Financial Data and Key Metrics Changes - For Q4 2025, revenue totaled $30.5 million, a decrease of 14.4% compared to Q4 2024 [7] - Gross profit was $8.1 million, down 6.8% year-over-year, while gross margin increased to 26.7% from 24.6% due to better performance of higher-margin businesses [7][8] - Operating expenses decreased to $8.8 million from $10 million in the prior year, leading to an improvement in GAAP operating loss to $0.7 million from $1.3 million [7][8] - GAAP net loss attributable to shareholders was $2.6 million, compared to a net loss of $0.4 million in the same period last year [8] Business Line Data and Key Metrics Changes - The sanitaryware and shower systems businesses faced volume impacts due to tariff headwinds, despite positive underlying demand trends [4] - The company is focusing on high-grading its portfolio, which contributed to the expansion of gross margin [5] Market Data and Key Metrics Changes - The company experienced temporary revenue pressure in the U.S., Canada, and Europe, but geographic expansion into India and growth in Covered Bridge kitchen cabinetry are expected to drive future growth [5] Company Strategy and Development Direction - The company is implementing a BPC strategy focusing on organic growth initiatives across brands, products, and channels [4] - There is a commitment to diversifying sourcing through a "China Plus One" strategy, with partnerships secured outside of China, including Thailand [22][23] - New initiatives in India and a wholesale FAF initiative in Germany are expected to contribute to growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the foundational aspects of the business despite uncertainties from global trade issues and geopolitical tensions [11][12] - The company anticipates continued evaluation of tariff impacts and expects adjustments in the tariff landscape throughout the year [15][16] Other Important Information - Total liquidity at the end of Q4 was $8.5 million [9] - Guidance for 2026 includes revenue expectations of $134 million to $141 million and adjusted operating income guidance of $0.7 million to $2.5 million [9] Q&A Session Summary Question: What assumptions in the end markets are being considered for the full-year guide? - Management noted momentum going into 2025 was disrupted by global trade issues, but they feel comfortable with broader category momentum [11] Question: How has demand looked year to date versus Q4? - Management indicated that Q1 expectations are positive, but there is still uncertainty regarding tariff adjustments [15] Question: What progress has been made on the China Plus One strategy? - Management reported good progress in securing partnerships outside of China, which will help mitigate uncertainties [22][23] Question: What growth opportunities are anticipated in India and other markets? - Management highlighted growth in India through new dealers and a successful wholesale initiative in Germany [25][26]

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, revenue totaled $30.5 million, a decrease of 14.4% compared to the fourth quarter of 2024 [8] - Gross profit was $8.1 million, a decrease of 6.8% year-over-year, while gross margin increased to 26.7% from 24.6% in the prior year, driven by better performance of higher-margin businesses [9][10] - Operating expenses decreased to $8.8 million from $10 million in the prior year, resulting in a GAAP operating loss of $0.7 million, an improvement from a loss of $1.3 million in the same period last year [9][10] - GAAP net loss attributable to shareholders was $2.6 million, compared to a net loss of $0.4 million in the same period last year [10] - Total liquidity at the end of the fourth quarter was $8.5 million [11] Business Line Data and Key Metrics Changes - The sanitaryware and shower systems businesses experienced volume impacts due to tariff headwinds, despite positive underlying demand trends [5] - The company is focusing on high-grading its portfolio, which contributed to the expansion of gross margin [6] Market Data and Key Metrics Changes - The company faced temporary revenue pressure in the U.S., Canada, and Europe, but geographic expansion into India and growth in Covered Bridge kitchen cabinetry are expected to drive future growth [6][7] Company Strategy and Development Direction - The company is implementing a BPC strategy focusing on organic growth initiatives across brands, products, and channels [4] - There is a strategic focus on diversifying geographic sourcing, with progress made in partnerships outside of China, including Thailand [25] - New program launches in India and a wholesale FAF initiative in Germany are highlighted as growth opportunities [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the foundational aspects of the business despite uncertainties related to global trade and geopolitical issues [14][18] - The company anticipates continued evaluation of tariff adjustments and their potential impacts on operations [17] - Management is optimistic about the momentum in key categories and expects a positive outlook for Q1 of 2026 [17] Other Important Information - The company provided guidance for 2026, with revenue expected to be between $134 million and $141 million, and adjusted operating income guidance ranging from a loss of $0.3 million to a positive $1.1 million [11] Q&A Session Summary Question: What assumptions in the end markets are being considered for the full-year guide? - Management acknowledged momentum going into 2025 but noted disruptions due to global trade issues, expressing comfort with broader category momentum [13][14] Question: How has demand looked year to date versus the fourth quarter? - Management indicated satisfaction with early Q1 demand, despite uncertainties, and noted that tariff adjustments are still too early to assess [16][17] Question: Can you elaborate on the pickup in activity in Q1 of 2026? - Management explained that order patterns were disrupted due to tariff impacts, but they are seeing positive momentum in key categories [22][23] Question: What progress has been made on the China Plus One strategy? - Management reported good progress in securing partnerships outside of China, which will help mitigate uncertainties [25] Question: What growth opportunities are anticipated in India and other markets? - Management highlighted growth in India through new dealers and a successful wholesale initiative in Germany, along with logistics evaluations in the U.S. [27][28]

Financial Data and Key Metrics Changes - In 2025, retail transaction volume reached 51,110 units, up 135% year-over-year, marking the second consecutive year of over 130% growth [7] - Total revenues for 2025 were CNY 3.24 billion, representing a 79% increase year-over-year [7][25] - Gross margin for the fourth quarter was 6.8%, down 0.7 percentage points from the previous quarter [22] - Adjusted EBITDA loss for the full year was CNY 57.9 million, narrowing by 28% year-over-year [28] Business Line Data and Key Metrics Changes - Retail revenue for the fourth quarter was CNY 1.129 billion, up 38% sequentially and 104% year-over-year [20] - Wholesale revenue for the fourth quarter was CNY 38.2 million, with wholesale transaction volume reaching 2,474 units, up 31% sequentially and 180% year-over-year [21] - The company opened three new superstores in 2025, with mature superstores achieving over 20% market share in their respective cities [8] Market Data and Key Metrics Changes - In 2025, used car transaction volume in China exceeded 20 million units, accounting for approximately 5.5% of total vehicle ownership [4] - The national average transaction price of used cars has started to recover since the fourth quarter of last year, with expectations for retail ASP to exceed CNY 61,000 in the first quarter of 2026 [39] Company Strategy and Development Direction - Uxin is redefining used car transactions through a modern retail approach, leveraging advanced self-operated reconditioning factories and a one-stop purchasing experience [6] - The company plans to open four to six additional superstores in 2026, aiming for over 100% year-over-year growth in both retail transaction volume and revenues [13][31] - Uxin aims to address consumer pain points in the used car industry, focusing on transparency, fair pricing, and reliable after-sales support [5] Management's Comments on Operating Environment and Future Outlook - Management noted that the modernization of China's used car industry has just begun, with significant market opportunities ahead [14] - The company expects retail transaction volume to grow by over 110% year-over-year in the first quarter of 2026, despite the seasonally soft period due to the Chinese New Year [29] - Management anticipates that more stable new car pricing will support used car prices in 2026 [40] Other Important Information - Uxin's Net Promoter Score has reached 67, indicating high customer satisfaction and brand reputation [12] - The company has established a scalable operating system that can be replicated across regions, enhancing its growth potential [8] Q&A Session Summary Question: Gross margin outlook and ASP trends for 2026 - Management indicated that gross margin is expected to recover and return to above 7% as new superstores mature, with ASP expected to show a stable to upward trend in 2026 [36][40] Question: Customer acquisition channels for new superstores - Customer acquisition for new superstores leverages brand recognition, marketing campaigns, and partnerships with local governments and automotive platforms [42][45] Question: Long-term store expansion potential across China - Management expressed confidence in long-term expansion potential, estimating over 200 cities in China could support Uxin superstores, with a goal of having more than 10 stores operational by the end of 2026 [53][55]

Financial Data and Key Metrics Changes - In Q4 2025, retail transaction volume reached 19,160 units, a 37% sequential increase and a 124% year-over-year increase, significantly outperforming the overall China used car market which grew approximately 6% [18] - Total retail revenue for Q4 was RMB 1.129 billion, up 38% sequentially and 104% year-over-year, while full-year retail revenue was RMB 3.021 billion, up 19% year-over-year [19][24] - Gross margin for Q4 was 6.8%, down from 7.5% in the previous quarter, primarily due to promotional activities in the new car market and the ramp-up of new superstores [21][22] - Adjusted EBITDA loss for the full-year was RMB 57.9 million, narrowing by 28% year-over-year, with an adjusted EBITDA margin of -1.8%, an improvement of 2.7 percentage points from the previous year [27] Business Line Data and Key Metrics Changes - Retail transaction volume for the full year reached 51,110 units, representing a 135% year-over-year increase [24] - Wholesale sales in Q4 were 2,474 units, up 31% sequentially and 180% year-over-year, with wholesale revenue of RMB 38.2 million [20] - The company opened three new superstores in 2025, contributing to rapid nationwide replication and expansion [24] Market Data and Key Metrics Changes - In 2025, used car transaction volume in China exceeded 20 million units for the first time, accounting for approximately 5.5% of total vehicle ownership, indicating significant growth potential as this percentage approaches levels seen in more mature markets [4] - The average selling price (ASP) for retail vehicles decreased from RMB 65,000 in the same quarter last year to RMB 59,000 in Q4 2025, but is expected to stabilize and potentially increase in 2026 [19][39] Company Strategy and Development Direction - Uxin is redefining used car transactions through a modern retail approach, leveraging self-operated reconditioning factories and a one-stop purchasing experience [7] - The company plans to open four to six additional superstores in 2026, aiming for over 100% year-over-year growth in both retail transaction volume and revenues [13][30] - Uxin's strategy focuses on addressing consumer pain points in the used car market, emphasizing transparency, fair pricing, and professional service [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by intense price competition in the new car market but remains optimistic about the growth potential in the used car sector [8] - The modernization of China's used car industry is seen as just beginning, with Uxin positioned to benefit from significant market opportunities [14] - Management expects retail transaction volume in Q1 2026 to be between 16,200 and 16,500 units, representing year-over-year growth of over 110% [29] Other Important Information - The company has established a scalable operating system with superstores achieving over 20% market share in their respective cities [9] - Uxin's Net Promoter Score has reached 67, indicating high customer satisfaction and brand reputation [12] Q&A Session Summary Question: How should we think about gross margin growth into 2026 and ASP? - Management noted that gross margin declined due to the ramp-up of new superstores, but improvements are expected as these stores mature. ASP is expected to stabilize and potentially increase in 2026 [33][36][39] Question: What are the customer acquisition channels for new superstores? - Customer acquisition for new superstores leverages brand recognition, marketing campaigns, and partnerships with local governments and automotive platforms to build awareness and drive traffic [44][45][48] Question: What is the long-term store expansion potential across China? - Management expressed confidence in long-term expansion potential, estimating the ability to operate in over 200 cities across China, supported by the large vehicle ownership base [52][55][56]

Financial Data and Key Metrics Changes - In Q4 2025, retail transaction volume reached 19,160 units, a 37% sequential increase and a 124% year-over-year increase, significantly outperforming the overall China used car market which grew approximately 6% year-over-year [18][19] - Total retail revenue for Q4 was CNY 1.129 billion, up 38% sequentially and 104% year-over-year, while average selling price (ASP) for retail vehicles decreased from CNY 65,000 to CNY 59,000 year-over-year but increased slightly from CNY 58,000 in the previous quarter [20] - Full year 2025 retail transaction volume totaled 51,110 units, a 135% year-over-year increase, with total revenue reaching CNY 3.24 billion, a 79% increase year-over-year [24] Business Line Data and Key Metrics Changes - The company opened three new superstores in 2025, establishing a scalable operating system, with mature superstores in Xi'an and Hefei achieving over 20% market share [8][24] - On the wholesale side, 2,474 units were sold in Q4, up 31% sequentially and 180% year-over-year, with wholesale revenue for the quarter at CNY 38.2 million [21] Market Data and Key Metrics Changes - China's vehicle ownership has approached 370 million units, with used car transaction volume exceeding 20 million units in 2025, accounting for approximately 5.5% of total vehicle ownership [4][5] - The company expects that as the percentage of used car transactions rises towards the 10%-15% level typical in mature markets, annual used car transaction volume could reach 35 million-50 million units [4] Company Strategy and Development Direction - Uxin is redefining used car transactions through a modern retail approach, leveraging self-operated reconditioning factories and a one-stop purchasing experience [6][10] - The company plans to open four to six additional superstores in 2026, aiming for over 100% year-over-year growth in both retail transaction volume and revenues [13][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the modernization of China's used car industry is just beginning, with Uxin positioned to benefit from significant market opportunities [14] - The company expects retail ASP to show a stable to upward trend in 2026, supported by more stable new car pricing and anticipated growth in retail transaction volume [38] Other Important Information - The gross margin for Q4 was 6.8%, down from 7.5% in the previous quarter, primarily due to the ramp-up of newly opened superstores and promotional activities in the new car market [22] - Adjusted EBITDA loss for the full year was CNY 57.9 million, narrowing by 28% year-over-year, with SG&A and R&D expenses improving to 13.9% of total revenue [27][28] Q&A Session Summary Question: How should we think about gross margin growth into 2026 and ASP? - Management indicated that gross margin declined due to the ramp-up of new superstores but has begun to recover, expecting it to return above 7% [35] - ASP is expected to exceed CNY 61,000 in Q1 2026, with a stable to upward trend anticipated for the year [37][38] Question: What are the customer acquisition channels for new superstores? - Customer acquisition for new superstores comes from brand recognition, marketing campaigns, and partnerships with local governments and automotive platforms [42][46] Question: What is the long-term store expansion potential across China? - Management expressed confidence in long-term expansion potential, estimating over 200 cities in China could support Uxin superstores, with a goal of having more than 10 stores operational by the end of 2026 [52][54]

GEA Group AG Q1 2026 Pre-Close Call Summary Company Overview - **Company**: GEA Group AG - **Industry**: Engineering and technology solutions for food processing, dairy, pharmaceuticals, and farm technologies Key Points 1. Organizational Structure and Reporting - GEA Group has implemented a new organizational structure effective January 1, 2026, with divisions including Pure Flow Processing, Nutrition Plant Engineering, Pharma & Food Applications, and Farm Technologies [2][3] 2. Financial Guidance for FY 2026 - The company confirmed its guidance for FY 2026, expecting: - Organic sales growth of 5%-7% - EBITA margin before restructuring expenses between 16.6%-17.2% - Return on capital employed between 34%-38% [3][4] 3. Customer Industry Performance - **Food Sector**: Good performance, but beverage segment shows softness - **Dairy Processing**: Positive market sentiment with ongoing project activity - **Pharmaceuticals**: Promising pipeline observed - **New Food Sector**: Order intake nearly doubled in 2025, optimistic for continued growth in 2026 [4][5] 4. Order Intake and Sales Expectations - Q4 2025 recorded an order intake of EUR 1.8 billion, including nine large orders totaling EUR 440 million - Q1 2026 order intake expected to align with Q1 2025's slightly above EUR 1.4 billion, with a negative translational FX effect anticipated [5][6] - Organic sales growth in Q1 2026 expected to be below the full-year guidance but anticipated to accelerate later in the year [6][7] 5. EBITDA Margin and Profitability - The EBITDA margin guidance for FY 2026 is set at 16.6%-17.2%, with expectations for improvement in Q1 2026 compared to Q1 2025's 15.8% [7][8] 6. Capital Expenditures and Working Capital - Expected CapEx for FY 2026 is around EUR 240 million - Net working capital to sales ratio target remains at 7%-9%, with a seasonal uptick expected in Q1 2026 [9][10] 7. Restructuring Expenses - 2026 will be the last year for adjustments related to restructuring expenses, with EUR 48 million recorded in 2025 [10] 8. Supply Chain and Market Conditions - No significant supply chain issues reported, with over 80% of procurement done locally - Concerns about indirect exposure to rising energy and feed costs due to geopolitical tensions, but no immediate impact observed on order decisions [24][25][56] 9. M&A and Share Buyback Considerations - M&A remains a topic of interest, but the company is cautious about overpaying for targets - If no suitable M&A opportunities arise, share buybacks may be considered again, having previously repurchased over EUR 700 million in shares [17][18] 10. Market Sentiment and Future Outlook - Despite macro uncertainties, customer discussions have not shown hesitation in large order commitments - The company remains optimistic about future order intake and market conditions, particularly in the dairy and food processing sectors [21][22][23] 11. Energy and Cost Management - Energy costs are a minor component of the P&L, with EUR 35 million reported last year - The company has fixed a majority of its energy contracts for 2026, mitigating potential cost increases [78][79] Conclusion - GEA Group AG is positioned for steady growth in 2026, with a focus on maintaining profitability and managing costs effectively while navigating market uncertainties. The company is optimistic about its order pipeline and customer engagement across its key sectors.

LIXIL IMPACT BRIEFING: April 3, 2026 Empowering Change: Scaling Impact in a New Era Copyright © LIXIL Corporation. All rights reserved. Today's Speakers Kinya Seto Director, Representative Executive Officer, President, and Chief Executive Officer Erin McCusker Executive Officer, Executive Vice President, Chief Impact Officer, Communications, External Affairs, and Impact Strategy 1 Outside Director, Chairperson of the Board of Directors and Chairperson of Governance Committee Ryusuke Ohori ––––– Outside Dire ...

Financial Data and Key Metrics Changes - Consolidated sales decreased by 2.2% to $80.3 million, with a $700,000 decrease from retail stores and a $1.1 million decrease from external wholesale customers, primarily due to winter weather impacts [14][3] - Gross margin decreased by 80 basis points to 56.2%, driven by lower margins in both retail and wholesale businesses [14][15] - Operating income was $1.2 million, or 1.4% of sales, compared to $2.5 million, or 3% of sales in the prior period [15] - Diluted earnings per share were $0.13, down from $0.21 [15] Business Line Data and Key Metrics Changes - Retail net sales were $52.5 million, a decrease of 1.4%, primarily due to winter weather impacts [17] - Written sales decreased by 0.2%, while gross margin for retail was 51.5%, down 170 basis points due to delayed price increases related to tariffs [17][4] - Wholesale net sales were $53 million, essentially flat year-over-year, with a 0.6% increase in shipments to the retail core network [16] Market Data and Key Metrics Changes - The company experienced a significant decline in retail written sales during a two-week period in January due to severe weather, impacting both retail and wholesale operations [3][48] - The overall traffic was down in the first quarter, but conversions increased by 130%, resulting in a 28% increase in orders [10] Company Strategy and Development Direction - The company is focusing on five key initiatives to grow the business, including generating comparable store growth, opening new retail locations, increasing e-commerce sales, enhancing Bassett Design Centers, and building the interior design channel [6][12] - The company plans to open corporate stores in Cincinnati and Orlando and relocate a store on Long Island, with meticulous research on sales potential before committing to new locations [9] - Investments are being made to enhance the e-commerce platform and integrate an omni-channel experience, targeting younger, higher-income demographics [10] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in the macro environment, including weak residential housing activity and higher employee costs, which are headwinds for top-line growth [5] - The company is optimistic about improved retail margins in the upcoming quarters due to the implementation of price increases [22] - Management expressed that while there has not been a significant decline in business trends since the start of the conflict in Ukraine, there has also not been an uptick [31] Other Important Information - The company plans to spend between $8 million and $12 million on capital expenditures for 2026, significantly higher than the previous year's $4.5 million [19] - The company remains committed to delivering shareholder returns through dividends and opportunistic share buybacks, with a quarterly dividend of $0.20 approved [19] Q&A Session Summary Question: Impact of delayed price increases on retail margins - Management acknowledged the impact of delayed price increases and indicated that margins should improve in the second quarter [22][23] Question: Potential additional pricing actions due to fuel price spikes - Management confirmed that surcharges related to freight and petroleum derivative products will need to be passed along to customers [25] Question: Trends observed since the start of the conflict in Ukraine - Management reported no significant changes in business trends, maintaining a steady performance [31] Question: Accessibility to materials and potential price increases - Management indicated no noticeable issues with material accessibility and container prices have not spiked [37] Question: Outlook for retail margins and new store openings - Management expects some losses on the retail side until new stores start producing sales, but anticipates better margins moving forward [39][40] Question: Potential for tariff refunds and impact on the tariff landscape - Management stated that there is uncertainty regarding tariff refunds and the impact of recent Supreme Court decisions [41] Question: Weather impact on sales - Management expressed hope that lost sales due to weather would be deferred rather than permanently lost, but noted significant impacts on retail written sales [44][45] Question: E-commerce sales representation and future reporting - Management indicated that while e-commerce sales are growing, they have not broken out these figures separately in the past [49]

R&D Day 2026 April 2, 2026 Bettering the Lives of People Impacted by Kidney Disease NASDAQ: AKBA 1 Cautionary note on forward-looking statements Statements in this presentation regarding Akebia Therapeutics, Inc.'s ("Akebia's") strategy, plans, prospects, expectations, beliefs, intentions and goals are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and include, but are not limited to, statements regarding: Akebia's plans, strategies an ...

Financial Data and Key Metrics Changes - Consolidated sales decreased by 2.2% to $83 million, a decline of $1.8 million compared to the previous year [14] - Gross margin decreased by 80 basis points to 56.2%, primarily due to lower margins in both retail and wholesale businesses [14] - Operating income was $1.2 million, or 1.4% of sales, down from $2.5 million, or 3% of sales in the prior period [15] - Diluted earnings per share were $0.13, compared to $0.21 in the previous year [15] Business Line Data and Key Metrics Changes - Retail net sales were $52.5 million, a decrease of $800,000 or 1.4%, primarily due to winter weather impacts [17] - Wholesale net sales were $53 million, essentially flat compared to last year, with a 0.6% increase in shipments to the retail core network [16] - Written sales were flat for the first quarter, but there was a double-digit increase in written orders for the back half of February [4] Market Data and Key Metrics Changes - The company experienced significant disruptions in retail and wholesale sales due to severe weather, with over 50% of retail locations closed during critical weekends [4] - The macro environment remains challenging with weak residential housing activity and higher employee costs impacting sales [5] Company Strategy and Development Direction - The company is focusing on five key initiatives to drive growth: generating comparable store growth, opening additional retail locations, increasing e-commerce sales, enhancing Bassett Design Centers, and building the interior design channel [13] - The company plans to open corporate stores in Cincinnati and Orlando and relocate a store on Long Island [9] - Investments are being made to improve e-commerce capabilities and integrate an omni-channel experience [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the pace of business slowed abruptly in mid-January, impacting sales and margins [3] - There is cautious optimism regarding improved retail margins due to recent price adjustments [22] - The company is addressing higher SG&A expenses and is implementing initiatives projected to save between $1.5 million and $2 million annually [5] Other Important Information - The company maintains a solid liquidity position with $51 million in cash and short-term investments [18] - Total capital expenditures for 2026 are expected to be between $8 million and $12 million, significantly higher than the previous year's $4.5 million [19] - The company continues to pay dividends and repurchase shares opportunistically, with a $0.20 dividend approved for payment on May 29 [19] Q&A Session Summary Question: Impact of delayed price increases on retail margins - Management acknowledged the impact of delayed price increases and indicated that margins should improve in the second quarter [22][23] Question: Potential additional pricing actions due to fuel price spikes - Management confirmed that surcharges related to fuel prices are already being implemented and will need to be passed along to customers [24][25] Question: Trends observed since the start of the conflict in Ukraine - Management reported no significant changes in trends, with sales remaining stable but not showing an uptick [32] Question: Accessibility to materials and potential price increases - Management indicated no noticeable issues with accessibility to materials and did not foresee immediate price increases due to geopolitical tensions [38] Question: Outlook for retail margins and new store openings - Management expects some losses in retail margins until new stores begin generating sales, but anticipates better margins moving forward [40][41] Question: Potential for tariff refunds and impact of Supreme Court decision - Management stated that there is uncertainty regarding tariff refunds and the impact of recent legal decisions [42] Question: Weather impact on sales - Management expressed hope that lost sales due to weather would be deferred rather than permanently lost, but acknowledged the significant impact on sales [45][46] Question: E-commerce sales representation and future reporting - Management noted that while e-commerce sales are growing, they have not broken out these figures separately in the past [50]