Summary of Illumina's 2025 Conference Call Company Overview - **Company**: Illumina (NasdaqGS:ILMN) - **CEO**: Jacob Thaysen - **Conference Date**: November 19, 2025 Key Points Company Performance and Strategy - Illumina has experienced a positive trajectory in Q3 and Q2 of 2025, indicating a recovery from previous challenges [15][18] - The company aims for high single-digit revenue growth by 2027 and a 500 basis point improvement in operating margins, targeting a 26% overhead margin by 2027 [16][18] - The focus has shifted towards execution rather than strategy development, with an emphasis on end-to-end workflow and cost efficiency [15][16] Market Dynamics - The transition to the new sequencing platform (ex) is seen as a primary growth driver, with expectations of significant volume growth as customers adapt [23][24] - The contribution from new innovations, particularly in the multi-omics space, is anticipated to add 1%-2% to growth by 2027 [24] - The company is currently facing challenges in the Chinese market, which is expected to account for only 2%-3% of sales moving forward [20][21] Clinical Customer Transition - Approximately 50% of revenue from high-throughput customers has transitioned to the new platform, with ongoing opportunities for further conversion [35] - Initial growth post-transition is expected to be modest (under 5%), with acceleration in growth as volume increases [32][34] - The clinical customer base is primarily where conversion efforts are focused, as most research customers have already transitioned [39] Competitive Landscape - Illumina acknowledges increased competition, particularly from Roche, but remains confident in its market position and customer relationships [52][56] - The company views competition as a positive force that stimulates innovation and customer engagement [52] Innovation and Future Outlook - Illumina is committed to maintaining a high level of investment in innovation, with several new products and technologies expected to launch in the coming years [72][75] - Key innovations include advancements in methylation sequencing and structural variant detection, which are anticipated to drive future growth in the clinical sector [74][75] Regulatory and Operational Challenges - Recent changes in U.S.-China trade relations have allowed Illumina to resume instrument placements in China, although the process will take time to fully implement [62][63] - The company is working to navigate the complexities of the Chinese market while continuing to invest in growth opportunities [67] Additional Insights - The company is focused on improving internal processes to enhance operational efficiency and effectiveness [68][70] - Illumina's strategy includes collaboration with partners to provide comprehensive workflows, enhancing customer value [26][27] This summary encapsulates the critical insights from Illumina's conference call, highlighting the company's strategic direction, market challenges, and innovation pipeline.

Summary of Magnite's 2025 Conference Call Company Overview - **Company**: Magnite (NasdaqGS:MGNI) - **Date of Conference**: November 19, 2025 Key Industry Insights - **Industry**: Connected TV (CTV) and Digital Video (DV+) advertising - **Market Dynamics**: The CTV market is evolving rapidly, with significant growth driven by partnerships with major players like NBCU, Netflix, and Roku. The ad economy is showing signs of strength, particularly in the upfront season, which exceeded expectations [3][4][5]. Core Points and Arguments 1. **Performance Drivers**: The inclusion of NBCU as a new partner has been a significant growth driver, alongside existing relationships with Netflix and Roku. The overall ad economy is better than anticipated, leading to increased spending [3][4]. 2. **Growth in DV+**: DV+ has outperformed expectations, growing closer to 8% instead of the initially projected 5%. This growth is attributed to market share gains and a strong performance from the team [4][5]. 3. **Evolution of CTV**: The CTV market is still in its early stages, with a shift towards ad-supported models becoming the norm. The transition from direct sales to programmatic advertising is underway, with increasing access to programmatic inventory [10][11]. 4. **Competitive Landscape**: The primary competition comes from the direct sales teams of traditional media companies like Disney and Warner Bros. The programmatic inventory available is currently limited but is expected to grow as advertisers become more comfortable with programmatic methods [11][12]. 5. **Partnerships and Opportunities**: The partnership with Netflix is highlighted as a significant success, with expectations that it could become one of Magnite's largest customers in CTV. Other partnerships, particularly with commerce media companies, are seen as crucial for future revenue growth [20][21][22]. 6. **Revenue Dynamics**: Future revenue growth will be driven by both volume increases and potential take rate improvements. The current take rates are considered historically low, indicating room for growth [24][25][26]. 7. **Market Resilience**: Magnite's demand facilitation team is larger than its supply team, emphasizing the importance of strong relationships with demand partners. The company is positioned to thrive despite challenges faced by other supply-side platforms (SSPs) [39][40]. Additional Important Insights - **Impact of Google Antitrust**: The ongoing antitrust case against Google is seen as a potential opportunity for Magnite, with expectations that any remedies could benefit the company. The legal landscape is complex, and outcomes remain uncertain [47][50]. - **Future of Advertising Technology**: The emergence of agentic technologies is expected to simplify the advertising process, with Magnite positioned to play a central role in this evolution. The integration of AI and new protocols is anticipated to enhance the advertising ecosystem [51][52][53]. Conclusion Magnite is navigating a rapidly changing advertising landscape with strong growth in CTV and DV+. The company is leveraging strategic partnerships and evolving market dynamics to position itself for future success, while also preparing for potential challenges from regulatory changes and competition.

Summary of the Conference Call Company Overview - **Company**: BorgWarner - **Industry**: Automotive and Powertrain Supply Key Points and Arguments Supply Chain Disruptions - BorgWarner faced supply disruptions impacting sales, including: - A cyber attack affecting JLR, resulting in a $35 million sales impact in Q3 [3] - Ford's aluminum supplier issue expected to impact BorgWarner by $50-$100 million in Q4 [3][4] - Semiconductor challenges with Nexperia have shown signs of improvement [3] Growth Dynamics - The company has experienced a backlog shift due to changes in the EV market, tariffs, and reshoring [5] - BorgWarner's outgrowth has been around 1% for 2024 and 2025, primarily due to unmaterialized volumes from won programs [6] - The company announced 17 new programs in the last six months, indicating a high level of activity [6] - Under new CEO Joe's leadership, there is a cultural shift encouraging all business units to seek growth opportunities [7] Foundational vs. E-Product Business - The foundational business is expected to see organic growth declines, but there are opportunities in turbochargers and all-wheel drive systems [11][12] - Advanced hybrid vehicles present significant content opportunities, with potential revenue four to five times that of pure combustion engines [15] - The e-products segment, particularly PowerDrive, has shown strong growth, especially in Europe and Asia [19][22] Margin Resilience - Despite organic growth declines, BorgWarner has maintained strong margins through cost controls, restructuring savings, and supply chain efficiencies [28][30] - The company aims for mid-teens earnings per share growth, leveraging cost management strategies [32] Automation and AI - BorgWarner has implemented AI in manufacturing for cost benefits, particularly in visual inspections and R&D processes [34][35] Battery Business Outlook - The battery segment has faced challenges but remains EBITDA positive and free cash flow positive, with a focus on long-term growth [26][41] Free Cash Flow and Capital Allocation - The company expects to generate approximately $900 million in free cash flow, a 20% increase year-over-year [59] - CapEx is currently low at 4% of revenue, but historically it has been around 5-6% [61] - BorgWarner is balancing share buybacks and M&A opportunities, with a focus on accretive investments [66] Regional Dynamics and China Exposure - Approximately 20% of BorgWarner's revenue comes from China, with 75% of that from local OEMs [48] - The company maintains a disciplined approach to ROIC in China, focusing on profitability despite competitive pressures [49][54] - There are opportunities for Chinese OEMs to expand into Europe, which could benefit BorgWarner [56] Conclusion - BorgWarner is navigating supply chain challenges while focusing on growth in both foundational and e-product segments. The company is committed to maintaining strong margins and free cash flow, with strategic investments in automation and a disciplined approach to capital allocation. The outlook for the battery business remains cautiously optimistic, and the company is well-positioned to capitalize on opportunities in the evolving automotive landscape.

Summary of Green Plains Fireside Chat Company Overview - **Company**: Green Plains - **Industry**: Bio-refining and Renewable Fuels - **Key Operations**: Operates a network of ethanol plants with a focus on low-carbon renewable fuels and sustainable feedstocks, including three carbon capture-enabled facilities in Nebraska [1][2] Core Points and Arguments Strategic Focus - Green Plains is undergoing a multi-year operational and financial transformation emphasizing asset optimization, decarbonization, and disciplined capital allocation [1] - The company aims to be the best low-cost, low-carbon intensity biofuel producer, focusing on operational excellence and continuous improvement [5][6] Financial Performance - The company operates eight facilities with a total ethanol capacity of approximately 680 million gallons and the capability to produce 250,000 tons of high-quality protein products annually [2][3] - Year-to-date value from 45Z tax credits reached $26.5 million, with expectations of an additional $15 million-$25 million in Q4 [7][11] - The company has adjusted its non-Nebraska opportunity down to $38 million from $50 million due to the sale of the Obion asset [14][16] Operational Improvements - Achieved record utilization of 101% in the quarter, driven by fermentation improvements and reduced downtime [23][25] - Focused on maximizing throughput and improving operational efficiency to exceed theoretical capacity [25][26] Market Dynamics - Ethanol margins improved to mid-cycle levels in August and September, driven by seasonal demand and a strong corn crop [27][29] - Export demand for ethanol is expected to exceed 2 billion gallons this year, with growth anticipated in 2026, primarily driven by Canada, the EU, and India [34] Capital Structure and Debt Management - Recently refinanced a portion of convertible debt, extending maturity to 2030 and raising $30 million in cash [18][19] - The company aims to maintain a healthy balance sheet while focusing on operational execution and strategic investments [46][47] Future Outlook - The company is optimistic about the potential of E15 fuel in California, viewing it as a significant opportunity for growth, although regulatory hurdles remain [36] - Plans to evaluate and prioritize capital projects to improve operational efficiency and reduce carbon intensity scores [47][48] Other Important Insights - The company is focused on maintaining the health of its assets and addressing safety and environmental opportunities [47] - Green Plains is strategically rationalizing its protein business to focus on high-margin applications in pet care and aquaculture [44] - The company is committed to continuous improvement in SG&A costs, aiming for a run rate in the low $90 million range [21][22] This summary encapsulates the key points discussed during the fireside chat, highlighting Green Plains' strategic direction, financial performance, operational improvements, market dynamics, capital structure, and future outlook.

South Bow Investor Day Summary Company Overview - **Company**: South Bow - **Event**: Inaugural Investor Day - **Key Executives Present**: Bevin Wirzba (CEO), Van Dafoe (CFO), Richard Prior (COO) [1][2] Core Industry Insights - **Industry Focus**: Heavy oil supply and demand dynamics - **Market Position**: South Bow connects the strongest supply of heavy oil globally to high demand markets in the Midwest and Gulf Coast [4][9] - **Unique Value Proposition**: South Bow operates an integrated value chain, enhancing customer relationships and creating value for both shareholders and customers [4][10] Financial Performance and Goals - **Milestones Achieved**: Successfully completed a spin-off from TC, listed on NYSE on October 8, 2024, and met all initial commitments [6][7] - **Financial Strategy**: Focus on reducing costs, maintaining a lean operational model, and optimizing capital allocation [11][30] - **Debt Management**: Targeting a leverage ratio of four times by 2027, ahead of schedule [30][54] Safety and Operational Excellence - **Safety Record**: Achieved 1.5 million work hours without a recordable incident in 2025 [18] - **Operational Goals**: Continuous improvement in safety performance and operational efficiency [27][33] - **Asset Integrity Focus**: Investing $150 million annually in pipeline integrity programs, aiming for industry-leading performance [56][57] Growth Strategy - **Growth Opportunities**: Plans for both organic growth (e.g., BlackRod project) and inorganic opportunities to expand revenue streams [28][41] - **Market Demand**: Anticipated increase in Canadian crude oil demand in the U.S., particularly in PADD 2 and PADD 3 markets [71][72] - **Production Forecast**: Potential for an additional million barrels per day from the Western Canadian Sedimentary Basin (WCSB) over the next decade [74] Key Challenges and Responses - **Incident Management**: Addressed the Milepost 171 incident effectively, with rapid response and remediation efforts [62][63] - **Regulatory Compliance**: Ongoing transparency with regulators and commitment to improving pipeline integrity [66][67] Conclusion - **Commitment to Shareholders**: South Bow emphasizes a sustainable dividend, financial discipline, and a focus on long-term growth while maintaining a strong balance sheet [44][45][53] - **Future Outlook**: Confident in the ability to leverage existing assets and market conditions to drive growth and enhance shareholder value [48][72]

Summary of Manulife Financial Fireside Chat - November 19, 2025 Company Overview - **Company**: Manulife Financial (NYSE: MFC) - **New CEO**: Phil Witherington Key Points and Arguments Strategic Refresh - Manulife is undergoing a significant strategic refresh early in the new CEO's tenure, focusing on five priorities, six values, and three enablers, indicating a proactive approach rather than maintaining the status quo [12][15][16] - The leadership team aims to provide clarity on the strategy to avoid strategic ambiguity and to quickly move into execution [14][15] Long-term Vision - The goal is for Manulife to become the leading global life insurer and asset management company, not just in Canada but worldwide, with a focus on major economies like the US, China, and India [25][26] - The strategy emphasizes balanced growth across the portfolio while maintaining a disciplined risk appetite [26] M&A and Organic Growth - While there is an appetite for inorganic growth, as demonstrated by the Comvest acquisition, the focus remains on organic investments, which historically yield better returns [28][30] - The company plans to leverage its strong brand and capabilities to create competitive advantages in the market [30] Entry into India - Manulife has a long-term ambition to re-enter the Indian insurance market, facilitated by recent regulatory changes allowing greater foreign ownership [33][34] - A joint venture with Mahindra is planned, combining local market knowledge with Manulife's insurance expertise [35][36] Japan Market - Japan remains a key market for Manulife, with opportunities in both insurance and asset management, driven by demographic changes and economic growth [43][44] - The focus will be on organic growth rather than acquisitions in Japan [50] Focus on Canada - Canada is viewed as a critical market for growth, with plans to enhance digital experiences and leverage existing capabilities across insurance and wealth management [80][81] - Manulife aims to sustain and grow its leadership position in Canada by embedding successful strategies from other markets [80] AI Integration - Manulife is committed to becoming an AI-powered organization, with significant investments in AI infrastructure and applications already in operation [87][88] - The company expects to generate approximately $1 billion in benefits from AI between 2025 and 2027, with a focus on enhancing customer experience and operational efficiency [94][95] Financial Performance and Share Buybacks - Manulife has successfully reduced its share count by 4% year-over-year, indicating a commitment to returning value to shareholders [99] - The company aims to balance share buybacks with growth investments, ensuring that capital generation remains strong [72][99] Other Important Insights - The strategic refresh has generated excitement within the organization, with employees eager to embrace new technologies and strategies [57] - The leadership team is focused on long-term sustainable success, ensuring that future management does not look back with regret on missed opportunities [71] - The company is committed to maintaining expense efficiency while pursuing growth, with a target of 45% or less for expense efficiency [73][74]

Summary of Novocure's Presentation at Jefferies 2025 Global Healthcare Conference Company Overview - **Company**: Novocure - **Focus**: Development and commercialization of Tumor Treating Fields (TTFields), an innovative cancer therapy utilizing electric fields to disrupt cancer cell division and induce immunogenic cell death [3][4] Core Insights and Mechanism of Action - **Mechanism**: TTFields selectively target cancer cells by exploiting their electrical properties, allowing for a multifaceted approach to treatment [3][4] - **Combination Therapy**: TTFields can be combined with other systemic therapies without additive toxicity, enhancing treatment efficacy [4] Product Delivery and Revenue Model - **Device Description**: TTFields are delivered via a medical device consisting of an electric field generator and transducer arrays, which can be used at home [5][6] - **Revenue Model**: The company operates on a recurring revenue model by charging a monthly fee for the therapy device [6] Market Presence and Growth - **Established Market**: Novocure has a strong foundation in glioblastoma (GBM) with an annual run rate exceeding $600 million, recognized as the standard of care in multiple countries [9][10] - **Geographical Expansion**: The company has expanded its market presence to Germany, Japan, France, and Spain, with plans for further growth in major markets [7][10] Upcoming Product Launches - **New Indications**: Novocure plans to launch TTFields for non-small cell lung cancer (NSCLC), locally advanced pancreatic cancer, and brain metastases, aiming for four products on the market by the end of 2026 [8][14][27] - **Clinical Data**: Positive clinical data supports the efficacy of TTFields in various cancers, showing significant survival benefits [11][12][13] Financial Investments and R&D - **R&D Investment**: Over the past five years, Novocure has invested $1 billion in research and development to advance its TTFields platform [10] - **Future Catalysts**: The company anticipates a catalyst-rich year ahead with multiple data readouts and product launches expected in 2026 [19][27] Challenges and Strategic Focus - **Market Competition**: The launch of TTFields in the NSCLC market has faced challenges due to competition with established drug therapies [15][18] - **Reimbursement Strategy**: Novocure is navigating the reimbursement landscape, with expectations of a year for commercial payers and two years for Medicare coverage [31][32] Conclusion - **Vision**: Novocure aims to transform cancer treatment by providing innovative therapies that extend survival and improve quality of life for patients with aggressive cancers [28][30] - **Commitment**: The company is dedicated to advancing its pipeline and enhancing treatment options for patients, leveraging its unique technology and clinical data [28][34]

Glanbia Capital Markets Day Summary Company Overview - **Company**: Glanbia (OTCPK:GLAP.F) - **Event**: 2025 Capital Markets Day - **Date**: November 19, 2025 - **Focus**: Growth opportunities in nutrition categories and shareholder returns [1][2] Core Industry Insights - **Industry**: Nutrition and Health - **Trends**: - Protein demand is accelerating, with 80% of US consumers prioritizing protein daily [4] - The clean ingredient market is projected to grow from $50 billion to $200 billion by 2030 [5] - Functional nutrition is expanding into adjacent categories like protein coffee and protein water [5] - 12% of American adults have used GLP-1 for weight loss, indicating a shift in consumer preferences towards protein and functional benefits [6] Business Strategy and Growth Ambitions - **Growth Segments**: - Performance Nutrition and Healthy Nutrition are primary focus areas [4][12] - Targeting 5%-7% annual organic revenue growth in Performance Nutrition and 4%-6% in Health & Nutrition [8] - Ambition to scale Performance Nutrition to $2 billion [11] - Healthy Nutrition aims for $1 billion through organic and inorganic growth [12] Financial Performance - **Shareholder Returns**: $1.2 billion returned to shareholders since 2020 [8] - **EBITDA Growth**: Significant growth in EBITDA and margins noted [7] - **EPS Growth Target**: 7%-11% growth with 85% cash conversion [8] Market Position - **Market Leadership**: - Number one in global sports nutrition and leading in various nutrition categories [9] - 60% of revenue and 70% of EBITDA from performance and healthy nutrition [9] - Strong presence in whey protein solutions and American-style cheddar cheese [14] Innovation and Product Development - **Innovation Focus**: Over 230 scientists across 20 innovation centers to develop new products [16] - **Product Mix Expansion**: Diversifying from whey protein to include collagen and milk protein [22] - **New Product Launches**: Examples include ProQuench and ready-to-drink offerings [53] Consumer Engagement and Marketing - **Digital Transformation**: Significant investment in digital marketing and consumer engagement [40][37] - **Brand Loyalty**: High Net Promoter Scores and strong consumer trust in Optimum Nutrition [26][25] - **Target Demographics**: Focus on performance-motivated consumers, with a significant addressable market [32][47] Challenges and Risk Management - **Whey Pricing Volatility**: High demand has led to record whey prices, with strategies in place to manage procurement [19][21] - **Economic Resilience**: Protein categories are resilient to economic uncertainty, with stable consumer intent to purchase [46] Conclusion - **Future Outlook**: Glanbia is positioned for strong growth driven by consumer trends in nutrition, innovation, and a robust marketing strategy [60] - **Commitment to Quality**: Continuous focus on product quality and consumer trust as key drivers for future success [26][42]

Summary of Monro (NasdaqGS: MNRO) FY Conference Call - November 19, 2025 Company Overview - Monro is an auto aftermarket service business with over 1,100 stores across 32 states, established for over 60 years and publicly traded since 1991 [2][3] Industry Dynamics - Post-COVID headwinds have affected tire sales and services, with consumer caution impacting vehicle investments [5] - There are approximately 280-290 million vehicles on the road, with an average age of 12.5 years, indicating a need for maintenance and services [5][6] - The quality of vehicles has improved, leading to longer lifespans, which may drive demand for aftermarket services [6] Consumer Behavior - There has been a trade down in tire quality, but Monro has maintained its share in higher-tier tire categories [8][9] - The company is focusing on a diverse customer base, from high-income individuals to cost-conscious consumers [9] Financial Performance - Gross margin rate was approximately 40 basis points higher than the previous year, with expectations to maintain mid-30s gross margin rates [13][35] - The company has seen an increase in service uptake, particularly in high-margin categories like brakes and ride control [10][35] Store Closures and Real Estate Monetization - Monro closed 145 underperforming stores to improve operating income, with a focus on enhancing performance in remaining stores [16][17] - The company successfully monetized real estate from closed stores, generating approximately $5.5 million in proceeds [19] Leadership and Team Enhancements - New hires in merchandising and marketing have strengthened the leadership team, including the appointment of Kathy Chang as SVP of merchandising [24][25] - The company is narrowing its inventory assortment to improve efficiency and customer clarity [28][29] Marketing Strategy - Monro has shifted to a digital marketing approach, resulting in increased customer engagement and sales [45][46] - Customer segmentation efforts have identified key demographics, allowing for targeted marketing strategies [48][50] Call Center Implementation - A call center has been established to enhance customer service and appointment scheduling, with plans to expand its coverage [53][54] Pricing Strategy - Monro has developed a machine learning-based pricing tool to optimize pricing strategies across different markets [64][70] - The company aims to balance competitive pricing with service quality to attract and retain customers [69][70] Future Outlook - Monro anticipates continued growth in both tire and service segments, with a focus on improving operating income and gross margin dollars [38][39][41] Key Metrics - Inventory levels have decreased by approximately $21 million, from $180 million to $160 million over the last two quarters [29] - The company expects to maintain gross margins consistent with the prior year, with a focus on driving gross margin dollars rather than just rates [40][41]

MaxCyte FY Conference Summary Company Overview - **Company**: MaxCyte (NasdaqGS:MXCT) - **Industry**: Cell and Gene Therapy Key Points and Arguments Strategic Focus and Changes - MaxCyte has undergone significant changes, including a CFO transition, acquisition of SecureDx, and operational restructuring to enhance focus on scientific, engineering, and commercial teams [3][4][6] - The company has grown from approximately 50 employees pre-COVID to around 90 employees, reflecting its expansion in the cell and gene therapy space [4][6] Acquisition of SecureDx - The acquisition of SecureDx is seen as a strategic move to enhance MaxCyte's capabilities in early-stage customer engagement and safety profiling in gene therapy [4][5][12] - SecureDx's offerings align with FDA's focus on safety assessments, particularly in gene editing therapies [14][15][43] Market Dynamics and Demand - The cell and gene therapy market has faced rationalization, with developers reducing the number of programs they are pursuing, impacting the number of licenses used in clinics [17][18] - Despite headwinds, MaxCyte is experiencing larger placements of instruments and continues to sign strategic platform licenses (SPLs), with four signed in the current year [19][20] Product Offerings and Differentiation - MaxCyte specializes in non-viral cell engineering, providing scalable solutions for ex vivo cell therapy, including the introduction of gene editing tools like CRISPR [9][10][11] - The company is expanding its offerings with a new product set to launch early next year, aimed at early-stage research and development [47][48] Financial Performance and Projections - MaxCyte anticipates a cash burn of $10 million to $15 million for the next year, significantly reduced from previous years, with a focus on achieving profitability [54][55] - The company expects to return to historical gross margins of 84%-85% as revenue grows, despite recent fluctuations due to changes in product mix [49][51][53] Future Outlook - MaxCyte is optimistic about growth in the second half of 2026, driven by new product launches, expansion in Asia, and a focus on core business development [60][61] - The company believes in the long-term potential of cell and gene therapies to address diseases in ways that traditional therapies cannot [62] Regulatory Environment - The FDA's increasing scrutiny on safety in gene editing therapies is creating opportunities for MaxCyte to position itself as a leader in non-viral solutions [22][24][25] Customer Engagement - MaxCyte is seeing increased interest from customers in non-viral therapies due to safety concerns associated with viral delivery methods [22][24] - The company aims to engage with customers earlier in the development process to help mitigate risks associated with off-target effects [25][26] Additional Important Insights - The company has developed over 1,000 protocols for various cell types and gene editing tools, positioning itself well for the growing allogeneic therapy market [30][29] - MaxCyte's focus on scientific engagement and customer relationships is expected to drive future growth and innovation in the cell and gene therapy space [41][42] This summary encapsulates the key insights from the MaxCyte FY Conference, highlighting the company's strategic direction, market dynamics, product offerings, and future outlook in the cell and gene therapy industry.