Gilat Satellite Networks - Earnings Call - Q3 2025

Transcript

Speaker 0

Ladies and gentlemen, thank you for standing by. Welcome to Gilat's Third Quarter twenty twenty five Results Conference Call. All participants are present in listen only mode. Following management's formal presentation, instructions will be given for the question and answer session. As a reminder, this conference is being recorded 11/12/2025.

By now, you should have all received the company's press release. If you have not received it, please view it in the News section of the company's website, www.giraffe.com. I would now like to hand over the call to Ms. Jody Berfening of Alliance Advisors IR. Ms.

Berfening, please go ahead.

Speaker 1

Thank you, Hilla, and good morning, everyone. Thank you for joining us for Gilat Satellite Networks earnings conference call for the 2025. With us on the call today are Mr. Adi Spadia, Gilat's CEO and Mr. Gil Binamini, Gilat's Chief Financial Officer.

Before turning the call over to management, I would like to remind everyone that some statements made during this conference call contain forward looking statements based on current expectations. Actual results could differ materially from those projected as a result of various risks and uncertainties. Potential risks and uncertainties could cause actual results to differ materially include global economic conditions, reductions in revenues from key customers, delays reductions in U. S. And foreign military spending, acceptance of our new products on a global basis and disruptions or delays in our supply of raw materials and components due to business conditions, global conflicts, weather or other factors not under our control.

Company cautions investors not to place undue reliance on forward looking statements, which reflect the company's analysis only as of today's date. Company undertakes no obligation to publicly update forward looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Gilat's financial results is included in the company's filings with the Securities and Exchange Commission, including the latest quarterly report on Form 10 Q. In addition, on today's call, management will refer to certain non GAAP financial measures that management considers to be useful and differ from GAAP. These non GAAP measures should be considered supplemental to corresponding GAAP figures.

With that, I would now like to turn the call over to CEO. Please go ahead, Adi.

Speaker 2

Thank you, Julie, and good day to everyone. Thank you for joining us today to discuss Gilat's 2025 results. Please note that we are posting a PowerPoint presentation on our website with all the data we will discuss today. The 2025 was a strong quarter for Gilat and showed strong revenue, including solid organic growth and adjusted EBITDA performance. Our competitive edge across the satellite communication landscape and success in next generation satellite programs is clearly translating directly into new orders and growing opportunities.

During the quarter, we announced a $66,000,000 private placement from institutional and accredited investors. This demonstrates the confidence of the investment community in Gilat's strategy and performance, providing additional stress to support our next phase of growth. At the end of the quarter, we had a very strong cash position, an example of our efforts to create a competitive edge in our first to market integration of AI into our network management system. This marks an important step in bringing AI driven automation and intelligence to satellite network operations, allowing customers to manage their network with greater efficiency and insight. It reflects our commitment to innovation and our active role in shaping the future of intelligent Satcom solutions.

We expect to introduce additional AI capabilities as we progress with our roadmap development. Third quarter revenues reached $117,700,000 a 58% increase year over year. Adjusted EBITDA was $15,600,000 46% above the same quarter last year. Now on to the business review. Defense continued to invest in sales, marketing and R and D resources to support business development.

Gilat Defense is front and center, actively engaging with customers across North America, Europe and Asia Pacific. Our unique advantage lies in the combined strengths of Gilat, DataPass, WaveStream and StellarBlue. This collaboration enabled us to deliver comprehensive SOCCOM solutions that supports the full spectrum of defense operations. During the quarter, Defense received over $14,000,000 in orders through a prime contractor for its DKS terminals from the U. S.

Army and the Department of Defense, broadening our presence across key defense programs. In Israel, Gilat Defense strengthened its relationship with the Israeli Ministry of Defense through a new multimillion dollar contract for the delivery and integration of satellite communication systems and services. With a robust pipeline, trusted partnership and proven execution, we are well positioned to capture additional opportunities as global demand for secure satellite communication continue to rise. Turning to our commercial business. The third quarter delivered strong results, driven by new wins, continued adoption of our next generation platforms and steady execution across major programs.

These results reflect both the rapid evolution of the satellite communication market and Gilat's ability to deliver technology and performance our customers require. Operators worldwide are investing in flexible multi orbit ground networks that can seamlessly support fixed broadband mobility and government applications. Gilat's SkyH4 platform remains central to this transformation, combining scalability, reliability and advanced network management via virtualized software defined ground infrastructure. During the quarter, Gilat received $42,000,000 in orders from a leading global satellite operator for SkyH4 for use across multiple applications, mainly in flight connectivity. These systems will expand the worldwide deployment of our platform and strengthen Gilat's position as a preferred choice for next generation connectivity in multi orbit environment.

Demand continued to build for Gilat's IFC solutions as airlines and system integrators expand adoption of our technology for next generation aircraft connectivity. Recently, we received an order of approximately 7,000,000 to supply IFC equipment. This order demonstrates the growing trust of leading aviation partners in Gilat to deliver reliable, high performance connectivity for IFC. During the quarter, Gilat signed a strategic partnership agreement and received an initial order for SkyH4 from a leading satellite operator in Asia Pacific region, supporting both fixed and cellular backhaul connectivity. Together, these wins highlight strong market confidence in our technology and reinforce our position as key enabler of multi orbit broadband connectivity worldwide.

Gilat was awarded more than $60,000,000 in orders from a leading satellite operator for its Stellar Blue's Sidewinder ESA IFC terminal. With about 300,000 community flight hours and about three fifty terminals already deployed, the Sidewinder continued to set new benchmarks for performance, reliability and passenger experience. Production is ramping up, and we expect increased deliveries with improved margins in the coming quarters. Gilatz de la Blue continues to collaborate closely with its partners to secure new fleet wins and expand its global reach. The growing pipeline in our commercial business continues to benefit from demand momentum and expanding customer adoption across key markets.

Combination of major satellite operators awards, growing IFC demand and the integration of Stellar Blue testified to Gilat's leadership in next generation connectivity, positioning us well continued growth into 2026. Gilat Peru delivered strong results this quarter, marked by an additional award of $25,000,000 for an expansion project from Ponatel. This is on top of the $60,000,000 projects awarded to us that was reported at the beginning of the quarter for a quarterly total of $85,000,000 The new awards will extend high speed connectivity to additional public institutions, including school, health centers and police stations as well as public Wi Fi hotspot, further advancing Peru's digital inclusion goals. The impact of this project goes beyond connectivity, supporting access to education, health care and public safety, while creating the infrastructure needed for future broadband expansion. The project implementation is progressing on schedule, and we continue to anticipate additional large RFPs and follow on orders for network expansions and renewals in the coming quarters.

The experience and expertise gained in Peru are also being applied globally, allowing us to replicate successful models and accelerate digital inclusion programs in other markets. I am pleased to say that we continue to have a strong backlog and a healthy pipeline of opportunities in all divisions. On the strength of our results year to date, improved visibility and business momentum, we are resetting our full year guidance. We are narrowing our revenue range to between $445,000,000 to $455,000,000 for a higher revenue growth rate of approximately 47% at the midpoint. We have also narrowed our adjusted EBITDA guidance range, now targeting 51,000,000 to $53,000,000 for a higher growth rate of approximately 23% at the midpoint.

Demand across our key markets is accelerating and the strategic initiatives we have implemented are delivering measurable results. Gilat Defense continued to develop opportunities as government expand investment in mission critical secure satellite communications. Our focus remains on converting the growing pipeline into new awards in The United States and allied countries. In the Commercial division, we are seeing broader adoption of our multi orbit SkyH4 platform as operators scale their next generation networks and invest in advanced broadband and IFC applications. Gilat's Teleblue is making steady progress as production increases and new fleet wins are secured, further strengthening our position in the global aviation connectivity market.

In Peru, project execution remains on track, and we continue to expect additional RFPs and follow on awards from Pronatel and other public programs sorry. The operational expertise developed in Peru continues to serve as a foundation for similar digital inclusion initiatives globally. In summary, we delivered another strong quarter, successfully validating our diversified growth engines across defense, commercial and Peru. Gilat is actively strengthening its competitive edge through technological leadership in multi orbit connectivity and the integration of SkyH4 and AI. With a growing backlog, a robust pipeline of opportunities, particularly in the IFC market and a strong balance sheet that is well positioned for sustained profitable growth and continued leadership in the global Satcom market.

And with that, I will hand over the call over to Gil Bin Yamini, our CFO. Gil, please go ahead.

Speaker 3

Thank you, Adi. Good morning and good afternoon to everyone. Before I dive into the numbers, I would like to remind everyone that our financial results are presented both on a GAAP and non GAAP basis. I will now walk through our financial highlights for the 2025. As Adi mentioned, we delivered a strong third quarter demonstrating continued execution across our strategic priorities and building momentum into the remainder of the year.

In terms of our financial results, revenues for the third quarter were $117,700,000 representing 58% growth compared to $74,600,000 in Q3 twenty twenty four. Importantly, our organic growth quarter over quarter was 19%. In terms of revenue breakdown by segment, Q3 twenty twenty five revenues for the Commercial segment were $73,000,000 compared to $33,800,000 in the same quarter last year. The 116% growth was primarily driven by the in flight connectivity vertical, reflecting both the contribution from Stellar Blue and organic expansion. Q3 twenty twenty five revenue for the Defense segment were $24,100,000 compared to $31,000,000 in the same quarter last year.

The decrease primarily reflects the transition from mature programs to new programs and initiatives that are currently in up phase. We secured a number of meaningful orders and awards that are expected to convert to revenues over the coming quarters. As a reminder, our defense business is inherently project based with deliveries and revenue recognition occurring over time. Looking ahead, we expect to see growth in this segment as these newer programs continue to scale. Revenues for Peru in Q3 twenty twenty five were $20,600,000 more than double than the $9,800,000 in Q3 twenty twenty four.

The increase was driven by higher revenues related to the new upgrade projects in four of the six regions in which we operate as well as increased equipment deliveries. Our GAAP gross margin in Q3 twenty twenty five was 30% compared to 37% in Q3 twenty twenty four. The decrease is primarily attributable to lower margins at Stellar Blue as production ramps up as well as the amortization of purchased intangibles related to the acquisition. GAAP operating expenses in Q3 twenty twenty five were $27,200,000 compared to $20,900,000 in Q3 twenty twenty four. The increase was primarily driven by the addition of Stella Blue and amortization of acquired intangible assets.

As a result, GAAP operating income in Q3 'twenty five was $7,500,000 compared to GAAP operating income of $6,700,000 in Q3 'twenty four. GAAP net income in Q3 'twenty five was $8,100,000 or a diluted income per share of $0.14 compared to GAAP net income of $6,800,000 or a diluted income per share of $0.12 in Q3 'twenty four. Moving to non GAAP results. Our non GAAP gross margin in Q3 twenty twenty five was 32% compared to 38% in Q3 twenty twenty four. Non GAAP operating expenses in Q3 twenty twenty five were 24,700,000 compared to $20,200,000 in Q3 'twenty four.

Non GAAP operating income in Q3 'twenty five was $12,800,000 compared to $8,300,000 in Q3 'twenty four. The non GAAP net income in Q3 'twenty five was $11,800,000 or a diluted income per share of $0.19 compared to a net income of $8,100,000 or income per share of $0.14 in Q3 'twenty four. Adjusted EBITDA in Q3 'twenty five was 15,600,000 compared to an adjusted EBITDA of $10,700,000 in Q3 'twenty four. Moving to our balance sheet. We strengthened our balance sheet and liquidity during the last quarter.

In September 25, the company raised $66,000,000 from leading institutional and accredited investors in Israel. In January 25, we secured a $100,000,000 credit line from a bank consortium, of which $60,000,000 was used to finance the acquisition of Stella Blue. The company also generated more than $28,000,000 in cash from operating activities during this quarter. As a result, as of 09/30/2025, total cash, cash equivalents and restricted cash were $155,000,000 or approximately $94,600,000 net of loans compared to $5,500,000 on 06/30/2025. DSOs, which exclude receivables and revenues of our terrestrial network construction project in Peru, were sixty three days, similar to the previous quarter.

Our shareholders' equity as of 09/30/2025, totaled $391,000,000 compared with $316,000,000 on 06/30/2025. Looking ahead, reflecting our strong performance and visibility into the remainder of the year, we're narrowing our guidance range and raising the guidance midpoints for both revenues and EBITDA. Revenues is now expected to be between $445,000,000 and $455,000,000 representing year over year growth of 47% at the midpoint. The adjusted EBITDA is expected to be between 51,000,000 and 53,000,000 representing year over year growth of 23% at the midpoint. That concludes my financial review.

I would now like to open the call for questions. Operator, please go.

Speaker 0

Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. The first question is from Ryan Koons of Needham. Please go ahead.

Speaker 4

Great. Thanks for the questions. Really nice quarter, guys. Congrats. I wanted to ask about Stellar Blue and how we should think about that trajectory.

Where are we now on gross margins at this point in time? And what sort of improvements you think you can make in gross margin over the coming quarters? And as well as I also want to ask about the product cycle for this version of Sidewinder.

Speaker 2

How long do you think

Speaker 4

that lasts before you really need kind of a next generation product in production? Thank you.

Speaker 2

Hi, Ryan. Thank you for the greetings. So SBS is progressing very nicely. Production is ramping up. We're still behind the targeted gross margin.

The first phase of production incur higher expenses than we originally expected. We do believe that doing next year, we'll see significant improve in the gross margin that will be combined with orders for line fit on top of the retrofit that we are delivering today. As you can see, we announced $60,000,000 orders, which also included initial orders for line fit units. So we believe that once we start delivering those units, we'll see a significantly better gross margins. In parallel, the cost reduction efforts are starting to bear fruits, not as fast as we expected, but we see the seeds of it.

And we believe that next year, we'll see even a higher reduction in costs. In terms of revenues, it was close to $30,000,000 this quarter. And overall, Stellar Blue was slightly losing. We expect them to be profitable starting Q4. On the next generation product, we haven't announced anything yet, but we are definitely working both on several new programs that will once we will be ready, we'll introduce several new IFA terminals.

Our focus today is on the Ku, new version, and also targeting Ka version. And of course, as everyone, we are considering also a version to include KU and KA with introducing LEO in KA. It might be also appealing offering as well.

Speaker 4

That's great. Really nice to hear that. And on the Peru front, you talked about these $85,000,000 in orders. Is most of that incremental to your ongoing kind of maintenance contract there? Or is that also a renewal of that maintenance ongoing rate?

Speaker 2

Yes. The $85,000,000 awards that we received during the last few months is upgrades for additional projects. So it's on top of the existing business that we have with ProNatal. It's not a renewal. Those projects the original projects are about to be renewed in four to seven years' time.

It depends on every region when it shifts to operation. And those projects includes both upgrading the network and maintenance contract until the end of the period. So some of them are for four years, some for five years and some for more. We do expect several other projects, necessarily related, but some are also related to those projects in the coming few quarters. It will be renewals of smaller projects in scope and renewals of the services that we provide to operators on top of the networks that we built in Peru.

In addition, in Peru, we expect that the government will release several new RFPs in the coming few quarters. It's delayed for more than six months, but we do expect to release them in the coming few months. Next year is an election year in Peru, so we do expect it to be released. So the awards will be announced before the election. But again, it's Peru.

We can control the government, so we are waiting.

Speaker 4

Got it. Really helpful. And then on the any impact you're seeing on bookings or product acceptance from the shutdown last forty five days?

Speaker 2

To be honest, yes. As everyone, we see we are not getting orders because of that. But we don't believe that anything is canceled. It's just delayed in new orders and probably might cause a small delay between the quarters in 2026 because there is a lead time from the day we get the orders, but we don't consider it now it's a big impact on our guidance and forecast.

Speaker 4

Got it. And Gil, any impact from FX from the shekel versus dollar in the quarter?

Speaker 3

Ryan, so no. This quarter, we hardly had any impact. We do hedge shekel.

Speaker 2

Got

Speaker 3

it. Looking forward, so this effect, if we'll encounter it, it will only be in the 2026.

Speaker 4

Got it. I think that's all I got for now. Thank you, guys.

Speaker 2

Thank you, Raj. See you The

Speaker 0

next question is from Luis Tatana of William Blair. Please go ahead.

Speaker 5

Congrats on the guidance raised and the recent awards. My first question is how many Stellar Blue Sidewinder aircraft are online now. I believe last quarter you indicated there were two twenty five planes flying with the system. And I was also wondering how is the antenna performing in the field in terms of connecting with the OneWeb constellation? Is the performance similar to what Starlink is achieving?

Thanks.

Speaker 2

Hi, Louis. Today, there are slightly more than three fifty aircraft connected. We deliver more units, but connected is three fifty units with more than three hundred thousand flight hours. The feedback that we are getting both from the customers and from the airlines that is the performance is very good. They are very happy with the performance with a very stringent SLA.

The antennas the OneWeb constellation, it's limited by the modem. So we are bringing, give or take, close to 200 megabit per second on one web. We can bring more, but it depends on on the satellites. I think that it's more than than what you need in the aircraft, so I think that the the service is at least in part far better than Starlink.

Speaker 5

Excellent. And my second question, you discussed on the earnings call two different SkyEdge four orders that you won that were each worth more than $40,000,000. Are you able to provide the applications for these awards? And are there others in the pipeline just because these awards seem much larger than your traditional Sky is for? Thanks.

Speaker 2

Yes. In general, as you know, the SkyEdge four is a multi application platform. So with the same platform, you can sell several applications. The main application for the orders are in flight connectivity. So, it's to increase the existing customer deployment globally with Skype for in flight connectivity application.

Speaker 5

Great. But for those orders, they don't they're not on the same planes as the StellarBlue Sidewinder. Right? They would be on

Speaker 2

Can be on the same can be on the same plane. Okay. You know, the sidewinder is a is a multi orbit antenna. So on on Yeah. For example, on the SCS, the old Intelsat, the old Gogo, you have today with sidewinder both a glass modem and one with one with the modem.

Speaker 5

Right. Yes. That seems like a in the future for you to definitely add Gilat modems to a a future successor, OneWeb Constellation since it seems superfluous to have two different modems on same plane.

Speaker 2

Yep. The the industry is wants to have a virtualized or cellular waveform that will run on the same hardware. It's something that everyone wants. And then Gilat has the ability, of course, to deliver things like that based on the road map and the relevant customers. In addition, this quarter, we announced that we signed a strategic agreement with an Asian Pacific operator for SkyH4.

So we added another customer to the SkyH4 platform. And over there, the focus will be fixed application, I would say, cellular backhaul.

Speaker 5

Great. And my third question, for the the $60,000,000 Stellar Blue order, you mentioned how for some of the installations, it will support I think you said line fit. Correct. But what is the timing of when the factory installations with Boeing will start?

Speaker 2

So we are progressing. We expect to get some of the certification before the end of the year that will allow in aircraft installation and some at the beginning of next year. So we'll be able to have a full installation towards mid mid next year.

Speaker 5

Great. So by by the 2026, that that should start. Excellent. And on my my fourth and and final question, as it relates to the the Stellar Blue milestones, I believe one of the milestones, the second one was about attaining $120,000,000 in new Seller Blue backlog by the 2025. And I know you received that $60,000,000 order, but do you expect to that milestone to be hit?

Speaker 2

This is a good question. We are the milestone is until, give or take, mid December. We are in advanced negotiation to get a very large order from one of our customers. And we want the order as soon as possible, so there is decent chance that we'll need to we'll be able to achieve the milestone and pay the amount. It still needs to comply with several commercially customer commercially requirement and relevant gross profits and things like that.

But in general, we are on track.

Speaker 5

Okay, great. Thanks. Thanks for the answers.

Speaker 0

The next question is from Chris Quilty of Quilty's Place. Please go ahead.

Speaker 6

Thanks, guys. Had a couple of follow-up on IFC and Stellar Blue. Revenues were down sequentially, and obviously, you're ramping production. But is that more timing of orders? Or is there a seasonality component?

And should we expect revenues to continue to ramp? And is there seasonality in Q4?

Speaker 2

In general, we are delivering mainly the terminals, but there are some auxiliary and avionics that is onetime per quarter. So it might create some bumps during the quarter. In general, the last two quarters production is stable. We managed to overcome the supply chain issues that we had with one of the components. So we do expect a ramp up of production in Q4.

We can deliver around 70 to 80 units per month, and we are on track to reach that. I believe that next year, we'll be able to deliver slightly more than that.

Speaker 6

Good. And I think you had originally talked about a 100 a month, you know, earlier this year. Is that the the target for '26?

Speaker 2

Something like that. Yeah. In in in subject, of course, for backlog and orders, but something like that, this is what's our target for next year.

Speaker 6

Got you. And I think when you acquired Stellar Blue, it had about $1,000 in backlog. Or is the backlog up? Or are you working down the backlog from here? Or I should say, maybe where do you expect as you exit the year with large orders that you expect to close with the backlog be up or down from that?

Speaker 2

It was slightly below 1,000 units in backlog. And we are give or take now at the same level that we were because we received a large order at the beginning of Q3. And if the order that we are now negotiating will mature, I believe that we'll end up the year with an even higher backlog than we entered the year.

Speaker 6

Got And again, I know the original target was exiting the year with 10% EBITDA. I'm assuming you're not going to hit that because you're behind with the component issue. But since you just raised EBITDA guidance, where across the portfolio did you make up the difference for Stellar Blue coming up a little bit short?

Speaker 2

Yes. So we do have a very nice growth that we see in the commercial and also on Peru side that they outperformed our EBITDA expectation. On the defense, as we said at the beginning of the year, we significantly increased our investment, increased sales and marketing and the R and D investment in order to support future business development. And it seems on track. We saw very nice orders this quarter.

We hope that the shutdown will end soon, and we'll see also additional orders as we expect Q4 to be strong in booking as well, and we expect to see revenue growth also next year.

Speaker 6

Gotcha. You mentioned commercial and specifically cellular backhaul, which has been sucking wind for the past year. Was it just a good quarter? Or do you see that trend in cellular backhaul starting to gather steam?

Speaker 2

It was a relatively small order on cellular backhaul. The main growth on the commercial side is the IFC business that we have and slightly on the fixed side. But the main growth engine is IFC.

Speaker 6

Got you. And back to Stellar Blue, sorry. There's the the third earnout is based upon the the four strategic wins. Have they have you closed any of those? Or is the the fourth quarter large order associated with that?

And how do you feel, still on track for those events?

Speaker 2

Up until today, we haven't closed any strategic deals. The large order is not associated with a new strategic deal. It will come from existing customers. We have we started several negotiation with customers that can be considered a strategic deal. I remind everyone that the strategic deal is something like, for example, additional line fit agreement with minimum commitment of at least $35,000,000 with a significant gross margin.

And we are in initial stages of discussion. So I can't predict right now if contract will be signed until mid June next year. But no doubt, the strategic deals will increase significantly our addressable market, so it's something we invest a lot and our efforts are on that.

Speaker 5

I have

Speaker 6

a quick question. I know you you did a six k when you called for the profit placement, but I didn't see a six k when it closed. Is it fair to assume that all the terms in the original k were were the same for for the close?

Speaker 2

Yes. Yes. The money received, $66,000,000, net of slightly below $1,000,000 of cost.

Speaker 6

K. And and just to confirm if you could give it later, but what was the closing share count? I just want to confirm that. And I guess the other question was CapEx was up kind of big in the quarter. Was there anything specific going on there?

Speaker 3

So the closing share count is a little bit above $64,000,000 And what was the second half? Sorry, I didn't hear it clearly.

Speaker 5

The CapEx.

Speaker 2

The CapEx. So I mean, CapEx is

Speaker 3

going as usual. I mean, it's within the original planning, a little bit higher than last year, but as expected. So no real news over there.

Speaker 6

Got you. And then maybe final one for you, Gil. I mean, obviously, this was stellar blue drag on the gross margins, which kind of ticked down below 30% for the first time in a while. Where do you expect to sort of, I could say, exit Q4, but if we look at maybe 26%, I know you're not providing guidance, are we back more at the mid-thirty percent gross margin as that product line picks up?

Speaker 3

Yes. I believe that this would be a fair statement. We also have a burden in the gap of about 2% in our gross margin of depreciation of the backlog. So this will be gone sometime during the first half of 26% or maybe even before. And then we'll get this 2% in the gap well.

So I think that the mid 30 is our our first statement. And, of course, as more line fits and the cost reduction efforts will kick in, we we may see even higher higher gross margins looking further.

Speaker 0

There are no further questions at this time. Mr. Benignini, would you like to make a concluding statement?

Speaker 3

Yes. I want to thank you all for joining us on this call and for your time and attention. We hope to see you soon or speak with you on our next call. Thank you very much, and have a great day.

Speaker 0

Thank you. This concludes Vilat's third quarter twenty twenty five results conference call. Thank you for your participation. You may go ahead and disconnect.