Rheinmetall Capital Markets Day Summary Company Overview - **Company**: Rheinmetall (OTCPK:RNMB.F) - **Event**: 2025 Capital Markets Day - **Date**: November 18, 2025 Key Industry Insights - **Defense Spending in Germany**: Germany is projected to increase its defense budget to EUR 180 billion by 2035, with a target of 3.5% of GDP allocated to defense spending [2][9][12] - **European Defense Dynamics**: Germany is positioned as the main driver of defense spending in Europe, with collaborative efforts to pool resources for ammunition and vehicles among European nations [2][3] - **Geopolitical Context**: The ongoing threat from Russia has heightened defense spending urgency, particularly among Eastern European nations [5][6] Core Company Strategies - **Expansion into New Domains**: Rheinmetall is diversifying its portfolio to include air, naval, and space technologies, alongside its traditional land defense capabilities [3][4] - **Digitization Focus**: The company is transitioning towards becoming a digital defense provider, emphasizing connectivity and digital solutions in military operations [13][25] - **Long-term Contracts**: Rheinmetall is actively pursuing long-term contracts with governments to ensure stable revenue streams and facilitate rapid production capabilities [11][33] Financial Projections - **Sales Growth**: Rheinmetall anticipates a sales growth rate of 35%-40% in the defense sector, with a target to reach EUR 50 billion in sales by 2030 [19][31] - **Operational Margins**: The operational margin for the defense sector is expected to approach 20% as civilian business is phased out [21][31] - **Backlog and Order Potential**: The company has a backlog of EUR 1.7 billion and a potential order index exceeding EUR 65 billion, indicating strong future demand [18][37] Investment Areas - **Defense Investments**: Planned investments include EUR 80 billion in ammunition, EUR 80 billion in naval capabilities, and significant allocations for air defense and digitization [12][30] - **Production Capabilities**: Rheinmetall is enhancing its production capabilities, with a fully automated production line capable of producing up to 500,000 shells and 350,000 full shots of ammunition per shift [20][28] Emerging Technologies - **Joint Ventures**: Rheinmetall is forming strategic partnerships, such as with Eisei for satellite technology, to enhance its capabilities in space and digital solutions [22][23] - **Air Defense Systems**: The company is developing cost-effective air defense systems that can protect critical infrastructure against drone attacks, with a focus on affordability compared to missile systems [47][49] Conclusion - **Long-term Vision**: Rheinmetall is committed to a 10-15 year growth strategy, focusing on expanding its product portfolio across all defense domains while ensuring profitability and operational efficiency [30][57] - **Market Positioning**: The company aims to solidify its position as a leading defense contractor in Europe, leveraging geopolitical dynamics and technological advancements to drive growth [38][56]

Core Viewpoint - First Phosphate Corp. successfully closed an oversubscribed private placement, raising a total of $2.18 million from existing and follow-on investors, indicating strong investor interest and confidence in the company's strategic direction [1][2]. Financing Details - The company issued 2,244,722 Flow-Through Shares at a price of $0.90 per share, generating gross proceeds of $2,020,250, and 177,666 Hard Dollar Units at the same price, yielding gross proceeds of $159,899 [2]. - Since June 2022, First Phosphate has raised approximately $42.2 million through 10 management-led non-brokered private-placement financings [3]. Compensation and Warrants - In connection with the Offering, the company issued 178,698 compensation common shares and 178,698 Compensation Warrants, which are exercisable at $1.25 per common share until April 30, 2026, with an Accelerated Expiry Date clause [3][4]. - The Compensation Warrants can be accelerated if the volume-weighted average trading price of the common shares exceeds $2.00 for five consecutive trading days [4]. Company Overview - First Phosphate is focused on developing a vertically integrated lithium iron phosphate (LFP) battery supply chain for North America, targeting markets such as energy storage, data centers, robotics, mobility, and national security [5]. - The company's flagship property, Bégin-Lamarche, is located in Saguenay-Lac-Saint-Jean, Quebec, and is noted for its high-purity phosphate resource [7].

Summary of Man Wah Holdings Earnings Call Company Overview - **Company**: Man Wah Holdings (1999.HK) - **Industry**: Upholstered Furniture Manufacturing Key Financials - **1H FY26 Results**: - Total Revenue: HK$8,045 million, a decrease of 3% year-over-year - Net Profit: HK$1,146 million, an increase of 1% year-over-year - Revenue and profit were in line with expectations, with profits exceeding forecasts by 7% [1][2][4] Core Insights 1. **Domestic Demand**: - Domestic demand remains under pressure due to property market weaknesses - Limited contribution from trade-in subsidies; however, online sales grew by over 15% year-over-year during Singles' Day [2][4] - Management aims to increase average ticket size to improve same-store sales growth (SSSG) [2][4] 2. **Overseas Business**: - Management plans to optimize the global supply chain and explore acquisition opportunities, particularly in the US - Stable demand in the US, but risks from tariff uncertainties remain [3][4] 3. **Margins**: - Gross Profit Margin (GPM) increased by 0.9 percentage points to 40.4% in 1H FY26, supported by cost tailwinds despite a decline in average selling prices - Operating Profit Margin (OPM) increased by 0.4 percentage points to 17.9% [4][5] 4. **Dividend Policy**: - Management intends to maintain the current dividend policy over the next 2-3 years, willing to distribute profits if no major capital expenditure plans arise [5] Geographic Performance - **Domestic Sales**: - Declined by 6% year-over-year in 1H FY26, an improvement from a 16% decline in 2H FY25 - Online sales grew by 14%, while offline sales decreased by 12% [4][5] - **Overseas Sales**: - North America: 0% growth year-over-year - Europe: -5% decline year-over-year - Other overseas markets: 23% growth year-over-year [4][5] Investment Outlook - **Rating**: Neutral - **Target Price**: HK$4.8, based on a 9X exit multiple applied to FY2028E EPS, discounted back to FY2027E using a 10% cost of equity - **Risks**: Include macroeconomic conditions, product expansion rates, raw material costs, competition intensity, and tariff impacts [8][11] Additional Considerations - The company has transitioned from an export-focused model to a significant player in the domestic retail market, although aggressive store expansion has led to declining SSSG amid market challenges [8] - The potential boost from the trade-in program could provide some relief to domestic demand weaknesses [8] This summary encapsulates the key points from the earnings call, highlighting the financial performance, strategic insights, and market outlook for Man Wah Holdings.

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $1.6 million, down from $3.6 million in Q3 2024, primarily due to lower average selling prices from discontinued SKUs [10] - Gross loss for Q3 2025 was $8.9 million compared to a gross profit of $0.6 million in the same period last year, resulting in a gross margin of negative 576% versus 16% [10] - Net loss for Q3 2025 was $10.9 million, or negative $0.90 per diluted share, compared to a net loss of $3.4 million, or negative $0.33 per diluted share in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was negative $10.9 million, worsening from negative $1.9 million in Q3 2024, mainly due to inventory charges [11] - Cash and cash equivalents at the end of Q3 2025 were $387.3 million, a significant increase from $3.7 million at the end of 2024 [12] Business Line Data and Key Metrics Changes - The company has streamlined operations and reduced fixed costs, including vacating the Mockingbird facility and planning to vacate the Rock Quarry facility, leading to significant cost savings [4][5] - Payroll efficiencies have lowered monthly costs by approximately $40,000 while maintaining quality and innovation [5] Market Data and Key Metrics Changes - The company is launching two new SKUs in March 2026 with a national retailer, which will include the Caramel Crunch SKU, marking a significant retail strategy milestone [6] - There is a noted shift in retailer demand towards innovative SKUs featuring proprietary textures and clean ingredients, reflecting broader market trends [8] Company Strategy and Development Direction - The company is focused on optimizing its cost structure, expanding retail distribution, and executing private label partnerships to drive long-term growth and return to profitability [13][14] - Future initiatives include digital asset strategies to enhance capital efficiency and shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with a leaner and more efficient structure, ready to scale profitably [16] - The company anticipates gradual margin improvement starting mid-2026, supported by operational efficiencies and new product launches [15] Other Important Information - The company has received commitments for additional capital, with insiders committing $1 million, reflecting confidence in the company's strategy [9] Q&A Session Summary Question: Can you provide any more details on the financial commitments that you have in hand at this point? - Management confirmed a commitment of $1 million from insiders [19] Question: What do you think your current cash burn is on a monthly basis at this point? - Management indicated that cash burn will decrease significantly after January, providing a runway for private label initiatives [22] Question: Is this million dollars coming in, is it equity, debt, or it's not formal yet at this point? - Management stated that the commitment is not formal yet but should be finalized within the next week [24] Question: When do you think you need to do revenue to break even at this point or after January? - Management noted that break-even visibility will improve around March or April, with expected monthly expenses in the $450-$550 range [26] Question: Are the economics of the Caramel Crunch business very similar to your other products? Or is it higher margin? - Management indicated that the Caramel Crunch will have similar economics, with potential for improved margins as manufacturing processes are fine-tuned [27] Question: Can you talk about how effective the expanded sales effort has been? - Management expressed satisfaction with the sales team's performance, particularly in securing private label partnerships and expanding into non-traditional retail environments [32]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $2.2 million, reflecting a 13% sequential increase and a 74% year-over-year increase, driven by stronger average Bitcoin pricing of $114,000 and contributions from the newly operational Mississippi facility [11] - Mining margins improved to 49%, attributed to a shift from hosting fees to self-mining and higher fleet efficiency [11] - The company reported a net loss of $3.7 million and a core EBITDA loss of $1.4 million, primarily due to increased staff costs and payroll expenses [11] - As of October 31, the Bitcoin treasury stood at approximately 295 Bitcoin, valued at roughly $31.9 million, or $2.62 per share, compared to a stock price near $1.07 [12] Business Line Data and Key Metrics Changes - Bitcoin production increased by 28% from September to October, rising from 5.9 Bitcoin to 7.6 Bitcoin, reflecting expanded capacity and operational improvements [6][9] - The company moved from a single-site facility with approximately 0.48 exahash in June to roughly 0.71 exahash by the end of October, representing a 50% hash rate expansion [8] Market Data and Key Metrics Changes - The company exited September with approximately 304.5 Bitcoin in treasury, valued at nearly $35 million, highlighting a disconnect between treasury value and market capitalization [5] Company Strategy and Development Direction - The company aims to increase Bitcoin per share and grow intrinsic value over time, focusing on disciplined capital allocation and operational control [4][14] - The acquisition of the Mississippi facility has been successful, and the company plans to expand its capacity there by an additional 4 megawatts [19][20] - The strategy includes balancing Bitcoin accumulation, strategic investments, and opportunistic share repurchases to enhance per-share value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value of Bitcoin and the company's ability to endure volatility while scaling into the next cycle [15] - The focus remains on increasing production, efficiency, and Bitcoin per share, with upcoming enhancements from new immersion-cooled machines expected to improve operational efficiency [10][14] Other Important Information - The company executed an $8 million private repurchase of around 3.3 million shares and 7.3 million warrants, which reduced dilution and improved per-share economics [11][12] - The current mining cost per Bitcoin was reported at $66,000, down from $70,000 in the previous quarter, indicating improved cost efficiency [26] Q&A Session Summary Question: Thoughts on the path for Bitcoin mining infrastructure in 2026 - Management noted that the Mississippi acquisition has worked well and there is potential for further growth, with Oklahoma also set to become a long-term mining site due to favorable energy pricing [19] Question: Are there plans for additional site acquisitions? - Management stated that they are always exploring site acquisitions based on energy tariffs and property availability, but nothing appealing is currently in progress [21] Question: How to allocate between mining business and acquiring additional Bitcoin? - Management emphasized a long-term strategy, balancing mining growth with treasury strategy, and making decisions based on future Bitcoin pricing rather than current circumstances [22] Question: Management of old machines in storage - Management indicated that old machines are being kept in reserve for quick deployment as power becomes available, aligning with their strategy of upgrading the fleet [25] Question: Current cost of mining one Bitcoin - The current mining cost per Bitcoin was reported at $66,000, reflecting a reduction from the previous quarter [26]

Financial Data and Key Metrics Changes - Total company revenue for Q3 2025 rose 20% year over year to $92 million, with year-to-date revenue expanding 15% to $272 million compared to the same period last year [9][19] - Adjusted EBITDA improved 72%, with a near break-even adjusted EBITDA loss of $1.9 million in Q3 2025 compared to a $13 million loss in Q3 2024, reflecting significant progress towards profitability [13][24] - Gross profit increased 82% year over year, with gross margin expanding by roughly 500 basis points [12][13] Business Line Data and Key Metrics Changes - MRO revenue grew 103% year over year in Q3, reaching $3.1 million, surpassing 2024's full-year revenue in the first nine months of 2025 [10][22] - Retail membership grew 51% year over year, with Jet Club sales increasing 17% and fractional sales up 68% year-to-date compared to last year [12][21] - Flight revenue in Q3 grew 17% year over year, driven by stronger aircraft performance and higher utilization [19][20] Market Data and Key Metrics Changes - The wholesale flight revenue totaled $47.5 million in Q3 2025, a 15% growth compared to Q3 of last year, with year-to-date wholesale revenue growing 4% to over $134 million [21] - Contractually committed hours grew 30% compared to Q3 2024, enhancing revenue visibility and predictability [9][20] Company Strategy and Development Direction - The company is focused on fleet modernization, having eliminated 26 non-performing aircraft over the past year, which has significantly improved operational efficiency and financial performance [5][26] - The strategy includes increasing the number of high-performing aircraft, with plans to reduce non-performing aircraft to mid-single digits by the end of 2025 and fully eliminate them in 2026 [6][26] - The company aims to leverage its MRO operations as a revenue driver and competitive advantage, expanding its internal capabilities to support fleet uptime and customer satisfaction [11][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive adjusted EBITDA going forward into 2026 and beyond, citing record demand and operational improvements [15][16] - The company anticipates continued growth in the fourth quarter, traditionally its busiest, with strong demand across all business segments [16][18] - Management highlighted the transformation achieved over the past year, emphasizing a more efficient, profitable, and reliable business model [28][29] Other Important Information - The company has a merger agreement with JetAI, which is expected to provide operational synergies and capital for growth [27] - An amendment to the Aircraft Management Services Agreement with Volado was announced, expected to generate $6 million-$8 million in profit in Q4 2025 [28] Q&A Session Summary Question: What are the expectations for future profitability? - Management indicated that they expect to generate positive adjusted EBITDA in the near term, with significant improvements in operational efficiency and fleet performance [24] Question: How is the company addressing the non-performing aircraft issue? - The company has reduced non-performing aircraft from 37 in 2024 to 11 in Q3 2025, with plans to further decrease this number [26] Question: What is the outlook for the MRO business? - The MRO business is expected to continue growing, with external demand driving significant revenue increases and supporting fleet operations [10][22]

Core Insights - The discussion centers around the potential for OpenAI to adopt a vertical integration strategy similar to Apple's, leveraging its existing capabilities and partnerships to gain more control over its operations and future direction [2][3][6] Company Analysis - Apple has successfully executed a vertical integration strategy, controlling every aspect of its product development from hardware to software, which has been supported by substantial cash flow over time [2] - OpenAI is currently making strides towards a similar model, engaging in multiple partnerships and deals with companies like AMD, Broadcom, and Oracle to enhance its operational sovereignty [3][4] - Recent significant deals in the tech industry, such as Oracle's $38 billion acquisition of Stargate and Meta's $27 billion deal structured creatively with Blue Owl, highlight the competitive landscape and the financial maneuvers companies are employing [5][6] Industry Trends - Analysts have expressed frustration with Apple's slow pace in AI development compared to competitors, but there is a growing sentiment that Apple's conservative approach may ultimately be beneficial as it allows for more strategic investments [8][10] - The market is witnessing massive investments in AI from various hyperscalers, with hundreds of billions being spent, raising questions about Apple's timing and strategy in this rapidly evolving sector [9][10] - Apple's focus on its core competencies, such as the successful launch of the iPhone 17, suggests a potential advantage in navigating the financial pressures associated with large-scale AI investments [11]

Summary of MP Materials Conference Call - November 12, 2025 Company Overview - **Company**: MP Materials (NYSE: MP) - **Industry**: Rare Earths Key Points and Arguments Partnership with the Department of Defense - MP Materials has established a landmark deal with the Department of Defense, highlighting its vertical integration strategy since 2017, which includes mining, refining, and magnet production [4][6][8] - The company has invested $1 billion in building a domestic supply chain for rare earths, addressing supply chain security concerns related to China [6][7] - The deal is seen as a recognition of MP's capability to produce at scale across the entire supply chain, from raw materials to finished magnets [5][8] Project Updates and Timelines - The heavy rare earth separation circuit at Mountain Pass is expected to be commissioned by mid-2026, designed to support both internal needs and third-party feedstocks [9][10] - MP is also investing in a chloralkali facility to enhance supply chain security and reduce costs [10][11] - A dedicated recycling circuit for Apple is being built to process magnet waste, with plans for rapid implementation [12] Production Capacity and Growth - MP aims to produce 10,000 tons of magnets, requiring approximately 5,000 tons of NdPr oxide, with a target run rate of 6,000 tons by the end of next year [22][23] - The company is focused on expanding its magnet production capabilities while ensuring resource availability through recycling and partnerships [23][30] Technical Execution and Risk Management - MP has learned from the failures of previous operators by adopting a stepwise approach to production, ensuring high-grade mineral concentrate before scaling up [25][27] - The company has partnered with General Motors to mitigate risks in the magnetics business, allowing for thoughtful growth [26] Market Dynamics and Strategic Positioning - The U.S. is increasingly recognizing the importance of a domestic rare earth supply chain, with MP positioned as a key player in reducing dependency on China [17][18] - The company is addressing purity requirements for rare earths by focusing on quality for demanding customers, particularly in the automotive sector [37][38] Challenges and Future Outlook - MP acknowledges the challenges of yield loss in magnet production but views it as an opportunity for vertical integration and recycling [33][34] - The company is confident in its ability to secure heavy rare earth feedstocks through partnerships, particularly with the Department of Defense [31] Additional Important Insights - The call emphasized the critical role of rare earths in various industries, including automotive and technology, and the need for a robust domestic supply chain [17][18] - MP's strategy includes not only expanding production but also enhancing recycling capabilities to meet future demand [22][23] This summary captures the essential points discussed during the conference call, reflecting MP Materials' strategic initiatives, project timelines, and market positioning within the rare earths industry.

Financial Data and Key Metrics Changes - The company reported a record revenue of $155 million for Q3 2025, reflecting a year-over-year growth of 48% and a sequential increase of 7.3% [5][30] - GAAP gross margin for Q3 was 37%, at the high end of prior guidance, while non-GAAP gross margin was 41.9%, exceeding previous expectations [31][39] - The company ended Q3 with a total backlog of approximately $1.1 billion, with launch backlog accounting for 47% and space systems for 53% [32] Business Line Data and Key Metrics Changes - The Space Systems segment generated $114.2 million in revenue, a sequential increase of 16.7%, driven by strong performance in satellite manufacturing [30] - The Launch Services segment reported $40.9 million in revenue, a decline of 12.3% quarter-over-quarter due to fewer launches caused by customer spacecraft delivery delays [31] Market Data and Key Metrics Changes - The company secured 17 dedicated Electron launches in just three months, indicating strong demand, particularly from international customers [9][30] - The company is seeing increased interest from space agencies, which are beginning to standardize on the Electron as a launch platform [45] Company Strategy and Development Direction - The company aims to maintain its position as a leading end-to-end space company, focusing on scaling products and services across launch and space systems [8][12] - The company is actively pursuing M&A opportunities, with over $1 billion in liquidity available for strategic acquisitions [12][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet demand for Electron, citing that over 90% of production is in-house [46] - The company anticipates a strong return to sequential revenue growth in the Launch Services segment in Q4, supported by a busy launch manifest [31][40] Other Important Information - The company is on track to launch its Neutron rocket in Q1 2026, with a focus on thorough testing and qualification processes [18][29] - The company has made significant investments in Neutron development, with capital expenditures expected to remain elevated [36][38] Q&A Session Summary Question: Can you share insights on the recent strong bookings and backlog for launches? - Management noted that the increase in backlog includes both strong commercial bookings and interest from space agencies standardizing on Electron as a launch platform [45] Question: How is the supply chain positioned to meet demand for Electron? - Management indicated that the supply chain is robust, with the factory designed to produce 52 rockets annually [46] Question: Can you clarify the one-time events affecting launch gross margins? - Management explained that the gross margin improvement was influenced by a mix of contract terms and the transition to over-time revenue recognition for certain missions [47][49] Question: What is the revenue recognition timeline for the SDA Tranche 2 award? - Management confirmed that revenue recognition is on track, with a pattern of 10% in the first year, followed by 40% in subsequent years [52][54] Question: What is the expected launch cadence for Neutron after its first flight? - Management stated that the launch cadence will depend on the success of the first flight, with a potential for three launches in the first year following the test launch [56][58] Question: How soon can Neutron launch after arriving at the complex? - Management indicated that the timeline depends on the outcomes of operational tests and any issues that may arise during the process [70][71] Question: Can you quantify the cumulative catch-up adjustment for the quarter? - Management clarified that a contract closeout contributed approximately $5 million to the quarter's results, alongside other adjustments related to revenue recognition [72][73]

Financial Data and Key Metrics Changes - The company reported a record revenue of $155 million for Q3 2025, reflecting a year-over-year growth of 48% and a sequential increase of 7.3% [5][30] - GAAP gross margin for Q3 was 37%, at the high end of prior guidance, while non-GAAP gross margin was 41.9%, exceeding previous expectations [31][39] - The company ended Q3 with a total backlog of approximately $1.1 billion, with launch backlog accounting for about 47% and space systems for 53% [32] Business Line Data and Key Metrics Changes - The Space Systems segment generated $114.2 million in revenue, a sequential increase of 16.7%, driven by strong performance in satellite manufacturing [30] - The Launch Services segment reported $40.9 million in revenue, a decline of 12.3% quarter-over-quarter due to fewer launches caused by customer spacecraft delivery delays [31] Market Data and Key Metrics Changes - The company secured 17 dedicated launches in Q3, indicating strong demand for the Electron launch vehicle, particularly from international customers [9][30] - The company is seeing a shift in space agencies standardizing on the Electron as a preferred launch platform, enhancing its market position [45] Company Strategy and Development Direction - The company aims to maintain its position as a leading end-to-end space company, focusing on scaling products and services across launch and space systems [8][12] - The company is actively pursuing M&A opportunities, with over $1 billion in liquidity available for strategic acquisitions [12][38] - The company is committed to a rigorous testing and qualification process for the Neutron rocket, prioritizing reliability and safety over speed to market [29][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for Electron and the ability to meet this demand due to in-house production capabilities [46] - The company anticipates a strong return to sequential revenue growth in the Launch Services segment in Q4, supported by a busy launch manifest [31][40] - Management highlighted the importance of maintaining a disciplined approach to acquisitions and integration to enhance competitive capabilities [13][39] Other Important Information - The company is preparing for the first flight of the Neutron rocket in Q1 2026, with a focus on thorough testing to ensure readiness [18][29] - The company has made significant investments in infrastructure and development, with capital expenditures expected to remain elevated as it approaches Neutron's first flight [36][38] Q&A Session Summary Question: Can you provide insights on the recent strong bookings and backlog for launches? - Management noted that the bookings included both commercial and government contracts, with space agencies increasingly standardizing on the Electron platform [45] Question: How is the supply chain positioned to meet demand for Electron? - Management indicated that over 90% of Electron is built in-house, minimizing supply chain challenges [46] Question: Can you clarify the one-time events affecting launch gross margins? - Management explained that the changes were due to contract terms and the transition to over-time revenue recognition for certain missions, which provided a more stable revenue contribution [47][49] Question: What is the revenue recognition timeline for the SDA Tranche 2 award? - Management confirmed that revenue recognition is on track, with a pattern of 10% in the first year and 40% in subsequent years [52][54] Question: What is the expected launch cadence for Neutron after its first flight? - Management stated that the cadence will depend on the success of the first flight, with a potential for three launches within a 12-month window thereafter [56][58] Question: How soon after Neutron arrives at the complex can it realistically launch? - Management indicated that the timeline will depend on the results of pre-launch tests, with a quick turnaround possible if all tests are successful [70][71]