James Marion

James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Boingo Wireless, Inc. (NASDAQ:WIFI) CEO Upbeat

Boingo Wireless, Inc. (NASDAQ:WIFI)

David Hagan, Chief Executive Officer of Boingo Wireless, Inc. proudly stated in the company’s earnings release this afternoon – “2016 was an incredible, milestone year for Boingo as it was our largest venue acquisition year ever. We signed 38 new venues to the Boingo network in 2016 and signed 43 Tier 1 carrier agreements. These accomplishments enabled us to deliver an all-time revenue high of $159.3 million, marking our third consecutive year of double-digit revenue growth.”

The Numbers

Boingo Wireless, Inc. (NASDAQ:WIFI) is a distributor of antenna systems (DAS) and Wi-Fi provider that serves global consumers, carriers, and advertisers. 2016 revenue of $159.3 million increased 14.1% compared to $139.6 million in 2015. Net loss attributable to common stockholders was $(27.3) million, or $(0.72) per diluted share, compared to a net loss of $22.3 million, or $(0.60) per diluted share, in 2015. Free cash flow was $7.9 million compared to $4.5 million loss in 2015.

Boingo Wireless, Inc. (NASDAQ:WIFI) Guidance for 2017

Revenue is expected to be in the range of $180.0 million to $188.0 million (analysts were forecasting $181.4 million). Net loss attributable to common stockholders is expected to be in the range of $(29.0) million to $(25.0) million, or a net loss of $(0.74) to $(0.64) per diluted share (anayst expectations were for a narrower EPS loss of $0.48). Adjusted EBITDA is expected to be in the range of $51.0 million to $56.0 million.

3/7/2017
Ticker Symbol WIFI
Last Price a/o 5:48 PM EST  $                    11.23
Average Volume                    159,450
Market Cap (mlns)  $                  430.98
Sales (mlns) $153.10
Shares Outstanding (mlns) 38.48
Share Float (mlns) 37.32
Shortable Yes
Optionable Yes
Inside Ownership 0.50%
Short Float 5.54%
Short Interest Ratio 12.96
Quarterly Return -7.51%
YTD Return -8.12%
Year Return 51.56%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy. 

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

Pure Storage Inc (NASDAQ:PSTG) Benefits from Hewlett Packard Acquisition of Competitor

Pure Storage Inc (NASDAQ:PSTG)

Today Hewlett Packard (HPE) announced plans to acquire Nimble Storage (NMBL) for $1 billion. That news sent shares of Nimble’s competitor, Pure Storage Inc (NASDAQ:PSTG), up over 10%. PSTG gapped up to open the session. On Monday shares closed at $9.40 but on Tuesday gapped to open at $10.10 and reached a high of $10.66.

Pure Storage Inc (NASDAQ:PSTG) designs, develops, and manufactures flash storage for enterprise hardware. Sales have been increasing year-on-year. In 2014 the figure was $42.7 million and that number increased every year. In 2017 (company FY ends on Jan 31) the company reported $728 million. EPS has not been positive for shareholders. It reached a low of -$2.59 in 2016 but that loss was compressed to -$1.26 for 2017. Analysts expect EPS growth at 51.4% for the coming year. Pure Storage Inc (NASDAQ:PSTG) is trading at a book/share value of 2.38 and a cash/share value of 2.66.

Pure Storage Inc (NASDAQ:PSTG) is followed by 19 analysts. Eight rate PSTG shares as a “Hold”, two rate the shares as a buy, and 9 rate the shares as a “Strong Buy”. Their consensus price target is $20 – about double the price of current levels.

3/7/2017
Ticker Symbol PTSG
Last Price a/o 2:12 PM EST  $                    10.32
Average Volume                1,610,000
Market Cap (mlns)  $              1,930.00
Sales (mlns) $728.00
Shares Outstanding (mlns) 205.55
Share Float (mlns) 75.32
Shortable Yes
Optionable Yes
Inside Ownership 0.00%
Short Float 21.31%
Short Interest Ratio 9.96
Quarterly Return -25.40%
YTD Return -16.89%
Year Return -32.23%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

Traders Getting in Ahead of Turtle Beach Corp (NASDAQ:HEAR) Earnings Release

Turtle Beach Corp (NASDAQ:HEAR)

Turtle Beach Corp (NASDAQ:HEAR) is scheduled to release its Q4 and full year earnings tomorrow. But traders aren’t waiting and appear to be betting on a repeat of their last quarter of positive news.

Shares of Hear were trading thinly prior to noon EST then the price action exploded. The price shot up from $1.04 to $1.33 in an hour and a half. Currentl shares are up 25% on volumes that are over eight times their daily average. There is word of a ratings upgrade, however that was first reported prior to the market open. A review of trader chat rooms did not find any evidence that the earnings had been improperly disclosed prior to their announced release time tomorrow.

For Q3, Turtle Beach Corp (NASDAQ:HEAR) reported an EPS loss of $0.10 which was $0.06 better than analysts expected. Revenues came in at $38.38 million which beat street estimates by over $1 million.

San Diego, CA-based Turtle Beach Corp (NASDAQ:HEAR) designs audio products for the consumer, commercial and healthcare sectors. Products are sold in 27,000 storefronts globally across 44 countries. The company has more than 370,000 points of distribution. In addition, the company has installed more than 16,000 interactive point-of-sale displays at retailers globally.

Six firm follow Turtle Beach Corp (NASDAQ:HEAR). Three rate the shares as a “Strong Buy” while the other three rate shares of HEAR as a “Hold”. Their consensus price target is $1.45 – just $0.13 from current price levels. Shares are trading above their 50-day simple moving average (+3.38%) and their 200-day simple moving average (+8.88%).

3/7/2017
Ticker Symbol HEAR
Last Price a/o 1:43 PM EST  $                      1.30
Average Volume                    265,950
Market Cap (mlns)  $                    50.77
Sales (mlns) $176.30
Shares Outstanding (mlns) 48.82
Share Float (mlns) 22.2
Shortable Yes
Optionable No
Inside Ownership 10.50%
Short Float 3.14%
Short Interest Ratio 2.62
Quarterly Return -25.18%
YTD Return -20.61%
Year Return -7.14%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

How High for Builders FirstSource, Inc. (NASD:BLDR) ?

Builders FirstSource, Inc. (NASD:BLDR)

Dallas, TX-based Builders FirstSource, Inc. (NASD:BLDR) announced the commencement of a public offering of 10,000,000 shares of its common stock to be sold by JLL Building Holdings, LLC. After completion of the offering, JLL Building Holdings, LLC will own 14,344,584 shares of BLDR common stock. Builders FirstSource, Inc. (NASD:BLDR) is not selling any shares and will not be receiving any of the proceeds generated by the sale.

On Wednesday Builders FirstSource, Inc. (NASD:BLDR) posted Q4 anad 2016 yearly earnings. Net sales for the quarter ended December 31, 2016 were $1.55 billion, a 6.3% increase over net sales of $1.46 billion for Q4 2015. Sales per day grew 10.1% in the quarter over Q4 2015, and was benefited by approximately 4.4% as a result of the impact of commodity price inflation on our sales. Sales per day, excluding closed locations, grew approximately 13.2% in the new residential homebuilding end market and approximately 3.7% in the repair and remodel end market.  Net sales for the fiscal year ended December 31, 2016 were $6.4 billion, a 79% increase over net sales of $3.6 billion for 2015, largely due to the acquisition of ProBuild. Net income in 2016 was $144.3 million, or $1.27 per diluted share, compared to net loss of $22.8 million, or -$0.22 per diluted share, in 2015.

Builders FirstSource, Inc. (NASD:BLDR) is up 41% for the month, 38% YTD, and 76% for the year. The Relative Strength Index is at 82.75 which is generally considered an overbought signal.

3/2/2017
Ticker Symbol BLDR
Last Price a/o 5:32 PM EST  $                    14.92
Average Volume                1,060,000
Market Cap (mlns)  $              1,710.00
Sales (mlns) $6,280.00
Shares Outstanding (mlns) 113.09
Share Float (mlns) 110.33
Shortable Yes
Optionable Yes
Inside Ownership 1.30%
Short Float 9.39%
Short Interest Ratio 9.82
Quarterly Return 37.23%
YTD Return 38.10%
Year Return 75.55%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

W&T Offshore Inc. (NYSE:WTI) Could be on the Launch Pad

W&T Offshore Inc. (NYSE:WTI)

W&T Offshore Inc. (NYSE:WTI) is up for the mast month after the independent oil and gas drilling company posted 4th quarter and 2016 results. WTI shares closed at $2.62 on Wednesday but have reached $3.08 in inter-day trading – a gain of over 17%. Volumes have already doubled yesterday’s total.

W&T Offshore Inc. (NYSE:WTI) total annual production was down 1.7 million barrels of oil equivalent (“MMBoe”) in Q4 2016 – down 9.9% from Q4 2015. The lower production was due to natural production declines, well performance, pipeline outages along with field and platform maintenance.  This under-performance was partially offset by new oil production from the development of certain deepwater fields. For the quarter, revenues were $115.2 million, 72% of which was from oil and NGLs, and were up $11.1 million compared to Q4 2015.

Houston, TX-based W&T Offshore, Inc. (NYSE:WTI) is an independent oil and natural gas producer. The company acquires, explores, and develops oil and natural gas fields in the Gulf of Mexico. W&T holds working interests in approximately 54 offshore fields in federal and state waters. W&T has reserves of 76.4 million barrels of oil equivalent.

For the year, W&T Offshore, Inc. (NYSE:WTI) was downgraded by three firms in 2016. WTI performance lags behind oil exploration and drilling ETFs such as $XOP and $IEO. $WTI is up 12%, while XOP is up 44%, and $IEO has gained 30%. It should be noted that the constituents in these ETFs are larger and have access to more favorable financing in an industry that relies heavily on its ability to manage cashflows against volatile pricing.

3/2/2017
Ticker Symbol WTI
Last Price a/o 1:15 PM EST  $                      3.01
Average Volume                2,320,000
Market Cap (mlns)  $                  367.51
Sales (mlns) $388.80
Shares Outstanding (mlns) 140.27
Share Float (mlns) 91.79
Shortable Yes
Optionable Yes
Inside Ownership 32.90%
Short Float 10.17%
Short Interest Ratio 4.02
Quarterly Return 63.75%
YTD Return -5.42%
Year Return 20.74%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy. 

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

Will Abercrombie & Fitch Co. (NYSE:ANF) Follow Macy’s, JC Penny, and Sears?

Abercrombie & Fitch Co. (NYSE:ANF)

Abercrombie & Fitch Co. (NYSE:ANF) shares are up over 13% on news of unexpected positive performance from the company’s value-line Hollister brand. Also contributing is news that the youth-oriented retail clothing chain will attempt to improve productivity by shuttering 60 stores. News that its online sales increased 28% also contributed to a belief that better financial performance is on the horizon.

Overall, for the year, Abercrombie & Fitch Co. (NYSE:ANF) posted net sales of $3.326 billion versus last year’s figure of $3.518 billion. Gross profit also dropped from $1.361 billion last year to $2.028 billion. Net income per share also dropped from last year $0.52/share versus $0.06/share. While the Abercrombie brand posted a -13% in comparable sales, the Hollister brand achieved a positive 1% increase in comparable sales. For the quarter, ANF reported earnings of $0.71/share on $1.04 billion in revenues which was lower than analyst estimates of $0.75/share on $1.05 billion.

Some analysts see some silver linings in today’s financial earnings release. International sales declined by only 4%, compared to the third quarter drop of 10%. Additionally, half of the company’s 700+ domestic leases are up for renewal by the end of FY 2018. This will give management additional flexibility to pursue productivity increases while not absorbing extraordinary expenses that might be involved with buying out existing leases.

Fran Horowitz, Chief Executive Officer, said:

Results for the quarter reflect a still challenging and competitive retail environment, however we continue to make progress on our strategic priorities. Hollister, our largest brand, achieved positive comp sales and the Abercrombie brand renewal continues, although it is a work in progress. International markets improved measurably from last quarter, for both Abercrombie and Hollister brands, and the direct-to-consumer business continued to deliver positive comparable sales in both the U.S. and international markets. However, the competitive environment resulted in more promotional activity and a lower gross margin rate than planned.

Retail experts have noted that the financial health and action plan for Abercrombie & Fitch Co. (NYSE:ANF) is not unlike what is being observed at Macy’s (NYSE:M), JC Penny’s (NYSE:JCP), or Sears (NASDAQ:SHLD).

3/2/2017
Ticker Symbol ANF
Last Price a/o 11:34 AM EST  $                    13.15
Average Volume                3,320,000
Market Cap (mlns)  $                  794.63
Sales (mlns) $3,400.00
Shares Outstanding (mlns) 67.98
Share Float (mlns) 67.16
Shortable Yes
Optionable Yes
Inside Ownership 0.20%
Short Float 29.05%
Short Interest Ratio 5.88
Quarterly Return -18.48%
YTD Return -0.93%
Year Return -57.77%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy. 

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

What does Vizient Award Mean for Skyline Medical Inc. (NASDAQ:SKLN)?

Skyline Medical Inc. (NASDAQ:SKLN)

Skyline Medical Inc. (NASDAQ:SKLN) shares are trading in massive volumes. The averga daily trading volume is just short of 600,000 but by mid-morning over 11.5 million shares have traded hands. SKLN shares closed yesterday at $1.92 but this morning reached $3.25 before dropping back.

The catalyst for the large move was an announcement that Skyline Medical Inc. (NASDAQ:SKLN) received an Innovative Technology contract from Vizient, Inc. Vizient is the largest, member-driven health care performance improvement company in the country. Innovative Technology contracts are reserved for technologies that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization’s care delivery and business model. Eagan, MN-based Skyline Medical manufactures environmentally conscience systems for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care.

The Vizient deal, a year in the making, enables Skyline Medical’s system to be added to Vizient’s contracts without going through competitive bidding. For investors, the great unknown is how much this will affect future revenues and earnings as there is no actual value attached to it. No doubt analysts are crunching numbers today so as to get a better grip on the award’s financial impact. The uncertainty was reflected in price action early as the daily high ($3.25), so far, was reached less than five minutes into trading. As the realization that the award’s impact will be difficult to forecast into future earnings, the price action has become more stable – trading between $2.70 and $2.90.

There is no doubt the news is welcome and well deserved. Earnings have been hard to come by for Skyline Medical Inc. (NASDAQ:SKLN) shareholders. In 2011 the firm lost an EPS of $346. 55 which improved in 2015 to an EPS loss of $30.86.The number of outstanding shares has also been trending against long-term shareholders. In 2011 there were 10,000 shares outstanding. That figure has increased each year and in 2015 there were 160,000 outstanding shares. Sales did improve from 2011 ($100,000) to 2014 ($1million) but fell back to $700,000 in 2015.

3/1/2017
Ticker Symbol SKLN
Last Price a/o 11:07 AM EST  $                      2.74
Average Volume                    593,500
Market Cap (mlns)  $                    12.23
Sales (mlns) $0.50
Shares Outstanding (mlns) 6.37
Share Float (mlns) 5.93
Shortable Yes
Optionable No
Inside Ownership 1.10%
Short Float 10.22%
Short Interest Ratio 1.02
Quarterly Return -55.71%
YTD Return -31.43%
Year Return -87.81%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

Castle Brands Inc. (NYSE:ROX) Stuns with Walmart Inc. (NYSE:WMT) Deal

Castle Brands Inc. (NYSE:ROX)

Castle Brands Inc. (NYSE:ROX) shares have been up over 91% on news that the company has reached an agreement to supply Goslings Stormy Ginger Beer and Goslings Stormy Diet Ginger Beer to all U.S. Walmart stores. Consumers can expect to find Goslings Stormy Ginger Beer in Walmart stores in March 2017. Walmart Inc. (NYSE:WMT) is one of the world’s most valuable companies in the world by market value, and is the largest grocery retailer in the U.S. In 2016, 62.3% of Walmart’s $478.6 billion sales came from its U.S. operations.

 Pre-market trading is seeing ROX at $1.39 – it closed at $0.73 yesterday. Castle Brands Inc. (NYSE:ROX) all-time high is just over $2 and its average daily volume is around 125,000 shares. However over 1 million shares have traded hands before the regular session opens.

On February 10, 2017 Castle Brands Inc.’s (NYSE:ROX) earnings broke even in FY Q3 2017, in line with street estimates. The company had posted a loss of a penny in the same quarter last year. Q3 revenues of $18.31 million missed estimates of $20.74 million by 11.7%. However, revenues reflected a 6.4% YoY increase.

The New York, NY-based company has had increasing sales every year since 2012 when the company reported $35.5 million in sales. EPS has been marginally negative for the past five years and in each of the last two years shareholders of Castle Brands Inc.’s (NYSE:ROX) experienced an EPS loss of $0.02. 

 

2/28/2017
Ticker Symbol ROX
Last Price a/o 9:18 AM EST  $                      1.34
Average Volume                    124,250
Market Cap (mlns)  $                  113.39
Sales (mlns) $74.70
Shares Outstanding (mlns) 155.35
Share Float (mlns) 85.57
Shortable Yes
Optionable No
Inside Ownership 1.80%
Short Float 1.31%
Short Interest Ratio 9.03
Quarterly Return -3.95%
YTD Return -3.96%
Year Return -16.08%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

 About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

 

Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) Continues to Defy the Experts

Kratos Defense & Security Solutions, Inc. Nasdaq: KTOS

Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading national security solutions provider, reported after-hours earnings that beat both on EPS and revenues. Q4 EPS came in at $0.02 – a beat of $0.07. Revenues came in at $182.1 million – a beat by $4.36 million.

For the year ended December 25, 2016, Kratos generated revenues of $668.7 million, a 1.8% increase over 2015 revenues of $657.1 million, and Adjusted EBITDA of $45.0 million for year ended December 25, 2016, compared to $44.6 million in 2015. Net loss from continuing operations was $60.4 million for fiscal 2016, a GAAP EPS loss of $0.99, compared to a loss of $33.2 million for 2015, a GAAP EPS loss of $0.56. Adjusted loss per share was $0.07 for 2016 and 2015.

There have been critics of Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS) and they let it be known that they believed KTOS was a screaming short play – that the firm was destined to go into insolvency. However, the market shrugged off those predictions and KTOS shares have been rising since. KTOS shares have risen 22% in the past quarter, 168% for the year, and 18.4% for YTD.

Kratos Defense & Security Solutions, Inc. (KTOS) is a mid-tier government contractor at the forefront of the Department of Defense’s Third Offset Strategy. Kratos is a leading technology, intellectual property and proprietary product and solution company focused on the United States and its allies’ national security.  Kratos is considered by some to be an industry leader in high performance unmanned aerial drone target systems used to test weapon systems and to train the warfighter, and is a provider of high performance unmanned combat aerial systems for force multiplication and amplification.  Kratos is also an industry leader in satellite communications, microwave electronics, cyber security/warfare, missile defense and combat systems.  Kratos has primarily an engineering and technically oriented work force of approximately 2,800. Substantially all of Kratos’ work is performed on a military base, in a secure facility or at a critical infrastructure location. Kratos’ primary end customers are National Security related agencies.

Kratos Defense & Security Solutions, Inc. (KTOS) sales have been on the decline since they posted a figure of $969.2 million in 2012. In 2015 that figure was just $657.1 million. KTOS shareholders have not experienced positive earnings since 2011 when the loss was $0.86/share and in 2015 the company posted a loss of $0.57/share. Five firms follow Kratos Defense & Security Solutions, Inc. (KTOS). Four analysts rate KTOS shares as a “Strong Buy” and one rates the shares as a “Hold”. Their consensus price target is $9.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.

 

Nutrisystem, Inc. (Nasdaq:NTRI) Releases Fat Financials

Nutrisystem, Inc. (Nasdaq:NTRI)

Nutrisystem, Inc. (Nasdaq:NTRI) posted earnings after the bell Tuesday and saw their shares rocket in the after-hours market. NTRI shares closed the regular session at $39.20 but have hit a high of $46 (17%+) after the company released financial results for the fourth quarter and full year.

Q4 2016 EPS was $0.29 – expectations were for $0.22. Revenue was even more impressive as the company reported $108.95 million – beating expectations by $8.75 million. For the year, Nutrisystem, Inc. (Nasdaq:NTRI) revenues came in at $545 million – an increase over the 2015 figure of $462.6 million. Net income increased 36%, and diluted EPS was up 34% ($1.19). Adjusted EBITDA was up 31% and the company returned $21 million to shareholders through dividends. The company also provided 2017 guidance – “Full year revenue expected to be in the range of $630 to $650 million, net income between $46.8 and $49.7 million, diluted income per common share between $1.55 and $1.65, and adjusted EBITDA between $95.8 and $100.3 million.”

Nutrisystem, Inc. (NASDAQ: NTRI) is a leader in the weight loss industry. The company’s weight loss solutions include Nutrisystem® My Way®, Fast 5, and Turbo 10, all structured food delivery programs that come with the digital platform NuMi® by Nutrisystem. Additionally, the company offers multi-day kits and individual products available at select retail outlets. The Company’s current product line offers customers the most meal choices, including more than 150 foods with no artificial colors, flavors, or sweeteners. Nutrisystem, Inc. (NASDAQ: NTRI) provides customers the flexibility to align their diet with the US Healthy Eating Meal Pattern, as recommended by the USDA Dietary Guidelines. Plans include comprehensive counseling options from trained weight loss coaches, registered dietitians and certified diabetes educators and can be customized to specific dietary needs and preferences. In December of 2015, the Company purchased the South Beach Diet brand.

Sales increased modestly since 2013 when the firm reported $358.1 million. In 2015, $462.6 million in sales was posted. EPS has been much more impressive. Nutrisystem, Inc. (NASDAQ: NTRI) lost $0.10 EPS in 2012 but in each of the next three years that figure moved into positive territory and in 2015 there was a profit of $0.90 EPS.

2/27/2017
Ticker Symbol NTRI
Last Price a/o 4:31 PM EST  $                    43.55
Average Volume                    206,420
Market Cap (mlns)  $              1,120.00
Sales (mlns) $526.80
Shares Outstanding (mlns) 29.32
Share Float (mlns) 28.99
Shortable Yes
Optionable Yes
Inside Ownership 1.30%
Short Float 6.19%
Short Interest Ratio 8.7
Quarterly Return 2.83%
YTD Return 10.10%
Year Return 64.59%

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance.