Categories
TTI

Berkshire’s Symmetry Electronics & TDK’s InvenSense Extend Distribution Agreement

(BRK.A), (BRK.B)

TDK Corporation has announced that InvenSense Inc., a TDK Group Company, and leading provider of MEMS sensor platform solutions, has extended its strategic distribution agreement with Berkshire Hathaway’s Symmetry Electronics, a leading global distributor of wireless, IoT and video technologies, increasing the footprint and expanding the InvenSense “Sensing Everything” platform globally.

With the extended agreement, Berkshire’s Symmetry Electronics is now chartered with sales and value-added support for InvenSense’s MEMS sensor platform solutions worldwide.

InvenSense provides industry leading sensor technologies in motion tracking, optical image stabilization, location tracking and audio microphones; solutions can be found in the consumer, industrial, automotive and IoT market sectors.

As a member of the TTI Semiconductor Group, Symmetry Electronics specializes in wireless, IoT and video solutions, providing OEMs with a focused and curated line card. TDK, having a long-standing relationship with the TTI family of companies, now enables Symmetry Electronics to support and distribute the full product portfolio of InvenSense; the latest of acquisitions made by TDK.

“The growing market of IoT is increasing the need for high-quality, low-powered MEMS sensors,” said Mark Zack, Vice President and General Manager at Symmetry Electronics. “We are extremely excited to offer InvenSense products to our customers. The innovative technology InvenSense provides will enable our customers to utilize cutting-edge MEMS sensors in their IoT applications.”

“Demand Creation through Distribution is vital to the success of the IoT marketplace,” said Dan Goehl, VP of Worldwide Sales at InvenSense. “We are very excited to have Symmetry as a partner to help maximize our success and provide our customers with such support, extending beyond traditional distributor offerings.”

Symmetry Electronics was acquired by Berkshire’s TTI, Inc. in July 2017.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Berkadia

Berkadia Arranges Financing for 3 Multifamily Properties in Dallas-Fort Worth Area

(BRK.A), (BRK.B)

Berkadia, Berkshire Hathaway’s joint venture with Leucadia National Corporation, has announced the $94.2 million in combined financing for Avana Stonebriar, Avana McKinney Ranch and Avana Point, three multifamily garden-style properties located in the Dallas-Fort Worth, Texas area.

Managing Director Andy Hill and Associate Director Tyler Nowlin of Berkadia’s Austin, Texas office secured the financings through Freddie Mac for the acquisition of the properties.

For Avana McKinney Ranch, the team secured $35.19 million in financing for Blue Atlantic McKinney Ranch, LP.

Berkadia secured a seven-year $30.01 million loan for Avana Point on behalf of Blue Atlantic Point, LP.

Avana Stonebriar received $29 million in financing for the borrower, Blue Atlantic Stonebriar, LP.

“We were pleased to work with Atlantic Pacific Companies and Freddie Mac to structure acquisition financings for these three assets under Freddie’s Green Up Program and close within 32 days of signing the loan applications,” said Hill. “In addition to investing in energy conservation improvements, the borrower plans to complete significant capital improvements at all of the properties to elevate their positions within their respective markets.”

Avana McKinney Ranch is located in McKinney, Texas and features 343 units of one, two- and three-bedroom floor plans, as well as attached and detached garages or carports. Residents also have access to a clubhouse, a business center, a pool and spa, a cyber café and an outdoor cabana with a grill. Within 30 days of closing, the property will be renamed The Atlantic McKinney Ranch.

Avana Point is located in Fort Worth, Texas, and the property features 324 units of one-, two- and three-bedroom floor plans. Residents can also enjoy a clubhouse, a fitness facility, a pool and spa, a sand volleyball court and covered parking. The owner plans to rename the property.

Located in The Colony, Texas, Avana Stonebriar features 294 units of one-, two- and three-bedroom floor plans. The property features a clubhouse, a pool, a fitness room and a playground. Within 30 days of closing, the property will be renamed The Atlantic Stonebriar.

About Berkadia

Founded in 2009 as a 50/50 joint venture between Berkshire Hathaway and Leucadia National Corporation, Berkadia is a third-party commercial mortgage servicer, as well as an approved lender for Fannie Mae, Freddie Mac, and HUD/FHA.

The company is among the top Freddie Mac and Fannie Mae multifamily lenders.

Berkadia owes its origins to GMAC Commercial Mortgage Corporation, which was acquired in 2009 by Kohlberg Kravis Roberts & Co., Five Mile Capital Partners LLC, and Goldman Sachs Capital Partners. Christened Capmark Financial, the company had $10 billion of originations in 2008 and a servicing portfolio of more than $360 billion before running into bankruptcy in October 2009.

In a deal approved by the bankruptcy court, Capmark sold its mortgage loan and servicing to the newly formed Berkadia in a deal worth $515 million.

The deal brought Berkshire into the heart of the commercial loan serving business, and the company has one of the largest commercial real estate servicing portfolios.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Minority Stock Positions Stock Portfolio

BYD Sets Up US Leasing Program for Electric Buses

(BRK.A), (BRK.B)

With Chinese new energy company BYD leading the charge on pure electric buses, it’s fitting that it would also make headway on making the vehicles affordable for regional transportation systems.

BYD has created a joint venture with San Francisco-based energy and resource infrastructure financing firm Generate Capital to provide an electric bus leasing program in the United States.

Generate Capital will allocate $200 million to the lease program.

Regional transportation systems, which often struggle with affording capital expenditures, will now have greatly reduced upfront costs.

While electric buses are cheaper to run over the long term, they do have higher upfront investment than conventional diesel-powered buses.

The market for electric buses is expanding rapidly, as regional transportation systems replace diesel buses. Many hybrid buses have also been on the road for over a decade, and are heading towards the end of their service life.

According to Bloomberg New Energy Finance, the U.S. energy efficient transportation market is projected to increase 500% over the next eight years.

“BYD’s mission is to fundamentally change the world by reducing our dependency on carbon-based fuels through the development and advancement of battery and electric vehicle technology,” said BYD president Stella Li. “This partnership will be critical in that effort by creating new financing alternatives to a broader range of clients.”

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Uncategorized

Berkshire Operating Profits Soar 67% in Second Quarter

(BRK.A), (BRK.B)

Berkshire’s operating results for the second quarter and first six months of 2018 and 2017 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com.The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the second quarter and first six months of 2018 and 2017 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

Second Quarter

First Six Months

2018

2017

2018

2017
Net earnings attributable to Berkshire shareholders $12,011 $4,262 $10,873 $8,322
Net earnings includes:
Investment and derivative gains/losses –
Investments 4,824 185 (1,439 ) 390
Derivatives 294 (42 ) 131 257
5,118 143 (1,308 ) 647
Operating earnings 6,893 4,119 12,181 7,675
Net earnings attributable to Berkshire shareholders $12,011 $4,262 $10,873 $8,322
Net earnings per Class A equivalent share attributable to Berkshire shareholders

$7,301

$2,592

$6,610

$5,060
Average Class A equivalent shares outstanding 1,645,057 1,644,580 1,645,008 1,644,503

Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A.

In 2018, due to a change in Generally Accepted Accounting Principles (“GAAP”), we are now required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our earnings statements. In the table above, investment gains/losses in 2018 include a gain of approximately $4.5 billion in the second quarter and a loss of approximately $1.7 billion in the first six months of 2018 due to changes during the second quarter of 2018 and changes during the first six months of 2018 in the unrealized gains/losses of equity security investments held at June 30, 2018. In 2017 and in prior years, while changes in unrealized gains/losses were reflected in our shareholders’ equity, they were not included in our earnings statements. Accordingly, the following statement which has been included in each of Berkshire’s earnings releases for many years along with some additional comments (additional comments underlined) is even more important when analyzing Berkshire’s periodic results. The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be misleading to investors who have little or no knowledge of accounting rules.

An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).

Second Quarter

First Six Months

2018

2017

2018

2017
Insurance-underwriting $943 $(22 ) $1,350 $(289 )
Insurance-investment income 1,142 965 2,154 1,873
Railroad, utilities and energy 1,890 1,467 3,620 2,785
Other businesses 2,570 1,985 4,766 3,593
Other 348 (276 ) 291 (287 )
Operating earnings $6,893 $4,119 $12,181 $7,675

At June 30, 2018, our book value per Class A equivalent share was $217,677. Insurance float (the net liabilities we assume under insurance contracts) was approximately $116 billion at June 30, 2018, an increase of $2 billion since yearend 2017.

Use of Non-GAAP Financial Measures

This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.

Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment and derivative gains/losses.

Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are now required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Acquisitions Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices Enters Metairie, Louisiana Market

(BRK.A), (BRK.B)

Berkshire Hathaway HomeServices United Properties has entered the percolating Metairie, Louisiana market and added one of the region’s most productive agents and teams, Shaun McCarthy and his McCarthy Group, REALTORS.

The agreement gives United Properties a third office beyond its Baton Rouge headquarters and Central city location. McCarthy and the McCarthy Group, REALTORS team will continue operating from their existing Metairie office at 530 Metairie Road as Berkshire Hathaway HomeServices United Properties.

Combined, the company has 86 agents.

“We’ve had our eye on the Metairie market for a long time,” said Jonathan Starns, brokerage founder and co-owner. “Yet to do so and add the most productive and respected office in the region, we feel we’ve hit a grand-slam home run.”

“We are proud and excited to join forces with Shaun and his team,” added Chase Muller, brokerage founder and co-owner. “The group is skilled, experienced and the best for its clients. They have a terrific service ethic and will represent our brokerage and our brand well.”

McCarthy, a native of the region, brings to the brand more than 25 years of local real estate experience. He said the United Properties alliance, combined with the Berkshire Hathaway HomeServices brand and its marketing and technology might, will help his team grow business to new heights.

“Jonathan Starns and Chase Muller are strong and respected operators; we’re happy to be part of their team,” McCarthy said. “In addition, our new brand carries the name of Warren Buffett’s Berkshire Hathaway Inc., one of the world’s most respected corporations. The network’s digital-advertising platform, created in conjunction with VaynerMedia, generates huge attention; and its real estate technology is top of class with exciting innovations on the drawing board. With all these resources at our fingertips, it’s up to us to do what we do best – sell real estate and make our Metairie-area clients happy.”

As part of Berkshire Hathaway HomeServices, McCarthy and his team gain access to the brand’s Global Network Platform, a powerful tool suite driving lead generation, marketing support, social media, video production/distribution and more. The brand also provides international listing syndication, relocation referrals, professional education and the exclusive Luxury Collection marketing program for high-end, resort-style listings.

Muller sees continued growth across the United Properties enterprise. “Our company thrives on attracting the finest and most experienced professionals in the marketplace, and then standing on our heads to ensure our clients achieve their real estate goals and aspirations,” he said. “We believe United Properties and the Berkshire Hathaway HomeServices brand present a compelling option for local real estate consumers and professionals alike.”

Gino Blefari, president and CEO of Berkshire Hathaway HomeServices, applauded United Properties’ union with McCarthy and his team, and its entrance to the Metairie market. “Jonathan Starns and Chase Muller reinforced the significance of their company name by uniting one of the most successful teams in the state of Louisiana,” Blefari said. “I commend Shaun McCarthy for making this commitment to the future growth of his skilled and successful team.”

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Berkshire Hathaway Energy

Berkshire Utilities Rack Up Millions in Benefits as Western Energy Imbalance Market Surpasses $400 million

(BRK.A), (BRK.B)

Berkshire Hathaway’s utilities NV Energy and PacifiCorp racked up over $16 million in benefits in the 2nd quarter through their participation in the Western Energy Imbalance Market.

In 2014, Berkshire Hathaway Energy’s PacifiCorp agreed to become the first participant in a new Energy Imbalance Market (EIM) as a way to balance electricity in-flows and out-flows on a regional basis and bring millions of dollars in benefits to participating utilities.

The Western Energy Imbalance Market total benefits have now surpassed $400 million.

For the 2nd quarter, Berkshire Hathaway’s NV Energy showed benefits of $5.34 million and Berkshire’s PacifiCorp achieved benefits of $11.67 million.

The Western EIM’s state-of-art technology automatically finds and delivers the lowest cost energy to serve more than 42 million consumers in eight western states, and extending to the border with Canada. In addition to optimizing diverse resources from a larger pool for lower costs, the EIM favors carbon-free generation, an added environmental benefit.

The market is poised to grow, with the Balancing Authority of Northern California/Sacramento Municipal Utility District (BANC/SMUD) set to begin participating in April 2019. The Los Angeles Department of Water and Power, Salt River Project of Phoenix, and Seattle City Light will follow in April 2020.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Insurance

Berkshire Provides $2 Billion Loan to Seritage Growth Properties

(BRK.A), (BRK.B)

Seritage Growth Properties a national owner of 249 properties totaling over 39 million square feet of gross leasable area, announced today that the Company has entered into a $2.0 billion term loan facility (the “Term Loan Facility”) with Berkshire Hathaway Life Insurance Company of Nebraska.

“This new financing is a transformational step in the evolution of our Company, which we started three years ago, and positions us to further accelerate our role as a leading retail and mixed-use developer across the country,” said Benjamin Schall, President and Chief Executive Officer. “We very much appreciate Berkshire Hathaway’s confidence in our team and platform, and are energized by our growing opportunities to create lasting value for our shareholders, partners and local communities.”

The $2.0 billion Term Loan Facility, which matures on July 31, 2023, provides for an initial funding of $1.6 billion at closing (the “Initial Funding”) and includes a committed $400 million incremental funding facility (the “Incremental Funding Facility”). Funded amounts under the Term Loan Facility bear interest at a fixed annual rate of 7.00%, while amounts available under Incremental Funding Facility will be subject to a 1.00% annual fee until drawn.

The Company used a portion of the proceeds from the Initial Funding to fully repay its outstanding mortgage loan and unsecured term loan. Net proceeds from the Initial Funding, combined with existing balance sheet cash and the release of cash reserves held by the previous lender as of June 30, 2018, provide the Company with over $600 million of cash liquidity, in addition to access to the $400 million Incremental Funding Facility.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Commentary Warren Buffett

Commentary: Buffett Not the Only Billionaire into Restaurant Brands International

(BRK.A), (BRK.B)

One of Warren Buffett’s best deals in recent years was his 2014 financing of Burger King’s acquisition of Canadian Restaurant Chain Tim Hortons.

The deal was financed by Berkshire Hathaway, and Berkshire’s role gave the conglomerate ownership and control over 4.18% of the outstanding Common Shares and 14.37% of the total number of votes attached to all outstanding voting shares of the newly created Restaurant Brands International.

The company has continued to grow, and in 2017 gobbled up Popeyes Louisiana Kitchen for $1.8 billion.

What made the deal one of Buffett’s best was Berkshire’s right to purchase 8,438,225 common shares of Restaurant Brands for a penny a share. The warrants came attached to 68,530,939 Class A 9.00% Cumulative Compounding Perpetual Preferred Shares that Berkshire acquired during the financing.

Berkshire has been sitting in the catbird seat, and with Restaurant Brands’ stock currently at $62.77 a share, Buffett is ahead a remarkable 620,770%.

It’s a reminder that Buffett is not just a great stock picker, he’s one the greatest dealmakers.

Restaurant Brands International, which trades under the symbol QSR, was trading in the $40s when the company was formed, and is still drawing interest at prices fifty percent higher than that.

Billionaire Kenneth C. Griffin has amassed 4.6 million shares of Restaurant Brands’ stock.

Griffin has been ranked as the 52nd richest person in America, and his Citadel LLC has developed a reputation for astute investments.

Griffin got his investing start in 1987, when as a 19-year-old sophomore at Harvard University, he started trading from his dorm room with a fax machine, a personal computer, and a telephone.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Minority Stock Positions Stock Portfolio

BYD to Bring Pure Electric Refuse Trucks to Seattle

(BRK.A), (BRK.B)

Refuse removal helps keep your home clean, but it is one of the more polluting environmental hazards when it comes to the diesel emissions from refuse trucks. Fortunately, that’s changing thanks to China’s BYD.

BYD has announced that the first electric refuse trucks to operate in the city of Seattle, and the entire Pacific Northwest region, are ordered and will soon be helping to deliver on a cleaner environment.

Two of BYD’s 8R Class-8 battery-electric refuse trucks, fitted with New Way Viper Rear Loader refuse bodies, will be delivered to Recology in Seattle for use in residential solid waste pick up.

BYD’s zero-emission battery-electric Class-8 truck chassis boasts optimal efficiency with regenerative braking and best-in-class power and torque. In addition to the environmental and financial benefits of zero-emissions and reduced operating costs, BYD’s electric trucks are quiet and clean, which has an immediate impact on quality of life for the communities they serve.

“We are excited to be the first to deploy electric refuse trucks to the Pacific Northwest region, demonstrating that clean, zero-emissions technology is the smart, sustainable choice for heavy industry,” said BYD Motors President, Stella Li.

New Way, a family-owned business since 1971, manufactures a complete line of refuse equipment including the Viper mid-compaction Rear Loader bodies in Scranton, IA. With outside cylinders and operating valve, New Way’s streamlined Viper design offers increased efficiency, safety and value.

“By combining the innovative design of our Viper Rear Loader body with BYD’s zero-emissions battery-electric technology, we can produce the most efficient and sustainable refuse truck available on the market today,” said Don Ross, New Way Vice President of Sales and Marketing.

Recology, an employee-owned company with more than 100 years’ experience in the waste industry, provides service to communities up and down the West Coast. The Recology mission represents a fundamental shift from traditional waste management to resource recovery. The vision at Recology is to create a world without waste by developing and discovering sustainable resource recovery practices that can be implemented globally.

Recology’s electric trucks will serve customers in the City of Seattle and mark an important step in realizing climate impacts that address the region’s growing need to prioritize resiliency. Especially for collection services that require heavy-duty trucks to frequent roads in these communities on a daily basis, electric trucks present a sustainable solution that both Recology and its customers can feel good about.

“Together with our industry partners, BYD and New Way, we can be a catalyst to affect positive, sustainable change, setting the stage for what a 21st century refuse truck should look like,” said Derek Ruckman, Vice President and Group Manager in the Pacific Northwest at Recology.

The electric refuse trucks are scheduled to be delivered in the first half of 2019.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million has grown in value almost ten-fold, and is now worth roughly $1.96 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.

Categories
Lubrizol Minority Stock Positions

Lubrizol Takes Stake in One Ocean Beauty

(BRK.A), (BRK.B)

Lubrizol has acquired a minority stake in One Ocean Beauty, a New York-based cosmetics company that uses kelp and algae in its products.

The company says that the microorganisms living in extreme ocean environments develop unique survival properties to protect themselves against UV radiation, pollution and physical damage.

“This investment represents our commitment to nurturing the next generation of beauty brands. As more customers turn to clean beauty and socially-committed companies, we see this as a compelling opportunity in this space,” Brandon Ford, Chief Accelerator Director of Lubrizol Skin Essentials, said.

One Ocean Beauty was founded by industry veteran Marcella Cacci. Cacci has a track record in both beauty and luxury and was part of the Burberry repositioning team that took Burberry public in 2002. She established Burberry Beauty driving retail sales to over $500M. Known for her innovative and strategic thinking, Cacci has developed a 360 degree, socially-aware concept that is completely in tune with the zeitgeist. Select key advisors for One Ocean Beauty include Fabien Baron (Baron & Baron) for creative advisory, and Oz Garcia for nutricosmetic development.

“The partnership with Lubrizol is a significant step in developing our unique product offering and remaining on the cutting edge of technology – the team at Lubrizol shares our vision for clean beauty and conscious consumerism. We are excited to launch a new business model that is in tune with changing customer behaviors,” Marcella Cacci, Founder and CEO of One Ocean Beauty, said.

© 2018 David Mazor

Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.