Tecnotree Oyj (TEM1V.HE) Earnings Call Transcript & Summary

Welcome to Tecnotree H1 2025 Financial Results for Half Year Report. My name is Thomas Koponen, Director of Investor Relations. Presenting today is CEO, Padma Ravichander; and CFO, Indiresh Vivekananda. [Operator Instructions] Without further ado, CEO, Padma Ravichander.

Thank you, Thomas. Good morning, everyone. Welcome to Tecnotree's H1 results. It's been a record H1 2025 for Tecnotree with pivotal financial performance driving our growth. I'm excited to share the results with you. Well, as Tecnotree continues to expand its global footprint, today, Tecnotree is no longer a niche player, but a global leader in digital transformation. We have been creating impact through scale, serving 1.3 billion subscribers in 75 different countries for more than 90 customers. Our AI investments that started out in 2022 is helping us monetize and multiply the effect of our scalability of delivery and acquisition of new markets. We are poised for disproportionate growth and market dominance in the digital transformation era. What we have done operationally in terms of business transformation is brought efficiency by training our employees in telecom standards through TM Forum certification, ensuring our product stack is highly standardized with 4,500 product features serving 40 lines of businesses and standardized our interfaces to scale, the delivery capability and expand our customers' digital footprint. In terms of our strategy, the product portfolio evolution is a story to be told. We have had incredible execution of mark to market. In terms of our ability to embed AI since 2023 into our digital stack has brought a lot of intelligent automation creating a 5-year lead against our competitors in the telephone industry for AI. In 2021, we launched our ecosystem play with fintech and other adjacent market capability in terms of partner onboarding on our stack, making our stack standardized, open standard spaced, reducing the TCO of the digital stack. And today, creating native cloud enablement on the stack has driven the ability at low TCO, total cost of ownership, for our Tier 1 telcos to do incremental modernization, reducing their risk while they are digitalizing their operations and also helping us to be way ahead in terms of differentiation from our competitors who are still retrofitting legacy applications. Our prudent investments on the stack and CapEx investments have helped us create the strategy and roll out the strategy, taking market share and growing our both cloud business as well as latest to add to our portfolio is the MVNO spread that we are getting regionally, especially in Europe. In terms of H1 results by themselves, I think it validates our business [Technical Difficulty] our strategy for building a truly profitable business and transforming our business while doing so. The swing in free cash flow, 5 consecutive years -- quarters of free cash flow and the EUR 6 million swing is telling. Despite the dollar devaluation in constant currency, we grew ahead of the market, which was at 2.2% and Tecnotree posted the H1 results of 2.7%. And in terms of EBIT performance, we are ahead of the general competitors in the market, particularly in the product -- software product industry with a 28% growth in EBIT and year-on-year, I think it is a 32.5% growth, plus 520 basis point growth year-on-year, which is quite significant. A lot of this growth has come from the operational efficiency that we have created within the business and transformed the business likewise. It is really a very proud moment, a historic moment in our growth strategy to see the order backlog growing to above EUR 100 million. I think it's the first time in the history of the company and it's a validation of our AI embedded stack dominant sweeping market share and creating a very strong moat between ourselves and our competitors. The CapEx investments, while they were high in the beginning have now been reduced by 7%. That marks the fact that we have productized and standardized our platform, and our customers are ready to take our platform out of the box and implement it very quickly, gaining scale and speed of execution. The ARR reduction is seasonal, and I'll talk more to it as we cover the revenue portfolio and backlog in detail -- order backlog in detail. And there is also seasonality in our collections. While our collections have improved in terms of real quantum of collection, there is a seasonality in terms of cash collection as well. Next slide, please. In terms of actual performance in H1, I'm really proud to say that we took great market share. We got new Tier 1 telcos, but beyond that, we improved our cloud business and our MVNO ecosystem play to scale. And we also strategized that with the SI partnerships that we have carefully selected over the years to partner with, to grow our business into Europe and other regions. The recognitions that we have received from analysts and industry leaders is an external validation of our capability across multiple categories and also demonstrates our AI capability by -- in some of the areas. This builds a strong customer references and customer confidence. It also accelerates our pipeline growth, these recognitions. In addition, we are happy to announce that we had 10 go-lives in the first half, which really talks a telling story about our delivery at scale, which has been enabled by our internal AI productivity measures that we have implemented in our delivery. And that has also enabled us to deliver 600-plus features way ahead of market standards in terms of number of features per quarter on the stack. The business resilience, of course, is expanding. As customer confidence grows in our platform, we are able to increase the number of customers that use our ARR model to continue to evolve their capability on our digital stack as our ARR business is growing profitably. Moving to the next slide. We -- based on the order intake that we've had in H1, we have definitely raised our guidance from low to mid-single digits to low to high-single digit in order to remain cautious about the currency fluctuations and the dollar devaluations that we have been noticing in the market. However, we have captured market share ahead of many of our competitors and the industry norm of 2.2% by showing a growth of 2.7% for this first half. What is really interesting to note is the rebalancing that we have done between the regional growth. While our Middle East business continues to grow in terms of actual quantum of revenue, we show a good distinct growth in our European and American sales as well as revenue and order backlog. When you look at the quality of the revenue, you see that this first half, the license growth has been significant and naturally, the delivery and ARR growth are slightly lower. But again, that is the nature of our business. They will pick up in the upcoming quarters and the shift from license to ARR will create a higher profitable ARR growth in the future quarters. In terms of EBIT, I would say we are best among the product -- technology product companies in the world. A 28% EBIT return is best-in-class in the industry. Plus 520 basis points increase definitely shows you that we have brought efficiency through AI and built scale through introducing AI productivity into our engineering processes. That is also further demonstrated by the fact that we were able to lower our CapEx to sales from 18% to 14% in the first half and we are well on mark to deliver the 12% CapEx to sales this year that we had promised in our guidance. Next slide. On free cash flow, I think the story that has to be told is the internal business transformation that we embarked on in Q2 of 2024, when we recognized the headwinds that were approaching us. We deliberately announced an operational reduction of EUR 7 million. We have achieved those reductions already in the first half of 2025, in complete. And therefore, the financial and business operational discipline has helped us for the last 5 quarters to deliver positive free cash flow in a market that is fairly volatile in terms of dollar fluctuations and other currency fluctuations that we have faced. It also demonstrates the agility and the resiliency in the business that we have achieved. Despite the dollar headwinds, we were able to achieve the free cash flow and stay EBIT positive, a strong EBIT growth as well. We have been self-funding this growth while staying profitable. Finally, I just want to show how the strategy is evolving. All the CapEx investments that we have done mark-to-market that I talked about earlier is bearing fruit. And here are the real defining results that show that we have taken greater market share from our competitors in terms of growth in revenue on the digital platform, 2.7% compared to 2.2%, which is the industry growth indicator from the analysts. Our cloud business has grown 44% this first half. This is a very telling story of all the investments that we made on the digital stack to be cloud native, open standards-based stack, which is showing definite returns on investment in terms of the growth in the cloud business. The cloud market today is growing disproportionately. The expected growth is about 12% to 14% per year -- year-on-year up to 2030, and we are growing way ahead of the market trend. In terms of the MVNX business growth, we achieved 29% growth in this business in the first half. This is a growing reflection of digital transformation, where connectivity is the foundational capability, especially after the 5G explosion to create sub-brands and to have ecosystem play in adjacent markets. So through connectivity, we capture enterprise market share to provide the digital transformation capabilities to other types of brands in the areas of sports, health, e-commerce, fintech, et cetera. Tecnotree has achieved a good footprint in this area, and this market is exploding and having a growth of about 8% to 10%, and we are capturing good market share. We are also scaling on regional growth and balancing our regional growth while maintaining the core capabilities and the core customers that we already have in our portfolio by partnering with SIs who are very strategic in nature for our business expansion into these newer markets and newer customers. The SI and other partnerships that we have with infrastructure and hyperscalers are strategic in nature and they are not for margin growth at all. They are meant to help our business bundle offerings and reduce TCOs for our customers. Therefore, we have a very winning strategy with these partnerships to scale our operations. And finally, in terms of our guidance, as I stated earlier, we are -- if we can move to the next slide. We are maintaining mostly all of our guidance. We have only changed the revenue guidance from low to high single-digit growth. That is in line with the EUR 100 million order backlog that we have that we will start retiring in the upcoming quarters, several quarters, not just H2 of 2025. Our margin growth of 200 basis points, we are well on road to achieve that despite the dollar devaluation because the profitability in the business, as I said, the underlying business is fairly stable and sustainable for profitable growth, especially because of the AI and native capabilities and the use of AI to multiply the productivity and efficiency gains in our engineering capability. And finally, I think we will deliver, not in constant currency, but in real currency terms, greater than EUR 4 million in free cash flow. The rest of the guidance remains the same. And I really believe that Tecnotree is well poised to deliver exceptional results to our investors, and we look forward to a very healthy H2. Thank you. So on to Indiresh, who will give us more details on the financial results. Thank you.

Thank you, Padma. Yes, can we move into the summary, what we have? What I've presented here is not just the last year's or the last half year's, but comparatively from 2022, which will give us a broader view of our financial numbers and also tell us where we are heading and what we have done in the current year. As you can see, the revenue numbers are at about EUR 34 million, right, for the last three years. And this year, in constant currency, we were able to achieve a higher growth, even though in real currency, we were down by 2%. We already spoke about the headwind what we had from the dollars. We are also impacted by that. The earnings before interest and taxes, which is one of the major measurements of our performance, has been at a very high level at EUR 9.6 million compared to EUR 8 million what we achieved in last year H1 and almost in line with what we did in '23 and substantially higher than what we did in '21. Financial items, where I want to draw the attention of the audience here it is at EUR 5.2 million is the cost I need to take in this first half of the year. As you can see, the financial items mainly comprised of the loss what we had to take about EUR 4 million compared to EUR 2.5 million in this first half of the year, which is basically the dollar weakening against euro, what we discussed earlier, by about 13%. That has hit and I report the numbers in the euro numbers. And the income tax is based on what the collections we make was slightly higher. The net income, because I had to take a very high cost of the foreign exchange losses, it is lower at EUR 2.6 million compared to EUR 3.7 million in the last year. The cash collection, which is one of the high parameters that we have internally for our performance, we were able to collect about EUR 30.8 million. Again, I want to draw the attention. This is not in a constant currency, but this is in the real currency after we took the hit on the conversion is at EUR 30.8 million compared to EUR 26.1 million what we did last year. As Padma already spoke, the highlight of this half year or this quarter has been the orders what we got, which is phenomenally high, probably the highest in any quarter at EUR 74 million in this half year, what we got and compared to about EUR 23 million, what we had in the previous year, half year. There are backlog, which is a result of the orders what we got and what we consume for our revenue, is at an all-time high of EUR 105 million compared to EUR 72 million what we had. The earnings per share was because, my net income was lower, is at EUR 0.15 compared to EUR 0.22 and just for us to remember, for '23 and '22, it is not strictly comparable because they were before the split of the shares, what we did in 2024. One other positive thing I wanted to highlight here is the free cash flow what we had it's at EUR 2.1 million compared to a negative of EUR 3.9 million the previous year H1. Just want to call out in the last four quarters, since second quarter of 2024, we have got more than EUR 4.2 million in the positive free cash flow in the last 4 quarters. But as Padma mentioned earlier, for the last 5 quarters, we have been consistently achieving a positive free cash flow. Can we move to the next slide, please? I'm coming now mainly to the quarterly numbers. As you can see, the quarterly revenue was at EUR 7.3 million, slightly lower than the last year. But in constant currency, we were at EUR 18.8 million for this quarter compared to EUR 18.7 million, almost comparable in the last year's Q2. The EBIT, again, as we saw for the H1 for the Q2 was also at a reasonably high level at EUR 5.1 million compared to EUR 3.5 million in the previous year. Reiterating again, the huge loss we had to undertake because of the weakening of certain currencies, mainly the USD, EUR 3 million is the exchange loss I had to take in this quarter. Taxes were at EUR 1 million. The collection was reasonably at the same level as last year at EUR 16.4 million. Then our order backlog, as we said, is at a very high level of EUR 105 million. The earnings per share is because we had a higher financial items is at EUR 0.06. Some of the highlights in this quarter has been the operating margin at 29.2% compared to 18.8% in the previous year. The net sales in constant currency increased slightly to EUR 18.8, million exchange losses were very high at EUR 2.7 million. And free cash flow, again, at EUR 1.1 million, whereas in the last year Q2, we had EUR 800,000 as a positive cash flow. Can we move into the next slide? I think one of the other parameters we discussed is on the DSO days, the collections continues to be challenging. While overall, the receivables has come down, we still have a substantial amount to be collected which are about one year at 22%. Again, all of us know that the customers we cater are very large telecom operators. And also in certain countries, we still have the challenges in collection at 22%. And DSO days, if you look at as a parameter, it's -- there's a lot of seasonality in this also. You've seen from 225 days, it comes down to about 144 days. And again, it goes up, comes down. By end of the day, I hope or we expect our DSO days will be between 100 to 140, that is the guidance that we have given. Can we move to the next slide? Yes, we spoke about the currency risks, what we have. 2025 EUR 4 million ForEx loss in H1 due to the headwind with 13% weakening of USD against euro. Exposure to frontier, how are we trying to mitigate it? While we know that dollar devaluation is something unexpected or nobody had thought. Last year, probably at the same time we were thinking we had a huge risk in the Naira. Nobody had thought that dollar will be behaving the way it did in the first half of the current year. We were always targeting to reduce our exposure to the frontier currencies, so which we did in the first half of the year, and now it stands at about 10% of our total revenue. Growth in mature markets expected to reduce the impact of currency risks over time. And as we know that any weakening of any currency is normally spread over 4 quarters, it takes 4 quarters to rebound and as you can see in the next slide, what we have put or rather in this slide, what I have put as a diagram, the weakening of the dollar right from 2008. You can see that between the dollar and euro in 2020 and 2021, the dollar was highly strong against euro, but the trend is weakening, but we never saw such a drastic weakening of about 13% in a few months' time. One thing if you look at that, we didn't change the guidance for the free cash flow. We're still keeping at the real currency above EUR 4 million. One of the reasons for that is we expect the dollar to be slightly stabilized versus euro, which we have been seeing in the last one month. And with that, our guidance on the free cash flow remains same. And again, we have explained last year in the volatile currency on the frontier market, what we call, our revenue used to be at 27% and that has come down drastically to 10%. So where we were able to manage the other volatile currencies, but dollar headwind really hit us. Can we move to the next slide? This is on the balance sheet, I want to call out certain numbers for the audience here. I wish to compare most of the numbers in the last 6 months, how it has moved. The trade receivables has come down from EUR 34.5 million to EUR 32.8 million. The other receivables, which mainly comprises largely of the unbilled and other long-term receivables, has come down from EUR 42 million to EUR 37 million. The cash balances have gone up from EUR 16.8 million to EUR 19.1 million at the end of the current half year. The shareholders' equity as a combination of the increase in the profitability has gone up to EUR 93.1 million at the end of June 2025. Convertible debentures, there are no changes. We still remain at 23.1%. And the other significant is the short-term trade payables, which was a EUR 15 million we brought it down to about EUR 10.4 million. Minor growth in the intangible compared to the last year, at 2024. Trade and other receivables are reduced by 9%. Growth in cash and cash equivalents, driven by free cash flow generated from operations and significant reduction in the current liabilities. This is how I want to present the balance sheet to the audience here. Can we move to the next slide? What are the takeaway from the finance perspective in this half year? Order book at a record high, 5 quarters of continuous free cash flow. We are on track to meet the guidance of greater than EUR 4 million in the whole year. Cost-cutting measures, which we initiated last year has been paying off reasonably with substantial margin improvement in H1. Dollar-based contracts hurt by dollar weakness in H1. Healthy underlying performance and all the guidances are on target, and we have increased the guidance on the revenue. We expanded up to the high end of the single-digit growth. Can we move on to the next slide? This is what I had to the audience. Thomas, back to you. If there are any questions, we are happy to answer them.

Thank you for the presentation Indiresh and Padma.

Yes, we have three present questions this morning from some users and there are some questions in the chat. So if you guys are ready, then let's start with the first question. The recent contract wins you announced, how quickly will they translate into profits?

Okay. Padma, do you want to take or do you want me to?

Why don't you answer the question, Indiresh?

Yes, I can take. As you are aware that we had certain large orders we did announce in the last quarter. Three of them, in fact, one in South Africa, one in Netherlands and one in U.K. are the large orders, as you know, that we had announced that it will take -- the delivery of them will start in the Q3 and Q4 of this year and it's a multiyear contract. And we expect the revenue to flow in over the period of time. And that is one of the reasons while we expanded our revenue guidance from low to mid to low to high. While I cannot be specifically saying how much revenue we are going to get in each quarter, but expansion of our guidance should indicate our confidence in getting the revenues from these large orders.

Thank you. Given the current dollar to euro exchange rate, can you please quantify the FX headwind for the rest of the year?

So, may I take that as well?

Yes.

Thank you. Thanks for the question. Yes, I don't think anybody had really anticipated that we are going to have such a head-fall on the dollar devaluation. Just to recollect, probably last couple of years, everybody was saying that Tecnotree has a problem because most of the currencies we deal with are the frontier currencies, are subject to huge devaluation. And strategically, we thought that we should move away from the frontier currencies, which we did. We gave a guidance and we started moving into that. As you can see, from 24% last year, we came down to 10% in the current year. But again, I don't think anybody had anticipated that the dollar will get devalued in 6 months by 13%, which is phenomenally very high. We have taken that into account when we have given our guidance. As you can see that in spite of that, we had a positive free cash flow of about EUR 2 million in the first half of the year. We hope, we expect, we anticipate the dollar may not have a similar steep fall in the second half of the year. And my currency guidance, we are able to expand because we give it on the constant currency, but our free cash flow is on the real currency. And I hope at this point of time, we still hold on to our guidance. If there are any drastic thing happens, and if there are anything to be reestimated, we'll always come back to the guidance. But as of now, our guidance stands that we are going to achieve free cash flow of more than EUR 4 million in the real currency in the whole year.

I'd just like to add one point, if I may, to this. Despite the fact that we deliberately rebalanced our regional portfolio to ensure that we enter mature markets and move away from frontier markets because of the currency fluctuation and the cash collection issues that we faced also. Nobody could have predicted the headwinds that we met with the dollar devaluation this first half. But despite that, the operational excellence and the resiliency that we had already done transformationally in our business poised Tecnotree to weather that storm and still post a very profitable EBIT and maintain a positive -- free cash flow as a positive balance this quarter, well in line with the guidance that we have given the market. And I believe that is the core capability, the core agility and the core operational excellence that we have built in, indexed and protected the business to weather these surprises that we dealt with.

Very true.

Thank you for that. Next question was, cash on balance sheet was EUR 19 million. Is it right to assume the balance of the CCDs won't be needed?

I will take a little bit and probably if you want to add, you can add. Yes, we have a healthy money in our bank account, which is sufficient as of now to meet our day-to-day operations. But if you really look at it, the purpose of CCDs when we raised was not for using it for the regular operations of the company. There is an ROI which we need to look into between getting the additional money and the dilution it can cause to the shareholders. That is a continuous evolvement we do. As of now, there is no change in the information what we have that the subscriber has time till December to pay for this subscription. Padma, you want to add anything to it?

No, I think that's well said.

All right. Next question, what margin do you earn on deals through SI partners like Tata?

Actually, our relationship with partners, whether it's Tata to expand our footprint or HCL Tech, or Accenture or Microsoft for Azure infrastructure, cloud infrastructure, et cetera, are always strategic. It's never for margin performance of our business. It's to gain market share, to bundle capabilities that are very, very geographically important for our customers and bring scale to their operations and their ability to monetize revenue. So all the partnerships we've had so far are extremely strategic in nature. If you take Tata, we entered the ecosystem play with partner onboarding on our platform in 2021, where we have FinTech portfolio to bring financial equity in emerging markets. We also introduced healthcare with eHealth capability on our platform. We have introduced sports and gaming capability, multimedia capability on the platform. And the Tata relationship is to expand that ecosystem play into multiple brands across market segments, which are adjacent to the telecom business. So the telecom business and the stack -- the digital stack that we have is the underlying capability upon which businesses can transform themselves to become more digital. And that's the strategic intent and go-to-market strategy with Tata.

Thank you, Padma. Given the recent steps towards better corporate governance, improving cash flows, new added logos, what kind of steps management sees to attract more institutional owners? Is an international Capital Market Day in the near future and option that you have discussed? If yes, how soon could this materialize?

Thank you, Thomas. Thank you for recognizing that good corporate governance has come by. We definitely work very hard to build more transparency, gain more trust of our investors and continue to create a very stable platform for profitable business and investor confidence. Yes, we will continue to meet investors. Last year, we participated in a European Investment Forum in France. This year, we have plans both in H1 of this year and H1 of 2026 to have 10 more investor forums where we demonstrate our capability and the true value that we bring to investors who are interested in Tecnotree. We will continue to do that for sure.

You mentioned AI a lot in your product. What exactly does this do? And what are your plans?

Our plans for AI is to strengthen -- first of all, we were one of the very early adopters. We acquired a company which was top 10 in the world for AI along with Microsoft, Google and other industry leaders, who were investing very early -- at very early stages in AI in 2022. We acquired CognitiveScale. We integrated the CognitiveScale AI engine into our digital platform. It came with 137 patents and by integrating and embedding the AI capability into our platform, one, we were able to help get AI capability to our customers, so that they can improve their customer intimacy, their customer insights and governance as well as monetization capabilities on our platform. And internally, we adopted AI in our engineering processes through which we enhanced our scale and productivity and ability to deliver, but also we reduced our costs significantly over the last few quarters, which brought in operational excellence. We continue to use AI in the more agentic AI to help customers increase their capability to engage with their customers. We will expand our AI footprint. As cloud technology grows, AI becomes a necessity for many of our customers to expand their footprint and adopt to hybrid cloud capabilities. And having an AI native stack definitely helps us in that area. And I believe we are ahead of the game in terms of telecom operators being ready for intelligent automation. We are ready to serve them today because of that early investment and early adoption.

Thank you. And in the live chat, there is a question on -- I think we already answered this question. Do you expect Fitzroy to pay the unpaid subscription price of the CCD in a total amount of EUR 20 million to the company by Q4 2025? Do you have plans for acquisitions? Or why is this EUR 20 million needed? I think in that I should have covered this earlier, but I wanted to read it out.

Yes. As of now, we have no change in the information that Fitzroy have plan to make the payment till December and they're going to make the payment. This is what currently we understand or with the information we have. And what do we do with the money what we get? As you know, that the money that we raised for CCDs were mainly for three purposes. One was the repayment of the loans, which we had taken at that point of time to acquire the company in the U.S. The second one was to invest in our R&D. And the third one was to do any inorganic growth. So we always look for those opportunities. And if that is needed, we will do it. As I said, it's an ROI trade-off between getting the additional money and the reduction for the shareholders' value. So we will look into that, and we'll constantly be updating the shareholders as and when we have something to share.

Thank you. There is a question that came out. Tecnotree has EUR 5.3 million interest-bearing liabilities, and that has been going up during the year. Do you plan to pay out those loans if Fitzroy pays CCDs?

As I said that one of the purposes of the CCDs is to repay. Again, we take an ROI on whether it's easier to pay off the debt or invest in our products or do an inorganic M&A. So that we will take a call as the time comes for that and we'll keep everybody informed about that. But as of today, I don't have any specific plans for that money saying that this is what we are going to do. We do it when we get the money.

Thank you. And also a question comment on, please give an update status of receivables from liquidation of Tecnotree convergence, Middle East, FZ LLC? During the financial year 2023, how much of the purchase amount has been paid? And how much do you expect to receive? I believe this was answered also in the Q4 or Q1, but let's...

Yes. I can only say that we are on track to recover whatever is the money that was owed to us when we hived off that business. As of today, I do not see any risk in noncollection of that money.

Okay. And final question and the comments is, Thomas Koponen, do you plan to attend investor discussion at Inderes Forum? I will just reiterate that I have been given a profile by Inderes to receive the reports, but I am not actively participating in the forum. We try to treat all the investors and access equally to everybody, but you guys are always free to send an e-mail to investor relations at tecnotree.com for comments. Let's see if there's any other new questions coming in through chats or have we covered them all. So we have no new questions coming in to the Q&A. Before I end the call, is there any final remarks based on the H1 2025 report?

As I already said, we are extremely happy with the company's performance and the underlying foundational transformation we have done both in terms of financial performance and operational excellence. I think we are poised for growth. We have taken good market share. We have got a good healthy order book. We are returning positive free cash flow on a continuous basis and our profitability is strong. So I'm looking forward to a healthy H2 and returning good value back to investors. Thank you.

All right. Well, thank you for your time, Padma and Indiresh, and thank you for everyone who was online for the call. I will be ending the call here today, and thank you for your attendance and your questions.

Thank you.

Thank you.