Core Insights - Republic Services, Inc. (RSG) reported mixed fourth-quarter 2025 results, with earnings exceeding estimates while revenues fell short [1][10] Financial Performance - RSG's earnings per share (EPS) for Q4 2025 was $1.76, beating the Zacks Consensus Estimate by 8.7% and reflecting an 11.4% increase year-over-year [1][10] - Total revenues for the quarter were $4.1 billion, missing the consensus estimate by 1.8% but showing a 2.2% year-over-year growth [1][10] Segment Performance - Collection segment revenues reached $2.8 billion, up 3.8% year-over-year but below the consensus estimate of $2.9 billion [3] - Environmental Solutions revenues were $422 million, down 12.4% year-over-year and missing the consensus projection of $438.2 million [3] - Transfer segment revenues were $214 million, increasing 5.4% year-over-year and surpassing the consensus estimate of $213.5 million [4] - Landfill segment revenues totaled $467 million, also up 5.4% year-over-year but falling short of the consensus projection of $484 million [4] - Other segment revenues were $200 million, rising 5.3% year-over-year but missing the consensus estimate of $208.6 million [4] Operating Results - Adjusted EBITDA for Q4 was $1.3 billion, reflecting a 3.4% increase from the previous year, with an adjusted EBITDA margin of 31.3%, up 30 basis points year-over-year [5][10] Balance Sheet and Cash Flow - At the end of Q4 2025, RSG had cash and cash equivalents of $76 million, down from $84 million at the end of Q3 2025 [6] - Long-term debt increased to $13 billion from $12.4 billion in the previous quarter [6] - Cash generated from operating activities was $981 million, with adjusted free cash flow at $242 million and capital expenditure of $577 million [6] 2026 Guidance - For 2026, RSG expects revenues between $17.05 billion and $17.15 billion, lower than the consensus mark of $17.33 billion [7] - The company anticipates adjusted EPS in the range of $7.20-$7.28, with the midpoint below the Zacks Consensus Estimate of $7.26 [7] - Adjusted EBITDA is projected to be between $5.475 billion and $5.525 billion, while adjusted free cash flow is expected to be $2.52 billion to $2.56 billion [7]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net income of $67 million or $1.97 per diluted share, with adjusted net income of $70 million or $2.04 per diluted share, compared to adjusted net income of $47 million or $1.36 per diluted share in Q4 2024 [8][9] - Q4 gross profit was $231 million, an 8% increase year-over-year, primarily due to higher volume and margins in renewables [9] - Full-year gross profit was $714 million, a 3% increase, driven by the Skyland investment [9] - Adjusted EBITDA for Q4 was $137 million, compared to $117 million in 2024, while full-year adjusted EBITDA was $337 million, down from $363 million in 2024 [9][10] Business Line Data and Key Metrics Changes - Agribusiness reported Q4 pre-tax income of $46 million, down from $56 million in 2024, with adjusted EBITDA of $80 million compared to $88 million in 2024 [11][12] - Renewables generated Q4 pre-tax income of $54 million, significantly up from $17 million in 2024, with Q4 EBITDA of $69 million compared to $41 million in 2024 [13][15] Market Data and Key Metrics Changes - The fall harvest produced larger than expected volumes of grain in the Western Corn Belt, leading to significant corn and sorghum accumulation at favorable basis values [4] - Exports for wheat and sorghum from Western assets saw sizable increases in Q4 compared to earlier quarters [4] Company Strategy and Development Direction - The company is committed to profitable growth in both agribusiness and renewables, with ongoing investments in ethanol production and infrastructure [5][6] - Strategic projects include the expansion of the Port of Houston and improvements in the Skyland asset footprint [6] - The company plans to begin operations at a renewable feedstock storage facility in Kansas and is focused on connecting supply to end users and export demand [6][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, expecting better financial results in agribusiness due to more certainty in global grain markets and strong demand for ethanol [16][17] - The company anticipates higher planted acres in 2026, which may benefit the fertilizer business, although volumes depend on farmer decisions [18][19] - Management highlighted the importance of domestic demand and favorable biofuels policies for supporting ongoing growth [19][20] Other Important Information - The effective tax rate for Q4 was 19%, and for the full year, it was 16% [9] - The company maintains a disciplined approach to capital spending, with long-term debt to EBITDA at 1.8 times, below the target of less than 2.5 times [11] Q&A Session Summary Question: Strength of the Skyland business - Management noted that the performance was not surprising due to the large fall harvest, with Skyland's EBITDA contribution finishing just shy of $20 million [24][25] Question: Fertilizer application strategy - Management indicated that they expect stronger than normal applications in Q1, with a focus on ammonia applications for corn acres [27][28] Question: Agribusiness segment outlook for 2026 - Management highlighted potential profit opportunities in agribusiness due to more certainty around export policies and increased nitrogen applications [32][33] Question: Ethanol business momentum - Management reported slightly stronger board crush than expected entering Q1, with strong fundamentals for both export and domestic ethanol [35][36] Question: Skyland contribution for 2026 - Management expects Skyland's EBITDA contribution for 2026 to normalize in the $25 million-$35 million range [42] Question: Farmer selling dynamics - Management indicated that higher prices would drive more selling, with farmers likely to hold off until they see substantial price rallies [44][45]

Core Viewpoint - SunCoke Energy is focusing on recovery in 2026 after a challenging 2025, driven by weaker market conditions and contract disputes, while emphasizing capital allocation towards dividends and debt reduction [4][7]. Contractual Agreements - SunCoke extended its Granite City coke-making contract with U.S. Steel through December 2026 and its Haverhill Two contract with Cleveland-Cliffs through December 2028, maintaining similar economic terms [1]. - A new take-or-pay coal handling agreement at KRT is expected to benefit the company for a full year in 2026 [1]. Financial Performance - For 2025, SunCoke reported consolidated adjusted EBITDA of $219.2 million, down $53.6 million from the previous year, impacted by lower terminal handling volumes and a shift in sales mix [2][11]. - The company experienced a net loss of $1.00 per share in Q4 2025, attributed to one-time items totaling $0.85 per share after tax [8]. - Full-year net loss was $0.52 per share, down $1.64 from 2024, influenced by impairment charges and lower contract economics [9]. Operational Updates - SunCoke's domestic coke segment delivered full-year adjusted EBITDA of $170.0 million, down $64.7 million from the prior year due to a sales mix shift and contract breaches [12]. - The company generated operating cash flow of $109.1 million in 2025, negatively impacted by $29.3 million in acquisition-related costs and $30 million from Algoma's breach [13]. 2026 Guidance - Management guided for consolidated adjusted EBITDA of $230–$250 million in 2026, with free cash flow expected to be $140–$150 million [7][15]. - Domestic coke adjusted EBITDA is anticipated to decrease by $2 million to $8 million, while industrial services adjusted EBITDA is expected to rise by $28 million to $38 million [15]. Integration and Synergies - The Phoenix Global acquisition is projected to contribute approximately $60 million of annual EBITDA and $5–10 million in synergies, enhancing industrial services adjusted EBITDA to $90–$100 million in 2026 [5][23]. - Integration of Phoenix is progressing, with management confirming the anticipated EBITDA contribution and synergy opportunities [23]. Capital Expenditures and Liquidity - Capital expenditures for 2026 are projected to be $90 million to $100 million, reflecting a full year of Phoenix capital requirements [18]. - SunCoke ended 2025 with $88.7 million in cash and $132 million available under its revolver, totaling about $221 million in liquidity [14]. Operational Challenges - The company is facing operational disruptions at the start of 2026 due to a turbine failure and severe winter weather, with an estimated impact of about $10 million in Q1 [21]. - SunCoke continues to pursue arbitration against Algoma for a breach of contract, which is expected to affect volumes for both 2025 and 2026 [22]. Future Events - SunCoke plans to host a virtual Investor Day on February 26 to discuss recent developments and engage with investors [24].

Core Viewpoint - BHP Group Limited reported mixed financial results, with earnings per share falling short of estimates while revenue exceeded expectations, driven primarily by strong copper performance [2][6]. Financial Performance - BHP's earnings per share (EPS) was $2.24, below the estimated $2.41 [2][6]. - The company generated revenue of $27.9 billion, surpassing the anticipated $27.34 billion [2][6]. - Underlying EBITDA was reported at $15.5 billion, slightly ahead of expectations [3]. - The underlying net profit after tax was $6.2 billion, which fell short of forecasts due to various factors [4]. Copper Focus - Copper contributed 51% of BHP's EBITDA with a 66% margin, highlighting its increasing significance to the company [2][4][6]. - The EBITDA from copper was $8 billion, exceeding that of iron ore, indicating a strategic shift towards copper [4]. Dividend and Cash Flow - BHP announced a dividend per share of 73 cents, exceeding RBC's estimate of 69 cents and the consensus figure of 63 cents [3][6]. - The dividend payout ratio was 60%, which was a positive surprise for investors [3]. Financial Metrics - BHP has a price-to-earnings (P/E) ratio of approximately 20.69 and a price-to-sales ratio of about 3.63 [5]. - The enterprise value to sales ratio is around 3.88, and the enterprise value to operating cash flow ratio is approximately 10.64 [5]. - The company's debt-to-equity ratio stands at approximately 0.51, indicating a moderate level of debt [5].

Core Insights - Waste Connections, Inc. (WCN) reported fourth-quarter 2025 earnings that slightly exceeded the Zacks Consensus Estimate, with an 11.2% year-over-year increase in earnings and a 5% year-over-year growth in revenues [1][9] - Despite the earnings beat, the stock price fell by 6.6% following the results announcement on February 11, reflecting investor disappointment [1] - Over the past year, WCN shares have decreased by 14%, contrasting with a 3.5% decline in the industry and a 15.3% increase in the Zacks S&P 500 Composite [1] Segment Performance - The Solid Waste Collection segment generated $1.7 billion in revenues, marking a 5.8% year-over-year increase [2] - Revenues from the Solid Waste Disposal and Transfer segment rose by 5.4% year-over-year to $757.1 million, driven by solid core pricing [2] - The Solid Waste Recycling segment experienced a 14.3% decline in revenues, totaling $51.2 million [3] - The E&P Waste Treatment, Recovery and Disposal segment reported revenues of $171.1 million, reflecting a 16.9% year-over-year increase [3] - The Intermodal and Other segment saw revenues of $42.3 million, down 7.9% from the previous year [3] Operating Results - Adjusted EBITDA for the quarter was $731.9 million, an 8% decrease from the prior year, with an adjusted EBITDA margin of 32.4%, down 110 basis points year-over-year [4] - The company recorded an operating loss of $199.1 million, compared to an operating income of $420.8 million in the same quarter last year [4] Balance Sheet & Cash Flow - At the end of the fourth quarter of 2025, Waste Connections had cash and cash equivalents of $46 million, down from $117.6 million in the previous quarter [5] - The long-term debt and notes payable increased to $8.8 billion from $8 billion in the third quarter of 2025 [5] - The company generated $556.9 million in cash from operating activities, with adjusted free cash flow of $175.6 million and capital expenditures totaling $261.1 million [6] - During the quarter, Waste Connections paid out $89.9 million in dividends [6] FY26 Outlook - For the fiscal year 2026, Waste Connections anticipates revenues between $9.9 billion and $9.95 billion, with the Zacks Consensus Estimate at $9.95 billion [7] - Adjusted EBITDA is expected to be in the range of $3.3 billion to $3.325 billion [7] - Waste Connections currently holds a Zacks Rank of 4 (Sell) [7]

Core Insights - Energy Transfer (ET) reported fourth-quarter 2025 adjusted earnings of 25 cents per unit, missing the Zacks Consensus Estimate of 34 cents by 26.5% and decreasing 13.8% from the previous year's figure of 29 cents [1] - Full-year 2025 adjusted earnings were $1.21 per share, down 5.5% from the previous year's reported figure of $1.28 [1] Revenue Performance - Total revenues for ET were $25.32 billion, lagging the Zacks Consensus Estimate of $26.02 billion by 2.7%, but rose 29.6% from the year-ago figure of $19.54 billion [2] - Full-year 2025 revenues totaled $85.54 billion, up 3.5% from the previous year's level of $82.67 billion [2] Cost and Expenses - Total costs and expenses were $23.24 billion, up 34.7% year over year, attributed to higher costs of products sold, operating expenses, and other factors [3] - Operating income totaled $2.08 billion, down 8.9% year over year [3] - Interest expenses, net of interest capitalized, amounted to $910 million, up 12.8% from the prior-year level [3] Strategic Developments - In November 2025, ET entered into a 20-year firm natural gas transportation agreement with Entergy Louisiana, involving the expansion of the Tiger Pipeline with a capacity of 250,000 million British thermal units per day [4] - In December 2025, ET expanded the transportation capacity of the Transwestern Pipeline's proposed Desert Southwest expansion, increasing capacity to 2.3 billion cubic feet per day and raising project costs to approximately $5.6 billion [5] - ET has begun construction of the Mustang Draw II natural gas processing plant in the Midland Basin, with a capacity of 275 million cubic feet of gas per day, expected to enter service in Q4 2026 [6] Financial Position - As of December 31, 2025, ET had current assets of $18.23 billion, compared to $14.20 billion as of December 31, 2024 [7] - Long-term debt, less current maturities, was $68.31 billion as of December 31, 2025, up from $59.75 billion as of December 31, 2024 [7] Capital Expenditures and Guidance - Growth capital expenditures in Q4 2025 totaled $1.4 billion, while maintenance capital expenditures amounted to $355 million [9] - ET raised its 2026 adjusted EBITDA outlook to between $17.45 billion and $17.85 billion, with planned growth capital investments of $5-$5.5 billion [10]

Financial Data and Key Metrics Changes - The consolidated adjusted EBITDA for Q4 2025 was $56.7 million, down $9.4 million compared to the prior year, primarily due to lower coke sales volumes and market conditions [9][10] - Full year adjusted EBITDA for 2025 was $219.2 million, a decrease of $53.6 million from the previous year, driven by changes in contract and spot coke sales and lower economics on the Granite City contract extension [9][10] - The net loss attributable to SunCoke for Q4 2025 was $1 per share, down from $1.28 in Q4 2024, influenced by one-time items totaling $0.85 per share [8][9] Business Line Data and Key Metrics Changes - The domestic coke business delivered full-year adjusted EBITDA of $170 million, down $64.7 million from the prior year, impacted by contract and spot coke sales mix and the Algoma breach [10][11] - The industrial services segment, including Phoenix Global, reported full-year adjusted EBITDA of $62.3 million, an increase of $11.9 million year-over-year, primarily due to the addition of Phoenix Global [11] - Corporate and other expenses increased by $800,000 year-over-year to $13.1 million, reflecting costs from legacy operations [11] Market Data and Key Metrics Changes - The domestic coke segment is expected to deliver adjusted EBITDA between $162 million and $168 million in 2026, with sales of approximately 3.4 million tons [17][19] - Industrial services adjusted EBITDA is projected to be between $90 million and $100 million in 2026, reflecting expectations for improved market conditions [20][22] Company Strategy and Development Direction - The company plans to utilize free cash flow to support capital allocation priorities, including paying down revolver balance and maintaining dividends [24][25] - SunCoke aims to continue integrating Phoenix Global and assess new growth opportunities across its business [25] - The company has extended key contracts, including the Granite City and Haverhill Two contracts, to ensure stable revenue streams [6][19] Management's Comments on Operating Environment and Future Outlook - Management anticipates a meaningful recovery in 2026, supported by an optimized coke fleet and improved market conditions [16][24] - The company expects to generate positive free cash flow in 2026, with gross leverage targeted around 2.45x, below the long-term target of 3x [16][24] - Management highlighted the impact of recent weather conditions and operational challenges, including a turbine failure, on first-quarter results [47][48] Other Important Information - The company returned approximately $41 million to shareholders via dividends in 2025 and plans to continue this practice in 2026 [6][24] - The integration of Phoenix Global is progressing well, with expected synergies contributing to future earnings [33][20] Q&A Session Summary Question: Status of litigation with Algoma regarding contract breach - Management confirmed ongoing arbitration with Algoma, expecting to recover losses from the breach, which could amount to up to $70 million [30][31] Question: Expected EBITDA contribution from Phoenix Global - Management affirmed the anticipated annual EBITDA contribution of approximately $60 million from Phoenix Global, along with expected synergies of $5 million to $10 million [33] Question: Future of Haverhill One facility - Management indicated that Haverhill One could be restarted but would require significant capital investment and is currently not economically viable [42][43] Question: Impact of Middletown turbine failure and weather on operations - Management noted that the turbine failure and severe weather have resulted in an estimated $10 million impact on first-quarter results [48][49] Question: Drivers of expected improvement in industrial segment handling volumes - Management attributed the expected improvement to a full year of the new KRT contract and modest recovery across both KRT and CMT [52]

Financial Data and Key Metrics Changes - The company reported full-year EBITDA of $248 million for 2025, exceeding previous expectations due to better-than-expected Q4 volumes, particularly in the Specialty segment [16][17] - Free cash flow for the year was $55 million, attributed to higher than expected EBITDA in Q4 and working capital initiatives [17][20] - Net debt at the end of the year was $920 million, with a leverage ratio of 3.7x, down from 3.8x at the end of Q3 [21] Business Line Data and Key Metrics Changes - The Rubber segment generated full-year Adjusted EBITDA of $155 million, impacted by lower tire production rates in key Western markets and a 4% increase in volumes mainly from South America and APAC [16][18] - The Specialty segment delivered Adjusted EBITDA of $94 million, reflecting a 5% decrease in volumes due to soft global industrial activity [17][19] Market Data and Key Metrics Changes - The tire industry faced challenges due to elevated imports and soft freight industry conditions, with truck and bus tires accounting for about one-third of carbon black consumption globally [10][15] - Recent trends indicate a potential reversal in consumer behavior, with Tier 2 and Tier 1 tires outselling Tier 3 brands for the first time last year [9][10] Company Strategy and Development Direction - The company is focused on managing costs and has implemented actions expected to drive $20 million in productivity and efficiency savings [11] - A shift towards a "win with our customer" strategy has been adopted to maintain market share amidst challenging conditions [12] - The company has amended its credit agreement to provide flexibility during this cycle, ensuring ample headroom for leverage [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about potential recovery in the tire industry, citing improvements in underlying carbon black indicators and a possible rebound in freight activity [15][25] - The company anticipates generating Adjusted EBITDA between $160 million and $200 million for 2026, with free cash flow expected to be between $25 million and $50 million [23][24] Other Important Information - The company achieved a near-record year for employee safety, with only three incidents reported across its global network [6][7] - The company has rationalized 3-5 production lines to improve operational efficiency [11][60] Q&A Session Summary Question: Guidance and Rubber Segment Impact - The company acknowledged a potential $60 million negative impact from contract outcomes, emphasizing that they did not trade off pricing for volume [27][28][30] Question: Free Cash Flow Expectations - Management indicated that the expected free cash flow range for 2026 is $25 million to $50 million, driven by active management of working capital and CapEx [35][36] Question: Accounts Payable Increase - The increase in accounts payable to $197 million is being actively managed, with a focus on terms extensions [47][53] Question: Conductive Carbons Update - The startup of the La Porte plant has been delayed to 2027 to better align with market demand [54][67] Question: Tire Shipments in Europe - Tire imports to Europe were more stable than in the U.S., with no significant surge observed [56] Question: Capacity Under Contract - The company noted a slight decrease in contracted capacity compared to normal years, with some flexibility in contract structures [40][41]

Financial Data and Key Metrics Changes - For 2025, net sales increased by 5.4% to $1.552 billion, and adjusted EBITDA increased by 13.9% to $275.3 million compared to 2024 [4][9] - The adjusted gross profit margin for the full year 2025 increased by 60 basis points to 48.7% from 48.1% in 2024 [15] - Free Cash Flow for 2025 totaled $35.1 million, down from $98.1 million in 2024, impacted by $65 million of tariff costs [17] Business Line Data and Key Metrics Changes - Hardware and Protective Solutions (HPS) net sales increased by 7.8% to $1.2 billion, with adjusted EBITDA rising by 26% to $196.3 million [10] - Robotics and Digital Solutions (RDS) net sales increased by 1.6% to $220.2 million, with nearly 3,500 MiniKey 3.5 machines installed [11][12] - Canadian business net sales decreased by 6.6% compared to the prior year, with adjusted EBITDA margins just shy of 10% [12] Market Data and Key Metrics Changes - Existing home sales remained soft at 4.06 million, unchanged from 2024 and well below the 10-year average of 5 million, impacting home improvement projects [8] - Market volumes were down about 5% in 2025, contributing to challenges in sales growth [8] Company Strategy and Development Direction - The company plans to focus on new business wins and expanding its pro business, which is expected to diversify the customer base and provide growth opportunities [13][14] - The M&A pipeline is healthy, with several bolt-on acquisition opportunities being pursued [13] - The company aims to maintain a strong balance sheet to invest in organic growth and M&A opportunities [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in 2026, with net sales expected to be between $1.6 billion and $1.7 billion, representing a 6.3% increase compared to 2025 [5][19] - The company anticipates that 2026 will be a more normal operating year, with expectations for mid-single-digit growth in net sales [20] - Management noted that the first quarter of 2026 is expected to be the low point for gross margins due to high-cost inventory [29] Other Important Information - The company invested $70 million in capital expenditures in 2025, down from $85 million in 2024, with plans to invest between $70 million and $75 million in 2026 [18][21] - The company plans to continue stock repurchases to offset dilution from employee equity grants [22] Q&A Session Summary Question: Can you walk through the cadence of the gross margins for Q1? - Management indicated that Q1 will likely be the low point for gross margins, with expectations slightly below the 46%-47% range due to high-cost inventory [29][30] Question: What gives confidence in new business wins for 2026? - Management highlighted several initiatives and new products, along with a strong sales team, as reasons for optimism in securing new business [31][32] Question: What is the outlook for the Protective Solutions business? - Management noted near-term dynamics affecting sales but expressed confidence in growth due to new product launches in 2026 [37][39] Question: How does the company view the Canadian market for 2026? - Management expects the Canadian market to return to growth as the economy improves, particularly in the spring season [49] Question: What are the long-term growth targets for the company? - Management reaffirmed confidence in long-term targets of 6% organic revenue growth and 10% EBITDA growth, with discussions planned for the upcoming Investor Day [55][56] Question: How is the company positioned regarding potential chip shortages? - Management stated that they are in good shape regarding supply and do not anticipate challenges from chip shortages [57] Question: What is the current M&A environment? - Management expressed excitement about the M&A landscape, noting more opportunities are emerging and they expect to pursue 1-2 deals in 2026 [67][70]

Core Insights - TC Energy Corporation (TRP) reported fourth-quarter 2025 adjusted earnings of 70 cents per share, exceeding the Zacks Consensus Estimate of 65 cents, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments, although down from 75 cents in the previous year due to weaker results in the Power and Energy Solutions segment [1][9] Financial Performance - Quarterly revenues reached $3 billion, surpassing the Zacks Consensus Estimate by $55 million, but decreased by 16.9% year over year [2] - Comparable EBITDA increased to C$3 billion from C$2.6 billion in the prior year [2] - The board declared a 3.2% quarterly dividend hike to 87.75 Canadian cents per common share, translating to an annualized rate of C$3.51 [2] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$961 million, up 12.9% year-over-year, with deliveries averaging 27.2 billion cubic feet per day (Bcf/d), a 5% increase [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,388 million, a 15.7% increase, with daily average flows of 29.6 Bcf/d, marking a 9.5% increase [4] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$397 million, up 69.7% year-over-year, with flows averaging 2.7 Bcf/d [5] - Power and Energy Solutions segment reported a comparable EBITDA of C$217 million, down 36.4% from the previous year, impacted by an extended outage [6] Expenditure and Balance Sheet - As of December 31, 2025, capital investments amounted to C$5.3 billion, with cash and cash equivalents of C$168 million and long-term debt of C$45.2 billion, resulting in a debt-to-capitalization ratio of 60% [7] 2026 Guidance - The company anticipates 2026 EBITDA to be between C$11.6 billion and C$11.8 billion, with plans for net capital spending of up to C$6 billion [9][10] - Management expects to place approximately C$4 billion of projects into service during the year, contributing to growth [11] - The company aims to fully allocate its C$6 billion annual net capital expenditure target through 2030, with potential for increased investment later in the decade [12]