Woodward (NasdaqGS:WWD) Q1 2026 Earnings call February 02, 2026 05:00 PM ET Company ParticipantsAlexandra Mandery - Equity Research AssociateBill Lacey - CFOChip Blankenship - Chairman and CEODan Provaznik - Director of Investor RelationsGavin Parsons - Equity ResearchKyle Wenclawiak - Equity Research Senior AssociateLouis Raffetto - SVP of Equity ResearchNoah Poponak - Managing DirectorPeter Skibitski - DirectorScott Deuschle - DirectorScott Mikus - Vice President of Equity ResearchConference Call Particip ...

Financial Data and Key Metrics Changes - Fourth quarter adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion [18] - Adjusted earnings per share from continuing operations for the fourth quarter was $3.40, with full-year adjusted EPS from continuing operations of $10.78 [18] - Free cash flow was $309 million in the fourth quarter, totaling just over $1 billion for the full year [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year compared to 2024, with a slight decline of about 20 basis points in the fourth quarter [19] - Revenue per treatment (RPT) grew approximately $12 sequentially in the fourth quarter, with full-year RPT at approximately $410, reflecting a 4.7% increase [20] - International adjusted operating income was $21 million for the fourth quarter, totaling $114 million for the full year, indicating strong performance and positive organic growth [21] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with a forecasted growth of 1%-2% in RPT [26] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from the previous year's cyber incident [26] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and partnerships with home care providers [14][15] - A strategic clinical partnership with Elara Caring aims to lower hospitalizations and missed treatment rates while improving patient experience [14] - The company expects to deliver an incremental $20 million of IKC operating income growth in 2026, building on its first profitable year in IKC [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence [12][13] - The company expects adjusted operating income for 2026 to be in the range of $2.085 billion to $2.235 billion, reflecting a 3.2% growth at the midpoint [17] - Management highlighted the importance of addressing mortality rates and missed treatments to achieve long-term growth targets [32] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26x consolidated EBITDA [22] - The midpoint of the guidance for 2026 adjusted EPS is $14.30, representing a 33% increase over the previous year [29] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving this growth is tied to clinical improvements and expects benefits to materialize over the next two years [32] Question: Trends in missed treatments and mortality - Missed treatments were up in Q4, but year-over-year changes were minimal, with a noted correlation between missed treatments and mortality [41] Question: ACA headwind expectations - The company anticipates a $40 million headwind from ACA changes in 2026, with open enrollment performing better than expected [45] Question: Impact of cyber incident on financials - The cyber incident created a $70 million headwind in 2025, which is expected to be offset by the ACA headwind in 2026 [54] Question: IKC performance and future growth - Management noted that shared savings contributed to better-than-expected performance in IKC, with confidence in continued growth [56] Question: International business growth - The international segment is expected to grow through a mix of M&A and organic growth, with improving margins [67]

Kforce (NYSE:KFRC) Q4 2025 Earnings call February 02, 2026 05:00 PM ET Company ParticipantsDave Kelly - COOJeff Hackman - CFOJoe Liberatore - President and CEOKartik Mehta - Executive Managing Director and Director of ResearchTyler Barishaw - Equity Research AssociateConference Call ParticipantsJosh Chan - Executive Director and Equity Research AnalystMark Marcon - Senior Research AnalystTrevor Romeo - Global Services Research AnalystOperatorWell, good day everyone and welcome to the Kforce Q4 2025 earnings ...

Financial Data and Key Metrics Changes - For Q4 2025, adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion. Adjusted earnings per share (EPS) for Q4 was $3.40, with full-year adjusted EPS of $10.78. Free cash flow for Q4 was $309 million, totaling just over $1 billion for the full year [16][15][17] - Revenue per treatment (RPT) increased approximately $12 sequentially in Q4, with full-year RPT at approximately $410, reflecting a 4.7% increase year-over-year [17][18] - Patient care costs per treatment (PCCs) finished the year 5.9% higher than 2024, near the top end of revised expectations [18] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by 1.1% for the full year 2025 compared to 2024, with a slight decline of about 20 basis points in Q4 [16][17] - International adjusted operating income was $21 million for Q4, totaling $114 million for the full year, reflecting strong performance and positive organic growth [18] - Integrated Kidney Care (IKC) achieved its first profitable year in 2025, with Q4 adjusted operating income of $46 million and full-year adjusted operating income of $22 million [18][19] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with expectations for RPT growth of 1%-2% [20][22] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from a cyber incident in 2025 [22] Company Strategy and Development Direction - The company is focused on enhancing patient care through clinical initiatives, including vaccination programs and the adoption of GLP-1 medications, which are expected to improve patient outcomes and reduce mortality [11][12] - A strategic partnership with Elara Caring aims to establish an ESKD-focused offering to lower hospitalizations and improve patient experiences [12][24] - The company expects to deliver adjusted operating income growth of approximately 3.2% in 2026, with a focus on maintaining sustainable U.S. dialysis margins and delivering durable financial performance [15][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence and targeted initiatives to enhance patient care [11][10] - The company anticipates that improvements in clinical outcomes will take time to materialize, with expectations for benefits to become evident in approximately two years [28][29] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26 times consolidated EBITDA at year-end [19][24] - Free cash flow guidance for 2026 is set between $1 billion and $1.25 billion, reflecting a resilient business model [15][25] Q&A Session Summary Question: Confidence in returning to 2%+ volume growth - Management indicated that achieving 2% growth is tied to clinical improvements and expects to see benefits from initiatives in about two years [27][28] Question: Trends in mistreatments and mortality - Management noted that mistreatments were up in Q4 but did not see significant changes in mortality rates, emphasizing a correlation between mistreatment and mortality with some lag [35][36] Question: ACA headwind expectations - Management provided estimates for ACA headwinds, indicating better-than-expected performance during open enrollment but noted the need to monitor payment behaviors [39][40] Question: Impact of cyber incident on financials - Management clarified that the cyber incident created a $70 million headwind, with expectations for RPT headwinds to be offset by the expiration of enhanced premium tax credits [48] Question: Performance of IKC and future growth - Management highlighted that shared savings in IKC outperformed expectations due to improved care management and interventions, projecting continued growth [50][51] Question: International business growth and margins - Management expects international growth to be driven by both M&A and organic growth, with margins improving as fixed overhead is leveraged [61]

Financial Data and Key Metrics Changes - In the first quarter of fiscal year 2026, the company reported net sales of $996 million, a 29% increase year-over-year, and earnings per share of $2.17, up from $1.42, reflecting a 54% increase [14][6] - Free cash flow for the first quarter was $70 million, significantly higher than the previous year's $1 million [21][20] Business Line Data and Key Metrics Changes - Aerospace segment sales increased to $635 million, a 29% rise, driven primarily by a 50% increase in commercial services sales [15][14] - Industrial segment sales reached $362 million, up 30%, with core industrial sales (excluding China On-Highway) increasing by 22% [17][14] Market Data and Key Metrics Changes - The aerospace market saw robust demand growth in both commercial and defense OEMs, with commercial services exceeding forecasts [8][5] - The industrial segment experienced broad-based growth across power generation, transportation, and oil and gas, with marine transportation sales increasing by 38% and oil and gas sales by 28% [17][8] Company Strategy and Development Direction - The company plans to wind down its China On-Highway product lines by the end of the fiscal year, aligning with its long-term growth strategy for the industrial segment [10][19] - Strategic priorities include meeting OEM demand growth, providing world-class service for repair and overhaul, and shifting R&D focus to customer value demonstration [11][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in raising full-year sales and earnings guidance due to strong first-quarter performance and market outlook [12][22] - The company anticipates challenges in supply chain alignment and inventory efficiency, with investments aimed at improving operational capabilities [7][8] Other Important Information - The company expects to incur $20 million to $25 million in costs related to the wind-down of the China On-Highway business, with no revenue spillover expected into FY27 [97][96] - Capital expenditures for fiscal 2026 are projected to increase significantly due to facility buildouts and automation projects [21][20] Q&A Session Summary Question: Will the $245 million of commercial aftermarket sales in the first quarter be the low point for the year? - Management indicated that it is hard to predict if this will be the low point, as they expect increasing repair and spare part sales driven by strong market demand [25] Question: What are the drivers behind the growth acceleration in oil and gas and marine transportation? - Growth in oil and gas is driven by both OEM and services, while marine transportation growth is attributed to increased shipyard output and high fleet utilization [35] Question: How does the company view the profitability of the commercial aerospace OE business? - Management noted that while the profitability is below the blended margin, there are opportunities for improvement through consistent production and supply chain alignment [91] Question: What is the expected impact of the $1.5 trillion 2027 NDAA package on Woodward? - Management stated that it is difficult to predict the impact without visibility into current inventory levels, but they are prepared to respond if demand increases [100]

Financial Data and Key Metrics Changes - Rambus achieved record revenue and earnings for fiscal year 2025, with product revenue reaching $348 million, a 41% increase year-over-year [12][8] - Cash from operations for 2025 was a record $360 million, up 56% from 2024 [12] - Fourth quarter revenue was $190.2 million, exceeding expectations, with product revenue of $96.8 million, representing 32% year-over-year growth [13][12] Business Line Data and Key Metrics Changes - Product revenue for the full year was $348 million, driven by DDR5 market share gains and new product contributions [12] - Silicon IP is focused on delivering solutions for AI hardware, with strong traction in high-speed memory and security IP [9][12] - The company reported a free cash flow margin of 45% for the full year, totaling $320.9 million [15] Market Data and Key Metrics Changes - The DDR5 market share for Rambus is estimated to be in the mid-40% range, reflecting growth from the early 40s in 2024 [30][66] - The company expects to grow faster than the market in 2026, despite a supply chain issue impacting Q1 [11][30] - The demand for AI and traditional server markets remains strong, driving the need for higher compute and memory performance [6][10] Company Strategy and Development Direction - Rambus aims to capitalize on trends in AI and memory architecture, positioning itself for long-term growth [10][11] - The company is focused on expanding its product roadmap and market opportunities, particularly in high-performance and AI PCs [7][10] - The strategy includes maintaining a diversified portfolio and enhancing interoperability among products [8][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to strong growth in Q2 following a supply chain issue in Q1 [11][24] - The company anticipates that the demand for servers will remain solid, but supply constraints may impact fulfillment [91][92] - Management expects gross margins to remain in the low 60% range, consistent with historical performance [97][98] Other Important Information - The company is actively monitoring the rollout of new platforms from Intel and AMD, which will influence product launches [31][70] - Rambus is preparing for the introduction of next-generation products, including MRDIMM, with initial contributions expected towards the end of the year [60][70] Q&A Session Summary Question: Will there be catch-up in the second quarter due to the supply chain issue? - Management confirmed that the supply chain issue has been resolved and expects a return to strong growth in Q2, with the lower Q1 revenue not changing the business trajectory [22][24] Question: What was the estimated revenue impact from the supply chain issue? - The estimated impact was around low double-digit millions, with expectations to recover in Q2 [25] Question: How did the RCD market share finish for 2025? - The RCD market share is believed to be in the mid-40% range, with expectations to continue growing faster than the market in 2026 [30][66] Question: What is the expected contribution from PMIC in 2026? - PMIC is expected to grow to a double-digit contribution of total product revenue, with strong traction anticipated [40] Question: How is the company addressing the DIMMs per CPU dynamic? - The company noted that the number of DIMMs per CPU is complex and varies based on application needs, with expectations for growth in average DIMMs per channel [48] Question: Is there any reputational harm from the supply chain issue? - Management stated there is no reputational harm, as the issue was identified and resolved quickly, maintaining strong collaboration with customers [56] Question: What is the outlook for the IP business in 2026? - The IP business is expected to continue growing in line with demand for AI solutions, with a strong portfolio positioned for market needs [81]

Financial Data and Key Metrics Changes - In Q4 2025, overall revenue surged 70% year-over-year, marking the highest growth rate as a public company, with U.S. business revenue growing 93% year-over-year [3][17] - The Rule of 40 score reached 127, up 46 points year-over-year and 13 points quarter-over-quarter, indicating strong growth and profitability [3][28] - Full year 2025 revenue grew 56% year-over-year to $4.475 billion, with a guidance for 2026 revenue of $7.190 billion, representing 61% growth year-over-year [17][30] Business Line Data and Key Metrics Changes - U.S. commercial business grew 137% year-over-year and 28% sequentially, while U.S. government business grew 66% year-over-year and 17% sequentially [18][24] - Fourth quarter commercial revenue grew 82% year-over-year to $677 million, with full year commercial revenue growing 60% year-over-year to $2.073 billion [20][21] - Fourth quarter government revenue grew 60% year-over-year to $730 million, with full year government revenue growing 53% year-over-year to $2.402 billion [23][24] Market Data and Key Metrics Changes - The U.S. market accounted for 77% of total revenue, with significant growth driven by AI adoption [3][4] - International commercial revenue grew 8% year-over-year, while international government revenue grew 43% year-over-year [22][24] - Customer count increased by 34% year-over-year to 954 customers, with trailing 12-month revenue from top 20 customers increasing 45% year-over-year to $94 million per customer [19][24] Company Strategy and Development Direction - The company focuses on leveraging AI to transform customer operations, moving them from AI adopters to AI-native enterprises [4][5] - Palantir aims to maintain its unique position in the market by delivering real-world value through its software, emphasizing the importance of ontology and AIFD [4][10] - The company is committed to investing in product development and elite technical talent to sustain growth and profitability [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in entering 2026 with strong momentum, highlighting the convergence of two decades of development into current success [9][30] - The company acknowledges challenges in international markets but emphasizes the strong demand and unique position in the U.S. [40][41] - Management noted that the AI revolution is creating significant opportunities for growth, particularly in defense and commercial sectors [49][50] Other Important Information - The company achieved a milestone with U.S. business revenue surpassing $1 billion for the first time [17] - Adjusted operating income for Q4 was $798 million, representing a 57% margin, with full year adjusted operating income of $2.3 billion [18][26] - The company ended the quarter with $11.2 billion in total remaining deal value, reflecting a 105% year-over-year increase [25] Q&A Session Summary Question: How is the company thinking about its international business and potential reacceleration? - Management indicated that while there is significant demand in the U.S., challenges exist in international markets due to differing purchasing structures and readiness to adopt advanced products [39][40] Question: Has there been a change in customer hesitancy towards AI implementation? - Management noted a shift in customer conversations, with more clients now recognizing the effectiveness of their solutions and seeking to accelerate implementation [43][45] Question: Is there an opportunity for new operational systems in defense? - Management confirmed ongoing discussions about expanding operational systems beyond current applications, indicating a strong interest in integrating solutions across various military needs [49][50]

Financial Data and Key Metrics Changes - Rambus achieved record revenue and earnings for fiscal year 2025, with product revenue reaching $348 million, a 41% increase year-over-year [12][8] - Cash from operations for 2025 was a record $360 million, up 56% from 2024 [12] - Fourth quarter revenue was $190.2 million, exceeding expectations, with product revenue of $96.8 million, representing 32% year-over-year growth [13][12] Business Line Data and Key Metrics Changes - The product revenue for the full year was $347.8 million, marking a new annual record [13] - The company reported strong performance in DDR5 products, contributing significantly to revenue growth [8][12] - Silicon IP revenue is strategically focused on AI hardware, with increasing design wins for high-speed memory and interconnect solutions [9][12] Market Data and Key Metrics Changes - The demand for AI and traditional server markets remained strong, driving the need for higher compute and memory performance [5][10] - Rambus increased its market share in DDR5 RCDs, ending 2025 with a mid-40% share [31][66] - The company anticipates that the ongoing expansion of AI will reshape memory and interconnect requirements, positioning Rambus to grow faster than the market in 2026 [10][12] Company Strategy and Development Direction - Rambus aims to capitalize on trends in AI and memory architecture, focusing on high-performance memory and interconnect technologies [5][10] - The company is committed to investing strategically in its product roadmap to expand market opportunities and drive long-term growth [4][12] - Rambus is well-positioned to address the accelerating demand for AI solutions through its diversified portfolio [18][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to strong growth in Q2 2026 after resolving a supply chain issue that impacted Q1 revenue [11][25] - The company expects to grow faster than the market in 2026, despite challenges in the supply chain [11][25] - Management highlighted the importance of quality management and collaboration with suppliers and customers in addressing operational challenges [58][60] Other Important Information - The company reported total operating costs of $103.2 million for Q4, with operating expenses flat compared to Q3 [15] - Free cash flow for the full year was $320.9 million, representing a 45% free cash flow margin [16] - The company expects Q1 2026 revenue to be between $172 million and $178 million, impacted by the supply chain issue [17] Q&A Session Summary Question: Will there be catch-up in Q2 for the revenue loss in Q1 due to the supply chain issue? - Management confirmed that the supply chain issue has been resolved and expects strong growth in Q2, with the lower Q1 revenue not changing the business trajectory [24][25] Question: What was the estimated revenue impact from the supply chain issue? - The estimated impact was around low double-digit million dollars in a seasonally soft quarter [26] Question: How did the RCD market share finish for 2025? - Rambus ended the year with a mid-40% share in DDR5 RCDs, with expectations to continue growing faster than the market in 2026 [31][66] Question: What is the expected contribution of PMIC to total product revenue? - PMIC is expected to grow from upper single digits in Q4 2025 to about double-digit contribution in total product revenue in 2026 [42] Question: How does the supply chain issue affect the RCD and companion chips? - The supply chain issue primarily affected the RCD, while companion chips were not impacted [60] Question: What is the outlook for the DIMMs per CPU expected in 2027? - The number of DIMMs per CPU is expected to grow, but quantifying the exact number is complex due to various market dynamics [49] Question: What is the expected gross margin for 2026? - The expectation is to maintain gross margins in the low 60% range, consistent with previous years [96]

Financial Data and Key Metrics Changes - Total revenues for Q4 2025 were $332 million, representing a 3% sequential improvement per billing day [9] - Fiscal 2025 revenues were approximately $1.33 billion, a decrease of roughly 5% year-over-year [18] - GAAP earnings per share for Q4 2025 was $0.30, while adjusted earnings per share was $0.43, falling below guidance due to higher healthcare costs [19][20] - Overall gross margins were 27.2%, down 50 basis points sequentially but up 20 basis points year-over-year [20][21] Business Line Data and Key Metrics Changes - Flex revenues in the technology business grew sequentially by 3% and in the finance and accounting (F&A) business by 5.7% in Q4 [9] - Flex revenues in the F&A business declined 2.4% year-over-year but saw a 5.7% sequential growth in Q4 [14] - The average bill rate in the technology business remained steady at approximately $90 per hour over the past three years [12] Market Data and Key Metrics Changes - Sequential growth was observed in eight of the top ten industries served by the company [10] - The company noted a significant increase in demand for consulting solutions, particularly in data and digital practices, which are growing at double-digit rates [50] Company Strategy and Development Direction - The company is focusing on a domestic organic growth strategy, minimizing distractions and enhancing client partnerships [7] - Strategic initiatives include the implementation of Workday for HCM and financials, and the evolution of offshore delivery capabilities in India [4] - The company aims to achieve approximately 8% operating margin when annual revenues return to $1.7 billion, which is over 100 basis points higher than in 2022 [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recent operating trends, suggesting a potential return to typical cyclicality in client demand [5] - The company anticipates that clients are increasingly prioritizing flexible talent solutions amid economic uncertainty [6] - There is a belief that the returns from AI investments may take longer to realize and will be more specific to unique business problems [3] Other Important Information - The company announced further refinements in headcount and organizational structure to align with current revenue levels [16] - Operating cash flows were $19.7 million, and the return on equity remains at approximately 30% [24] Q&A Session Summary Question: Can you elaborate on the sequential improvement in revenue per billing day and the impact of AI? - Management noted that the positive trend began in August 2025, coinciding with a positive turn in the American Staffing Association Index, and emphasized the complexity of executing corporate AI initiatives [30][31] Question: What are the dynamics of client demand and project execution? - Management indicated that clients are increasingly unable to wait to execute technology projects due to the foundational work required for AI and modernization efforts [47][48] Question: How do you see the direct hire business evolving in 2026? - Management expressed optimism for small to mid-sized businesses in direct hire, while large enterprises have slowed their hiring [80]

Financial Data and Key Metrics Changes - Fourth quarter adjusted operating income was $586 million, bringing full-year adjusted operating income to $2.094 billion [14] - Adjusted earnings per share (EPS) for the fourth quarter was $3.40, with full-year adjusted EPS of $10.78 [14] - Free cash flow for the fourth quarter was $309 million, totaling just over $1 billion for the full year [14] Business Line Data and Key Metrics Changes - U.S. dialysis treatments declined by approximately 20 basis points in the fourth quarter compared to the same period in 2024, with a full-year decline of 1.1% [14][15] - Revenue per treatment (RPT) increased by approximately $12 sequentially in the fourth quarter, with full-year RPT at approximately $410, reflecting a 4.7% increase [15] - International adjusted operating income was $21 million for the fourth quarter, totaling $114 million for the full year, indicating strong performance and positive organic growth [16] Market Data and Key Metrics Changes - The company anticipates treatment volume for U.S. dialysis to be approximately flat in 2026, with expectations for RPT growth of 1%-2% [19] - The expiration of enhanced premium tax credits is expected to create a $40 million headwind in 2026, offset by the elimination of a $45 million headwind from a cyber incident in 2025 [19] Company Strategy and Development Direction - The company is focused on enhancing patient care through its Integrated Kidney Care (IKC) programs, which have shown improved patient outcomes and profitability ahead of schedule [6][7] - A strategic clinical partnership with Elara Caring aims to improve patient experience and reduce hospitalizations through specialized home care services [10][21] - The company expects to deliver adjusted operating income growth consistent with its long-term target of 3%-7% over the next three years [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profit growth despite near-term financial headwinds, emphasizing a focus on clinical excellence and targeted initiatives to enhance patient care [9][12] - The company expects adjusted operating income for 2026 to be in the range of $2.085 billion to $2.235 billion, reflecting a 3.2% growth at the midpoint [12] Other Important Information - The company repurchased nearly 13 million shares for approximately $1.8 billion in 2025, with a leverage ratio of 3.26 times consolidated EBITDA at year-end [17] - The midpoint guidance for adjusted EPS in 2026 is $14.30, representing a 33% increase over the previous year [22] Q&A Session Summary Question: Confidence in achieving 2%+ volume growth - Management indicated that achieving 2% growth is tied to clinical improvements and expects benefits to materialize over the next two years [24] Question: Free cash flow considerations - The free cash flow guidance of $1.125 billion is before the $200 million investment, and adjustments for share repurchases should be considered [27] Question: Trends in mistreatments and mortality - Mistreatments were up in Q4, but year-over-year changes were minimal, with a noted correlation between mistreatment rates and mortality [32][33] Question: ACA headwind expectations - The company anticipates a $40 million headwind from ACA changes, with open enrollment performing better than expected [34][37] Question: IKC performance drivers - Management highlighted shared savings and improved care protocols as key drivers for IKC's outperformance [48][49]