Denali Therapeutics Conference Call Summary Company Overview - **Company**: Denali Therapeutics (NasdaqGS:DNLI) - **Focus**: Development of therapies for neurodegenerative diseases, particularly those involving the central nervous system (CNS) Key Points 2026 as a Pivotal Year - 2026 is highlighted as a significant year for Denali, with the company nearing the first approval of **tividenofusp alfa** for **Hunter syndrome** [12][16] - The company is also advancing its pipeline with new data on the **Sanfilippo program** and plans for new clinical trials in **Alzheimer's** and **Pompe disease** [12][13] Regulatory and Approval Insights - Denali is in the final stages of discussions with the FDA regarding the **PDUFA** date, which has been moved to **April 5, 2026** due to a miscalculation of molecular weight [15][17] - The company expresses confidence in its data and engagement with the FDA, emphasizing the robustness of clinical and biomarker data [16][18] Market Dynamics and Expectations - Denali anticipates a **minimal revenue** in the first year post-launch, focusing instead on patient starts and market penetration [27] - The company views the market as a **switch market**, where newly diagnosed patients will be crucial for growth [27] Product Differentiation - **Tividenofusp alfa** is positioned as a significant advancement over **Elaprase**, with the ability to cross the blood-brain barrier and treat neurological aspects of Hunter syndrome [23][28] - The company aims to maximize efficacy in both peripheral and CNS treatment, addressing neurological symptoms that develop in patients over time [23][29] Pipeline Developments - Denali is also working on the **Sanfilippo** and **Pompe** programs, with plans for a **BLA filing** for Sanfilippo in **2027** [35][36] - The company is exploring dosing regimens for Sanfilippo, finding that weekly dosing is better tolerated than bi-weekly dosing [34] Competitive Landscape - Denali acknowledges the competitive nature of the **TfR-enabled programs** and aims to leverage its engineering capabilities to differentiate its products [14][66] - The company is aware of the growing number of brain shuttle technologies in development and emphasizes the importance of engineering in achieving successful outcomes [66][67] Future Outlook - Denali is preparing for the potential launch of tividenofusp alfa and is actively engaging with the FDA to ensure readiness [68][69] - The company is optimistic about its future pipeline, including ongoing studies in Alzheimer's and the potential for new therapies targeting tau and amyloid [46][59] Conclusion - Denali Therapeutics is positioned for a transformative year in 2026, with significant advancements in its product pipeline and a strong focus on regulatory engagement and market entry strategies. The company aims to lead in the area of blood-brain barrier engineering while addressing critical unmet needs in neurodegenerative diseases.

Summary of Herc Holdings Conference Call Company Overview - Herc Rentals is a leading full-line equipment rental supplier in North America, operating for over 60 years with more than 9,500 team members across 600 locations in 46 U.S. states and 5 Canadian provinces [6][7] - The addressable equipment rental market is nearly $90 billion, with strong long-term growth dynamics [6] Core Strengths and Strategic Positioning - Herc Rentals has been generating above-market growth through investments in fleet, new locations, and mergers & acquisitions (M&A) [7] - The company is focused on capital discipline and leveraging technology for improved customer experiences and productivity [7] - Herc has completed over 50 strategic acquisitions since December 2020, including the acquisition of H&E Equipment Services, which significantly expanded its footprint and customer reach [8] Acquisition of H&E Equipment Services - The acquisition of H&E, the fourth largest U.S. player, added 162 branches and accelerated Herc's growth plan by 4-5 years [8] - Integration of H&E has progressed rapidly, with branch network optimization and fleet optimization completed [9][10] - The acquisition is expected to generate $240 million in revenue synergies over three years, with an incremental $100-$120 million anticipated by the end of 2026 [16][24] Market Dynamics and Growth Opportunities - The U.S. mega project investment cycle is robust, with approximately $600 billion in new projects expected to start by 2026 [13] - Herc's market share is around 5% in a fragmented industry, indicating significant growth potential [14] - The company aims to increase its specialty rental business, which currently represents 16% of its fleet, back to 20% and eventually to 25%-30% [34] Financial Performance and Projections - Post-acquisition, Herc's leverage is in the high 3 turns, with a goal to reduce it to the high end of 2-3 turns by the end of next year through EBITDA growth and free cash flow generation [17] - The company anticipates dollar utilization to return to historical levels in the low 40% range as integration progresses [54] Technology and Operational Efficiency - Herc is investing in technology to enhance operational efficiency and customer service, with a focus on digital tools for sales teams [59] - The company has implemented a sophisticated pricing tool that has improved rental rates compared to H&E's previous decentralized approach [46] Used Equipment Market - The used equipment market is stable, with a healthy demand for both rental and used equipment [57] - The company aims to shift its sales channel mix towards retail, targeting an 80/20 split over time [57] Future Vision - Herc's immediate focus is on maximizing the value from the H&E acquisition and driving efficiencies through scale [58] - Long-term goals include enhancing specialty rental contributions, maintaining strong customer relationships, and continuing digital transformation efforts [58]

Summary of Leidos (NYSE: LDOS) 2026 Conference Call Company Overview - **Company**: Leidos (NYSE: LDOS) - **Event**: 2026 JPMorgan Industrials Conference - **Date**: March 17, 2026 Key Industry Insights Aerospace and Defense - The current administration has shifted the focus towards demonstrating capabilities rather than just proposals, requiring contractors to invest upfront to meet customer needs [5][6][7] - Leidos is positioned to leverage AI to enhance mission outcomes, emphasizing the integration of AI with customer missions [9][10][12] - The intelligence and digital segment is expected to grow mid- to high-single digits, with a focus on intelligence programs driving growth [15][16][18][21] Health Sector - The medical exam business has been a significant driver of financial performance, although modest declines are expected in 2026 due to recompete processes [27][28][29] - Leidos aims to expand its role in veteran services and explore new opportunities in rural health and behavioral health [30][32][33][40] Homeland Security - The lack of appropriations for the Department of Homeland Security (DHS) is noted, but the overall impact on Leidos is expected to be modest [43][44] - Leidos is actively working on modernizing airport security experiences and enhancing software capabilities for the FAA [45][51][52] Energy Sector - The energy business is projected to reach $1.3 billion, driven by infrastructure projects, disaster response, and modernization efforts [59][66] - The acquisition of ENTRUST is expected to broaden Leidos' geographical footprint and customer base in the energy sector [65][67] Defense Segment - The defense segment is anticipated to be the fastest-growing area, with significant programs like the indirect fire protection program and Air Base Air Defense (ABADS) driving growth [78][83][84] - Leidos is focusing on expanding its capabilities in maritime and space sectors, leveraging its existing expertise and technology [85][94][95] Additional Important Points - The company is investing in AI tools to enhance operational efficiency and customer service across various segments [10][67] - Leidos is preparing for potential growth in the health business, particularly in the context of rural care and veteran services [30][33][40] - The defense business is expected to see increased demand for missile production and related capabilities, aligning with national security needs [96][99] This summary encapsulates the key points discussed during the conference call, highlighting Leidos' strategic focus areas and anticipated growth drivers across its various business segments.

Summary of Agilon Health, Inc. Special Meeting Company Overview - **Company**: Agilon Health, Inc. (NYSE: AGL) - **Event**: Special Meeting of Stockholders - **Date**: March 17, 2026 Key Points Meeting Formalities - The meeting was called to order by Ronald A. Williams, Executive Chairman of the Board of Directors, with Denise Zamore serving as Corporate Secretary [2][3] - The meeting followed Delaware law and SEC rules, with an agenda posted on the special meeting website [4] - A quorum was confirmed with a majority of shares present either in person or by proxy [5] Proposals Presented 1. **Amendment Proposal**: - A proposal to adopt an amendment to the company's certificate of incorporation for a reverse stock split at a ratio between 1-for-5 and 1-for-25 [6] - The Board of Directors recommended a vote in favor of this proposal [7] 2. **Adjournment Proposal**: - A proposal to approve the adjournment of the special meeting to solicit additional proxies if necessary [7] - The Board of Directors also recommended a vote in favor of this proposal [7] Voting Results - Both proposals passed according to the preliminary report from the Independent Inspector of Election [8] - The amendment proposal's passage negated the need for adjournment to solicit additional proxies [9] - Final vote totals will be filed in a Form 8-K with the SEC within four business days following the meeting [9] Additional Information - The meeting was recorded and will be available on the company's special meeting website [2] - Shareholders were encouraged to email the investor relations team with any questions post-meeting [4] This summary encapsulates the essential details and outcomes of the special meeting held by Agilon Health, Inc.

Summary of Inspire Medical Systems Conference Call Company Overview - **Company**: Inspire Medical Systems (NYSE: INSP) - **Industry**: Medical Technology, specifically focused on obstructive sleep apnea (OSA) treatment Key Points and Arguments Leadership and Strategic Focus - The new CFO, Matt Osberg, expressed excitement about joining Inspire and highlighted the company's growth potential and market opportunities in OSA treatment [3][4] - The company aims to continue investing in R&D to enhance product capabilities while driving profitable growth [4][5] Financial Performance - Inspire reported a strong end to 4Q25 with mid-teens revenue growth and substantial earnings growth [6] - For 1Q26, the company anticipates flat growth due to reimbursement challenges, particularly related to coding issues and the WISeR program [6][8] Reimbursement Dynamics - Reimbursement issues are impacting procedures, with confusion among centers and physicians leading to delays [8][9] - A new CPT code application for the Inspire V procedure is under review, with a potential approval timeline aiming for January 1, 2028 [10][11] - CMS has issued C codes for the Inspire V procedure, effective April 1, 2026, which will maintain current payment levels of approximately $32,000 for hospitals and $27,000 for ASCs [12][13] WISeR Program - The WISeR program, requiring prior authorization for Medicare cases in six states, has faced initial challenges but is expected to improve as the company gains experience [14][15] Product Launch and Market Acceptance - The full market launch of Inspire V has been successful, with over 90% of centers engaged and strong acceptance from healthcare providers [39] - The Inspire V system has shown improved patient outcomes, with a 79.5% responder rate in the Singapore study, compared to 64% in previous trials [42] Clinical Data and Patient Engagement - Patients using the Inspire V therapy are averaging 6.3 hours of use per night, significantly improving their apnea-hypopnea index (AHI) from an average of 30 to below 10 events per hour [46][47] - The removal of the pressure-sensing lead in the Inspire V has reduced operating room time and improved reliability [43] Competitive Landscape - Inspire acknowledges the presence of new competitors, such as Nyxoah, but remains confident in the established efficacy and support of Inspire V [60] Profitability and Growth Strategy - Inspire aims to balance revenue growth with profitability, continuing to invest in product development while improving operating margins [61][62] - The company emphasizes its strong technology and commitment to addressing reimbursement challenges to enhance patient outcomes [63][64] Additional Important Insights - Inspire is transitioning to a new manufacturing line for Inspire V, indicating strong inventory support for future activities [44] - The company is exploring future enhancements, including software upgrades and potential new stimulation targets for high BMI patients [58][59] This summary encapsulates the key discussions and insights from the Inspire Medical Systems conference call, highlighting the company's strategic direction, financial outlook, product performance, and market dynamics.

NeuroOne Medical Technologies FY Conference Summary Company Overview - **Company**: NeuroOne Medical Technologies Corporation - **Ticker**: NasdaqCM: NMTC - **Technology**: Developed a thin film electrode platform technology for various neurological conditions including epilepsy, Parkinson's disease, back pain, and drug delivery for gene and cell therapies [3][4] Core Points and Arguments - **Device Portfolio**: - Four devices with FDA 510(k) clearance: three for brain-related applications and one for facial pain [4] - Key products include the OneRF Ablation System, which is the only FDA-cleared device for both diagnostic and therapeutic use [8][9] - The OneRF Trigeminal Nerve Ablation System targets trigeminal neuralgia, a condition with a high suicide rate among patients [10][11] - The spinal cord percutaneous paddle lead is designed for lower back pain, offering broader stimulation with less energy [12][13] - Basivertebral nerve ablation (BVNA) technology is in development, targeting lower back pain procedures [14][15] - Drug delivery technology capable of recording brain activity and stimulating tissue during therapy [16][17] - **Market Opportunity**: - Multi-billion dollar market potential for all devices, with spinal cord stimulation generating $3-4 billion in revenue [6] - Epilepsy, drug delivery, and basivertebral nerve ablation are expected to grow into billion-dollar businesses [6] - **Partnerships**: - Current partnerships with Mayo Clinic and Zimmer Biomet, with potential for additional collaborations [4][5] - Received $8.5 million in licensing fees from Zimmer Biomet for exclusive distribution rights [5] - **Financial Overview**: - Cash on hand as of December 31: $3.6 million, with accounts receivable of $2.7 million [20] - Product revenue for the fiscal first quarter: $2.9 million, a 5.5% sequential increase [20] - Expected product revenue for the year: at least $10.5 million, a minimum of 17% increase over the prior year [21] - **Upcoming Catalysts**: - Continued revenue growth for the RF brain ablation system [23] - Full launch of trigeminal nerve ablation system expected next quarter [23] - Potential licensing agreements and commercialization for drug delivery [23] Additional Important Content - **Regulatory Path**: - Preparing for ISO 13485 certification to facilitate international distribution [6][21] - The regulatory path for BVNA is expected to be a 510(k) [15] - **Safety and Efficacy**: - No reported adverse events in epilepsy procedures using the OneRF system, with many patients experiencing significant seizure reduction [9][28] - A registry has been established to collect data on patient outcomes, which is critical for expanding device utilization [27][29] - **Leadership Experience**: - Team includes professionals with experience from major medical device companies, enhancing credibility and expertise [18] - **Future Outlook**: - Strong potential for partnerships in 2026, with ongoing discussions for various technologies [32] This summary encapsulates the key aspects of NeuroOne Medical Technologies as discussed in the conference, highlighting its innovative technology, market potential, financial health, and strategic direction.

Lumentum Conference Call Summary Company Overview - **Company**: Lumentum (NasdaqGS:LITE) - **Event**: 2026 Conference on March 17, 2026 - **Focus**: Discussing advancements in optical networking and technology evolution Key Industry Insights - **Industry Context**: The conference follows significant developments in the AI and optical networking sectors, particularly highlighted by Nvidia's recent announcements [1][2] - **Market Demand**: There is a notable increase in demand for optical components driven by the rise of AI applications, with some customers requesting up to 1 billion lasers annually [37][39] Core Company Highlights - **Technological Evolution**: Lumentum has transitioned from telecom to data center applications, enhancing its product offerings for hyperscalers [6][7] - **Indium Phosphide Capacity**: The company has significantly ramped up its EML (Electro-Absorptive Modulated Laser) output by 8 times since FY 2023 and plans to increase capacity by an additional 50% by the end of 2026 [9][10] - **Market Position**: Despite increasing capacity, Lumentum is currently under shipping the market by approximately 25%-30%, indicating a growing demand-supply gap [11] Growth Drivers 1. **Cloud Transceivers**: The company is seeing improvements in its cloud transceiver business, with expectations of better margins and cash flow starting from summer 2026 [12][13] 2. **Optical Circuit Switch (OCS)**: A new multi-billion-dollar agreement has been secured, expected to enhance revenue growth significantly [14][15] 3. **Scale Out and Scale Up Solutions**: Lumentum is focusing on optical scale-out and scale-up solutions, with projections for substantial revenue growth in these areas [22][28] 4. **Indium Phosphide Fab Expansion**: The acquisition of a new fab in Greensboro, North Carolina, is expected to enhance production capabilities by 2028 [20][21] Financial Projections - **Revenue Expectations**: Lumentum anticipates reaching $100 million in quarterly revenue by the end of 2026, with multi-hundred million commitments in 2027 [22][28] - **Long-term Agreements**: The company is actively pursuing long-term agreements to secure additional capacity and revenue streams [19] Technological Innovations - **Optical Circuit Switching**: The OCS technology is positioned as a critical component for future optical networking, with advantages in low latency and high scalability [62][65] - **High-Speed Lasers**: Lumentum is the largest supplier of EML lasers, with ongoing developments in 400 G per lane technology [50][56] - **CPO (Co-Packaged Optics)**: The company is integrating its lasers into CPO modules to enhance performance and secure supply chains [60][61] Market Dynamics - **AI Impact**: The shift towards AI-driven applications is reshaping the optical networking landscape, necessitating non-blocking, high-bandwidth connectivity solutions [39][40] - **Traffic Patterns**: The transition from human-generated to machine-generated traffic is leading to increased demand for optical solutions, particularly in data centers [41][42] Conclusion - **Strategic Positioning**: Lumentum is well-positioned to capitalize on the growing demand for optical networking solutions driven by AI and hyperscaler investments. The company’s focus on expanding its indium phosphide capacity and securing long-term agreements will be crucial for sustaining growth in the coming years [44][45][49]

Summary of Conference Call for Norfolk Southern Company Overview - **Company**: Norfolk Southern - **Industry**: Transportation and Rail Key Points Industry and Market Conditions - The transportation industry is experiencing significant changes, with a focus on the impact of weather on operations, particularly during winter storms that affected network fluidity and service metrics [2][3][4] - The company reported strong performance in January, but faced challenges in February due to severe winter weather, which led to increased dwell times and reduced train speeds [2][3] - March showed recovery, with volumes coming back ahead of expectations [3] Financial Impact of Weather - The winter storms resulted in incremental costs estimated at $0.04-$0.05 per share due to cleanup and network recovery efforts [8] - The company experienced a significant volume drop in February but has since rebounded in March [3][12] Volume and Business Segments - Utility coal volumes have been strong, driven by high natural gas prices and favorable regulatory conditions [14][17] - Intermodal volumes are down approximately 6% year-over-year, attributed to international market softness and shifts in domestic share [16][17] - The industrial products segment has shown good volume growth, continuing from the previous year [14] Strategic Partnerships and Growth Opportunities - Norfolk Southern has developed a partnership with Warrior Met Coal, which is expected to ramp up to 6 million tons per year, enhancing their coal transportation capacity [32] - The company is exploring additional opportunities in various sectors, including auto and intermodal services [33] Operational Efficiency and Technology - The company has made significant investments in modernizing its locomotive fleet, increasing the percentage of AC technology from below 30% to over 70%, which has improved fuel efficiency [58][64] - Advanced technology, including AI and high-speed imaging for train inspections, is being utilized to enhance operational safety and efficiency [106][110] Fuel Costs and Economic Impact - Fuel costs are expected to have a significant impact on expenses, with estimates of $20 million-$30 million in headwinds for the first quarter due to rising diesel prices [45][47] - High fuel prices may pressure trucking rates, potentially benefiting Norfolk Southern's intermodal business [51] Merger Insights - The merger with Union Pacific is seen as an opportunity to enhance service offerings and operational efficiency, with a focus on integrating cultures and best practices from both companies [78][79] - The merger aims to address historical barriers in the U.S. rail industry that have hindered growth, particularly regarding service reliability and customer convenience [88][89] Future Outlook - The company is optimistic about growth prospects, driven by improved service reliability, strategic partnerships, and technological advancements [114] - There is a recognition of the need to compete effectively against the trucking industry, which is advancing rapidly in technology [116] Conclusion - Norfolk Southern is navigating a challenging environment with weather impacts, rising fuel costs, and a competitive landscape. However, strategic partnerships, operational improvements, and a focus on technology position the company for potential growth and enhanced service delivery in the future [120][121]

Summary of StandardAero (NYSE:SARO) 2026 Conference Call Company Overview - **Company**: StandardAero - **Industry**: Aerospace and Defense - **Event**: 2026 J.P. Morgan Industrials Conference - **Date**: March 17, 2026 Key Points Financial Performance and Projections - **2026 Outlook**: The company expects significant revenue growth, with ramp programs projected to double in size, contributing to both revenue and profitability improvements [4][5] - **Industrialization Costs**: Costs associated with LEAP and CFM56 programs were reduced by 60% in the second half of 2025 compared to the first half, indicating a positive trend towards profitability [5] - **Profitability Timeline**: Both LEAP and CFM56 programs are anticipated to reach profitability in the first half of 2026 [5] Operational Insights - **Learning Curve**: The time for technicians to achieve efficiency on the LEAP engine is expected to take three to five years, which will enhance profitability and working capital efficiency as they become more proficient [6] - **Capacity Utilization**: The San Antonio facility is fully booked with LEAP engines, and improvements in technician efficiency are expected to create additional capacity [11][12] Market Strategy - **Long-term Agreements**: The majority of LEAP work is under long-term agreements, allowing for a mix of work scopes (e.g., Performance Restoration Shop Visits and Continuous Time Engine Maintenance) to meet customer needs [14][19] - **International Demand**: There is strong international demand for LEAP engines, particularly from the Middle East and Asia, indicating a global market presence [20] Risk Management - **Contractual Risks**: The company mitigates risks associated with labor and material costs through escalation clauses and protections against work scope creep in contracts [22][24] - **Parts Availability**: Parts availability is a significant factor affecting cash flow and margins, with ongoing efforts to expand the repair portfolio for LEAP engines [27][32] Component Repair Business - **Growth in Component Repair**: The in-source repairs segment grew by 15.7% in 2025, with plans for further expansion in 2026 [40] - **Investment in New Repairs**: The company is allocating capital for new repair development, which is expected to enhance revenue and margins [41][42] M&A Opportunities - **Acquisition Environment**: The current market presents opportunities for acquiring smaller component repair businesses, which could enhance StandardAero's capabilities and market share [49][52] Challenges and Recovery - **Recent Challenges**: A fire at the plating facility in Phoenix and a government shutdown have temporarily impacted revenue and margins, but recovery is expected [113][114] Cash Conversion and Capital Expenditures - **Cash Conversion Rate**: The company anticipates maintaining a cash conversion rate of around 75% in 2026, with a target of reaching 80% or higher in the future [122][128] - **Capital Investments**: Continued investments in capacity expansion and new test cells are planned to support growth [125][128] Conclusion - StandardAero is positioned for growth in 2026 with a focus on ramping up production, improving profitability, and expanding its component repair business while navigating recent operational challenges and maintaining a strong market presence.

United Airlines Conference Call Summary Company Overview - **Company**: United Airlines (NasdaqGS: UAL) - **Date of Conference**: March 17, 2026 Key Points Industry and Market Environment - The airline industry is experiencing a strong revenue environment, with United Airlines aiming to fully offset a $4.6 billion increase in fuel prices through an 8.5% increase in Revenue per Available Seat Mile (RASM) [14][15] - United Airlines has recorded the ten biggest booking weeks in its history during the first ten weeks of 2026, indicating robust demand [14] - The company is focused on recovering from the impact of fuel price increases and is proactively adjusting capacity to mitigate risks associated with higher fuel costs [18][19] Financial Performance and Projections - United Airlines aims to add 1 percentage point of margin per year, targeting low double-digit margins, with potential for mid-double-digit margins if fuel prices remain elevated [13][20] - The company is currently experiencing booked yields increasing by 15%-20% in recent weeks, suggesting strong pricing power [15] - There is a belief that the airline can recover 100% of the increase in fuel prices, contingent on market conditions [17][21] Strategic Adjustments - United Airlines is cutting capacity and eliminating marginal flights to prepare for potential prolonged high fuel prices, prioritizing operational efficiency [18][19] - The company is focused on maintaining brand loyalty, which is seen as a critical factor in weathering economic downturns and competitive pressures [19][98] Competitive Landscape - The airline industry is characterized by a divide between brand-loyal airlines and low-cost carriers, with United Airlines positioned to outperform in a high fuel price environment [19][24] - The management teams in the industry are increasingly focused on profitability rather than market share, which is expected to lead to structural changes in the industry [24][26] Consumer Behavior and Pricing Dynamics - There is a noted shift in consumer behavior, with demand remaining strong despite rising prices, indicating a change in how consumers value air travel [27][56] - Price elasticity in the airline industry is described as inelastic, with demand not significantly decreasing even as prices rise [32][33] Operational Efficiency and Future Outlook - United Airlines has improved its operational efficiency and technology, allowing for better recovery from disruptions compared to previous years [99][100] - The company is on a path to achieve investment-grade ratings, with expectations that demonstrating stability through macroeconomic challenges will accelerate this process [70][71] Regulatory and Market Challenges - The Department of Transportation (DOT) is managing airport capacity to ensure fair competition, which is expected to benefit United Airlines in the long run [74][75] - The airline is prepared to adapt to changes in international routes and has reallocated resources in response to geopolitical volatility [59][60] Loyalty Programs and Customer Engagement - United Airlines is implementing changes to its MileagePlus loyalty program, aiming to enhance customer engagement and reward loyalty [89][90] - The company has seen a significant increase in credit card acquisitions, indicating strong customer interest in its loyalty offerings [90] Additional Insights - The management emphasizes the importance of brand loyalty, operational efficiency, and a strong balance sheet as key pillars for navigating future challenges [98][101] - The company is optimistic about its ability to grow earnings even in a high fuel price scenario, reflecting a shift in the airline's operational and strategic approach over the past decade [93][94]