Moog Inc. Reports Strong Third Quarter 2024 Results with Further Margin Expansion

Rhea-AI Summary

Moog Inc. (NYSE: MOG.A and MOG.B) reported strong fiscal third quarter 2024 results, with diluted earnings per share of $1.74 and adjusted diluted earnings per share of $1.91, up 32% and 39% respectively. The company achieved net sales of $905 million, a 6% increase year-over-year, driven by growth in aerospace and defense businesses. Operating margin expanded to 11.6%, a 170 basis point improvement, while adjusted operating margin reached 12.3%, up 210 basis points. Moog's twelve-month backlog grew 7% to $2.5 billion. The company updated its FY 2024 guidance, projecting net sales of $3,575 million and adjusted diluted earnings per share of $7.40, reflecting an 8% sales growth and 20% EPS increase for the year.

Positive

• Net sales increased 6% year-over-year to $905 million
• Adjusted diluted earnings per share grew 39% to $1.91
• Operating margin expanded 170 basis points to 11.6%
• Adjusted operating margin improved 210 basis points to 12.3%
• Twelve-month backlog increased 7% to $2.5 billion
• Free cash flow improved by $17 million compared to last year
• Updated FY 2024 guidance projects 8% sales growth and 20% adjusted EPS increase

Negative

• Industrial segment sales decreased 1% to $250 million
• Industrial operating margin decreased 130 basis points to 9.8%
• Free cash flow was still negative at -$2 million for the quarter

Financial Analyst

Moog's Q3 2024 results demonstrate robust financial performance and operational efficiency. The company reported net sales of $905 million, a 6% increase year-over-year, driven by growth in aerospace and defense segments. Notably, the adjusted operating margin expanded by 210 basis points to 12.3%, reflecting improved business performance across all segments.

The standout metric is the adjusted diluted earnings per share of $1.91, marking a substantial 39% increase from the previous year. This impressive growth in EPS, outpacing revenue growth, indicates strong operational leverage and effective cost management.

Moog's backlog growth of 7% to $2.5 billion suggests a healthy pipeline for future revenues. However, the slight 1% decrease in Industrial segment sales and the 130 basis point decline in its operating margin warrant attention, as it could signal potential headwinds in this sector.

The company's free cash flow, while still negative at $2 million, showed a $17 million improvement year-over-year. This trend, if sustained, could lead to positive free cash flow in upcoming quarters, enhancing Moog's financial flexibility.

With the updated FY 2024 guidance projecting 8% sales growth and a 150 basis point expansion in adjusted operating margin, Moog appears well-positioned to meet its long-term financial targets. The projected 20% increase in adjusted earnings per share for the full year further underscores the company's positive trajectory.

Aerospace Industry Expert

Moog's Q3 2024 results reflect a robust performance in its aerospace segments, particularly in Military Aircraft and Commercial Aircraft. The Military Aircraft sales surge of 18% to $207 million is particularly noteworthy, driven by the ramp-up of the FLRAA (Future Long-Range Assault Aircraft) program. This program represents a significant long-term opportunity for Moog in the military aviation sector.

The Commercial Aircraft segment's 6% growth to $189 million is encouraging, especially given the focus on widebody aircraft production. This aligns with the broader recovery trend in commercial aviation post-pandemic, with widebody aircraft demand showing signs of resurgence.

The Space and Defense segment's 7% growth to $258 million, driven by strong U.S. and European defense demand, underscores Moog's strategic positioning in these critical markets. The substantial margin improvement in this segment (490 basis points to 12.6%) suggests enhanced operational efficiency and potentially favorable contract terms on space vehicle development programs.

While the aerospace segments show strength, the slight decline in the Industrial segment highlights the cyclical nature of Moog's diverse portfolio. The slowdown in industrial automation applications could be a reflection of broader economic trends affecting manufacturing and automation investments.

Overall, Moog's aerospace-focused segments are demonstrating resilience and growth, positioning the company well in high-value, technologically advanced markets. The backlog growth of 7% to $2.5 billion further reinforces the positive outlook for Moog's aerospace and defense businesses.

EAST AURORA, N.Y.--(BUSINESS WIRE)-- Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2024 diluted earnings per share of $1.74 and adjusted diluted earnings per share of $1.91.

"We delivered a solid performance in the third quarter of 2024, with significant improvements in our financial results," said Pat Roche, CEO. "Our teams continue to execute well, driving both top-line growth and margin expansion across our businesses. Our commitment to achieving our Investor Day targets remains strong, with clear progress in our pricing and simplification initiatives. With this momentum we are confident in our continued success and growth."

(in millions, except per share results)	Three Months Ended
	Q3 2024			Q3 2023			Deltas
Net sales	$	905		$	850			6	%
Operating margin		11.6	%		9.9	%	170 bps
Adjusted operating margin		12.3	%		10.2	%	210 bps
Diluted net earnings per share	$	1.74		$	1.32			32	%
Adjusted diluted net earnings per share	$	1.91		$	1.37			39	%
Net cash provided by operating activities	$	30		$	16		$	14
Free cash flow	$	(2	)	$	(19	)	$	17
See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the quarters ended June 29, 2024 and July 1, 2023.

Quarter Highlights

• Net sales of $905 million increased 6% compared to the prior year's quarter, with increases in our aerospace and defense businesses, while Industrial was slightly down.
• Operating margin of 11.6% increased 170 basis points, driven by improved performance in Space and Defense, Commercial Aircraft and Military Aircraft, while Industrial declined 130 basis points.
• Adjusted operating margin of 12.3% increased 210 basis points, reflecting improved business performance across all segments.
• Diluted earnings per share of $1.74 increased 32% due to higher operating profit, partially offset by restructuring charges and a higher tax rate.
• Adjusted diluted earnings per share of $1.91 increased 39%, driven by operating margin expansion and incremental profit from higher sales.
• Free cash flow improved by $17 million as compared to last year.

Quarter Results

Sales in the third quarter of 2024 increased compared to the third quarter of 2023, with notable growth in Military Aircraft, Space and Defense and Commercial Aircraft. Military Aircraft sales increased 18% to $207 million due to the ramp of the FLRAA program and other OEM production programs. Space and Defense sales increased 7% to $258 million driven by strong U.S. and European defense demand. Commercial Aircraft sales increased 6% to $189 million due to the increased production in our widebody business. Industrial segment sales decreased 1% to $250 million due to a slowdown in orders for industrial automation applications, partially offset by higher product demand in other markets.

Operating margin increased 170 basis points to 11.6% in the third quarter of 2024 compared to the third quarter of 2023. Space and Defense operating margin increased 490 basis points to 12.6% due to improved performance on space vehicle development programs. Commercial Aircraft operating margin increased 190 basis points to 12.9%, driven by higher sales volume and pricing initiatives, as well as mix. Military Aircraft operating margin increased 130 basis points to 11.6%, driven by cost absorption on the FLRAA program. Industrial operating margin decreased 130 basis points to 9.8%, impacted by higher restructuring and inventory write-down charges.

Adjusted operating margin in the third quarter of 2024 increased 210 basis points to 12.3% compared to the third quarter of 2023. The only segment with significant adjustments was Industrial, whose adjusted operating margin increased as the benefits of pricing more than offset an unfavorable sales mix and planned product transfers.

Twelve-month backlog remains robust, increasing 7% to $2.5 billion, driven by strong product demand across the aerospace and defense businesses.

Free cash flow in the third quarter was a use of cash of $2 million, an improvement of $17 million year-over-year, driven by higher net cash from operating activities and lower capital expenditures.

2024 Financial Guidance

"Fiscal year 2024 is measuring up to be a great step towards achieving our long-term financial targets," said Jennifer Walter, CFO. "This year, our sales will grow by 8%, our adjusted operating margin will expand by 150 basis points and our adjusted earnings per share will increase by 20%."

(in millions, except per share results)	FY 2024 Guidance
	Current			Previous
Net sales	$	3,575		$	3,550
Operating margin		11.8	%		11.9	%
Adjusted operating margin		12.4	%		12.4	%
Diluted net earnings per share*	$	6.85		$	6.87
Adjusted diluted net earnings per share*	$	7.40		$	7.25
*Diluted net earnings per share figures for 2024 are forecasted to be within range of +/- $0.10.

When the company provides adjusted, non-GAAP figures on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures generally is not available without unreasonable effort.

Conference call information

In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call live, or in replay mode, at www.moog.com/investors/communications. Supplemental financial data will be available on the website approximately 90 minutes prior to the conference call.

Cautionary Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.

Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.

While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.

Moog Inc. CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (dollars in thousands, except per share data)
		Three Months Ended						Nine Months Ended
		June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Net sales		$	904,735		$	850,176		$	2,691,888		$	2,447,071
Cost of sales			651,672			627,543			1,938,673			1,799,437
Inventory write-down			1,600			—			1,775			—
Gross profit			251,463			222,633			751,440			647,634
Research and development			27,791			26,502			86,752			77,107
Selling, general and administrative			126,361			121,935			370,047			351,795
Interest			18,153			17,256			52,850			45,351
Asset impairment			112			435			6,862			1,654
Restructuring			3,984			1,642			12,623			4,737
Gain on sale of buildings			—			—			—			(10,030	)
Other			4,157			4,525			10,041			10,077
Earnings before income taxes			70,905			50,338			212,265			166,943
Income taxes			14,545			7,951			48,090			35,527
Net earnings		$	56,360		$	42,387		$	164,175		$	131,416
Net earnings per share
Basic		$	1.76		$	1.33		$	5.14		$	4.13
Diluted		$	1.74		$	1.32		$	5.08		$	4.11
Weighted average common shares outstanding
Basic			31,960,165			31,838,961			31,943,365			31,811,034
Diluted			32,409,370			32,067,391			32,342,700			31,995,340

Moog Inc. RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED) (dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
As Reported:
Earnings before income taxes		$	70,905			$	50,338			$	212,265			$	166,943
Income taxes			14,545				7,951				48,090				35,527
Effective income tax rate			20.5	%			15.8	%			22.7	%			21.3	%
Net earnings			56,360				42,387				164,175				131,416
Diluted net earnings per share		$	1.74			$	1.32			$	5.08			$	4.11
Restructuring and Other Charges:
Earnings before income taxes		$	5,817			$	1,642			$	15,296			$	5,786
Income taxes			1,502				386				3,852				1,303
Net earnings			4,315				1,256				11,444				4,483
Diluted net earnings per share		$	0.13			$	0.04			$	0.35			$	0.14
Asset Impairment:
Earnings before income taxes		$	112			$	435			$	6,862			$	1,654
Income taxes (benefit)			(1,223	)			66				370				349
Net earnings			1,335				369				6,492				1,305
Diluted net earnings per share		$	0.04			$	0.01			$	0.20			$	0.04
Gain on Sale of Buildings:
Earnings before income taxes		$	—			$	—			$	—			$	(10,030	)
Income taxes			—				—				—				(2,086	)
Net earnings			—				—				—				(7,944	)
Diluted net earnings per share		$	—			$	—			$	—			$	(0.25	)
As Adjusted:
Earnings before income taxes		$	76,834			$	52,415			$	234,423			$	164,353
Income taxes			14,824				8,403				52,312				35,093
Effective income tax rate			19.3	%			16.0	%			22.3	%			21.4	%
Net earnings			62,010				44,012				182,111				129,260
Diluted net earnings per share		$	1.91			$	1.37			$	5.63			$	4.04
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.

Results shown above have been adjusted to exclude impacts associated with restructuring and other charges related to continued portfolio shaping activities, asset impairments and other charges due to program termination and the devaluation of an investment, as well as impacts from the sale of buildings. While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.

Moog Inc. CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED) (dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Net sales:
Space and Defense		$	258,409			$	242,402			$	755,324			$	706,040
Military Aircraft			207,177				176,217				595,921				536,770
Commercial Aircraft			189,365				178,808				591,181				475,518
Industrial			249,784				252,749				749,462				728,743
Net sales		$	904,735			$	850,176			$	2,691,888			$	2,447,071
Operating profit:
Space and Defense		$	32,635			$	18,585			$	100,175			$	66,386
			12.6	%			7.7	%			13.3	%			9.4	%
Military Aircraft			23,965				18,143				60,323				49,525
			11.6	%			10.3	%			10.1	%			9.2	%
Commercial Aircraft			24,367				19,745				69,838				49,943
			12.9	%			11.0	%			11.8	%			10.5	%
Industrial			24,413				28,035				81,592				89,183
			9.8	%			11.1	%			10.9	%			12.2	%
Total operating profit			105,380				84,508				311,928				255,037
			11.6	%			9.9	%			11.6	%			10.4	%
Deductions from operating profit:
Interest expense			18,153				17,256				52,850				45,351
Equity-based compensation expense			4,089				2,356				11,301				8,121
Non-service pension expense			3,188				3,124				9,566				9,338
Corporate and other expenses, net			9,045				11,434				25,946				25,284
Earnings before income taxes		$	70,905			$	50,338			$	212,265			$	166,943

Moog Inc. RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED) (dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Space and Defense operating profit - as reported		$	32,635			$	18,585			$	100,175			$	66,386
Asset impairment			112				—				416				219
Restructuring and other			—				273				—				1,554
Space and Defense operating profit - as adjusted		$	32,747			$	18,858			$	100,591			$	68,159
			12.7	%			7.8	%			13.3	%			9.7	%
Military Aircraft operating profit - as reported		$	23,965			$	18,143			$	60,323			$	49,525
Inventory write-down			—				—				175				—
Asset impairment			—				97				6,446				1,097
Restructuring and other			609				275				4,397				275
Military Aircraft operating profit - as adjusted		$	24,574			$	18,515			$	71,341			$	50,897
			11.9	%			10.5	%			12.0	%			9.5	%
Commercial Aircraft operating profit - as reported		$	24,367			$	19,745			$	69,838			$	49,943
Asset impairment			—				338				—				338
Restructuring			408				—				408				—
Commercial Aircraft operating profit - as adjusted		$	24,775			$	20,083			$	70,246			$	50,281
			13.1	%			11.2	%			11.9	%			10.6	%
Industrial operating profit - as reported		$	24,413			$	28,035			$	81,592			$	89,183
Inventory write-down			1,600				—				1,600				—
Gain on sale of buildings			—				—				—				(10,030	)
Restructuring and other			3,200				1,094				8,716				3,957
Industrial operating profit - as adjusted		$	29,213			$	29,129			$	91,908			$	83,110
			11.7	%			11.5	%			12.3	%			11.4	%
Total operating profit - as adjusted		$	111,309			$	86,585			$	334,086			$	252,447
			12.3	%			10.2	%			12.4	%			10.3	%

While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.

Moog Inc. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands)
		June 29, 2024				September 30, 2023
ASSETS
Current assets
Cash and cash equivalents		$	50,572			$	68,959
Restricted cash			946				185
Receivables, net			452,967				434,723
Unbilled receivables			766,445				706,601
Inventories, net			831,377				724,002
Prepaid expenses and other current assets			70,081				50,862
Total current assets			2,172,388				1,985,332
Property, plant and equipment, net			886,013				814,696
Operating lease right-of-use assets			57,669				56,067
Goodwill			827,319				821,301
Intangible assets, net			66,422				71,637
Deferred income taxes			9,050				8,749
Other assets			48,887				50,254
Total assets		$	4,067,748			$	3,808,036
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	266,294			$	264,573
Accrued compensation			98,981				111,154
Contract advances and progress billings			353,496				377,977
Accrued liabilities and other			269,633				211,769
Total current liabilities			988,404				965,473
Long-term debt, excluding current installments			958,127				863,092
Long-term pension and retirement obligations			160,635				157,455
Deferred income taxes			13,668				37,626
Other long-term liabilities			153,122				148,303
Total liabilities			2,273,956				2,171,949
Shareholders’ equity
Common stock - Class A			43,835				43,822
Common stock - Class B			7,445				7,458
Additional paid-in capital			726,656				608,270
Retained earnings			2,634,633				2,496,979
Treasury shares			(1,073,027	)			(1,057,938	)
Stock Employee Compensation Trust			(167,757	)			(114,769	)
Supplemental Retirement Plan Trust			(140,449	)			(93,126	)
Accumulated other comprehensive loss			(237,544	)			(254,609	)
Total shareholders’ equity			1,793,792				1,636,087
Total liabilities and shareholders’ equity		$	4,067,748			$	3,808,036

Moog Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands)
		Nine Months Ended
		June 29, 2024				July 1, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings		$	164,175			$	131,416
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation			64,302				56,780
Amortization			7,677				8,725
Deferred income taxes			(26,483	)			(26,680	)
Equity-based compensation expense			11,301				8,121
Gain on sale of buildings			—				(10,030	)
Asset impairment and inventory write-down			8,637				1,654
Other			5,374				5,083
Changes in assets and liabilities providing (using) cash:
Receivables			(18,677	)			(62,439	)
Unbilled receivables			(57,723	)			(100,820	)
Inventories			(105,629	)			(102,782	)
Accounts payable			918				8,514
Contract advances and progress billings			(26,882	)			65,746
Accrued expenses			36,928				(30,697	)
Accrued income taxes			9,832				21,568
Net pension and post retirement liabilities			8,783				11,199
Other assets and liabilities			(35,978	)			(2,455	)
Net cash provided (used) by operating activities			46,555				(17,097	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired			(5,911	)			—
Purchase of property, plant and equipment			(109,616	)			(125,074	)
Net proceeds from businesses sold			1,627				959
Net proceeds from buildings sold			—				19,702
Other investing transactions			(646	)			(9,482	)
Net cash used by investing activities			(114,546	)			(113,895	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit			784,500				711,732
Payments on revolving lines of credit			(691,000	)			(536,826	)
Payments on long-term debt			—				(219	)
Payments on finance lease obligations			(4,468	)			(3,449	)
Payment of dividends			(26,521	)			(25,459	)
Proceeds from sale of treasury stock			7,579				12,765
Purchase of outstanding shares for treasury			(21,832	)			(23,133	)
Proceeds from sale of stock held by SECT			16,670				9,863
Purchase of stock held by SECT			(14,296	)			(10,035	)
Other financing transactions			—				(2,026	)
Net cash provided by financing activities			50,632				133,213
Effect of exchange rate changes on cash			(267	)			3,950
Increase (decrease) in cash, cash equivalents and restricted cash			(17,626	)			6,171
Cash, cash equivalents and restricted cash at beginning of period			69,144				119,233
Cash, cash equivalents and restricted cash at end of period		$	51,518			$	125,404

Moog Inc. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) (dollars in thousands)
		Three Months Ended								Nine Months Ended
		June 29, 2024				July 1, 2023				June 29, 2024				July 1, 2023
Net cash provided (used) by operating activities		$	30,166			$	15,919			$	46,555			$	(17,097	)
Purchase of property, plant and equipment			(32,086	)			(35,331	)			(109,616	)			(125,074	)
Free cash flow		$	(1,920	)		$	(19,412	)		$	(63,061	)		$	(142,171	)

Free cash flow is defined as net cash provided (used) by operating activities less purchase of property, plant and equipment. Free cash flow is not a measure determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes this adjusted financial measure may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240802537627/en/

Aaron Astrachan - 716.687.4225

Source: Moog Inc.

FAQ

What was Moog's (MOG) earnings per share for Q3 2024?

Moog reported diluted earnings per share of $1.74 and adjusted diluted earnings per share of $1.91 for Q3 2024.

How much did Moog's (MOG) net sales grow in Q3 2024?

Moog's net sales grew 6% year-over-year to $905 million in Q3 2024.

What was Moog's (MOG) operating margin in Q3 2024?

Moog's operating margin for Q3 2024 was 11.6%, an increase of 170 basis points from the previous year.

How did Moog's (MOG) backlog change in Q3 2024?

Moog's twelve-month backlog increased 7% to $2.5 billion in Q3 2024.

What is Moog's (MOG) updated sales guidance for FY 2024?

Moog updated its FY 2024 net sales guidance to $3,575 million, projecting an 8% growth for the year.