 2024, marking a year-over-year decrease of approximately 6% [8] - The company experienced a net loss from continuing operations of $12.3 million, or $0.26 per diluted share, compared to a loss of $0.20 in the same quarter of 2024 [15] - Adjusted EBITDA for Q4 was a loss of $6.8 million, slightly worse than the loss of $6.0 million in the prior-year period [15] Strategic Initiatives - The company exited two low-return businesses, pressure pumping equipment and a sand mine, to focus on more profitable ventures [2][7] - Mammoth completed four major transactions in 2025, generating approximately $150 million in proceeds, which management views as evidence of the value embedded in its assets [3][7] Aviation Rentals Focus - Management highlighted a strategic push into aviation rentals, deploying over $65 million to build a recurring revenue stream, with expectations for increased utilization and contribution to core earnings [1][7][22] - The aviation segment saw revenue growth, with monthly revenue nearly doubling from $0.6 million in December to $1.0 million in January 2026, and fully utilized assets projected to generate approximately $1.6 million per month [22] Liquidity and Future Outlook - At the end of Q4 2025, Mammoth reported $121.6 million in cash and total liquidity of about $158.3 million, remaining debt-free [5][20] - The company anticipates over 50% revenue growth in 2026, driven by higher aviation utilization and improved performance across oil-and-gas-exposed businesses [5][22][24] Segment Performance - The rental segment achieved revenue of $3.3 million, up 19% sequentially and 179% year-over-year, primarily due to aviation growth [19] - Infrastructure revenue reached $1.2 million, up 44% sequentially and 231% year-over-year, although profitability was impacted by execution issues in fiber operations [19][12] - Accommodations revenue improved with a 25% increase in occupancy, while sand revenue declined significantly by 67% year-over-year [19][13][14]

Earnings Call InsightsMammoth Energy expects over 50% revenue growth in 2026 as aviation segment scalesMar. 06, 2026 12:46 PM ETMammoth Energy Services, Inc. (TUSK) StockAI-Generated Earnings Calls InsightsCommentsEarnings Call Insights: Mammoth Energy Services, Inc. (TUSK) Q4 2025 Management View Mark Layton, CFO, highlighted that 2025 marked a significant transformation for Mammoth Energy Services, with four major transactions generating approximately $150 million in proceeds. The company sold its transmi ...

Core Insights - The company executed a strategic pivot in 2025, focusing on exiting underperforming assets and reallocating capital to areas with better return profiles [1][4] - The fourth quarter of 2025 saw a revenue decline to $9,500,000, down 6% year-over-year and 13% sequentially, with a full-year revenue of $44,300,000, reflecting a 3% decrease from 2024 [1][15] - The company divested non-core assets, including a sand mine and pressure pumping equipment, to streamline operations and focus on higher-return segments [2][3] Financial Performance - In Q4 2025, the rental segment generated $3,300,000 in revenue, up 19% sequentially and 179% year-over-year, driven by a 23% increase in aviation rentals [13] - Infrastructure segment revenue reached $1,200,000, up 44% sequentially and 231% year-over-year, although profitability was impacted by execution challenges in fiber operations [14] - Accommodations revenue increased to $2,800,000, up 24% sequentially and 19% year-over-year, attributed to a 25% rise in occupancy [10][14] Operational Challenges - EBITDA in Q4 was below expectations due to execution and cost control issues, not demand problems, prompting management changes in the fiber business [5][10] - The sand segment faced significant revenue declines, down 37% sequentially and 67% year-over-year, while drilling revenue dropped 80% sequentially and 38% year-over-year [14][15] - The company is addressing cost structure issues and improving revenue conversion to EBITDA across its portfolio [6][12] Strategic Initiatives - The company invested over $65,000,000 in aviation rentals to create a stable revenue stream, with expectations of significant growth in 2026 [2][20] - Capital expenditures in Q4 totaled $25,900,000, primarily directed towards aviation, with a total of approximately $70,000,000 in CapEx for 2025 [17][18] - The company plans to invest approximately $11,000,000 in non-aviation CapEx in 2026, focusing on maintenance and targeted growth investments [20][21] Future Outlook - The company anticipates over 50% revenue growth in 2026, driven by increased aviation contributions and improved asset utilization in oil and gas businesses [20][21] - The aviation portfolio is expected to generate monthly revenue of approximately $1,600,000 once fully utilized, up from $1,000,000 in January [20] - The company aims for mid-teens EBITDA margins and positive free cash flow by 2027, with a focus on operational execution and capital deployment [22][23]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $9.5 million, down 13% sequentially and 6% year-over-year [16] - Full year revenue for 2025 was $44.3 million compared to $45.6 million in 2024, reflecting a year-over-year decline of 3% [7][16] - Net loss from continuing operations for Q4 was $12.3 million or $0.26 per diluted share, compared to $0.20 in Q4 2024 [16] - Adjusted EBITDA from continuing operations was a loss of $6.8 million in Q4 2025, compared to a loss of $6 million in the prior year period [16] Business Line Data and Key Metrics Changes - Rental segment revenue was $3.3 million, up 19% sequentially and 179% year-over-year, driven by a 23% sequential increase in aviation rentals [13] - Infrastructure segment revenue was $1.2 million, up 44% sequentially and 231% year-over-year, although profitability was impacted by fiber execution issues [14] - Accommodations revenue was $2.8 million, up 24% sequentially and 19% year-over-year, driven by a 25% increase in occupancy [15] - Sand segment revenue was $1.7 million, down 37% sequentially and down 67% year-over-year [15] - Drilling segment revenue was $0.5 million, down 80% sequentially and down 38% year-over-year [15] Market Data and Key Metrics Changes - Aviation revenue continued its upward trajectory, with nearly doubling monthly revenue from $0.6 million in December to $1 million in January [20] - The company expects to surface additional value through monetizing positions where adequate returns are not generated [19] Company Strategy and Development Direction - The company executed four major transactions in 2025, generating approximately $150 million of proceeds, reflecting the value embedded in well-operated assets [4] - A deliberate pivot was made to exit assets without a clear path to sustainable returns and redeploy capital into areas with better return profiles [6] - The company plans to invest approximately $11 million in non-aviation CapEx in 2026, focusing on maintenance and targeted growth investments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a path to greater than 50% revenue growth in 2026, primarily driven by full-year aviation contribution and improved asset utilization [20] - The macro backdrop for oil and gas demand fundamentals is solid, with steady activity in core basins [23] - Management acknowledged execution and cost management issues in Q4 but emphasized that changes are being made to improve performance [12] Other Important Information - Capital expenditures during Q4 were $25.9 million, primarily directed toward aviation [18] - The company remains debt-free with $121.6 million of unrestricted cash equivalents and total liquidity of approximately $158.3 million [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [25][26]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $9.5 million, down 13% sequentially and 6% year-over-year [16] - Full year revenue for 2025 was $44.3 million compared to $45.6 million in 2024, a year-over-year decline of 3% [7][16] - Net loss from continuing operations for Q4 was $12.3 million or $0.26 per diluted share, compared to $0.20 in Q4 2024 [16] - Adjusted EBITDA from continuing operations was a loss of $6.8 million in Q4 2025, compared to a loss of $6 million in the prior year period [16] Business Line Data and Key Metrics Changes - Rental segment revenue was $3.3 million, up 19% sequentially and 179% year-over-year, driven by a 23% sequential increase in aviation rentals [13] - Infrastructure segment revenue was $1.2 million, up 44% sequentially and 231% year-over-year, although profitability was impacted by fiber execution issues [14] - Accommodations revenue was $2.8 million, up 24% sequentially and 19% year-over-year, driven by a 25% increase in occupancy [11][15] - Sand segment revenue was $1.7 million, down 37% sequentially and down 67% year-over-year [15] - Drilling segment revenue was $0.5 million, down 80% sequentially and down 38% year-over-year [15] Market Data and Key Metrics Changes - Aviation revenue continued its upward trajectory, with nearly doubling monthly revenue from $0.6 million in December to $1 million in January [20] - The company expects to surface additional value through monetizing positions where adequate returns are not generated [19] Company Strategy and Development Direction - The company executed four major transactions in 2025, generating approximately $150 million in proceeds, reflecting the value embedded in well-operated assets [4] - A deliberate pivot was made to exit assets without a clear path to sustainable returns and redeploy capital into areas with better return profiles [6] - The company plans to invest approximately $11 million in non-aviation CapEx in 2026, focusing on maintenance and targeted growth investments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a path to greater than 50% revenue growth in 2026, primarily driven by full-year aviation contribution and improved asset utilization [20] - The macro backdrop for oil and gas demand fundamentals is solid, with steady activity in core basins [23] - Management acknowledged execution and cost management issues in Q4 but emphasized that changes are being made to improve performance [12] Other Important Information - Capital expenditures during Q4 were $25.9 million, primarily directed toward aviation, with a total of approximately $70 million in CapEx for 2025 [18] - The company remains debt-free with $121.6 million in unrestricted cash equivalents and total liquidity of approximately $158.3 million [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [25][27]

Financial Data and Key Metrics Changes - For Q4 2025, total revenue was $9.5 million, down 13% sequentially and 6% year-over-year [16] - Full year revenue for 2025 was $44.3 million compared to $45.6 million in 2024, reflecting a year-over-year decline of 3% [7][16] - Net loss from continuing operations for Q4 was $12.3 million or $0.26 per diluted share, compared to $0.20 in Q4 2024 [16] - Adjusted EBITDA from continuing operations was a loss of $6.8 million in Q4 2025, compared to a loss of $6 million in the prior year period [16] Business Line Data and Key Metrics Changes - Rental segment revenue was $3.3 million, up 19% sequentially and 179% year-over-year, driven by a 23% sequential increase in aviation rentals [14] - Infrastructure segment revenue was $1.2 million, up 44% sequentially and 231% year-over-year, although profitability was impacted by fiber execution issues [14][15] - Accommodations revenue was $2.8 million, up 24% sequentially and 19% year-over-year, driven by a 25% increase in occupancy [15] - Sand segment revenue was $1.7 million, down 37% sequentially and down 67% year-over-year [15] - Drilling segment revenue was $0.5 million, down 80% sequentially and down 38% year-over-year [15] Market Data and Key Metrics Changes - Aviation revenue continued its upward trajectory, with nearly doubling monthly revenue from $0.6 million in December to $1 million in January [20] - The company expects to surface additional value through monetizing positions where adequate returns are not generated [19] Company Strategy and Development Direction - The company executed four major transactions in 2025, generating approximately $150 million in proceeds, reflecting the value embedded in its assets [4] - A deliberate pivot was made to exit assets without a clear path to sustainable returns and redeploy capital into areas with better return profiles [6] - The company plans to invest approximately $11 million in non-aviation CapEx in 2026, focusing on maintenance and targeted growth investments [21] - The company aims for greater than 50% revenue growth in 2026, primarily driven by full-year aviation contribution and improved asset utilization [20][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q4 EBITDA was below expectations due to execution and cost control issues, not demand problems [8] - The company is optimistic about the path ahead, citing solid oil and gas demand fundamentals and steady activity in core basins [23] - Management emphasized the importance of converting revenue growth into EBITDA and cash flow in 2026 [23] Other Important Information - Capital expenditures during Q4 were $25.9 million, primarily directed toward aviation [18] - The company remains debt-free with $121.6 million in unrestricted cash equivalents and total liquidity of approximately $158.3 million [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [25][26]

Revenue Performance - Total revenue from continuing operations for Q4 2025 was $9.5 million, a decrease of 5% from $10.0 million in Q4 2024 and a decrease of 13% from $10.9 million in Q3 2025[3] - Total revenue for the twelve months ended December 31, 2025, was $44.292 million, a decrease of 2.9% compared to $45.599 million in 2024[26] - Services revenue for the three months ended December 31, 2025, increased to $7.363 million from $4.517 million in the same period of 2024, representing a growth of 63.5%[26] - Revenue from external customers in the Rentals segment for the three months ended December 31, 2025, was $3,281,000, an increase from $1,118,000 in the same period of 2024, showing a growth of approximately 194%[30] - The Infrastructure segment reported revenue of $1,172,000 for the three months ended December 31, 2025, compared to $354,000 in the same period of 2024, reflecting a growth of approximately 231%[30] - The Sand segment's revenue decreased to $1,709,000 in Q4 2025 from $5,121,000 in Q4 2024, representing a decline of approximately 66.7%[30] Net Loss and Earnings - Net loss from continuing operations for Q4 2025 was $12.3 million, or $0.26 per diluted share, compared to a net loss of $9.6 million, or $0.20 per diluted share in Q4 2024[4] - The company reported a net income of $8.900 million for the three months ended December 31, 2025, compared to a net loss of $15.474 million in the same period of 2024[26] - Net loss from continuing operations for the three months ended December 31, 2025, was $12,339,000, compared to a loss of $9,648,000 for the same period in 2024, representing a 28% increase in losses year-over-year[36] - The company reported a net loss from continuing operations of $(63,756,000) for the twelve months ended December 31, 2025, compared to $(183,112,000) in 2024, indicating a reduction in losses by approximately 65%[28] - Adjusted net loss from continuing operations for the twelve months ended December 31, 2025, was $(32,087,000), compared to $(183,112,000) in 2024, reflecting an 83% decrease in adjusted losses[39] Operational Metrics - Adjusted EBITDA for Q4 2025 was ($6.8) million, worsening from ($6.0) million in Q4 2024 and ($4.8) million in Q3 2025[5] - The adjusted EBITDA for the twelve months ended December 31, 2025, was $(17,431,000), compared to $(171,215,000) in 2024, indicating a significant improvement in operational performance[32] - Operating loss for the twelve months ended December 31, 2025, was $(57.433) million, an improvement from $(120.357) million in 2024[26] Liquidity and Assets - Total liquidity as of December 31, 2025, was $158.3 million, consisting of $102.0 million in cash and cash equivalents and $19.6 million in marketable securities[12] - Total current assets decreased to $177.148 million as of December 31, 2025, down from $188.587 million in 2024, reflecting a decline of 6.9%[22] - The company’s cash and cash equivalents increased to $101.987 million in 2025, up from $60.845 million in 2024, a growth of 67.6%[22] - The company’s total assets decreased to $334.894 million in 2025 from $384.031 million in 2024, a decline of 12.7%[22] Cost Management - The company incurred a cost of revenue of $10,510,000 for the three months ended December 31, 2025, compared to $9,354,000 in the same period of 2024, indicating an increase of approximately 12.3%[30] - Other net expenses for the twelve months ended December 31, 2025, were $3,906,000, a significant decrease from $64,564,000 in 2024, highlighting cost management efforts[36] - Interest expense and financing charges for the twelve months ended December 31, 2025, totaled $(1,670,000), a decrease from $9,497,000 in 2024, indicating improved financing costs[36] Future Outlook - The company plans to continue investing in high-return opportunities and improving operational execution as a top priority for 2026[2] - Capital expenditures for Q4 2025 totaled $25.9 million, primarily for the expansion of the aviation rental fleet[14]

Core Viewpoint - Mammoth Energy Services reported a transformative year in 2025, focusing on portfolio reshaping through divestitures and investments in high-growth opportunities, particularly in its aviation platform, while acknowledging challenges in operational execution in Q4 2025 [1][2]. Financial Overview - Total revenue for Q4 2025 was $9.5 million, down from $10.0 million in Q4 2024 and $10.9 million in Q3 2025. Full-year revenue for 2025 was $44.3 million, compared to $45.6 million in 2024 [1][2]. - Net loss for Q4 2025 was $12.3 million ($0.26 per diluted share), compared to a loss of $9.6 million ($0.20 per diluted share) in Q4 2024. The full-year net loss was $63.8 million ($1.32 per diluted share), significantly improved from a loss of $183.1 million ($3.81 per diluted share) in 2024 [1][2]. - Adjusted EBITDA for Q4 2025 was ($6.8) million, compared to ($6.0) million in Q4 2024. For the full year, Adjusted EBITDA was ($17.4) million, an improvement from ($171.2) million in 2024 [1][2]. Segment Performance - **Infrastructure Services**: Revenue for Q4 2025 was $1.2 million, up from $0.4 million in Q4 2024. Full-year revenue was $4.1 million, compared to $1.5 million in 2024, driven by increased fiber optic activity [1][2]. - **Rental Services**: Q4 2025 revenue was $3.3 million, up from $1.2 million in Q4 2024. Full-year revenue was $11.1 million, compared to $7.1 million in 2024, with an increase in equipment rentals [1][2]. - **Natural Sand Proppant Services**: Q4 2025 revenue was $1.7 million, down from $5.1 million in Q4 2024. Full-year revenue was $16.6 million, compared to $19.1 million in 2024, with a decrease in average sales price per ton [1][2]. - **Accommodation Services**: Q4 2025 revenue was $2.8 million, up from $2.4 million in Q4 2024. Full-year revenue was $9.0 million, down from $10.9 million in 2024 [1][2]. - **Drilling Services**: Q4 2025 revenue was $0.5 million, down from $0.8 million in Q4 2024. Full-year revenue was $3.7 million, slightly up from $3.6 million in 2024 [2]. Cost Management - Selling, General and Administrative (SG&A) expenses for Q4 2025 were $5.7 million, down from $6.9 million in Q4 2024. Full-year SG&A expenses were $19.6 million, significantly reduced from $114.5 million in 2024, primarily due to decreased provisions for expected credit losses [2][3]. Liquidity Position - As of December 31, 2025, the company had unrestricted cash and cash equivalents of $102.0 million and total liquidity of $158.3 million. By March 3, 2026, cash on hand was $89.6 million, with total liquidity at $156.6 million [2][3]. Capital Expenditures - Total capital expenditures for Q4 2025 were $25.9 million, with significant investments in the aviation rental fleet and infrastructure services [2][3].