Core Insights - Iridium Communications Inc. has announced a partnership with Vodafone IoT to integrate Iridium NTN Direct service, enhancing global connectivity for Vodafone IoT customers, particularly in remote locations [1][2][4]. Partnership Details - The partnership will allow Vodafone IoT to utilize Iridium NTN Direct, a 3GPP standards-based service that provides NB-IoT and direct-to-device connectivity, ensuring continuous connection for customers and their assets [2][4]. - The commercial launch of Iridium NTN Direct is planned for 2026, focusing on data messaging, tracking, and real-time monitoring for IoT, automotive, and industrial devices [3][5]. Industry Impact - This collaboration is expected to transform global connectivity by offering unmatched coverage, reliability, and scalability, particularly beneficial for industries requiring connectivity in extremely remote areas such as wind farms and oil pipelines [4][5]. - The Iridium network is noted for its reliability and low-power connectivity, making it ideal for NB-IoT and D2D applications, which are critical in remote and mobile environments [4]. Company Background - Iridium Communications Inc. is recognized as a leading provider of global voice, data, and PNT satellite services, with a history of delivering high-reliability safety services [5]. - Vodafone IoT is a global leader in managed IoT connectivity services, with over 215 million devices connected across more than 180 countries, emphasizing its commitment to reliable and secure IoT solutions [6][7].

Financial Data and Key Metrics Changes - Operational EBITDA increased by 10% in Q3 to $136.6 million, driven by recurring services and engineering support revenue [28] - Service revenue rose by 4% to $138.3 million, primarily due to growth in commercial IoT, PNT, and voice and data services [28] - Voice and data revenue increased by 4% to $59.9 million, reflecting price increases that drove a 4% rise in ARPU [28] - Commercial IoT revenue reached $46.7 million, up 7% year-over-year [28] - Engineering and Support revenue grew to $40.2 million, compared to $30.7 million in the prior year [32] Business Line Data and Key Metrics Changes - Commercial broadband revenue declined by 17% year-over-year, attributed to a non-maritime contract not renewed [29] - Hosting and other data services revenue increased by 14% to $18.7 million, driven by PNT growth [30] - Government service revenue rose modestly to $26.9 million, reflecting a step-up in the EMSS contract with the U.S. government [31] - Subscriber equipment sales were $21.5 million, slightly down from the previous year [32] Market Data and Key Metrics Changes - The company anticipates service revenue growth of approximately 3% for the full year, with OEBITDA guidance narrowed to between $495 million and $500 million [33] - The decline in broadband revenue is expected to continue into Q4, trending closer to 8% year-over-year [36] - The government business is projected to generate $108 million in EMSS revenue from the U.S. Department of Defense this year [37] Company Strategy and Development Direction - The company plans to focus on unique, specialized services in the satellite industry and will not participate in price-driven commodity markets [12] - Iridium NTN Direct is being developed as a new standards-based D2D service to tap into a larger market opportunity [12] - The company aims to invest in regulated applications where demand for safety services is growing, such as maritime and aviation safety [14] - The company is exploring acquisitions in adjacent areas that complement its existing services [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased competition in the satellite market due to the proposed acquisition of EchoStar spectrum by Starlink [8] - The company remains confident in its ability to grow revenues despite the competitive landscape, citing strong partnerships and established market presence [10] - Management expects to generate at least $1.5 to $1.8 billion in total cash flows from 2026 through 2030, providing flexibility for strategic initiatives [24] - The company is pausing its share repurchase program to emphasize strategic growth initiatives [24] Other Important Information - The company has signed over 70 new technology and distribution partners since the beginning of the year, indicating strong growth potential [25] - The company expects to pay cash taxes of less than $10 million per year through 2027, enhancing cash generation [38] - Capital expenditures in Q3 were $21.5 million, with higher anticipated in 2024 to support Iridium NTN Direct and 5G standards [40] Q&A Session Summary Question: Follow-up on strategic options and M&A timeline - Management indicated that while they have not been a big acquisition company, they are looking at complementary areas for potential M&A, but specific timing is uncertain [46][47] Question: Insulation from competitive risks in business lines - Management stated that no business is completely insulated, but areas like cockpit safety services and PNT are relatively protected due to regulatory hurdles [55][56] Question: Breakdown of voice and data segment users - The majority of users in the voice and data segment are industrial or security-related, with minimal leisure use [62][63] Question: Update on IoT business and consumer user portion - Approximately 900,000 IoT subscribers are personal users, but the majority of the IoT business is in industrial applications [69][70] Question: Impact of D2D competition on broadband and IoT - Management clarified that the impact from D2D competition is still small, and they are optimistic about the potential of their own D2D initiatives [75][80]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 10% in Q3 to $136.6 million, driven by revenue from recurring services and engineering support [27] - Service revenue rose by 4% to $138.3 million, primarily due to growth in commercial IoT, PNT, and voice and data services [27] - Voice and data revenue increased by 4% to $59.9 million, reflecting price increases implemented in July, resulting in a 4% rise in ARPU [27] - Commercial IoT revenue reached $46.7 million, up 7% year-over-year [27] - Government service revenue modestly increased to $26.9 million, reflecting a step-up in the EMSS contract with the U.S. government [30] Business Line Data and Key Metrics Changes - Commercial broadband revenue decreased by 17% year-over-year, attributed to a non-renewed contract from the previous year [28] - Hosting and other data services revenue grew by 14% to $18.7 million, driven by PNT services [29] - Subscriber equipment sales were $21.5 million, slightly down from the previous year [31] - Engineering and support revenue increased to $40.2 million, reflecting growth from contracts with the Space Development Agency [31] Market Data and Key Metrics Changes - The company anticipates service revenue growth of approximately 3% for the full year, with OEBITDA guidance narrowed to between $495 million and $500 million [32] - The decline in broadband revenue is expected to continue into Q4, trending closer to 8% year-over-year [35] - The government business is projected to generate $108 million in EMSS revenue from the Department of Defense this year [36] Company Strategy and Development Direction - The company plans to focus on unique, specialized services in the satellite industry and will not participate in price-driven commodity markets [12] - Iridium NTN Direct is being developed as a new D2D service to tap into a larger market opportunity [12] - The company aims to invest in regulated applications where demand for safety services is growing, particularly in maritime and aviation [14] - Iridium is exploring acquisitions in adjacent areas that complement its existing services [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased competition in the satellite market due to the proposed acquisition of EchoStar spectrum by Starlink [8] - The company remains confident in its ability to grow revenues despite the evolving competitive landscape [10] - Management expects to generate at least $1.5 billion to $1.8 billion in total cash flows from 2026 through 2030, providing flexibility for growth initiatives [24] - The company is committed to deleveraging its balance sheet while continuing its quarterly dividend program [24] Other Important Information - The company has paused its share repurchase program to emphasize strategic growth initiatives [24] - Iridium's cash and cash equivalents balance was $88.5 million as of September 30, with net leverage at 3.5x OEBITDA [39] - The company expects to pay cash taxes of less than $10 million per year through 2027 [37] Q&A Session Summary Question: Follow-up on strategic options and M&A - Management indicated that while they have not been a big acquisition company, they are looking at complementary areas for potential M&A [45][46] Question: Business lines insulated from competitive risk - Management stated that no business is completely insulated, but areas like cockpit safety services and PNT are relatively protected due to regulatory hurdles [54][55] Question: Breakdown of voice and data segment users - Most users in the voice and data segment are industrial or security-related, with minimal leisure use [61][62] Question: Update on IoT business and D2D initiative - The IoT subscriber base includes about 900,000 personal users, but the majority are industrial users [68][69] Question: Clarification on Deutsche Telekom agreement - The agreement with Deutsche Telekom relates to Iridium NTN Direct, which is a new narrowband IoT solution [81][82]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 10% in Q3 2025 to $136.6 million, driven by revenue from recurring services and engineering support [29] - Service revenue rose by 4% to $138.3 million, primarily due to growth in commercial IoT, PNT, and voice and data services [29] - Voice and data revenue increased by 4% to $59.9 million, reflecting price increases implemented in July, which drove a 4% increase in ARPU [29] - Commercial IoT revenue totaled $46.7 million, up 7% from the previous year [29] - Government service revenue modestly increased to $26.9 million, reflecting a step-up in the EMSS contract with the U.S. government [31] Business Line Data and Key Metrics Changes - Commercial broadband revenue decreased by 17% year-over-year, attributed to a non-maritime contract from the prior year that was not renewed [30] - Hosting and other data services revenue rose by 14% to $18.7 million, driven by PNT services [30] - Subscriber equipment sales were $21.5 million, slightly down from the previous year [33] - Engineering and support revenue increased to $40.2 million, reflecting growth from contracts with the Space Development Agency [33] Market Data and Key Metrics Changes - The company anticipates a decline in broadband revenue growth rate to trend closer to 8% in Q4 due to a mix shift in the maritime business [37] - The IoT business is expected to grow below 10% for the full year, with a significant portion of revenue coming from industrial applications [36] Company Strategy and Development Direction - The company plans to focus on unique, specialized services in the satellite industry and will not participate in price-driven commodity markets [12] - Iridium NTN Direct is being developed as a new standards-based D2D service to tap into a larger market opportunity [12] - The company aims to invest in growth areas around industrial-grade IoT and PNT services, as well as explore acquisitions in complementary areas [14] - The company is committed to deleveraging its balance sheet while continuing its quarterly dividend program [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased competition in the satellite market, particularly from new entrants like Starlink, but remains confident in Iridium's established market position [10][26] - The company expects to generate at least $1.5 to $1.8 billion in total cash flows from 2026 through 2030, providing flexibility for growth initiatives [25] - Management is optimistic about the long-term prospects of PNT services and anticipates significant revenue growth from this area [100] Other Important Information - The company has paused its share repurchase program to emphasize strategic growth initiatives [25] - Iridium's cash and cash equivalents balance stood at $88.5 million as of September 30, 2025 [41] - The company expects to pay cash taxes of less than $10 million per year through 2027 due to recent tax legislation [38] Q&A Session Summary Question: Follow-up on strategic options and M&A - Management indicated that while they have not been a big acquisition company, they are looking at complementary areas for potential M&A opportunities [46][48] Question: Business lines insulated from competitive risk - Management stated that no business is completely insulated, but areas like cockpit safety services and PNT are relatively protected due to regulatory barriers and established credibility [53][55] Question: Impact of D2D on voice and data segment - Management noted that most users in the voice and data segment are industrial or security-focused, with minimal leisure use [60][62] Question: Update on IoT business and D2D initiative - Management confirmed that the IoT subscriber base includes about 900,000 personal users, but the majority are industrial applications [66][67] Question: Clarification on Deutsche Telekom agreement - Management clarified that the agreement with Deutsche Telekom pertains to Iridium NTN Direct, which is a new narrowband IoT solution [78][79]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 10% in Q3 2025 to $136.6 million, driven by revenue from recurring services and engineering support [21] - Service revenue rose by 4% to $138.3 million, primarily due to growth in commercial IoT, PNT, and voice and data services [22] - Voice and data revenue increased by 4% year-over-year to $59.9 million, reflecting price increases implemented in July [22] - Commercial IoT revenue totaled $46.7 million, up 7% from the previous year [22] - Government service revenue modestly increased to $26.9 million, reflecting a step-up in the EMSS contract with the U.S. Government [24] Business Line Data and Key Metrics Changes - Commercial broadband revenue decreased by 17% year-over-year, attributed to a non-maritime contract that was not renewed [22] - Hosting and other data services revenue rose by 14% to $18.7 million, driven by an increase in PNT services [23] - Subscriber equipment sales were $21.5 million, slightly down from the prior year [26] - Engineering and support revenue increased to $40.2 million from $30.7 million in the previous year [27] Market Data and Key Metrics Changes - The company anticipates full-year service revenue growth to be approximately 3% and OIBDA guidance between $495 million and $500 million [27] - The IoT business is expected to grow below 10% for the full year, with a modest increase in Q4 [30] - The decline in broadband revenue is expected to continue into Q4, trending closer to 8% [31] Company Strategy and Development Direction - The company plans to focus on unique specialized services in the satellite industry and will not participate in price-driven commodity markets [7][9] - Iridium NTN Direct is being developed as a new standards-based D2D service to access a larger market opportunity [9] - The company aims to invest in regulated applications where demand for safety services is growing, particularly in maritime and aviation [10] - Iridium is exploring acquisitions in adjacent areas that complement its existing services [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increased competition in the satellite market due to the proposed acquisition of EchoStar Spectrum by StarLink [6] - The company remains confident in its ability to grow revenues despite the competitive landscape and plans to enhance its market position [7] - Management expects to generate $1.5 billion to $1.8 billion in total cash flows from 2026 through 2030, providing flexibility for growth initiatives [18] Other Important Information - The company has paused its share repurchase program to emphasize strategic growth initiatives while continuing its quarterly dividend program [18] - Iridium signed over 70 new technology and distribution partners since the beginning of the year, indicating strong growth potential [19] - The company expects to pay cash taxes of less than $10 million per year through 2027, enhancing cash generation [33] Q&A Session Summary Question: Follow-up on strategic options and M&A timeline - Management indicated that while they have not been a big acquisition company, they are looking at complementary areas for potential M&A, but specific timing is uncertain [41][44] Question: Business lines insulated from competitive risk - No business is completely insulated, but areas like cockpit safety services and PNT are considered well protected due to regulatory barriers and established credibility [50][52] Question: Breakdown of voice and data segment users - The majority of voice and data users are industrial or security-focused, with minimal leisure or casual users [55] Question: Update on IoT subscriber base - Approximately 900,000 of the IoT subscriber base are personal users, but the majority are industrial users requiring robust devices [60] Question: Impact of broadband contract loss - The loss of a non-maritime contract impacted broadband revenue, but new products are expected to stabilize this segment [68] Question: Nature of agreement with Deutsche Telekom - The agreement with Deutsche Telekom relates to roaming arrangements for Iridium NTN Direct, which is currently in testing [72][75]

Industry Overview - Globalstar, Inc. (GSAT) and Iridium Communications Inc. (IRDM) are key players in the satellite communications industry, which is crucial for global connectivity, especially in remote areas where terrestrial networks are unavailable [1][2] - The global satellite communication market is projected to grow at a CAGR of 10.2% from 2025 to 2030, reaching $159.6 billion [1] Globalstar (GSAT) Insights - Globalstar operates a Low Earth Orbit (LEO) satellite constellation, providing mobile satellite services and voice/data communications across various sectors [3] - The company possesses proprietary spectrum, which is a significant competitive advantage in the satellite communications space [3][4] - GSAT is experiencing growth in wholesale capacity services and commercial IoT revenues, with a revenue outlook of $260-$285 million for 2025 and expected adjusted EBITDA margins around 50% [4][9] - Innovative platforms like the RM200 two-way module and XCOM RAN are expected to drive further revenue growth, with the RM200M module gaining traction in sectors such as oil & gas and defense [5][6] - A comprehensive infrastructure upgrade is underway, including the addition of approximately 90 antennas across 35 ground stations in 25 countries, enhancing network capacity and resiliency [7] Iridium Communications (IRDM) Insights - Iridium operates a large commercial constellation of 66 operational LEO satellites, which minimizes the need for ground infrastructure [10] - The company is focused on growth in commercial IoT, voice and data, and government segments, with a significant relationship with the U.S. Department of Defense [11] - Iridium aims for $1 billion in service revenues by 2030, driven by services like STL, IoT, and Direct-to-Device [12][13] - Despite maintaining a long-term outlook, Iridium has lowered its 2025 service revenue growth guidance from 5-7% to 3-5% due to various factors [14] Share Performance and Valuation - Over the past month, GSAT's stock rose by 22.8%, while IRDM's stock declined by 30.4% [9][17] - GSAT shares are trading at a forward 12-month price/sales ratio of 14.52X, significantly higher than IRDM's 2.06X [18] - Analysts have revised earnings estimates upward for GSAT, while IRDM has seen marginal downward revisions [20][22] Investment Outlook - Both companies are well-positioned to benefit from the growing satellite communications market [22] - GSAT currently holds a Zacks Rank 1 (Strong Buy), indicating a more favorable investment outlook compared to IRDM, which holds a Zacks Rank 3 (Hold) [23]

Core Insights - Mavenir has been selected by Iridium Communications Inc. to deploy its core network for non-terrestrial network (NTN) services, facilitating direct device-to-device (D2D) communication based on 3GPP standards [1][2] - The deployment will utilize Mavenir's fully containerized, cloud-native converged packet core solution on Iridium's AWS cloud environment, supporting the launch of Iridium NTN Direct services [1][2] - This partnership marks a strategic milestone for Mavenir in achieving seamless connectivity between terrestrial and non-terrestrial domains, enhancing global NB-IoT service delivery [2] Mavenir's Solution - Mavenir's solution includes a comprehensive set of core network functionalities such as converged session management, user plane functions, policy control, user management, network exposure, and messaging capabilities, supported by a centralized operations and analytics platform [2][3] - The solution is designed for high availability and geographic redundancy across multiple AWS regions, ensuring robust performance [2] Integration and Future Prospects - The project can be easily integrated into Iridium's existing configuration and billing systems, supporting multiple interfaces for NB-IoT traffic transmission, including IP, UDP, TCP, and non-IP data transmission (NIDD) [3] - Future evolution towards 5G NR will allow Iridium to leverage the same backend infrastructure, providing a smooth migration path to D2D connectivity with minimal downtime [3] Company Background - Mavenir is focused on building future networks through cloud-native, AI-driven solutions that enable operators to realize the benefits of 5G and create intelligent, automated, programmable networks [4] - As a pioneer of Open RAN and a recognized industry disruptor, Mavenir's award-winning solutions are automating and monetizing mobile networks globally, accelerating the software network transformation for over 300 communication service providers in more than 120 countries, serving over 50% of global users [4]

Core Insights - Iridium Communications has partnered with Deutsche Telekom to provide global connectivity through the upcoming NTN Direct service, positioning both companies at the forefront of 5G-powered non-terrestrial networks for IoT applications [1][10] - The integration of Iridium's NTN Direct service into Deutsche Telekom's existing IoT infrastructure aims to enhance global coverage and connectivity for various industries [2][3] Group 1: Service and Technology Integration - The NTN Direct service will leverage Iridium's LEO satellite network to expand Deutsche Telekom's NB-IoT coverage, ensuring reliable connectivity for sensors, machines, and vehicles [3][4] - The service is set to launch commercially in 2026, enabling IoT roaming for applications such as messaging, tracking, and device status updates across multiple sectors [5][10] Group 2: Growth Strategy and Financial Goals - Iridium aims to achieve $1 billion in annual service revenues by 2030 through significant R&D investments and technology upgrades, including the development of 3GPP 5G standards-based services [6][10] - The company is focusing on expanding its service offerings, including Satellite Time and Location (STL) and Direct-to-Device (D2D) communications, to enhance its market position [6][7] Group 3: Market Challenges - Iridium faces challenges in a competitive market, including licensing delays, rising tariffs, and funding cuts, which have led to a revised service revenue forecast of 3-5% for 2025 [8] - The company's debt-to-capital ratio has increased to nearly 79%, significantly higher than the industry average of 57%, indicating heightened financial risk [8]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 6% in Q2 to $121.3 million, driven by revenue from engineering and support and recurring services [22] - Service revenue rose by 2% to $128.8 million, led by growth in IoT [22] - Commercial IoT revenue totaled $44.8 million in Q2, up 8% from the previous year [22] - Subscriber equipment sales decreased by 15% to $19.5 million [24] - The company updated its full-year service revenue growth guidance from 5%-7% to 3% [25] Business Line Data and Key Metrics Changes - Voice and data revenue rose by 1% to $56.8 million, with subscriber numbers remaining consistent [22] - Commercial broadband revenue declined by 6% to $12.7 million due to a shift from primary service to companion backup VSAT plans [23] - Engineering and support revenue increased significantly to $41.9 million, up from $25.8 million in the prior year [24] Market Data and Key Metrics Changes - Government service revenue increased modestly to $26.8 million, reflecting a step-up in EMSS contracts with the U.S. Government [23] - The maritime broadband business is transitioning to a companion service, impacting service revenue growth [7][25] Company Strategy and Development Direction - The company is focusing on investments in new revenue streams, including Iridium Certus IoT products and PNT services, to achieve a $1 billion service revenue target by 2030 [8][28] - The strategy includes expanding partnerships with mobile network operators and enhancing the product portfolio to address specific customer needs [10][94] - The company is also exploring next-generation network technologies to enhance service offerings [18][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite short-term adjustments in service revenue guidance [28] - The company anticipates continued demand for PNT services as organizations address vulnerabilities in GPS systems [11][27] - Management highlighted the importance of capital investments and R&D to support future growth [17][31] Other Important Information - Capital expenditures for the year are expected to reach approximately $90 million, focusing on satellite software and cloud-based infrastructure [13] - The company has a cash balance of $79.3 million and a net leverage of 3.6 times OIBDA [28] Q&A Session Summary Question: Service revenue reduction guidance and maritime ARPU stabilization - Management indicated that maritime broadband is less than 10% of the business and will remain a solid foundation despite ARPU pressures [37][38] Question: Timing of PNT revenue and customer acquisition - Management noted that the timing of certain PNT revenues has shifted to next year, but the opportunity for growth remains strong [41][42] Question: FAA issues and Aireon service - Management is monitoring FAA developments and believes there is a significant opportunity for Aireon in the future [44] Question: IoT growth and annual growth deceleration - Management remains confident in achieving double-digit growth in IoT for the second half of the year, driven by new product developments [50][51] Question: Partnership with Amazon constellation - Management discussed the potential for partnerships with large commercial players to drive growth in industrial and mobility sectors [104]

Financial Data and Key Metrics Changes - Operational EBITDA increased by 6% in Q2 to $121.3 million, driven by revenue from engineering and support and recurring services [22] - Service revenue rose by 2% to $128.8 million, led by growth in IoT [22] - Commercial IoT revenue totaled $44.8 million in Q2, up 8% from the previous year [22] - Subscriber equipment sales decreased by 15% to $19.5 million [25] - The company updated its full-year service revenue growth guidance from 5%-7% to between 3% and 5% [26] Business Line Data and Key Metrics Changes - Voice and data revenue rose by 1% to $56.8 million, with subscriber numbers remaining consistent [22] - Commercial broadband revenue declined by 6% to $12.7 million due to a shift from primary service to companion backup plans [23] - Engineering and support revenue increased significantly to $41.9 million, reflecting growing work with the Space Development Agency [25] Market Data and Key Metrics Changes - Government service revenue modestly increased to $26.8 million, reflecting a step-up in EMSS contracts with the U.S. Government [24] - The maritime broadband business is transitioning to a companion service, impacting service revenue growth [6][26] Company Strategy and Development Direction - The company aims to achieve $1 billion in service revenue by 2030, focusing on investments in D2D, PNT, IoT, and government sectors [8][29] - New products like Iridium Certus IoT and NTN Direct are seen as core pillars for future growth [8][12] - The company is expanding its partner ecosystem, adding nearly 50 new business relationships since the start of 2025 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth despite short-term adjustments in service revenue guidance [29] - The company is optimistic about the demand for PNT services, especially in light of vulnerabilities in GPS systems [11][28] - Management noted that capital expenditures will reach approximately $90 million this year, focusing on satellite software and cloud-based infrastructure [12][31] Other Important Information - The company plans to relocate its headquarters about three blocks away to accommodate growth [71] - A quarterly dividend payment of $0.14 per share was made, with an increase to $0.15 per share expected in Q3 [31] Q&A Session Summary Question: Service revenue reduction guidance and ARPU stabilization - Management indicated that broadband is less than 10% of the business and will remain a solid foundation despite ARPU pressures [38][39] Question: Timing of PNT revenue - Management noted that some PNT revenue slipped into next year but remains optimistic about future growth [42][43] Question: FAA issues and opportunities - Management is monitoring FAA developments and believes there is a significant opportunity for Aireon services in the future [45] Question: IoT data line growth and acceleration - Management expressed confidence in double-digit growth for IoT in the second half of the year, citing new product developments [52][56] Question: Partnership with Amazon constellation - Management emphasized that growth in the commercial space relies on new services and partnerships, particularly in IoT and autonomous systems [104][106]