Financial Data and Key Metrics Changes - In Q3 2025, the company's Las Vegas operations achieved net revenue of $468.6 million, an increase of almost 1% year-over-year, and adjusted EBITDA of $209.4 million, up 3.4% from the previous year [8][9] - Consolidated net revenue for the quarter was $475.6 million, reflecting a 1.6% increase from the prior year, while adjusted EBITDA was $190.9 million, up 4.5% [9] - The adjusted EBITDA margin improved to 40.1%, an increase of 110 basis points from the prior year [9] Business Line Data and Key Metrics Changes - The hotel segment performed exceptionally well, achieving near-record results despite renovations at Green Valley Ranch, with occupancy rates increasing across the portfolio [11] - The food and beverage segment also reported record revenue and near-record profitability, driven by higher cover counts [11] - The gaming segment experienced the highest third-quarter revenue and profitability in the company's history, supported by robust visitation and net theoretical win [10] Market Data and Key Metrics Changes - The company noted continued strength in carded slot play across its database, including regional and national segments, indicating a healthy demand from both local and out-of-town guests [10] - The Las Vegas locals' market remains resilient, with the company positioned to capture market share due to its gaming-centric business model [38] Company Strategy and Development Direction - The company is focused on expanding the Durango Casino Resort, with a total project cost of approximately $120 million, expected to be completed in late December [5][12] - Future phases of the Durango Master Plan will add significant new amenities and gaming capacity, with an estimated cost of $385 million [6][7] - The company is committed to disciplined capital allocation, returning approximately $221 million to shareholders year-to-date through dividends and share repurchases [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite ongoing construction disruptions at several properties [12][19] - The company anticipates continued stability in its core gaming operations and a return to normal hold in its sports betting business [11][29] - Management highlighted the favorable demographic trends and high barriers to entry in the Las Vegas locals' market as key drivers for long-term growth [19] Other Important Information - The company reported cash and cash equivalents of $129.8 million and total debt of $3.4 billion, resulting in a net debt to EBITDA ratio of 3.89 times [12] - The board approved an increase in the quarterly dividend to $0.26 per Class A share, reflecting confidence in the company's long-term earnings power [18] Q&A Session Summary Question: Can you discuss the rationale for the expansion at Durango? - Management noted that the expansion aims to drive additional traffic and guests by adding capacity and entertainment assets, with expected returns similar to the initial build [24][25] Question: What was the impact of sports betting hold this quarter? - Management indicated that the hold returned to normal levels after a previous unfavorable hold last year, with an estimated disruption impact of $2.5 to $3 million for the quarter [29][30] Question: How did the hotel performance compare to the Strip? - Management reported strong hotel performance, with occupancy up and RevPAR only slightly down, outperforming the Strip by about 25% on an ADR basis [33] Question: What is the outlook for construction disruption? - Management expects disruption from ongoing projects to extend into 2026, with estimated impacts of around $8 million for Q4 [30][81] Question: Can you provide an update on the tavern business? - Management reported that two taverns are operational with strong early performance, and five more are expected to open in 2026, targeting a younger customer base [84][85]

Landstar System (NasdaqGS:LSTR) Q3 2025 Earnings Call October 28, 2025 04:30 PM ET Speaker6Good afternoon and welcome to Landstar System, Inc.'s third quarter earnings release conference call. All lines will be in listen only mode until a formal question and answer session. Today's call is being recorded. If you have any objections, you may disconnect at this time. Joining us from Landstar are Frank Lonegro, President and CEO, Jim Applegate, Vice President, Chief Corporate Sales Strategy and Specialized Fli ...

Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, although this comparison is not meaningful due to a true-up for the 2025 General Rate Case [4][17] - The company narrowed its 2025 core EPS guidance range to $5.95 to $6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [4][18] - The company reaffirmed its long-term core EPS growth target of 5% to 7% through 2028 [4][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, having deployed over 6,800 miles of covered conductor and hardened nearly 90% of its distribution lines in high fire risk areas [12][13] - The final decision on the 2025 General Rate Case authorized base revenue of $9.7 billion, supporting investments in wildfire mitigation and safety [12] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, which creates an up to $18 billion continuation account to support utilities and customers in wildfire risk management [5][6] - The company expects a near-term load growth compound annual growth rate (CAGR) of up to 3%, driven by electrification and new housing developments [24] Company Strategy and Development Direction - The company is focused on legislative and regulatory progress to enhance financial stability and address wildfire risks, with SB 254 seen as a constructive step [5][6] - Edison International is committed to maintaining affordability for customers while investing in safety and reliability [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to address wildfire risks and the financial stability of investor-owned utilities [5][6] - The company anticipates significant investments in infrastructure upgrades to meet growing demand, particularly in electrification and new housing [24] Other Important Information - The company has a four-year capital plan of $28 billion to $29 billion, incorporating substantial investments in infrastructure and wildfire mitigation [19] - Edison International expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement by year-end [21] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [28][30] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and they are working with experts to ensure effective implementation [32][33] Question: Guidance on EPS growth rate - Management expressed confidence in the 5% to 7% EPS growth target, citing clarity from recent regulatory proceedings and settlements [38] Question: Phase two process for wildfire liability - Management discussed the transparency of the phase two process and the engagement with stakeholders to shape future legislative actions [42][45] Question: Customer cost and capital allocation - Management emphasized the importance of maintaining healthy balance sheets and credit ratings to minimize customer costs, while also considering capital returns to shareholders [51][52] Question: Near-term sales growth breakdown - Management provided insights into the balanced mix of electrification, residential growth, and commercial industrial demand driving the projected 1% to 3% sales growth [78]

Financial Data and Key Metrics Changes - Booking Holdings reported a strong third quarter with gross bookings increasing by 14% year-over-year, reaching $50 billion, and revenue growing by 13% to $9 billion, both exceeding prior guidance [4][26]. - Adjusted EBITDA for the quarter was approximately $4.2 billion, up 15% year-over-year, and adjusted earnings per share grew 19% to $99.50 [29][30]. - Room nights reached 323 million, an 8% increase year-over-year, surpassing expectations [4][18]. Business Line Data and Key Metrics Changes - The connected trip transactions, which include multiple travel verticals, grew mid-20% year-over-year, now representing a low double-digit percentage of total transactions [8]. - Flight ticket bookings increased by 32% year-over-year, while attractions bookings surged nearly 90% from a smaller base [23][24]. - Alternative accommodations room night growth was about 10%, with a global mix of alternative accommodation room nights at 36%, up one percentage point from the previous year [23][16]. Market Data and Key Metrics Changes - The U.S. market saw high single-digit growth in room nights, driven by stronger outbound travel and B2B business momentum [4][19]. - Asia remains a key growth driver, with the region expected to grow in the high single digits over the next several years [17]. - Global average daily rates (ADRs) increased by about 1% year-over-year, indicating a positive trend in pricing [20]. Company Strategy and Development Direction - The company is focused on advancing its connected trip vision, enhancing loyalty programs, and leveraging AI capabilities to create more value for travelers and partners [5][11]. - Investments are being made to improve the customer experience across various travel verticals, including accommodations, flights, and attractions [6][10]. - The Genius loyalty program is a core differentiator, with members accounting for over 30% of the active base and mid-50% of room nights booked [9][10]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strength of the value proposition through the connected trip and the Genius loyalty program, despite macroeconomic uncertainties [18][34]. - The company anticipates continued stable global leisure travel demand and expects fourth quarter room night growth to be between 4% and 6% [32][33]. - Full-year guidance has been increased, with expectations for gross bookings to rise by 11% to 12% and revenue by 12% [34]. Other Important Information - The company is experiencing a positive impact from foreign exchange rates, which are expected to benefit growth rates by approximately 400 to 500 basis points [5][26]. - The transformation program is projected to deliver significant cost savings, with estimated in-year savings for 2025 exceeding $225 million [30]. Q&A Session Summary Question: U.S. acceleration and B2B initiatives - Management noted that both B2B and B2C segments are performing well, with a focus on improving efficiency and product offerings [38][40]. Question: OpenAI app integration and economic impact - Management acknowledged the early stages of integration with OpenAI and emphasized the importance of providing value through execution and transaction fulfillment [44][46]. Question: Risk of hotel partners bypassing platforms - Management downplayed the risk, stating that customer trust and value provided through the platform will continue to attract users [50][52]. Question: Social media marketing effectiveness - Management confirmed ongoing investments in social media marketing while maintaining a focus on measuring ROI [56]. Question: Growth in Asia and market penetration - Management highlighted the strong performance in Asia, with localized strategies for Agoda and global optimization for Booking.com [59][60].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached nearly $35 million, with adjusted EBITDA at $11 million, reflecting an 11% year-over-year growth [4][12] - Total Recurring Contract Value (TRCV) rose 8% year-over-year to $142 million, marking the strongest growth since 2020 [4][12] - Adjusted EBITDA margin expanded over four percentage points from Q3 2024 to 31% [13] Business Line Data and Key Metrics Changes - The company secured multiple significant deals, including a TRCV expansion exceeding $1 million with a top 50 health system and additional nearly $1 million cross-sells with top 100 health systems [5] - Customer retention improved, with TRCV losses and downsells reduced by nearly 50% over the past year [5] - The net retention rate reached its highest level since 2020, driven by strong cross-sell and upsell activities [6] Market Data and Key Metrics Changes - The U.S. healthcare landscape is evolving, characterized by shifting consumer expectations, regulatory complexity, workforce challenges, and financial pressures [6] - NRC Health's market opportunity is substantial, as healthcare organizations need to connect deeply with the people they serve [6] Company Strategy and Development Direction - NRC Health's strategy focuses on three core pillars: insights, engagement, and enablement, which are essential for driving measurable improvements in healthcare outcomes [9] - The company aims to modernize its technology platform and evolve its go-to-market model to accelerate growth and enhance customer partnerships [10] - The leadership team is being strengthened, with the recent addition of a new CFO, Shane Harrison, who brings extensive experience in finance and strategy [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in NRC Health's growth opportunities and the relevance of its value proposition in the current healthcare environment [6][16] - The company is committed to a disciplined approach to capital allocation, balancing dividends and share repurchases with strategic investments [14] Other Important Information - The company repurchased 618,000 shares for $9.3 million, reducing the weighted average fully diluted share count by 7% year-over-year [13] - A quarterly dividend of $0.12 per share was paid, with a 33% increase announced to $0.16 per share, payable in January [14] Summary of Q&A Session - No specific questions or answers were documented in the provided content, thus this section is not applicable.

Financial Data and Key Metrics Changes - Camden National reported record third-quarter earnings of $21.2 million, a 51% increase over the previous quarter [4][11] - Pre-tax, pre-provision income rose 19% over the prior quarter, reaching $29.5 million [4][11] - The tangible common equity ratio increased by 32 basis points to 7.09%, and tangible book value grew 6% to $28.42 per share [5] - Net interest margin expanded by 10 basis points to 3.16%, with a return on average tangible equity of 19.1% [5][12] Business Line Data and Key Metrics Changes - Annualized loan growth was 4%, with average core deposits growing 2% [5][6] - Non-interest income reached $14.1 million, an 8% increase over the second quarter, driven by strong client engagement [7][14] - Mortgage banking income remained solid, supported by robust summer mortgage activity [8] Market Data and Key Metrics Changes - The committed loan pipeline totaled $116 million as of September 30, indicating strong market demand [6] - Average deposits increased by 2%, reflecting seasonal inflows and customer confidence [6][14] Company Strategy and Development Direction - The company is focused on disciplined capital deployment and enhancing long-term shareholder value through dividends [5] - Strategic investments are being made in talent acquisition and expanding treasury management services into new markets [8] - The company aims to maintain a low efficiency ratio while investing in growth opportunities [26][49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the loan portfolio despite economic uncertainties [6][7] - The company anticipates continued momentum in loan growth and non-interest income, particularly in the New Hampshire market [18][45] - Future rate cuts by the Federal Reserve are expected to positively impact net interest margin [22][42] Other Important Information - The company recorded a charge-off of $10.7 million related to a telecommunications loan, reflecting proactive risk management [7][15] - Digital engagement among customers under 45 has grown 11% year over year, indicating successful digital strategy implementation [8] Q&A Session Summary Question: Loan growth and pricing dynamics - Management noted strong momentum in commercial and small business loans, with home equity loans up 54% year over year [18] Question: Margin outlook with Federal Reserve rate cuts - The company is well-positioned for rate cuts, expecting margin expansion of 5 to 10 basis points in the next quarter [22][24] Question: Expense dynamics and growth outlook for 2026 - Management indicated that operating expenses may increase due to incentives and legacy contracts, but efficiency remains a priority [31][32] Question: Credit quality and provision outlook - Management expressed confidence in maintaining a low allowance for credit losses, reflecting strong portfolio health [34][39] Question: Fee income growth and future trends - The company is optimistic about continued growth in fee income, particularly in brokerage and wealth management services [48]

Financial Data and Key Metrics Changes - Camden National reported record third-quarter earnings of $21.2 million, a 51% increase over the previous quarter [4][11] - Pre-tax, pre-provision income rose 19% over the prior quarter, reaching $29.5 million [4][11] - The tangible common equity ratio increased by 32 basis points to 7.09%, and tangible book value grew 6% to $28.42 per share [5] - The net interest margin expanded by 10 basis points to 3.16% [5][12] - The return on average tangible equity was reported at 19.1% for the third quarter [5][12] Business Line Data and Key Metrics Changes - Annualized loan growth was 4%, reflecting a commitment to profitable organic expansion [5] - Average core deposits grew by 2%, with savings deposit balances increasing by 5% [6] - Non-interest income reached $14.1 million, an 8% increase over the second quarter [14] Market Data and Key Metrics Changes - The committed loan pipeline totaled $116 million as of September 30 [6] - Credit quality metrics remained solid, with non-performing assets decreasing to 12 basis points of total assets [7][15] Company Strategy and Development Direction - The company is focused on disciplined capital deployment and enhancing long-term shareholder value through dividends [5] - Strategic investments are being made in talent acquisition and expanding treasury management services into new markets [8] - The company aims to deepen relationships with existing customers through advice-driven engagement and digital innovations [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the loan portfolio despite economic uncertainties [6][7] - The company anticipates continued momentum in loan growth and non-interest income, with a focus on maintaining a strong efficiency ratio [26][32] - Future rate cuts by the Federal Reserve are expected to positively impact net interest margin [22][42] Other Important Information - The company has implemented automation across the enterprise, processing over 5 million items and saving significant operational hours [9] - A community wellbeing day was organized to celebrate the company's 150th anniversary, highlighting its commitment to community engagement [9] Q&A Session Summary Question: Loan growth and pricing dynamics - Management noted strong momentum in commercial, small business, and home equity loans, with home equity up 54% year-over-year [18][19] Question: Margin outlook with Federal Reserve rate cuts - The company is positioned for margin expansion with expected rate cuts, projecting a 5-10 basis point increase next quarter [22][24] Question: Expense dynamics and growth outlook for 2026 - Management indicated that operating expenses may increase due to incentives and legacy contracts, with a focus on maintaining an efficiency ratio in the mid-50s [31][32] Question: Credit quality and provision outlook - Management expressed confidence in maintaining a low provision level, reflecting strong credit quality in the diversified portfolio [34][39] Question: Fee income growth and future trends - The company is optimistic about continued growth in fee income, particularly in brokerage and wealth management services [48]

Financial Data and Key Metrics Changes - Camden National Corporation reported record third-quarter earnings of $21.2 million, a 51% increase over the previous quarter [4][11] - Pre-tax, pre-provision income rose 19% over the prior quarter, reaching $29.5 million [4][11] - The tangible common equity ratio increased by 32 basis points to 7.09%, and tangible book value grew 6% to $28.42 per share [5] - The net interest margin expanded by 10 basis points to 3.16%, with a return on average tangible equity of 19.1% [5][12] Business Line Data and Key Metrics Changes - Annualized loan growth was 4%, with average core deposits growing 2% and savings deposit balances increasing by 5% [5][6] - Non-interest income reached $14.1 million, an 8% increase over the second quarter, with fiduciary and brokerage fee income growing organically by 16% year over year [7][13] - Mortgage banking income was solid, supported by robust summer mortgage activity [8] Market Data and Key Metrics Changes - The committed loan pipeline totaled $116 million as of September 30, indicating strong customer resilience [6] - Non-performing assets decreased by 14 basis points to just 12 basis points of total assets [7] Company Strategy and Development Direction - The company is focused on disciplined capital deployment and enhancing long-term shareholder value through strategic investments and operational excellence [4][5] - There is a commitment to expanding treasury management services into the New Hampshire market and enhancing digital engagement with customers [8][9] - The company aims to maintain a low efficiency ratio while investing in talent acquisition and market expansion [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the loan portfolio and the ability to navigate economic uncertainties [6][7] - The outlook for loan growth in 2026 is projected to be mid-single digits, with strong performance expected in home equity and commercial sectors [39][40] - Management anticipates continued positive trends in fee income, particularly in brokerage and wealth management services [42][43] Other Important Information - The company has implemented automation across the enterprise, processing over 5 million items and saving over 74,000 cumulative hours [9] - A community wellbeing day was organized to celebrate the company's 150th anniversary, highlighting its commitment to community engagement [9] Q&A Session Summary Question: Loan growth and pricing dynamics - Management noted strong momentum in commercial and home equity loans, with home equity up 54% year over year, particularly in the New Hampshire market [18][19] Question: Margin outlook with Federal Reserve rate cuts - The company is well-positioned for future rate cuts, expecting margin expansion of 5 to 10 basis points in the next quarter [21][22] Question: Expense dynamics and growth outlook - Anticipated operating expenses for the fourth quarter are projected at $36 to $36.5 million, with a focus on maintaining an efficiency ratio in the mid-50s [26][27] Question: Credit quality and provision outlook - Management expressed confidence in maintaining a low allowance for credit losses, reflecting the health of the diversified loan portfolio [30][33] Question: Loan growth expectations for 2026 - Loan growth is expected to be mid-single digits, with strong performance anticipated in home equity and commercial sectors [39][40]

Financial Data and Key Metrics Changes - Camden National Corporation reported record third quarter earnings of $21.2 million, a 51% increase over the previous quarter [4][13] - Pretax pre-provision income rose 19% over the prior quarter, reaching $29.5 million [13] - The tangible common equity ratio increased by 32 basis points to 7.09%, and tangible book value grew 6% to $28.42 per share [5] - The net interest margin expanded by 10 basis points to 3.16% [6][14] - The return on average tangible equity was reported at 19.1% for the third quarter [6] Business Line Data and Key Metrics Changes - Annualized loan growth was 4%, reflecting a commitment to organic expansion [6] - Average core deposits grew by 2%, with savings deposit balances increasing by 5% [7] - Noninterest income reached a record high of $14.1 million, an 8% increase over the second quarter [16] Market Data and Key Metrics Changes - The committed loan pipeline totaled $116 million as of September 30 [7] - Credit quality metrics remained solid, with nonperforming assets decreasing by 14 basis points to 12 basis points of total assets [8][17] Company Strategy and Development Direction - The company is focused on executing the Northway financial integration strategy following the acquisition [5] - Investments in digital engagement and automation are aimed at enhancing customer service and operational excellence [10] - The company is strategically expanding its treasury management services into the New Hampshire market [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall health of the diversified loan portfolio despite economic uncertainties [8] - The company anticipates continued momentum in loan growth and noninterest income, with a focus on disciplined expense management [11][29] - Future Fed rate cuts are expected to positively impact net interest margin [22][23] Other Important Information - The company recorded a charge-off of $10.7 million related to a syndicated loan participation [8][17] - The company hosted a Community Well-being Day, emphasizing its commitment to community engagement [10] Q&A Session Summary Question: Loan growth and pricing dynamics - Management noted strong momentum in commercial, small business, and home equity loans, with home equity up 54% year over year [20][21] Question: Margin outlook with potential Fed rate cuts - Management indicated expectations for margin expansion of 5-10 basis points in the next quarter, driven by funding costs [22][23] Question: Expense dynamics and growth outlook - Management discussed anticipated increases in operating expenses due to incentives and legacy contracts from the Northway acquisition [33][34] Question: Credit quality and provision outlook - Management expressed comfort with the current allowance for credit losses, indicating confidence in the underlying portfolio [44][45] Question: Loan growth expectations for 2026 - Management projected mid-single-digit loan growth for 2026, with strong performance expected in home equity and commercial loans [52][54] Question: Fee income growth trends - Management highlighted positive trends in fee income, particularly in brokerage and wealth management, with continued investment planned [56][57]

Financial Data and Key Metrics Changes - FFO per share diluted as adjusted was $2.22 for Q3 2025, reflecting a decline in occupancy and rental income [16][18][20] - Same Property NOI decreased by 6% and 3.1% on a cash basis for the quarter, primarily driven by lower occupancy [21][23] - Occupancy at the end of the quarter was 90.6%, down 20 basis points from the prior quarter, with an apples-to-apples decline of 110 basis points [18][20] Business Line Data and Key Metrics Changes - Leasing volume for the quarter was solid at 1.2 million square feet, consistent with the five-quarter average [17] - Rental rate growth for lease renewals was 15.2% and 6.1% on a cash basis, at the high end of the guidance range [18] - 53% of leases are to investment-grade or large-cap tenants, with an average lease term of 9.5 years for the top 20 tenants [14][23] Market Data and Key Metrics Changes - The company noted a challenging life science supply and demand dynamic, impacting occupancy and rental income [16][20] - The mega campus platform, representing 77% of annual rental revenue, outperformed overall market occupancy by 18% in the three largest markets [20] - Institutional demand remains muted due to NIH issues and reimbursement challenges [15][39] Company Strategy and Development Direction - The company plans to reduce non-income-producing assets from 20% to 10-15% of gross assets [13] - Transitioning from substantial development to a build-to-suit model on mega campuses, with a focus on preserving capital [13][30] - The company aims to significantly reduce its land bank and is evaluating land dispositions to meet capital needs [25][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for the FDA to resume operations and for earlier-stage venture-backed companies to commit to space [38][39] - The company is navigating a difficult environment with high costs of capital and a government shutdown impacting the industry [9][11] - Despite challenges, management sees early signs of recovery in the biotech sector and remains optimistic about future demand [11][12] Other Important Information - The company recognized impairments of $323.9 million during the quarter, primarily from a Long Island City redevelopment property [28] - The guidance for FFO per share diluted as adjusted for 2025 was reduced by $0.25 to a midpoint of $9.01 per share [31] - The company has the longest average remaining debt maturity among S&P 500 REITs at 11.6 years, with $4.2 billion in liquidity [27] Q&A Session Summary Question: Update on occupancy expectations - Management indicated that 617,000 square feet of potential occupancy improvements are expected to deliver around May 1, 2026 [37] Question: Factors that could improve demand - Key factors include the reopening of the FDA, commitments from venture-backed companies, and a revitalization of the public biotech sector [38][39] Question: Development focus going forward - The company will focus more on build-to-suit leases and reducing the development pipeline, aiming for a land bank reduction from 20% to 10-15% [44][50] Question: Dividend policy and comfort level - The board will evaluate the dividend in the fourth quarter, considering retained cash flows and capital needs for the upcoming year [51][53] Question: Tenant activity and leasing dynamics - Demand varies by submarket, with some sectors showing strong interest while others remain muted due to high costs of capital and government shutdowns [78][79]