Core Points - The Georgia Power Foundation has awarded $1 million in grants to The Trust for Public Land and the Seabrook Village Foundation to support projects aimed at improving water resources in Georgia [1][2] - The Waters for Georgia grant program has been operational since 2019, funding a total of 18 projects with an investment of $3 million to enhance water quality across the state [4] Group 1: Grant Recipients and Projects - The Trust for Public Land will utilize the grant to restore hydrological infrastructure and establish riverbank plant buffers in Mableton, Georgia [2][3] - The Seabrook Village Foundation will implement a living shoreline installation to support a healthy marsh ecosystem and preserve historical heritage sites for the Gullah Geechee community [3] Group 2: Program Overview and Impact - The Waters for Georgia program focuses on green infrastructure, water quality management, and community engagement [4] - The Georgia Power Foundation is recognized as the third-largest corporate giving foundation in Georgia, emphasizing its commitment to environmental stewardship and community investment [5]

Equinor ASA (EQNR) , the Norwegian state-owned energy powerhouse, has made a significant gas and condensate discovery in the Norwegian Sea. This new find was achieved using Transocean Ltd's (RIG) semisubmersible rig, Spitsbergen, in production license 199 in the Haltenbanken Vest Unit. The discovery has not only strengthened Equinor's role in hydrocarbon exploration but also reinforced Norway's standing as a major gas producer. EQNR's Discovery: A Boost for Norwegian Gas Reserves Equinor, along with its par ...

ST. MICHAEL, Barbados, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Blue Diamond Resorts is thrilled to unveil the latest in luxury with its new Private Island Diamond Experience, now available exclusively at Hideaway at Royalton Blue Waters, An Autograph Collection All-Inclusive Resort – Adults Only, in Jamaica. This exceptional offering elevates the Diamond Club™ suite category to new heights, inviting discerning guests to indulge in an exclusive, intimate escape on a secluded private islet, meticulously crafted fo ...

ATLANTA, Sept. 4, 2024 /PRNewswire/ -- LexisNexis® Risk Solutions is proud to announce that LexisNexis® ThreatMetrix® has won the prestigious Best Cyber Security Provider award at the Waters Rankings 2024. This accolade underscores the company's commitment to delivering industry leading fraud and identity solutions to businesses worldwide. Established by WatersTechnology, the Waters Rankings honor excellence and innovation in financial technology, particularly in safeguarding digital identities and combatin ...

Core Viewpoint - Waters has reported a decline in year-over-year earnings and sales, raising concerns about its performance in various markets, while some segments show positive growth [2][3][11]. Financial Performance - Waters reported Q2 2024 non-GAAP earnings of $2.63 per share, exceeding estimates by 3.1%, but down 6.1% year-over-year [2]. - Net sales reached $708.53 million, surpassing the consensus estimate of $698 million, but fell 4% year-over-year [2]. - The Waters segment accounted for 88% of net sales, generating $622.56 million, down 5% year-over-year, while the TA segment contributed $85.97 million, reflecting a 2% decline [4]. Segment Analysis - Instruments sales (41% of total) were $294.06 million, down 14% year-over-year; Services (39%) increased 4% to $273.4 million; Chemistry (20%) also grew 4% to $141.1 million [5]. - The Pharmaceutical market (58% of sales) generated $415.75 million, down 3% year-over-year; the Industrial market (32%) saw sales of $221.39 million, down 4%; and the Governmental & Academic market (10%) dropped 15% to $71.4 million [6][7][8]. Geographic Performance - Sales in Asia (34% of total) were $237.43 million, down 7% year-over-year; the Americas (38%) generated $274.47 million, decreasing 3%; and Europe (28%) saw sales of $196.63 million, also down 3% [6][7][8]. Operating Details - Non-GAAP selling and administrative expenses were $168.3 million, down 4% year-over-year, while research and development spending was $44.9 million, a slight decrease of 0.2% [9]. - The adjusted operating margin was 29.2%, contracting 40 basis points year-over-year [9]. Cash Flow and Balance Sheet - As of June 30, 2024, cash and equivalents were $327.4 million, down from $338.2 million as of March 31, 2024 [10]. - Cash from operations was $54.5 million, significantly down from $262.9 million in the prior quarter, with free cash flow recorded at $143.5 million [10]. Guidance - For Q3 2024, Waters expects non-GAAP earnings of $2.60-$2.70 per share, with organic sales growth anticipated at 1-3% on a constant-currency basis [11]. - For the full year 2024, non-GAAP earnings are projected at $11.55-$11.65 per share, with organic sales expected to decline 2-0.5% [12]. Market Sentiment - There has been a downward trend in estimates, with a consensus estimate shift of -7.57% [13]. - Waters currently holds a Zacks Rank 4 (Sell), indicating expectations of below-average returns in the coming months [14].

Norwegian Cruise Line Holdings Ltd NCLH has faced rough seas this year, with its stock down 13.02% yearto-date, a 6.32% decline over the past year, and a sharp 19.23% drop in just the past month. The company's financial outlook is under pressure, and with significant industry headwinds on the horizon, investors are left questioning whether the worst is still to come. Financial Struggles, Industry Challenges Norwegian Cruise Line's financial position raises red flags. The company expects its net leverage to ...

Core View - The stock of Waters Corporation (NYSE:WAT) has increased by 24% and is trading near the price objective of $340/share, with the company valued at approximately $19.8 billion [4] - The outlook has been revised to a hold due to the stock trading at around 22x forward earnings, which is considered fair value [4] - Key concerns include widening days sales outstanding, slowing instrument replacement times, and a cautious sales guidance revision [4][5] Financial Performance - Q2 FY'24 sales declined by 400 basis points year-over-year but improved by 500 basis points sequentially, with China being a significant drag on performance [5] - Management has revised FY24 sales guidance lower, projecting a decline of 0.5% to 2%, while earnings per share are expected to be flat year-over-year at $11.65 at the upper end [5] - Free cash flow for Q2 was $143 million, representing 28% of sales, and year-to-date free cash flow is $377 million [5] Regional Insights - Sales in China declined in the low teens year-over-year, affecting various sectors, while sequential upsides were noted in pharmaceutical and industrial markets [6] - Total Asia sales, including China, were down 300 basis points year-over-year, with the Americas and Europe experiencing steeper declines of 700 basis points each [7] Operational Metrics - The instruments business saw a 17% decline year-over-year due to reduced customer capital expenditures and delays in large equipment purchases [7] - Management expects normalization in trends, particularly in China, but evidence is needed to support this [8] Return on Capital - Waters Corporation has maintained high returns on capital, exceeding 20%, but there are concerns about potential declines in return on invested capital (ROIC) [4][10] - The competitive advantage period has reduced to 15 years, with a fade rate in ROIC increasing to 6.3% [10] Valuation Insights - The company currently trades at approximately 6.5x enterprise value to invested capital (EV/IC), which may contract further due to declining ROICs [16] - The market value added suggests that every $1 invested is currently valued at $6.50, which may not be sustainable [16][18] - Future earnings growth expectations are high, requiring significant performance to justify current valuations [23]

MILFORD, Mass., Aug. 14, 2024 /PRNewswire/ -- Waters Corporation (NYSE:WAT) today announced the appointment of Heather Knight to its Board of Directors effective August 14, 2024. Ms. Knight currently serves as Executive Vice President and Group President, Medical Products and Therapies at Baxter International. Heather is an accomplished leader who brings decades of experience across the pharma and medical device industries. Post this Waters Corporation appointed Heather Knight to its Board of Directors. She ...

Core Viewpoint - Waters reported revenues of $708.53 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1.51%, but down from $740.58 million year-over-year [1] - The company has surpassed consensus revenue estimates three times in the last four quarters [1] Financial Performance - Waters achieved earnings of $2.63 per share, beating the Zacks Consensus Estimate of $2.55 per share, compared to $2.80 per share a year ago [8] - The current consensus EPS estimate for the upcoming quarter is $2.89 on revenues of $739.43 million, and for the current fiscal year, it is $11.83 on revenues of $2.96 billion [2] Market Performance - Waters shares have declined approximately 0.5% since the beginning of the year, while the S&P 500 has gained 14% [5] - The stock's immediate price movement will depend on management's commentary during the earnings call [9] Industry Outlook - The Medical - Instruments industry is currently ranked in the top 41% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [11] - The estimate revisions trend for Waters is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, suggesting expected underperformance in the near future [14]

[Second Quarter 2024 Financial Results Highlights](index=1&type=section&id=Second%20Quarter%202024%20Financial%20Results%20Highlights) Waters Corporation's Q2 2024 results exceeded guidance, driven by strong operational performance and M&A contribution [Overall Performance](index=1&type=section&id=Overall%20Performance) Waters Corporation's Q2 2024 sales of $709 million decreased 4% but exceeded guidance, with non-GAAP EPS of $2.63 from strong operations Second Quarter 2024 Key Financials: | Metric | Q2 2024 | Q2 2023 | | :-------------------- | :------ | :------ | | Sales | $709 million | $741 million | | GAAP Diluted EPS | $2.40 | $2.55 | | Non-GAAP EPS | $2.63 | $2.80 | - Sales declined **4%** as reported and **4%** in organic constant currency, but exceeded guidance[3](index=3&type=chunk)[6](index=6&type=chunk) - Earnings exceeded guidance, driven by strong operational performance, better-than-expected performance in China, and higher M&A contribution from Wyatt[6](index=6&type=chunk) [Sales Performance by Market, Product & Geography](index=2&type=section&id=Sales%20Performance%20by%20Market%2C%20Product%20%26%20Geography) Q2 2024 sales declined across most segments and geographies, with instrument systems decreasing significantly while recurring revenues grew Q2 2024 Sales Performance (YoY Change as Reported / Organic Constant Currency): | Category | As Reported | Organic Constant Currency | | :-------------------------- | :---------- | :------------------------ | | **Markets:** | | | | Pharmaceutical | (3%) | (4%) | | Industrial | (4%) | (4%) | | Academic & Government | (15%) | (16%) | | **Products & Services:** | | | | Instrument systems | (14%) | (17%) | | Recurring revenues (Service & Chemistry) | 4% | 5% | | **Geography:** | | | | Asia | (7%) | (3%) | | Americas | (3%) | (7%) | | Europe | (3%) | (7%) | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO highlighted strong Q2 execution, exceeding guidance with resilient margins, and expressed optimism for H2 2024 growth driven by new products - CEO stated that the team executed well to deliver Q2 results exceeding top-line and bottom-line guidance[5](index=5&type=chunk) - Margins remained resilient due to disciplined operational management, offsetting headwinds from volume, currency, and inflation[5](index=5&type=chunk) - Company expects to return to growth in the second half of the year, supported by a steady stream of innovative new products[5](index=5&type=chunk) [Financial Guidance](index=2&type=section&id=Financial%20Guidance) Waters Corporation updated its full-year and Q3 2024 financial guidance, reflecting a more gradual market improvement [Full-Year 2024 Financial Guidance](index=2&type=section&id=Full-Year%202024%20Financial%20Guidance) Waters Corporation updated full-year 2024 guidance, projecting organic constant currency sales growth of -2.0% to -0.5% and non-GAAP EPS of $11.55 to $11.65 Full-Year 2024 Sales Growth Guidance: | Metric | Range | | :-------------------------- | :-------------------- | | Organic constant currency | -2.0% to -0.5% | | Currency translation impact | ~-1.5% | | M&A contribution (Wyatt) | +1.3% | | Reported sales growth | -2.2% to -0.7% | Full-Year 2024 Non-GAAP EPS Guidance: | Metric | Range | | :-------------------- | :-------------- | | Non-GAAP EPS | $11.55 to $11.65 | | FX headwind | ~3% | - Full-year outlook reflects the potential for a more gradual market improvement in the second half of the year than previously anticipated[6](index=6&type=chunk) [Third Quarter 2024 Financial Guidance](index=2&type=section&id=Third%20Quarter%202024%20Financial%20Guidance) Q3 2024 guidance anticipates constant currency sales growth of 1.0% to 3.0% and non-GAAP EPS of $2.60 to $2.70, including FX headwinds Third Quarter 2024 Sales Growth Guidance: | Metric | Range | | :-------------------------- | :-------------------- | | Constant currency | +1.0% to +3.0% | | Currency translation impact | ~-1.5% | | Reported sales growth | -0.5% to +1.5% | Third Quarter 2024 Non-GAAP EPS Guidance: | Metric | Range | | :-------------------- | :-------------- | | Non-GAAP EPS | $2.60 to $2.70 | | FX headwind | ~2% | [Company Information and Disclosures](index=3&type=section&id=Company%20Information%20and%20Disclosures) This section provides details on the Q2 2024 conference call, company profile, non-GAAP measures, and forward-looking statements [Conference Call Details](index=3&type=section&id=Conference%20Call%20Details) Waters Corporation will webcast its Q2 2024 financial results conference call on July 31, 2024, with a replay available - Conference call webcast on **July 31, 2024**, at **8:00 a.m. Eastern Time**[15](index=15&type=chunk) - Replay available through **August 28, 2024**, via webcast and phone[15](index=15&type=chunk) [About Waters Corporation](index=3&type=section&id=About%20Waters%20Corporation) Waters Corporation is a global leader in analytical instruments and software, serving scientific fields with over 65 years of innovation and 7,500 employees - Global leader in analytical instruments and software, pioneering innovations in chromatography, mass spectrometry, and thermal analysis[16](index=16&type=chunk) - Serves life, materials, food, and environmental sciences for over **65 years**[16](index=16&type=chunk) - Approximately **7,500 employees** worldwide, operating directly in **35 countries**, with products available in over **100 countries**[16](index=16&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) Non-GAAP financial measures are supplemental to GAAP, adjusting for variable items to provide a clearer view of core business performance and aid decision-making - Non-GAAP financial measures are supplemental to GAAP and adjust for specified items that are highly variable or difficult to predict[17](index=17&type=chunk) - Used by management for financial and operational decision-making, including evaluating historical results, comparing to competitors, and determining incentive compensation[17](index=17&type=chunk) - Reconciliations to the most directly comparable GAAP financial measures are included in the tables[17](index=17&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section warns that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from projections - The release contains forward-looking statements regarding future results and events, which are not statements of historical fact[18](index=18&type=chunk) - Actual future results may differ significantly due to various risks, including the impact of the Wyatt transaction, foreign currency fluctuations, global economic and political conditions, changes in inflation and interest rates, and market demand[19](index=19&type=chunk) - The company does not assume any obligation to update any forward-looking statements, which represent estimates or views as of the release date[20](index=20&type=chunk) [Consolidated Financial Statements (GAAP)](index=6&type=section&id=Consolidated%20Financial%20Statements%20%28GAAP%29) This section presents the company's GAAP consolidated statements of operations, balance sheets, and cash flows [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2024 net sales decreased to $708.5 million, with net income at $142.7 million and diluted EPS at $2.40, down from prior year Consolidated Statements of Operations (Three Months Ended): | Metric | June 29, 2024 (in thousands) | July 1, 2023 (in thousands) | | :-------------------------------- | :--------------------------- | :-------------------------- | | Net sales | $708,529 | $740,576 | | Operating income | $189,112 | $199,859 | | Net income | $142,737 | $150,554 | | Net income per diluted common share | $2.40 | $2.55 | Consolidated Statements of Operations (Six Months Ended): | Metric | June 29, 2024 (in thousands) | July 1, 2023 (in thousands) | | :-------------------------------- | :--------------------------- | :-------------------------- | | Net sales | $1,345,368 | $1,425,250 | | Operating income | $322,958 | $374,027 | | Net income | $244,933 | $291,477 | | Net income per diluted common share | $4.12 | $4.95 | [Preliminary Condensed Unclassified Consolidated Balance Sheets](index=10&type=section&id=Preliminary%20Condensed%20Unclassified%20Consolidated%20Balance%20Sheets) As of June 29, 2024, total assets were $4.45 billion, with debt decreasing to $2.01 billion and stockholders' equity increasing to $1.41 billion Balance Sheet Highlights (in thousands): | Metric | June 29, 2024 | December 31, 2023 | | :-------------------------- | :-------------- | :---------------- | | Total assets | $4,449,047 | $4,626,854 | | Notes payable and debt | $2,006,009 | $2,355,513 | | Total liabilities | $3,037,080 | $3,476,513 | | Total stockholders' equity | $1,411,967 | $1,150,341 | [Preliminary Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Preliminary%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to $317.4 million for H1 2024, with reduced investing activities and $326.2 million used in financing for debt reduction Cash Flow Highlights (Six Months Ended, in thousands): | Metric | June 29, 2024 | July 1, 2023 | | :-------------------------------- | :-------------- | :----------- | | Net cash provided by operating activities | $317,404 | $214,869 | | Net cash used in investing activities | $(65,859) | $(1,366,920) | | Net cash used in financing activities | $(326,213) | $998,963 | | Decrease in cash and cash equivalents | $(68,649) | $(150,836) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP results to non-GAAP measures, including sales, adjusted financials, free cash flow, and projected outlook [Net Sales Reconciliation](index=7&type=section&id=Net%20Sales%20Reconciliation) This section reconciles GAAP net sales to non-GAAP organic constant currency growth rates for Q2 and H1 2024, detailing currency and acquisition impacts [Three Months Ended June 29, 2024](index=7&type=section&id=Three%20Months%20Ended%20June%2029%2C%202024%20Net%20Sales%20Reconciliation) Details Q2 2024 net sales growth rates, showing impacts of currency and acquisitions Q2 2024 Net Sales Growth Rates (YoY): | Category | Reported Change | Currency Impact | Acquisitions Impact | Organic Constant Currency Growth | | :-------------------------- | :-------------- | :-------------- | :------------------ | :------------------------------- | | Total | (4%) | (2%) | 2% | (4%) | | Waters Segment | (5%) | (2%) | 3% | (6%) | | TA Segment | (2%) | (2%) | 0% | 0% | | Instruments | (14%) | (1%) | 4% | (17%) | | Service | 4% | (2%) | 1% | 5% | | Chemistry | 4% | (1%) | 0% | 5% | | Pharmaceutical Market | (3%) | (2%) | 3% | (4%) | | Industrial Market | (4%) | (1%) | 1% | (4%) | | Academic & Gov. Market | (15%) | (1%) | 2% | (16%) | [Six Months Ended June 29, 2024](index=8&type=section&id=Six%20Months%20Ended%20June%2029%2C%202024%20Net%20Sales%20Reconciliation) Details H1 2024 net sales growth rates, showing impacts of currency and acquisitions Six Months Ended June 29, 2024 Net Sales Growth Rates (YoY): | Category | Reported Change | Currency Impact | Acquisitions Impact | Organic Constant Currency Growth | | :-------------------------- | :-------------- | :-------------- | :------------------ | :------------------------------- | | Total | (6%) | (1%) | 3% | (8%) | | Waters Segment | (6%) | (1%) | 3% | (8%) | | TA Segment | (5%) | (2%) | 0% | (3%) | | Instruments | (17%) | (0%) | 4% | (21%) | | Service | 5% | (2%) | 2% | 5% | | Chemistry | 2% | (1%) | 0% | 3% | | Pharmaceutical Market | (3%) | (1%) | 4% | (6%) | | Industrial Market | (5%) | (1%) | 1% | (5%) | | Academic & Gov. Market | (20%) | 0% | 3% | (23%) | [Adjusted Financials Reconciliation](index=9&type=section&id=Adjusted%20Financials%20Reconciliation) This section reconciles GAAP to non-GAAP financials for Q2 and H1 2024, detailing adjustments like amortization, litigation, restructuring, and retention bonuses [Three Months Ended June 29, 2024](index=9&type=section&id=Three%20Months%20Ended%20June%2029%2C%202024%20Adjusted%20Financials%20Reconciliation) Reconciles Q2 2024 GAAP to non-GAAP operating income, net income, and diluted EPS Q2 2024 GAAP to Non-GAAP Reconciliation (in thousands, except per share data): | Metric | GAAP | Adjustments | Non-GAAP | | :-------------------------------- | :------- | :---------- | :------- | | Operating Income | $189,112 | $17,972 | $207,084 | | Income from Operations before Income Taxes | $169,412 | $17,972 | $187,384 | | Net Income | $142,737 | $13,661 | $156,398 | | Diluted Earnings per Share | $2.40 | $0.23 | $2.63 | - Key adjustments include purchased intangibles amortization (**$11,744k**), restructuring costs (**$1,139k**), and retention bonus obligation (**$5,089k**)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [Six Months Ended June 29, 2024](index=9&type=section&id=Six%20Months%20Ended%20June%2029%2C%202024%20Adjusted%20Financials%20Reconciliation) Reconciles H1 2024 GAAP to non-GAAP operating income, net income, and diluted EPS Six Months Ended June 29, 2024 GAAP to Non-GAAP Reconciliation (in thousands, except per share data): | Metric | GAAP | Adjustments | Non-GAAP | | :-------------------------------- | :------- | :---------- | :------- | | Operating Income | $322,958 | $56,029 | $378,987 | | Income from Operations before Income Taxes | $284,268 | $56,029 | $340,297 | | Net Income | $244,933 | $42,591 | $287,474 | | Diluted Earnings per Share | $4.12 | $0.72 | $4.84 | - Key adjustments include purchased intangibles amortization (**$23,578k**), litigation provision (**$10,242k**), restructuring costs (**$9,486k**), and retention bonus obligation (**$12,723k**)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [Free Cash Flow Reconciliation](index=11&type=section&id=Free%20Cash%20Flow%20Reconciliation) Adjusted non-GAAP free cash flow for H1 2024 was $377.3 million, significantly higher due to increased operating cash and specific adjustments Free Cash Flow Reconciliation (Six Months Ended, in thousands): | Metric | June 29, 2024 | July 1, 2023 | | :-------------------------------- | :-------------- | :----------- | | Net cash provided by operating activities - GAAP | $317,404 | $214,869 | | Additions to property, plant, equipment and software capitalization | $(64,759) | $(80,997) | | Tax reform payments | $95,645 | $72,101 | | Litigation settlements paid (received), net | $9,250 | $(750) | | Payment of Wyatt retention bonus obligation | $19,770 | — | | Free Cash Flow - Adjusted Non-GAAP | $377,310 | $239,700 | - Free cash flow is defined as net cash flow from operations less capital expenditures and software capitalization, plus or minus any unusual and non-recurring items[36](index=36&type=chunk) [Projected Financial Outlook Reconciliation](index=12&type=section&id=Projected%20Financial%20Outlook%20Reconciliation) The company reconciled full-year and Q3 2024 projected non-GAAP EPS, detailing adjustments for amortization, litigation, restructuring, and retention bonuses Full-Year 2024 Projected GAAP to Non-GAAP EPS Reconciliation: | Adjustment | Impact on Diluted EPS | | :-------------------------------- | :-------------------- | | GAAP earnings per diluted share | $10.47 - $10.57 | | Purchased intangibles amortization | $0.60 | | Litigation settlement | $0.13 | | Restructuring costs and certain other items | $0.12 | | Retention bonus obligation | $0.23 | | Adjusted non-GAAP earnings per diluted share | $11.55 - $11.65 | Third Quarter 2024 Projected GAAP to Non-GAAP EPS Reconciliation: | Adjustment | Impact on Diluted EPS | | :-------------------------------- | :-------------------- | | GAAP earnings per diluted share | $2.42 - $2.52 | | Purchased intangibles amortization | $0.15 | | Retention bonus obligation | $0.03 | | Adjusted non-GAAP earnings per diluted share | $2.60 - $2.70 |