Core Insights - EA Esports and Full Sail University are continuing their collaboration with the Madden NFL 26 Championship Series (MCS 26) being hosted at Full Sail's Orlando Health Fortress for the second consecutive year, following last year's success [1][2][3] Company Collaboration - The partnership aims to leverage Full Sail's alumni network to support production and provide real-world experience for students, with over 40 graduates hired in key production roles during the first year [2][3] - EA Esports is exploring content creation opportunities on Full Sail's campus, enhancing the educational experience for students in media and entertainment programs [2][3] Event Details - The MCS 26 will feature competitions with a total prize pool of USD $150,000, and will be broadcasted globally on platforms like Twitch and YouTube [3][4] - Key competition dates include the Kickoff Challenge on September 10, 2025, Most Feared Challenge on October 15, 2025, Zero Chill Challenge on December 10, 2025, and Last Chance Qualifier on January 21, 2026 [5] Educational Impact - Full Sail University provides students with hands-on learning experiences in areas such as shoutcasting and production, enhancing their skills and industry readiness [2][3] - The collaboration has resulted in significant opportunities for students and graduates to work alongside industry professionals, fostering a dynamic learning environment [3][6] Company Background - Electronic Arts (EA) is a leading global company in digital interactive entertainment, with a reported GAAP net revenue of approximately $7.6 billion in fiscal year 2024 [4] - Full Sail University is recognized as a top institution for game design and offers various degree programs in entertainment media and emerging technologies, boasting over 100,000 graduates [6]

Core Insights - Electronic Arts launched an open beta for Battlefield 6, which quickly faced issues with cheaters [1][2] - The company reported 104,000 instances of potential cheating and stopped 330,000 attempts to cheat within the first two days [2] Anti-Cheat Measures - Electronic Arts employs a kernel-level anti-cheat system called Javelin, which has high privileges on users' computers to monitor for cheats [2] - The system is not foolproof, and the company acknowledges that it cannot guarantee the absence of cheaters [4] - Secure Boot is utilized as an additional security measure, but it is not a complete solution [5] Industry Context - Cheating remains a widespread issue in online gaming, affecting various companies including Riot Games and Activision, which have also implemented kernel-level anti-cheat systems [8][9] - Other companies, like Riot Games, have developed multi-faceted approaches to combat cheating, including hardware fingerprinting and community infiltration [10]

Part I - FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Electronic Arts reported slightly increased net revenue but decreased net income, EPS, assets, and operating cash flow Condensed Consolidated Statements of Operations (Q1 FY26 vs Q1 FY25) | (In millions, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net revenue** | **$1,671** | **$1,660** | | Gross profit | $1,392 | $1,397 | | Operating income | $271 | $364 | | **Net income** | **$201** | **$280** | | **Diluted EPS** | **$0.79** | **$1.04** | Condensed Consolidated Balance Sheets | (In millions) | June 30, 2025 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,518 | $2,136 | | Total current assets | $2,545 | $3,276 | | **Total Assets** | **$11,699** | **$12,368** | | Deferred net revenue (current) | $1,334 | $1,700 | | Total current liabilities | $3,040 | $3,459 | | **Total Liabilities** | **$5,617** | **$5,982** | | **Total Stockholders' Equity** | **$6,082** | **$6,386** | Condensed Consolidated Statements of Cash Flows (Q1 FY26 vs Q1 FY25) | (In millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$17** | **$120** | | Net cash used in investing activities | ($89) | ($69) | | Net cash used in financing activities | ($568) | ($546) | | **Net decrease in cash and cash equivalents** | **($618)** | **($500)** | - The company completed one non-material acquisition during the quarter, resulting in a slight increase in goodwill to **$5.39 billion**[41](index=41&type=chunk) - In May 2024, a new **$5.0 billion stock repurchase program** was authorized, superseding the previous program. During the quarter, the company repurchased **3.0 million shares** for approximately **$375 million**[86](index=86&type=chunk)[88](index=88&type=chunk) - Revenue from live services and other was **$1,382 million**, while full game revenue was **$289 million**. Console remains the largest platform, generating **$1,007 million** in revenue[96](index=96&type=chunk)[97](index=97&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue and operating income trends, net bookings growth, and a revenue recognition policy update - Key financial results for the quarter ended June 30, 2025: - Total net revenue: **$1,671 million (+1% YoY)** - Live services and other net revenue: **$1,382 million (-2% YoY)** - Operating income: **$271 million (-26% YoY)** - Net cash from operations: **$17 million (-86% YoY)** - Returned **$423 million** to stockholders (**$375M buyback**, **$48M dividend**)[113](index=113&type=chunk) Net Bookings (Q1 FY26 vs Q1 FY25) | (In millions) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net revenue | $1,671 | $1,660 | | Change in deferred net revenue | ($373) | ($398) | | **Net bookings** | **$1,298** | **$1,262** | - Net bookings increased by **3% YoY**, driven by Split Fiction and the global football franchise, partially offset by a decrease in Apex Legends extra content sales[116](index=116&type=chunk) - The company completed its annual evaluation of the Estimated Offering Period for revenue recognition. For new sales starting Q2 FY26, revenue for mobile and PC/console free-to-play games will be recognized over a unified eleven-month period. This change is expected to shift approximately **$81 million** in net revenue from FY2026 to FY2027[133](index=133&type=chunk) - The company returned **$423 million** to stockholders during the quarter through **$375 million in share repurchases** and **$48 million in dividends**[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency and interest rates, impacting fair values of hedges and investments - The company hedges a portion of its foreign currency risk related to forecasted sales and expenses. A hypothetical 10% adverse foreign currency exchange rate movement would result in potential declines of **$236 million** in the fair value of cash flow hedges[178](index=178&type=chunk)[181](index=181&type=chunk) - For balance sheet hedging, a hypothetical 10% adverse currency movement would result in potential losses of **$106 million** in the Condensed Consolidated Statements of Operations[181](index=181&type=chunk) - Interest rate risk exposure is primarily in the short-term investment portfolio. A hypothetical **150 basis point** increase in interest rates would result in a **$1 million (1%)** decrease in the fair market value of these investments[184](index=184&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of the end of the period[186](index=186&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[187](index=187&type=chunk) Part II - OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to ordinary course litigation, which management does not expect to materially affect financial statements - The company is subject to claims and litigation arising in the ordinary course of business, which are not expected to have a material adverse effect on its financial statements[71](index=71&type=chunk)[191](index=191&type=chunk) [Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant strategic, operational, legal, and financial risks, including competition, cybersecurity, and regulatory issues - **Strategic Risks:** - Intense competition from established and emerging companies - Significant revenue concentration in a few popular franchises, such as **EA SPORTS FC** - Potential for product development delays to miss key selling periods - Failure to anticipate or adapt to new technologies like AI and evolving business models[193](index=193&type=chunk)[195](index=195&type=chunk)[196](index=196&type=chunk) - **Operational Risks:** - Vulnerability to security breaches and sophisticated cyber-attacks, including ransomware and exploits of in-game virtual economies - Potential for outages and disruptions in IT infrastructure and cloud services - Intense competition for attracting and retaining key executive, technical, and creative talent[212](index=212&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[218](index=218&type=chunk) - **Legal & Compliance Risks:** - Subject to complex and evolving global laws regarding consumer protection, online safety, and data privacy - Scrutiny of business models involving virtual items and currency - Risk of infringing on third-party intellectual property rights[223](index=223&type=chunk)[224](index=224&type=chunk)[228](index=228&type=chunk) - **Financial Risks:** - Exposure to foreign currency fluctuations, as international revenue comprised **59% of total net revenue in FY25** - Obligations and covenants related to outstanding senior notes and a revolving credit facility - Potential for changes in tax rates or exposure to additional tax liabilities, particularly in the U.S. and Switzerland[232](index=232&type=chunk)[233](index=233&type=chunk)[235](index=235&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company authorized a new $5.0 billion stock repurchase program and repurchased approximately 3.0 million shares during the quarter - In May 2024, a new stock repurchase program was authorized for up to **$5.0 billion stock repurchase program**, expiring May 9, 2027[243](index=243&type=chunk) Share Repurchases for the Three Months Ended June 30, 2025 | Fiscal Month | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Mar 30 - Apr 26, 2025 | 1,244,547 | N/A (Mix of ASR & Open Market) | | Apr 27 - May 24, 2025 | 805,982 | $150.09 | | May 25 - Jun 28, 2025 | 933,455 | $149.03 | | **Total** | **2,983,984** | | - The maximum dollar value that may still be purchased under the program as of June 28, 2025, was **$2,277 million**[244](index=244&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) Three executives adopted Rule 10b5-1 trading plans to manage their personal holdings of EA common stock - Three executives adopted Rule 10b5-1 trading plans during the quarter: Jacob J. Schatz (EVP, Global Affairs), Mala Singh (Chief People Officer), and Stuart Canfield (CFO)[246](index=246&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed or incorporated by reference as part of the Form 10-Q report - The exhibits listed in the exhibit index are filed or incorporated by reference as part of the report[247](index=247&type=chunk)

Investment Rating - The report maintains a "Buy" rating for Electronic Arts (EA) with a target price of $179.80 [5][13]. Core Insights - EA reported FY26Q1 net revenue of $1.67 billion, exceeding consensus expectations by 7.4% and showing a year-over-year increase of 0.7% [1][5]. - The net bookings revenue reached $1.3 billion, surpassing consensus expectations by 4% and reflecting a year-over-year growth of 2.9%, primarily driven by stable growth in core products like the global football and rugby series [1][5]. - Despite an increase in new game release investments leading to a decline in net profit margin by 4.9 percentage points to 12%, the company achieved a net profit of $201 million, exceeding expectations by 51.6% [1][5]. Financial Performance - FY26Q1 net bookings revenue was $1.3 billion, higher than the previous guidance of $1.23 billion, with game net bookings revenue at $214 million, up 27.4% year-over-year, driven by the new title "Split Fiction" [2]. - Real-time service net bookings revenue was $1.08 billion, down 0.9% year-over-year, mainly due to stable growth in the "FC" and rugby series, partially offset by a decline in "Apex Legends" [2]. - The core game series saw a modest single-digit year-over-year growth in "FC" series net bookings, with "FC Online" achieving double-digit growth and "FC Mobile" reaching a record high with over 50 million installations [2]. Upcoming Releases - EA released the first trailer for "Battlefield 6" on July 24, with over 7 million views by July 29, and the full game is expected to launch within FY26 on platforms including PS5, Xbox X|S, and PC [3]. - The core football game "FC 26" is anticipated to be released on September 26 across all platforms, including the Switch 2, focusing on enhancing player experience with competitive and realistic gameplay modes [3]. Earnings Forecast and Valuation - The report slightly lowers the FY26-28E net revenue estimates by 1%, 0.8%, and 0.8% to $7.19 billion, $8.11 billion, and $8.36 billion respectively, primarily due to pressure on net bookings revenue from the rugby series [4][11]. - The FY26-28E net profit estimates are also reduced by 4.7%, 2.3%, and 2.6% to $910 million, $1.38 billion, and $1.43 billion respectively, attributed to increased promotional costs for "Battlefield 6" [4][11]. - The valuation is based on a PE of 33 times for FY27, aligning with the average of comparable companies, resulting in a target price of $179.80, down from a previous estimate of $184.60 [4][13].

Company Overview - Proactive is a provider of fast, accessible, informative, and actionable business and finance news content aimed at a global investment audience [2] - The company operates with a focus on medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5] Content Production - The news team at Proactive delivers unique insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - The content produced is designed to excite and engage motivated private investors [3]

Core Insights - Electronic Arts (EA) reported a first-quarter fiscal 2026 earnings of 25 cents per share, a decrease of 51.9% year over year, with revenues rising 0.7% to $1.67 billion, driven by an increase in full-game revenues [1][10] - The Zacks Consensus Estimate for earnings was 10 cents per share, while the revenue consensus was $1.24 billion [1] - Net bookings for the fiscal first quarter were $1.3 billion, reflecting a 2.9% year-over-year increase [1] Revenue Breakdown - Full-game net bookings reached $214 million, marking a 27% year-over-year increase, while live services net bookings were $1.08 billion, down 1% year over year [2] - Full-game revenues constituted 17.3% of total revenues, increasing 15.6% year over year to $289 million, with full-game download revenues rising 23% to $233 million; however, revenues from packaged goods declined 7% to $56 million [3] - Live services and other revenues, making up 82.7% of total revenues, decreased 2% year over year to $1.38 billion [3] Platform Performance - Revenues from consoles remained stable year over year at approximately $1 billion, while revenues from PC & Other increased 2% to $374 million; mobile platform revenues were unchanged at $290 million [4] Operating Performance - EA's GAAP gross profit decreased 0.4% year over year to $1.39 billion, with gross margin contracting by 90 basis points to 83.3% [5] - Operating expenses rose 8.5% year over year to $1.12 billion, increasing as a percentage of revenues from 62.2% to 67.1% [5] - GAAP operating income fell 25.5% year over year to $271 million, with the operating margin contracting from 21.9% to 16.2% [6] Financial Position - As of June 30, 2025, EA had $1.63 billion in cash and short-term investments, down from $2.25 billion as of March 31, 2025 [7] - Net cash provided by operating activities was $17 million for the quarter and $1.98 billion for the trailing 12 months [7] - EA repurchased 3 million shares for $375 million during the quarter, totaling 17.8 million shares for $2.5 billion over the trailing 12 months [7] Dividend and Guidance - The company declared a quarterly cash dividend of 19 cents per share, payable on September 17, 2025, to stockholders of record as of August 27, 2025 [8] - For fiscal 2026, EA expects revenues between $7.1 billion and $7.5 billion, with earnings per share projected between $3.09 and $3.79; net bookings are anticipated to be between $7.6 billion and $8 billion [10][11]

Core Insights - Electronic Arts (EA) reported revenue of $1.3 billion for the quarter ended June 2025, reflecting a year-over-year increase of 2.9% and a surprise of +4.65% over the Zacks Consensus Estimate of $1.24 billion [1] - The earnings per share (EPS) for the quarter was $0.25, a decrease from $0.52 in the same quarter last year, with an EPS surprise of +150% compared to the consensus estimate of $0.10 [1] Financial Performance Metrics - Net Bookings for EA were reported at $1.3 billion, exceeding the average estimate of $1.24 billion from seven analysts [4] - Net revenue from Live services and other (Non-GAAP Net Bookings) was $1.08 billion, slightly above the three-analyst average estimate of $1.03 billion, showing a year-over-year decline of -0.9% [4] - Net revenue from Full game downloads (Non-GAAP Net Bookings) was $147 million, surpassing the two-analyst average estimate of $139.3 million, with a year-over-year increase of +2.8% [4] - Net revenue from Full game packaged goods (Non-GAAP Net Bookings) was $27 million, exceeding the two-analyst average estimate of $24.02 million, representing a year-over-year increase of +8% [4] Stock Performance - EA's shares have returned -4.8% over the past month, contrasting with the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Electronic Arts (EA) reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of $0.1 per share, but down from $0.52 per share a year ago, indicating a significant earnings surprise of +150.00% [1][2] Financial Performance - EA's revenues for the quarter ended June 2025 were $1.3 billion, surpassing the Zacks Consensus Estimate by 4.65% and showing a year-over-year increase from $1.26 billion [2] - Over the last four quarters, EA has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] Stock Performance and Outlook - EA shares have increased approximately 3.9% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The future performance of EA's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $2.08 on revenues of $1.99 billion, and for the current fiscal year, it is $8.22 on revenues of $7.88 billion [7] - The estimate revisions trend for EA was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The gaming industry, to which EA belongs, is currently ranked in the top 38% of over 250 Zacks industries, suggesting a positive outlook compared to the bottom 50% [8] - The performance of EA's stock may also be influenced by the overall industry outlook, as empirical research indicates a strong correlation between near-term stock movements and earnings estimate revisions [5][8]

Financial Data and Key Metrics Changes - The company reported net bookings of $1.3 billion, up 3% year-over-year, exceeding the high end of guidance [19] - Full game net bookings were $214 million, up 27%, driven by ongoing momentum from Split Fiction and a resurgence in Star Wars Battlefront II [20] - Live services net bookings were $1.08 billion, down 1%, with growth in the low single digits when excluding Apex Legends [20][24] Business Line Data and Key Metrics Changes - The EA Sports business showed strong performance, with net bookings in global football growing mid-single digits year-over-year [21] - FC Mobile outperformed expectations with over 50 million installs and significant daily active user growth [9] - Apex Legends delivered flat sequential net bookings, with improved engagement trends particularly among new and casual players [23] Market Data and Key Metrics Changes - The company is seeing deeper engagement in its core franchises, particularly in global football and American football ecosystems [12][17] - The integration of real-world sports content into games, such as Apple's MLS season pass into FC Mobile, is enhancing player engagement [9] Company Strategy and Development Direction - The company is entering an exciting release cycle, with major titles like Battlefield 6 and continued innovation in EA Sports franchises [8][29] - A community-centric approach is being emphasized, focusing on deeper engagement and value for players over time [26][30] - The strategy includes building massive online communities and expanding the reach of franchises across geographies and platforms [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver against FY 2026 outlook, supported by strong momentum and a compelling slate of upcoming launches [19][29] - The company is encouraged by strong retention and positive player sentiment, particularly for upcoming titles [27][29] Other Important Information - The company returned $423 million to shareholders through buybacks and dividends during the quarter [24] - The upcoming launches are expected to deepen player engagement and expand the audience [29] Q&A Session Summary Question: Thoughts on full game pricing - Management stated no changes in pricing strategy are planned, maintaining a broad pricing scheme across products [36][37] Question: Life Services growth excluding Apex - Live services growth outside of Apex was reported as low single digits, with expectations for continued momentum [42] Question: Cohort spending and Ultimate Team - Strong pickup in cohort spending was noted, with ongoing focus on enhancing player engagement through various modes [46] Question: Competitive setup between Battlefield and Call of Duty - Management feels confident about Battlefield's competitive position and has invested significantly in its marketing [65] Question: Consumer receptivity to bundling Madden and NCAA - The dual purchase strategy has been successful, and management expects continued positive reception [75] Question: Mobile opportunity post-App Store changes - The company aims to create frictionless experiences for players while exploring new monetization opportunities [90][92]

Financial Data and Key Metrics Changes - The company reported net bookings of $1.3 billion, up 3% year-over-year, exceeding the high end of guidance [19] - Full game net bookings were $214 million, up 27%, driven by ongoing momentum from Split Fiction and a resurgence in Star Wars Battlefront II [20] - Live services net bookings were $1.08 billion, down 1%, but excluding Apex Legends, live services grew in the low single digits [20][21] - Net revenue was $1.67 billion, up 1%, with a gross margin of 83.3%, down 90 basis points [23] - Operating expenses increased by 9% to $1.12 billion, primarily due to increased personnel costs [23] Business Line Data and Key Metrics Changes - The EA Sports business showed strong performance, particularly in global football, with net bookings growing mid-single digits year-over-year [21] - FC Mobile outperformed expectations with over 50 million installs and significant daily active user growth [8] - Apex Legends maintained flat net bookings sequentially, driven by strong operational execution and content innovation [22] - The American football ecosystem demonstrated strength with sustained engagement across Madden NFL and college football, with College Football '26 receiving strong reviews [11][12] Market Data and Key Metrics Changes - The company is seeing deeper engagement in its core franchises, particularly in global football and American football, with a focus on community-centric strategies [9][10] - The integration of real-world sports content into games, such as the partnership with Apple for FC Mobile, is enhancing player engagement [8][10] Company Strategy and Development Direction - The company is entering an exciting release cycle, with anticipated launches for Battlefield 6, Madden NFL 26, and FC 26, aiming to deepen player engagement and expand audiences [7][29] - The strategy focuses on building massive online communities and enhancing player experiences through innovative gameplay and community-driven content [17][30] - The company is committed to a community-centric approach, aiming to deliver long-term value for players and adapt to their feedback [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver against FY 2026 outlook, citing strong momentum and a compelling slate of upcoming launches [19][29] - The company anticipates a challenging comparison for College Football '26 due to last year's strong launch but remains optimistic about retention and player sentiment [26][27] - Management highlighted the importance of competition in driving innovation and improving offerings across franchises [68] Other Important Information - The company returned $423 million to shareholders through buybacks and dividends during the quarter [23] - The upcoming Battlefield 6 reveal is expected to generate significant excitement and engagement from the community [15][56] Q&A Session Summary Question: Thoughts on full game pricing strategy - Management indicated no immediate changes to pricing strategy, emphasizing a broad pricing scheme to capture the full spectrum of player value [36][37] Question: Life Services growth excluding Apex - Life Services growth outside of Apex was reported as low single digits, with expectations for continued momentum [41][43] Question: Marketing strategy for Battlefield - The company is investing heavily in marketing Battlefield 6, aiming to build it as a platform rather than just a product [56][57] Question: Competitive landscape between Battlefield and Call of Duty - Management feels confident about Battlefield's competitive positioning and the expectations of fans [63][66] Question: Consumer receptivity to bundling Madden and NCAA - The dual purchase strategy for Madden and NCAA is expected to continue being well received, with a vision for deeper connections between the two experiences [72][74] Question: Mobile opportunity post-App Store changes - The company is focused on creating frictionless experiences for players on mobile platforms, adapting to new economic opportunities [88][90]