☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or | | | For the transition period from to Commission File No. 001-34634 ICU MEDICAL, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 33-0022692 (State or Other Jurisdiction of Incorporat ...

Financial Performance - Q4 2025 Net Sales were $1.3 billion, down 2% year-over-year, primarily due to a 4% decrease in volume, partially offset by a 1% price increase and a 1% currency tailwind [7]. - Q4 2025 Net Loss attributable to Chemours was $47 million, or $0.31 per diluted share, compared to a Net Loss of $11 million, or $0.08 per diluted share in Q4 2024 [8]. - Adjusted EBITDA for Q4 2025 was $128 million, down 24% from $168 million in the prior-year quarter, driven by higher costs impacting net loss [8]. - Full year 2025 Net Sales were $5.8 billion, flat compared to the prior year, with TSS reporting record annual sales driven by higher volume and price [9]. - Full year 2025 Net Loss attributable to Chemours was $386 million, or $2.57 per diluted share, compared to Net Income of $69 million, or $0.46 per diluted share in the prior year [10]. - Adjusted EBITDA for the full year 2025 was $742 million, down from $768 million in the prior year, primarily due to lower pricing and cost absorption issues [10]. Segment Performance - TSS segment Q4 2025 Net Sales were $444 million, a 14% increase year-over-year, driven by a 10% price increase and a 3% volume increase [12]. - TiO2 segment Q4 2025 Net Sales were $561 million, an 11% decrease year-over-year, primarily due to a 6% decrease in price globally [17]. - APM segment Q4 2025 Net Sales were $312 million, a 4% decrease year-over-year, primarily driven by an 8% decrease in volume [21]. - APM segment Q4 2025 Adjusted EBITDA decreased 74% to $12 million, primarily due to a non-cash inventory charge and a less favorable product mix [23]. - APM segment full year 2025 Net Sales were $1.3 billion, a 5% decrease compared to full year 2024, primarily due to weaker global demand [25]. - Adjusted EBITDA for APM decreased 32% from the prior year to $108 million, driven by lower cost absorption and operational disruptions [25]. - Other Non-Reportable Segment had Net Sales of $50 million and Adjusted EBITDA of $8 million for the full year 2025 [26]. Cash Flow and Debt - Free Cash Flows for Q4 2025 were $92 million, reflecting a Free Cash Flow Conversion of 72%, compared to $29 million or 17% in Q4 2024 [30]. - As of December 31, 2025, consolidated gross debt was $4.2 billion, with a net leverage ratio of approximately 4.7x on a trailing twelve-month Adjusted EBITDA basis [28]. - Cash provided by operating activities was $264 million for the year ended December 31, 2025, a significant improvement from cash used of $633 million in 2024 [51]. - Cash used for investing activities was $206 million for the year ended December 31, 2025, compared to $353 million in 2024 [51]. - The company issued $748 million in new debt during the year ended December 31, 2025, compared to $606 million in 2024 [51]. Future Outlook - The Company anticipates consolidated Net Sales to increase by 3 to 5% in Q1 2026, with Adjusted EBITDA expected to range between $120 million and $150 million [31]. - The Company expects 2026 Net Sales growth in the range of 3 to 5% and Adjusted EBITDA of $800 million to $900 million [37]. - Capital expenditures for 2026 are anticipated to range from $275 million to $325 million, with Free Cash Flow Conversion above 25% [37]. - Estimated Free Cash Flows for the year ending December 31, 2026, are projected to be between $200 million and $270 million [67]. - Estimated Adjusted EBITDA for the year ending December 31, 2026, is expected to range from $800 million to $900 million [68]. - Net income attributable to Chemours for the year ending December 31, 2026, is estimated to be between $165 million and $225 million [68]. - Adjusted Net Income for the year ending December 31, 2026, is projected to be between $130 million and $180 million [68]. Legal and Environmental Charges - The company incurred restructuring and asset-related charges of $58 million for the year ended December 31, 2025, primarily related to the exit of the SPS Capstone™ business [59]. - Litigation-related charges for the year ended December 31, 2025, amounted to $320 million, significantly impacting the financial results due to various legal settlements [59]. - Environmental charges for the year ended December 31, 2025, included $93 million related to remediation expenses, reflecting ongoing liabilities [59]. Shareholder Information - Basic loss per share for the year ended December 31, 2025, was $(2.57), while adjusted diluted earnings per share were $0.95, down from $1.20 in 2024 [62]. - The weighted-average number of common shares outstanding for the year ended December 31, 2025, was approximately 150.8 million [62].

Infrastructure and Capacity - Energy Transfer operates approximately 12,200 miles of intrastate natural gas transportation pipelines with a transportation capacity of 24 Bcf/d[22]. - The interstate transportation and storage segment includes about 20,090 miles of interstate natural gas pipelines with a capacity of 20.1 Bcf/d, plus an additional 7,080 miles and 12.7 Bcf/d through joint ventures[26]. - Lake Charles LNG has a regasification facility with a send-out capacity of 1.8 Bcf/d and approximately 9.0 Bcf of above-ground storage capacity[28]. - The midstream segment's results are primarily derived from margins on natural gas volumes gathered, transported, and processed, emphasizing the importance of pipeline systems[38]. - The NGL and refined products transportation segment includes approximately 5,750 miles of NGL pipelines and NGL fractionation facilities with an aggregate capacity of 1.15 MMBbls/d[39]. - The crude oil transportation segment operates over 18,000 miles of crude oil pipelines and has a total storage capacity of approximately 73 MMBbls[43]. - The ET Fuel System has a working storage capacity of 11.2 Bcf and serves prolific production areas in the U.S., providing access to major natural gas trading centers[62]. - The Oasis Pipeline has a throughput capacity of approximately 1.3 Bcf/d moving west-to-east and over 750 MMcf/d moving east-to-west, enhancing the Southeast Texas System's profitability[64]. - The Bammel storage facility has a total working gas capacity of approximately 52.5 Bcf, with a peak withdrawal rate of 1.3 Bcf/d and a peak injection rate of 0.6 Bcf/d[64]. - The Eagle Ford System includes four processing plants with an aggregate capacity of 2.0 Bcf/d, connected to intrastate transportation pipeline systems for residue gas deliveries[81]. - The Ark-La-Tex assets include 13 natural gas treating facilities with an aggregate capacity of 3.5 Bcf/d, providing access to multiple markets through interconnections[82]. - The North Central Texas System has an aggregate processing capacity of 700 MMcf/d, processing rich gas from the Barnett Shale and STACK and SCOOP plays[84]. - The Permian Basin Gathering System includes 22 processing facilities with a total processing capacity of 5.5 Bcf/d and one natural gas conditioning facility with a capacity of 200 MMcf/d[87]. - The Midcontinent Systems have an aggregate capacity of approximately 2.9 Bcf/d across 16 natural gas processing facilities[88]. - The Arrow and Rough Rider systems in the Williston Basin have an aggregate processing capacity of 400 MMcf/d[89]. - The Bucking Horse gas processing facility in the Powder River Basin has a processing capacity of 345 MMcf/d[90]. - The Eastern region assets include the 200 MMcf/d Revolution processing plant and over 600 miles of natural gas gathering pipelines[93]. - The Gulf Coast NGL Express pipeline has a throughput capacity of approximately 900 MBbls/d, delivering mixed NGLs to the Mont Belvieu NGL Complex[96]. - The Mont Belvieu NGL Complex has a storage capacity of approximately 63 MMBbls, providing 100% fee-based cash flows[98]. - The company operates 37 refined products terminals with an aggregate storage capacity of approximately 8.6 MMBbls[102]. - The company operates over 18,000 miles of crude oil trunk pipelines and gathering pipelines across the Southwest, Midcontinent, and Midwest United States[106]. - The Bakken Pipeline has a capacity of up to 750 MBbls/d, transporting crude oil from North Dakota to major refining markets[106]. - The Bayou Bridge Pipeline has a capacity of approximately 480 MBbls/d, serving the Gulf Coast region[109]. - The Nederland Terminal has a total storage capacity of over 30 MMBbls and can deliver over 2 MMBbls/d of crude oil[110][111]. - The ET-S Permian joint venture includes over 5,000 miles of crude oil and water gathering pipelines and has a total crude oil storage capacity exceeding 11 million barrels[108][109]. - The Cushing Terminal has approximately 9.5 MMBbls of crude oil storage and includes truck unloading facilities[120]. - The Midland, TX terminals provide a combined storage capacity of approximately 3 MMBbls and access to the Permian Express pipelines[113]. Financial Performance and Strategy - Energy Transfer generates revenues from demand fees, transportation fees, and fuel retention based on the volume of natural gas transported[24]. - Energy Transfer's subsidiaries are expected to fund growth capital expenditures and working capital needs through their resources and operational cash flows[17]. - Energy Transfer's primary cash requirements include distributions to partners, capital expenditures, and debt service[16]. - Energy Transfer's cash flows are derived from distributions related to its investments in subsidiaries, including Sunoco LP and USAC[16]. - The company plans to increase cash flow from fee-based businesses to provide stable cash flows and reduce exposure to commodity price changes[130]. - The company intends to enhance the profitability of existing assets by adding new volumes under long-term commitments and improving operational efficiency[131]. - The business strategy includes growth through strategic acquisitions, aiming to enhance operational efficiencies and increase utilization of existing assets[128]. - During the year ended December 31, 2025, no single customer accounted for more than 10% of consolidated revenues, indicating a diversified customer base[145]. Regulatory Environment - The company is subject to FERC regulations, which govern the transportation of natural gas and require just and reasonable rates for services[146]. - The company faces significant competition in the natural gas sector from major integrated oil and gas companies and other pipelines, impacting pricing and service reliability[132]. - The rates charged for transportation services are deemed just and reasonable under Texas law unless challenged, with potential administrative, civil, and criminal penalties for non-compliance[155]. - NGL pipeline operations are subject to state regulations that may impose additional environmental and operational requirements, with potential fines and delays[156]. - Compliance with FERC regulations is mandatory for transportation contracts with natural gas pipelines, with penalties for non-compliance[158]. - The availability and cost of pipeline transportation significantly affect natural gas sales, with ongoing regulatory changes potentially impacting operations[159]. - Natural gas gathering facilities are generally exempt from FERC jurisdiction, but state regulations may impose safety and nondiscriminatory requirements[160]. - The TRRC regulates gathering facilities in Texas, while Louisiana's Department of Natural Resources oversees intrastate pipelines and gathering facilities[161]. - Ratable take and common purchaser statutes in all operating states restrict discrimination in natural gas purchasing and transportation[163]. - The FERC's indexing rate methodology allows for tariff adjustments based on the Producer Price Index, with the current index set at PPI-FG plus 0.78% until June 30, 2026[172]. - The FERC has proposed a new index level of PPI-FG minus 1.42% for the period from July 1, 2026, to June 30, 2031, which will affect existing rates[176]. - The FERC issued a Proposed Policy Statement on Oil Pipeline Affiliate Committed Service on December 15, 2022, which could classify affiliate contracts as unduly discriminatory under certain circumstances[178]. - The maximum administrative fines for safety violations under the Pipeline Safety Act have increased from $0.1 million to $0.2 million for a single violation, and from $1 million to $2 million for a related series of violations[185]. - PHMSA's final rule published in January 2025 enhances requirements for detecting and repairing leaks on natural gas pipelines, which could lead to increased compliance costs for operators[185]. - The company is subject to ongoing reporting requirements to the FERC, PHMSA, and other regulatory agencies regarding the operation and maintenance of its LNG terminal[183]. - The company has received necessary authorizations from the FERC for the construction and operation of its LNG terminal, which are subject to stringent regulatory conditions[182]. - The company’s ammonia pipeline rates must be reasonable and cannot discriminate against any person or type of traffic, as regulated by the Surface Transportation Board[189]. Environmental Compliance and Liabilities - Compliance with environmental laws and regulations has historically not had a material adverse effect on the company's business, but future costs could arise from stricter regulations or unanticipated events[191]. - The company’s operations are subject to stringent regulations regarding hazardous substances and waste materials, which could lead to significant liabilities under laws like CERCLA[192]. - As of December 31, 2025, the company recorded accrued environmental liabilities of $416 million, an increase from $278 million in 2024, reflecting a $140 million impact from the acquisition of Parkland by Sunoco LP[195]. - Accruals for environmental remediation activities amounted to $186 million and $197 million at December 31, 2025 and 2024, respectively, indicating ongoing financial commitments to address environmental concerns[196]. - The total future costs for environmental remediation activities are influenced by various factors, including the identification of additional sites and the extent of contamination, which could lead to significant charges against income over time[200]. - The company has initiated corrective remedial actions at certain facilities, with remediation accruals reflecting strategies to mitigate risks to human health and the environment[198]. - The total accrued future estimated cost of remediation activities for Transwestern is $2.4 million, expected to continue through 2026, which is included in the overall environmental accruals[201]. - Compliance with the Clean Air Act and state regulations may require future capital expenditures for air pollution control equipment, potentially impacting operating costs[202]. - The Clean Water Act imposes strict controls on the discharge of pollutants, and any future expansions of its jurisdiction could lead to increased costs and delays in obtaining necessary permits[203]. - The company is subject to penalties for non-compliance with environmental laws, including the Clean Water Act and the Oil Pollution Act, which could result in significant financial liabilities[205]. - The company has established a wholly owned captive insurance company to manage environmental claims related to legacy sites, holding $103 million in cash and investments as of December 31, 2025[196]. - Future regulatory changes could materially impact the company's operations and financial position, particularly regarding environmental compliance and remediation costs[200]. - The company may incur additional costs due to the designation of endangered species, which could lead to habitat conservation plans and operational restrictions[208]. - Climate change regulations are being proposed at various government levels, including cap-and-trade programs and carbon taxes, impacting operational costs[209]. - The U.S. has not implemented comprehensive climate change legislation, while Canada has established a federal carbon pricing regime[209]. - The EPA has proposed revoking the "Endangerment Finding," which could affect GHG-related regulations[209]. - The EPA requires monitoring and annual reporting of GHG emissions from certain petroleum and natural gas sources, impacting compliance costs[209]. - The GHG reporting requirements have been expanded to include all segments of the oil and natural gas industry, increasing regulatory burden[209]. - Potential for Significant Deterioration (PSD) construction and Title V operating permit reviews may be required for facilities emitting GHGs[209]. - The company’s customers may face increased costs and operational delays due to species protection measures[208]. - The designation of new endangered species could reduce demand for the company's services in affected areas[208]. - The company is closely monitoring climate change legislation and its potential impact on operations and costs[209].

Revenue Performance - Product revenue for Q4 2025 was $92.7 million, a 15.3% increase from $80.4 million in Q4 2024, and a 4.5% sequential increase from $88.7 million in Q3 2025[2] - Royalty revenue for Q4 2025 totaled $14.5 million, a 7.8% decrease from $15.8 million in Q4 2024, and a 33.1% sequential decrease from $21.7 million in Q3 2025[3] - Total revenue for the year ended December 31, 2025, including a $45 million patent litigation settlement, was $452.7 million, a 26.1% increase from $359.1 million in 2024[8] Profitability - Net income for Q4 2025 was $46.5 million, or $1.01 per diluted share, compared to $10.2 million, or $0.23 per diluted share, in Q4 2024[5] - Net income for 2025 was $118.6 million, or $2.61 per diluted share, compared to $6.1 million, or $0.14 per diluted share, in 2024[8] Cash Flow and Operations - Cash flow from operations for Q4 2025 was $15.7 million, compared to $10.1 million in Q4 2024, and down from $38.5 million in Q3 2025[6] Backlog and Future Outlook - Backlog for Q4 2025 was $176.9 million, a 13.8% increase from $155.5 million in Q4 2024, and a 15.8% sequential increase from $152.8 million in Q3 2025[7] - The CEO indicated that rising demand in high-performance computing and other sectors is expected to lead to record product revenues in 2026[9] Asset and Liability Management - Total current assets increased to $587,363,463 from $534,034,000, representing a growth of approximately 10% year-over-year[17] - Cash and cash equivalents reached $402,805, an increase from $277,273, reflecting a significant rise of 45%[17] - Total liabilities amounted to $653,216,161, up from $620,827,000, indicating a growth of about 5%[17] - Total equity increased to $711,816,570 from $629,291, showing an increase of approximately 13%[17] - Long-term deferred tax assets were reported at $27,463,261, a slight increase from the previous year[17] - Accounts payable rose to $12,290 from $8,737, marking an increase of about 40%[17] - Accrued expenses totaled $36,916,165, up from $35,889, indicating a growth of approximately 3%[17] - Total current liabilities increased to $65,321,616 from $82,820, reflecting a decrease of about 21%[17] - The company reported total assets of $785,831, which is an increase from $641,118, representing a growth of approximately 22%[17] - Retained earnings increased to $421,359,302 from $403,803, showing a growth of about 4%[17] Capacity Expansion - Vicor is planning a second fab to increase capacity and is exploring alternate sources for high current density modules[11]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 __________________________________________________________________ FORM 10-K __________________________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________ FORM 10-K ___________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39653 ___________________________ BLUE OWL CAPITAL INC. (Exact name of regis ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-16463 ____________________________________________ PEABODY ENERGY CORPORATION None Indicate by check mark if the registrant ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-06605 ____________________________________ EQUIFAX INC. (Exact name of registrant as specified in its chart ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35969 PTC THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

Financial Performance - Achieved net income attributable to common stockholders of $1.36 per diluted share, a 9.7% increase year-over-year[5] - Funds from operations (FFO) attributable to common stockholders was $1.99 per diluted share, with Core FFO at $2.08 per diluted share, reflecting a 2.5% increase year-over-year[5] - Total revenues for Q4 2025 reached $857.5 million, a 4.3% increase from $821.9 million in Q4 2024[39] - Net income attributable to common stockholders for Q4 2025 was $287.4 million, up 9.5% from $262.5 million in Q4 2024[39] - Same-store rental revenues for the year ended December 31, 2025, were $2.65 billion, slightly up from $2.64 billion in 2024[40] - Total same-store net operating income for the year ended December 31, 2025, was $1.88 billion, compared to $1.92 billion in 2024, reflecting a decrease of 1.8%[40] - The company expects fully diluted earnings per share for the year ending December 31, 2026, to range between $4.40 and $4.70[41] - Net income for the year ending December 31, 2026, is estimated to be between $1.00 billion and $1.08 billion[42] Operational Metrics - Same-store revenue increased by 0.4% and same-store net operating income (NOI) increased by 0.1% compared to the prior year[5] - Reported ending same-store occupancy of 92.6% as of December 31, 2025, down from 93.3% as of December 31, 2024[5] - Same-store net rental income for Q4 2025 was $639,489,000, a 0.5% increase from Q4 2024's $636,530,000[1] - Total same-store revenues for the year ended December 31, 2025, reached $2,648,814,000, reflecting a 0.1% increase from $2,645,534,000 in 2024[1] - Same-store operating expenses increased by 1.1% to $188,329,000 in Q4 2025, compared to $186,299,000 in Q4 2024[1] - The company reported a total of 1,871 stores in its same-store pool for 2026[42] Investments and Acquisitions - Acquired 27 operating stores for a total cost of $304.8 million and seven additional stores for approximately $106.9 million[5] - Acquired joint venture interests for $342.2 million, now wholly owning 28 properties previously held by partners[7] - The company sold its interest in nine of ten properties held in a joint venture, resulting in a net gain of $45.2 million during Q4 2025[17] Shareholder Actions - Repurchased 1,089,659 shares of common stock for $140.9 million at an average price of $129.32 per share[5] - The company paid a fourth quarter common stock dividend of $1.62 per share on December 31, 2025[24] Debt and Assets - As of December 31, 2025, the company's percentage of fixed-rate debt to total debt was 82.1%[22] - Total assets increased to $29.26 billion in 2025 from $28.85 billion in 2024, reflecting a growth of approximately 1.4%[38] - Real estate assets, net, rose to $25.00 billion in 2025, up from $24.59 billion in 2024, indicating an increase of about 1.7%[38] - The company's total liabilities increased to $14.94 billion in 2025 from $13.99 billion in 2024, representing a growth of approximately 6.8%[38] - The company reported an accumulated deficit of $1.45 billion as of December 31, 2025, compared to $899.34 million in 2024, showing a significant increase in losses[38] Future Outlook - For 2026, the company expects improving results due to strengthening customer rates and moderating new supply[6] - Core FFO estimates for 2026 range from $8.05 to $8.35 per share, with same-store revenue growth projected between (0.50)% and 1.50%[25] - Estimated same-store rental revenues for 2026 are projected to be between $2.69 billion and $2.75 billion[42] - Interest expense for the year ending December 31, 2026, is estimated at approximately $595 million[42] Risk Factors - The company faces risks including adverse changes in economic conditions, competition, and potential liabilities related to environmental contamination[34] - The company emphasizes the importance of maintaining its REIT status for U.S. federal income tax purposes to ensure operational viability[34] Management and Operations - Added 78 stores to the third-party management platform, bringing the total to 2,263 managed stores[5] - The company managed a total of 2,263 stores as of December 31, 2025, including 1,856 stores for third-party owners[19] - The company originated $80.4 million in mortgage and mezzanine bridge loans and sold $16.2 million in mortgage bridge loans[5] - The company originated $80.4 million in bridge loans during Q4 2025, with outstanding balances of approximately $1.5 billion at the end of the quarter[18] - The company defines FFO (Funds From Operations) as net income excluding gains or losses on sales of operating stores and impairment write-downs, plus depreciation and amortization related to real estate[32] - Core FFO excludes non-core revenues and expenses, providing a clearer picture of operating performance, particularly post-merger with Life Storage[33] - The same-store pool consists of 1,804 stores that are wholly-owned and stabilized, allowing for a more accurate evaluation of operating performance[35]