Financial Results - Capital Southwest Corporation announced preliminary estimates of its financial condition and results of operations for the fiscal quarter ended December 31, 2025[4]. - The press release detailing these estimates was issued on January 15, 2026[4]. - The report indicates that the information disclosed will be deemed "filed" for purposes of the Securities Exchange Act of 1934[5]. - The financial statements and exhibits related to the report include a press release and an interactive data file[6]. Company Information - The company is listed on The Nasdaq Global Select Market under the trading symbol CSWC[3]. - Michael S. Sarner serves as the President and Chief Executive Officer of Capital Southwest Corporation[9].

Revenue Performance - Fourth Quarter 2025 revenue was $3.10 billion, a decrease of 2% compared to $3.15 billion in Q4 2024[2] - Full Year 2025 revenue totaled $12.00 billion, down 1% from the previous year[6] - Intermodal (JBI) segment revenue decreased 3% year-over-year, driven by a 2% decline in load volume[7] - Dedicated Contract Services (DCS) revenue increased 1% in Q4 2025, with customer retention rates at approximately 94%[9] - Integrated Capacity Solutions (ICS) segment revenue was $305 million, down 1%, with an operating loss of $3.3 million compared to a loss of $21.8 million in Q4 2024[11] - Truckload (JBT) revenue increased 10% to $200 million, primarily due to a 15% increase in load volume[18] - Intermodal revenue for 2025 was $5,975,358, accounting for 50% of total revenue, slightly up from $5,956,092 in 2024[32] - Marketplace revenue for J.B. Hunt 360 was $349.1 million in 2025, a decline from $395.8 million in 2024[36] Profitability - Operating income for Q4 2025 increased 19% to $246.5 million from $207.0 million in Q4 2024[4] - Operating income for 2025 was $865,069, representing an increase of 4.1% compared to $831,225 in 2024[32] - Diluted earnings per share for Q4 2025 were $1.90, up 24% from $1.53 in Q4 2024[2] - Net earnings for 2025 were $979,688, representing a 5.0% increase from $931,886 in 2024[31] Expenses and Liabilities - Total operating expenses for 2025 were $11,134,027, a decrease of 1.08% from $11,255,979 in 2024[30] - Total current liabilities increased by $257,303,000, reflecting a significant rise in financial obligations[38] - Current liabilities rose from $1,678,040,000 in 2024 to $1,935,343,000 in 2025, an increase of about 15.4%[38] - Long-term debt decreased from $977,702,000 in 2024 to $766,938,000 in 2025, a decline of approximately 21.5%[38] Cash Flow and Assets - Cash and cash equivalents at December 31, 2025, were $17 million, with total debt outstanding of $1.47 billion[20] - Net cash provided by operating activities increased from $1,483,156,000 in 2024 to $1,678,272,000 in 2025, representing a growth of about 13.2%[40] - Total current assets decreased from $1,770,983,000 in 2024 to $1,604,190,000 in 2025, a decline of approximately 9.4%[38] - Net property and equipment slightly decreased from $5,729,799,000 in 2024 to $5,538,101,000 in 2025, a decrease of about 3.3%[38] Shareholder Information - The company repurchased approximately 6.3 million shares for approximately $923 million in 2025, with $968 million remaining under share repurchase authorization[21] - Actual shares outstanding at the end of the period decreased from 100,555,000 in 2024 to 94,595,000 in 2025, a reduction of approximately 5.9%[40] - Book value per actual share outstanding decreased from $39.92 in 2024 to $37.69 in 2025, a reduction of approximately 5.6%[40] - Stockholders' equity decreased from $4,014,505,000 in 2024 to $3,565,085,000 in 2025, a decline of approximately 11.2%[38] Operational Metrics - The average number of third-party carriers increased to approximately 126,400 in 2025 from 110,000 in 2024[36] - The number of loads in the Dedicated segment decreased to 3,885,463 in 2025 from 3,985,221 in 2024[36] - Average revenue per load in the Intermodal segment decreased to $2,795 in 2025 from $2,849 in 2024[36] - The gross profit margin for Integrated Capacity Solutions was 14.5% in 2025, down from 16.1% in 2024[36] - Net capital expenditures decreased from $674,406,000 in 2024 to $574,774,000 in 2025, a decline of about 14.7%[40]

Financial Announcements - Nabors Industries Ltd. announced the complete redemption of its 7.500% Senior Guaranteed Notes due 2028[4] - Preliminary balance sheet figures for the year ended December 31, 2025, were disclosed[4]

Earnings Release - ICF International, Inc. will release its Q4 and full year 2025 earnings results on February 26, 2026[7] Conference Call - A conference call to discuss the quarterly results is scheduled for 4:30 p.m. Eastern Time on the same day[7]

Revenue Growth - Cloudastructure achieved approximately 270% year-over-year revenue growth, generating over $5.0 million in recognized revenue for 2025, compared to approximately $1.4 million in 2024[2] - The fourth quarter of 2025 saw approximately 306% year-over-year revenue growth, marking the highest quarterly revenue in the company's history[2] Customer Growth - Customer growth was approximately 74% year-over-year, driven by a disciplined land-and-expand strategy, particularly in the multifamily sector[10] Product and Service Innovation - Cloudastructure expanded its AI-powered video surveillance and remote guarding platform into the construction and logistics sectors in 2025, addressing elevated risks in these verticals[11] - The company introduced several product innovations in 2025 aimed at reducing deployment friction and enhancing platform efficiency[10] Performance Metrics - The platform demonstrated a 98% real-time deterrence rate, with customers reporting approximately 40% first-year cost savings compared to traditional guarding solutions[5][9] - Key performance metrics included over 112,000 live verbal interventions and less than 1% of incidents requiring emergency services[9] Customer Satisfaction - The company received multiple industry awards, including a 100% customer satisfaction score and a Net Promoter Score (NPS) of over 100[14] Future Outlook - As of 2026, Cloudastructure is positioned for sustained growth with strong customer validation and expanding enterprise adoption[13]

Meeting and Voting Procedures - The annual general meeting of Platinum Group Metals Ltd. is scheduled for February 24, 2026, at 10:00 a.m. Pacific time in Vancouver, British Columbia[11]. - Shareholders will vote on the audited consolidated financial statements for the year ended August 31, 2025, along with the auditor's report[14]. - The management recommends the election of six directors and the appointment of auditors, as well as the approval of an amendment to the share compensation plan[27]. - The company has adopted a Notice and Access model to deliver meeting materials electronically, aiming to enhance environmental sustainability and reduce costs[10]. - Registered shareholders can vote by proxy until 10:00 a.m. Pacific time on February 20, 2026, or 48 hours before any adjourned meetings[21]. - Beneficial shareholders must follow specific instructions from their intermediaries to vote, as they cannot vote directly at the meeting[42]. - The company reports in Canadian dollars, with all dollar references in the circular indicating Canadian dollars unless specified as U.S. dollars[38]. - The management information circular includes details on the proposed amendments to the deferred share unit plan[14]. - The company will bear all costs associated with the solicitation of proxies, which will primarily be conducted by mail[36]. - Shareholders are encouraged to review the entire information circular before voting to make informed decisions[26]. - The Company has issued 123,405,039 Common Shares as of January 8, 2026[54]. - Hosken Consolidated Investments Limited holds 27,767,994 Common Shares, representing 22.50% of the voting rights[57]. - The audited consolidated financial statements for the financial year ended August 31, 2025, have been approved by the Board[59]. - The Meeting will address the election of six directors, with the current Board consisting of six members[60]. - The Company will seek approval for an amendment to its share compensation plan, required every three years by the TSX[62]. - The Majority Voting Policy mandates that any director nominee receiving more "withheld" votes than "for" votes must tender a resignation offer[63]. - The Company will reimburse intermediaries for reasonable out-of-pocket costs incurred in mailing proxy materials to Beneficial Shareholders[49]. - Beneficial Shareholders must return voting instruction forms to Broadridge well in advance of the Meeting to ensure their Common Shares are voted[54]. - The Company has adopted the Notice and Access procedure for distributing proxy-related materials to shareholders[47]. - Beneficial Shareholders can attend the Meeting as proxyholders for registered shareholders to vote their Common Shares[50]. - The company reported a 98.20% approval for the appointment of directors during the 2025 voting results[67]. Share Compensation Plan - The Share Compensation Plan allows for the issuance of RSUs and Options limited to 10% of the issued and outstanding Common Shares at the time of any grant[71]. - Amendments to the Share Compensation Plan include the removal of existing limits on Options granted to non-employee directors, allowing for a maximum value of Options not to exceed $100,000 in any financial year[78]. - The maximum combined annual value of all equity-based compensation granted to a non-employee director may not exceed $150,000, subject to specified exceptions[78]. - The company intends to modernize the Share Compensation Plan by permitting RSU awards for non-executive directors[72]. - The Board recommends shareholders vote FOR the Share Compensation Plan Amendment Resolution[79]. - The company has no indebtedness to the directors listed in the management information circular[68]. - The Share Compensation Plan was last amended and reapproved in February 2023[71]. - The company aims to ensure compliance with current governance and market practices through the amendments to the Share Compensation Plan[72]. - The Share Compensation Plan requires shareholder approval every three years, with the current approval sought for the 2026 Amended and Restated Share Compensation Plan[80]. - The Company can grant options and RSUs under the Share Compensation Plan until February 24, 2029, which is three years from the date of the current shareholder approval[81]. - The maximum aggregate number of Common Shares available for issuance under the Share Compensation Plan is capped at 10% of the outstanding Common Shares[83]. Deferred Share Unit Plan - The 2026 Amended and Restated DSU Plan allows Eligible Directors to convert Board Fees into Deferred Share Units (DSUs) ranging from 20% to 100%[84]. - The 2026 Amended and Restated DSU Plan includes provisions for settling DSUs in Common Shares in addition to cash[85]. - The total number of Common Shares reserved for issuance under the 2026 Amended and Restated DSU Plan shall not exceed 10% of the issued and outstanding Common Shares[91]. - The maximum combined value of all grants to any non-employee director under any security-based compensation arrangements is limited to $150,000 annually[94]. - Redemptions of DSUs may be in Common Shares or cash, with cash settlements calculated based on the Fair Market Value of a Common Share on the Redemption Date[95]. - The aggregate number of Common Shares issuable to Insiders under the 2026 Amended and Restated DSU Plan shall not exceed 10% of the issued and outstanding Common Shares on a non-diluted basis[93]. - The 2026 Amended and Restated DSU Plan will be administered by the Board or designated persons, ensuring compliance with regulatory requirements[92]. - As of the Record Date, there were 1,035,212 DSUs outstanding, representing approximately 0.84% of the issued and outstanding Common Shares[112]. - The 2026 Amended and Restated DSU Plan will not create an additional reserve and will be governed by the existing 10% rolling limit applicable to all security-based compensation arrangements[112]. - The Board has unanimously approved the 2026 Amended and Restated DSU Plan and recommends shareholders vote FOR the resolution[118]. Executive Compensation - The Company does not currently generate operating cash flow and relies on equity and debt financings to fund its exploration and corporate activities[127]. - The Compensation Committee is responsible for ensuring appropriate executive compensation plans are in place to attract and retain talent[126]. - The Company's compensation philosophy includes long-term equity-based incentives as a significant component of executive compensation[128]. - Any DSUs issued or awarded are subject to the Company's Clawback Policy, allowing for cancellation or recovery under certain conditions[110]. - All unvested DSUs will vest immediately prior to a Change of Control as defined in the DSU Plan[109]. - The Company may amend the DSU Plan without participant consent, provided it does not adversely affect previously awarded DSUs[111]. - The 2026 Amended and Restated DSU Plan Resolution must be approved by at least a majority of the votes cast at the Meeting[120]. - The Company's President and CEO received a base salary of $475,000 for the financial year ended August 31, 2025, unchanged from the previous year[148]. - The CFO's base salary increased to $180,156 from $175,610 in the prior year, while the VP Corporate Development's salary rose to $245,858 from $240,350[148]. - The Company paid a total cash bonus of $92,100 to the President and CEO, consistent with the previous year, while the CFO received a bonus of $14,000, up from $13,770[151]. - The Compensation Committee evaluates NEO performance based on key measurements that correlate to long-term shareholder value and overall corporate goals[136]. - The Company aims to align officer compensation with shareholder interests through long-term equity-based incentives, including Options and RSUs[130]. - The Compensation Committee reviews compensation practices of peer companies annually to ensure market competitiveness[134]. - The Company’s share price decreased by approximately 32% from September 1, 2020, to August 31, 2025, compared to a 99% increase in the S&P/TSX Composite Index during the same period[160]. - The Compensation Committee has not recommended changing the base salary for any active NEO for fiscal 2026 despite achieving most performance milestones in fiscal 2025[146]. - The Company maintains a flexible compensation framework to encourage and reward employees based on both individual and corporate performance[130]. - Frank Hallam, President and CEO, received total compensation of $929,746 for the financial year ended August 31, 2025, down from $1,147,914 in 2024[170]. - Gregory Blair, CFO, had total compensation of $307,540 for the financial year ended August 31, 2025, compared to $334,841 in 2024[170]. - Kresimir (Kris) Begic, VP of Corporate Development, earned total compensation of $448,182 for the financial year ended August 31, 2025, down from $561,703 in 2024[170]. Share-Based Awards - The closing price of the Common Shares on the TSX on August 29, 2025, was $2.18[179]. - The Share Compensation Plan limits the number of Options and RSUs that can be issued annually without shareholder approval[167]. - The Company has not re-priced any Options under the Share Compensation Plan during the most recently completed financial year[167]. - The Company’s share-based awards consist of RSUs that are subject to vesting criteria, with values based on the fair market value at the time of grant[175]. - The value of option-based awards vested during the financial year ended August 31, 2025, for Frank Hallam was $27,030, and for Kresimir (Kris) Begic was $16,218[184]. - Share-based awards vested during the same period amounted to $165,182 for Frank Hallam and $66,255 for Kresimir (Kris) Begic[184]. - Non-equity incentive plan compensation earned during the year included $92,100 for Frank Hallam and $33,700 for Kresimir (Kris) Begic[184]. - Mlibo Mgudlwa received $4,055 from option-based awards and $41,641 from share-based awards during the year[185]. - Schalk Engelbrecht's option-based awards vested at $5,406, while his share-based awards amounted to $50,771[185]. Director Compensation - The company does not provide retirement benefits or a pension plan for its directors or officers[186]. - In the event of termination without cause, Frank Hallam is entitled to a severance of 24 months' annual salary, while Kresimir (Kris) Begic is entitled to 12 months' annual salary[191]. - Upon a change of control, non-vested options held by certain executives will be deemed vested, allowing participation in the transaction[192]. - The company has a clawback policy in place to recover incentive-based compensation in the event of a financial restatement due to noncompliance with financial reporting requirements[196][197]. - No termination or change of control payments are payable to Mlibo Mgudlwa under his employment agreement[193]. - The total compensation for non-NEO directors for the financial year ended August 31, 2025, ranged from CAD 110,234 to CAD 145,294, with an average total compensation of approximately CAD 128,000[202]. - Directors' fees are structured with 65% paid in cash and 35% in Deferred Share Units (DSUs)[204]. - The closing price of the Company's Common Shares on the TSX on August 31, 2025, was CAD 2.18[207]. - The Company has no arrangements for additional compensation for non-NEO directors beyond standard fees for their services[205]. - The annual retainer for the Board of Directors is set at USD 55,493.50, with additional fees for committee chairs ranging from USD 10,000 to USD 15,000[206]. - The Company has outstanding option-based awards for directors, with options priced between CAD 1.52 and CAD 2.37, expiring between 2026 and 2029[209]. - The total number of unexercised options for each director varies, with Timothy Marlow holding 21,000 options at an exercise price of CAD 2.32[209]. - The market value of the securities underlying the options at the end of the financial year was CAD 2.18, impacting the value of unexercised options[210]. - The Company does not provide additional compensation for special assignments beyond the per diem rate of USD 1,000 per day[206]. - The compensation structure is reviewed and recommended by the Compensation Committee based on peer group analysis[206].

Financial Performance - Westamerica Bancorporation reported a net income of $27.8 million for Q4 2025, with diluted EPS of $1.12, a decrease from $28.3 million and $1.12 in Q3 2025[1][2] - The annualized return on average common equity for Q4 2025 was 10.8%, down from 12.1% in Q4 2024[2][10] - Net interest income on a fully-taxable equivalent basis was $53.5 million in Q4 2025, a 9.6% decrease from $59.2 million in Q4 2024[3][10] - Noninterest income for Q4 2025 totaled $10.0 million, down 5.9% from $10.6 million in Q4 2024[4][10] - Total Revenue (FTE) for Q4'2025 was $63,552, a decrease of 9.1% compared to Q4'2024's $69,880[23] - Net income decreased by 12.3% to $27,807 million compared to $31,700 million in the previous year[37] - Total noninterest income fell by 5.9% to $10,003 million from $10,633 million[37] - Total noninterest income for the year-to-date period was $40,790 million, down 5.5% from $43,155 million[38] Expenses and Efficiency - Noninterest expenses were $25.5 million in Q4 2025, a slight decrease of 1.5% from $25.9 million in Q3 2025[4][10] - The efficiency ratio for Q4 2025 was 40.1%, up from 37.0% in Q4 2024[10] - Total Noninterest Expense for Q4'2025 was $25,466, down 1.5% from $25,853 in Q4'2024[25] - The Noninterest Expense to Revenues (FTE) ratio was 40.1% in Q4'2025, up from 37.0% in Q4'2024[25] Asset and Loan Performance - Total assets decreased by 3.0% to $6,055,696 compared to $6,243,799 in Q4'2024[14] - Total loans declined by 11.5% to $727,540 from $821,767 in Q4'2024[14] - Consumer loans saw a significant drop of 29.2%, falling to $132,577 from $187,133 year-over-year[14] - Average Total Loans decreased by 11.5% to $727,540 in Q4'2025 from $821,767 in Q4'2024[26] - Total loans decreased by 11.4% to $726,482 thousand from $820,300 thousand in the previous year[33] Deposits and Funding - Total deposits decreased by 3.8% to $4,837,964 compared to $5,028,363 in Q4'2024[17] - Noninterest demand deposits fell by 4.5% to $2,236,646 from $2,342,092 in Q4'2024[17] - Loans to deposits ratio decreased to 15.0% from 16.3% in Q4'2024[14] - Total short-term borrowings increased by 18.2% to $130,502 from $110,404 in Q4'2024[17] Equity and Dividends - Westamerica paid a dividend of $0.46 per common share in Q4 2025, an increase of 4.5% from $0.44 in Q4 2024[2][10] - Shareholders' equity slightly decreased by 1.9% to $1,019,086 from $1,039,017 in Q4'2024[17] - Shareholders' equity increased by 4.9% to $933,509 thousand from $889,957 thousand year-over-year[34] Market and Valuation - The market value per common share decreased by 8.8% to $47.83 from $52.46 in the previous year[32] - The average retirement price for shares retired in 2025 was $49.27, compared to $45.58 in 2024[32] Credit Quality - Nonperforming assets remained stable at $1.8 million as of December 31, 2025[2][10] - Nonperforming Loans increased by 146.8% to $1,814 in Q4'2025 compared to $735 in Q4'2024[27] - The Allowance for Credit Losses on Loans decreased by 21.7% to $11,573 in Q4'2025 from $14,780 in Q4'2024[26] Investment and Securities - Total investment securities decreased by 4.7% to $4,343,373 from $4,557,436 in Q4'2024[14] - Total debt securities eligible as collateral amounted to $4,013,502 thousand, with corporate securities making up $2,541,560 thousand[29] - The company pledged $741,923 thousand in debt securities at the Federal Reserve Bank and $710,092 thousand for depository customers, totaling $1,875,670 thousand in pledged securities[31]

Financial Performance - Net sales for the first quarter of 2026 increased 23.3% to $159.9 million from $129.7 million in the prior year quarter, driven by an 18.8% increase in average selling prices and a 3.8% increase in shipments[85]. - Gross profit for the first quarter of 2026 increased 89.5% to $18.1 million, representing 11.3% of net sales, compared to $9.5 million or 7.3% of net sales in the prior year quarter[86]. - Net earnings for the first quarter of 2026 rose to $7.6 million ($0.39 per share) from $1.1 million ($0.06 per share) in the prior year quarter, primarily due to increased gross profit and lower restructuring charges[92]. Expenses - Selling, general and administrative expenses increased 11.1% to $8.8 million, or 5.5% of net sales, from $7.9 million, or 6.1% of net sales in the prior year quarter[87]. - The effective income tax rate decreased to 21.0% from 26.1% in the prior year quarter, driven by a reduction in the valuation allowance on deferred tax assets[91]. Cash Flow and Capital Expenditures - Cash used for operating activities was $701,000 during the first quarter of 2026, primarily due to a net increase in working capital[96]. - Investing activities used $1.6 million of cash during the first quarter of 2026, significantly lower than $73.9 million in the prior year, mainly due to the EWP and OWP acquisitions[99]. - Financing activities used $20.7 million of cash during the first quarter of 2026, including $20.0 million for dividend payments[101]. - The company expects cash and cash equivalents, along with cash generated from operating activities, to be sufficient for working capital and capital expenditures in both the short- and long-term[104]. Acquisitions - The company acquired Engineered Wire Products, Inc. for an adjusted purchase price of $67.0 million and O'Brien Wire Products of Texas, Inc. for $5.1 million[81][82]. Market Conditions - Demand in the company's markets is seasonal and cyclical, with higher shipments and profitability typically in the third and fourth quarters[106]. - Inflation did not materially impact sales or earnings during the first quarter of fiscal 2026, but future increases in raw material costs remain uncertain[107]. - The company anticipates strong performance for the remainder of fiscal 2026, driven by positive customer sentiment and demand in core markets[111]. - Approximately 10% of the company's revenues are directly affected by import competition, with concerns about the significant steel price premium in the U.S.[112]. Cost Management - The company is focused on managing expenses, realizing synergies from acquisitions, and improving productivity to minimize operating costs[113]. - A 10% increase in the price of wire rod would have resulted in a $9.8 million decrease in pre-tax earnings, assuming no change in selling prices[116]. Financing and Credit - The company has a $100.0 million revolving credit facility, with $98.7 million of borrowing capacity available as of December 27, 2025[103]. - Future borrowings under the credit facility are subject to variable interest rates, making them sensitive to changes in interest rates[117]. - The company has not typically hedged foreign currency exposures, as such transactions have not been material historically[118].

Private Loan Portfolio - In Q4 2025, Main Street originated new or increased commitments in its private loan portfolio totaling $387.1 million and funded total investments with a cost basis of $231.4 million[1]. - The private loan portfolio included total investments at cost of approximately $2.0 billion across 86 unique companies as of December 31, 2025[3]. - 93.5% of the private loan portfolio is invested in first lien senior secured debt investments, while 6.5% is in equity investments or other securities[3]. - Notable commitments included $53.3 million in a first lien senior secured term loan to a beverage solutions manufacturer and $57.0 million to a satellite operations software provider[2]. - The company also provided $9.6 million in a first lien senior secured term loan to a provider of applied behavior analysis therapy for children with autism[6]. Investment Strategy - Main Street's investment strategy focuses on customized long-term debt and equity capital solutions for lower middle market companies[4]. - The total amount funded in Q4 2025 indicates a robust investment strategy aimed at growth and expansion within the private loan sector[1]. Market Focus - Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million, while private loan portfolio companies have revenues between $25 million and $500 million[4]. - Main Street's recent activities reflect a strong commitment to supporting diverse industry sectors through tailored financing solutions[4]. Asset Management - The company maintains an asset management business through its wholly-owned portfolio company MSC Adviser I, LLC[5].

Financial Performance - Reported quarterly revenue of $5.80 million, a 32% decrease compared to Q3 of fiscal 2025[8] - Telecommunications Products & Services business revenue was $5.76 million, down 32% compared to Q3 of fiscal 2025[8] - DaGe Platform generated $4,354 in revenue, a significant decline from $30,529 in Q3 of fiscal 2025 due to capital constraints[8] - Net loss attributable to shareholders was $1.67 million, a 0.6% increase from $1.66 million in Q3 of fiscal 2025[8] - Operating expenses were $1.96 million, a 4.5% decrease from $2.06 million in Q3 of fiscal 2025[8] - The Big Data segment generated $126 in revenue, compared to nil in Q3 of fiscal 2025, indicating initial growth in this area[8] Assets and Liabilities - On November 30, 2025, total assets were $60.06 million and total liabilities were $43.71 million[13] - The company reported a working capital surplus of $7.26 million and shareholders' equity of $16.34 million as of November 30, 2025[8] Business Strategy - FingerMotion is transitioning towards a more diversified business model, focusing on Command and Communication segment growth[9] - CEO Martin Shen emphasized a disciplined approach to capital management and a focus on operational efficiency to drive higher revenues[10]