Vishay Intertechnology Inc Q1 FY2026 Earnings Call

Good day, and thank you for standing by. Welcome to the Vishay Intertechnology First Quarter 2026 Earnings Conference Call. At this time, participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you need to press *11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press *11 again. I would now like to turn the conference over to your speaker today, Peter G. Henrici, Head of Investor Relations. Please go ahead.

Thank you, Kevin. Good morning, and welcome to Vishay Intertechnology's first quarter 2026 Earnings Conference Call. I am joined today by Joel Smejkal, our President and Chief Executive Officer, and David E. McConnell, our Chief Financial Officer. This morning, we reported results for our first quarter 2026. A copy of our earnings release is available in the Investor Relations section of our website at ir.vishay.com. This call is being broadcast live over the web and can be accessed through our website. In addition, today's call is being recorded and will be available via replay on our website. During the call, we will refer to a slide presentation which we also posted on ir.vishay.com. You should be aware that during today's conference call, we will be making certain forward-looking statements that discuss future events and performance. These statements are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. For a discussion of factors that could cause results to differ, please see today's press release and Vishay's Form 10-K and Form 10-Q filing with the Securities and Exchange Commission. We are including information in our press release and on this conference call on various GAAP and non-GAAP measures. We have included a full GAAP to non-GAAP reconciliation in our press release and in the presentation posted on ir.vishay.com, which we believe will be useful when comparing our GAAP and non-GAAP results. We use non-GAAP measures because we believe they provide useful information about the operating performance of our businesses and should be considered by investors in conjunction with GAAP measures. Now I turn the call over to President and Chief Executive Officer, Joel Smejkal.

Thank you, Peter. Good morning, everyone. We are excited that you have joined our Q1 earnings call to hear the further progress of Vishay 3.0. On today's call, I will begin with a review of our first quarter revenue and business performance, and David will take you through a detailed review of our first quarter financial results, and our guidance for 2026. After that, I will update you on the strategic levers we are pulling under our 5-year strategic plan. And then we will open it up for questions. For the first quarter, we are reporting revenue of $839 million, above our guidance range of $800 million to $830 million, 4.8% higher than the fourth quarter, and 17.3% higher than last year's first quarter. Revenue is growing across the board, in all of our end markets, in all of our channels, and in all 3 regions. Increased consumption, inventory replenishment, and Vishay market share gain drove a 5.8% increase with gains in both semiconductors and passives. Many customer programs in multiple end markets have now started to ramp while demand for AI-related applications remains strong. Industrial demand is accelerating. Order growth momentum was also broad based, covering all regions, all channels, and in each of our technologies and in all end markets. Clearly, the Vishay 3.0 transformation and our growth strategy is working. The growth initiatives that began 3 years ago are paying off. To expand capacity of high-growth, high-margin product lines, we put heavy CapEx investment in place and added subcontractors for many technologies to increase our manufacturing flexibility, and also to add part numbers to our product portfolio in semiconductors and passives. To move closer to the customer, to listen to their product technology needs, and their growth direction for Vishay, to scale with them and to gain market share. To become a more technically supporting supplier, with increased FAE involvement for design support and also to offer Vishay reference designs and solutions. Total company book-to-bill at quarter end was 1.34, up from 1.20 in the fourth quarter. For semiconductors, book-to-bill was 1.47. And for passives, it was 1.23. As a result, backlog increased 21% to $1.6 billion at quarter end, or 5.7 months. Customers are beginning to proactively place orders based on longer visibility, some with 1-year forecasts, for Vishay to scale with them. We are also seeing customers building safety stock like in Asia for AI-related applications, as well as in all regions for automotive and industrial demand. Having positioned Vishay 3.0 to be a reliable supplier to more customers, to be a supplier with expanded capacity ready to scale with them, we intend to live up to our commitment of being a leading growth supplier. For this reason, we are intently focused on turning the backlog faster so that we participate in the market upcycle much more substantially and aggressively than in the past, while also maintaining competitive lead times. We have no intention of backsliding to the business approach of Vishay 2.0. Historically, at this point in the business upcycle, much of Vishay 2.0 capacity would have been sold out, on allocation and with lead times longer than 1 year. Because it took too long to fulfill orders, Vishay missed repeat opportunities and we were no longer a reliable supplier to the customers. Today, as the market up cycle takes hold, we are increasing quarter revenue at a steeper rate to drive margin improvement and realize enhanced returns on our capital investment. Today, OEMs and Tier 1s are collaborating with Vishay on technology road maps and forward demand planning, giving us the opportunity to scale with them. Previously inactive and underserved automotive and industrial customers are placing orders with us following our efforts to reconnect with them. So now let's turn to review of the Q1 revenue starting with revenue by end market. Automotive revenue increased 2.7% quarter-over-quarter, mostly reflecting solid OEM demand in The Americas and Europe as customers continue to increase electronic content and start hybrid and EV programs. In Asia, revenue was weighed down a bit by Lunar New Year, and also customers had started to increase production in the second half of last year to get ahead of US tariffs. Order intake increased due to our Vishay 3.0 approach to support the production ramp-up of new vehicle programs in Europe and China, and to be responsive to customer concerns about industry-leading lead times. We are seeing a lot of success from our efforts to position Vishay with automotive OEMs and Tier 1s. For example, Vishay is now the top supplier of resistors to multiple OEMs launching new EV platforms and we are committed to supplying these customers as they step up production each year through the planned peak in 2028. Design activity continues to focus on drivetrains for hybrid, EV and ICE vehicles, ADAS, battery management, and electronic power steering systems, also smart cockpit. Industrial power revenue increased by 6.5% for the 5th consecutive quarter of sequential gains. Demand continued to grow primarily for electrical power transmission and power management, renewable energy and smart metering, factory automation, and security systems. In The Americas, customers are ramping up production for new projects supporting AI infrastructure, and in Europe and China, we continue to supply smart grid programs. Bookings were up sharply in The Americas and Europe due to greater consumption and due to lower inventories while customers increase efforts to establish supply assurance. In Europe, orders were exceptionally strong from smart grid customers for capacitors, and we won 2 new grid development projects in the UK. Design activity remained focused on power transmission, power management, power supplies for industrial servers, next generation AI power supplies, power monitoring and control systems, high-voltage energy infrastructure, energy storage, and smart meters. We are also working on designs for 800V power management for data centers and other applications. Aerospace and defense revenue increased 16.8% versus Q4 and versus last year's Q1 on strong demand from the U.S. government with spending approved to replenish munitions programs, and with production ramping up in allied countries in Asia. With funding now available, U.S. defense contractors have just begun to increase orders to support their higher demand, in particular for resistors, capacitors, and custom magnetics. Book-to-bill in The Americas at quarter end was 1.40 and has continued to build in Q2. Design activity and the first production ramp-ups are beginning to drive an increase in orders from Europe and continued order intake in Asia. As countries expand defense budgets and as new multiyear programs start this year, we see a long runway for us to drive growth in this end market. On the design front, we are focused on U.S. Department of Defense programs involving drones, low earth orbit satellites, radar systems, next generation communications, and hypersonic missiles. Health care sales increased 4.5% quarter-over-quarter and 11.1% year-over-year on demand from long-standing customers, particularly in The Americas. We are continuing to see success from our efforts to leverage the breadth of our portfolio, cross-selling semiconductors and passives to these customers. Much of the design work here during the quarter remained around wearables, patient monitoring and implantables such as cardioverter defibrillators, and micro-implantables for glucose and temperature monitoring. The other category, which includes telecom, computing, and consumer, was overall flat versus Q4 but up 25.8% versus last year's Q1. Demand in China for AI-related applications was flat, reflecting the impact of the Lunar New Year and some shipments that were pulled into Q4. However, we did continue to receive orders for quick delivery in Asia, mainly for high-voltage MOSFETs used in AI power applications. Customers are continuing to add our passive technologies in AI power management solutions, including polymer capacitors, power inductors, and current sense resistors. We keep sharpening our design components while continuing to work on the next generation design opportunities in the areas of server power, optical communication modules, and in high-bandwidth network switches. With the Vishay 3.0 expanded capacity, we are seeing demand from telecom and consumer customers which Vishay did not historically support in volume. For example, in The Americas, we are seeing increasing activity from telecom customers supporting AI optical communication network switches, both 800 gigabit and 1.6 terabit. In Europe, telecom sales increased 33%, with customers forecasting higher demand for 2026 versus 2025. Demand is also tied to 5G expansion and we are starting to receive requests for components for 6G networks. Let's turn to revenue by channel. OEM revenue increased 7.1% quarter-over-quarter and 14.4% over Q1 last year. Strong shipments to large automotive, medical, aerospace, defense customers were the primary drivers of this increase along with some high demand from industrial OEMs in Europe. Sales from OEMs in China declined due to the impact of Lunar New Year and shipments that were pulled into Q4. EMS sales grew 14% versus Q4 and 21.6% versus Q1 last year. This increase demonstrates the success of our strategy to leverage our expanded capacity to maintain competitive lead times and reliable supply, enabling us to capture demand momentum from more aerospace, defense, and industrial end-customer business. EMS is now the fastest-growing channel in Europe, and book-to-bill in The Americas grew to 1.45 at quarter end. Sales to distribution were up 2.2% on volume gains in each region, while up 18.9% year-over-year. Distribution is seeing higher consumption from industrial, transportation, and aerospace defense customers. They also see inventory replenishment by some of their end customers. The pace of bookings growth picked up in The Americas and Europe. In Asia, distributors are increasing backlogs in anticipation of further demand growth and lead time extensions, especially for AI-related products. Distribution inventory overall decreased to 20 weeks at quarter end from 22 weeks, and POS increased 10.7%, 24.9% versus Q1 last year, with growth in each region. You may recall over the last 2 years, we were deliberately increasing our SKU count and inventory levels at the distributors, resulting in an increase in inventory to our target of 26 weeks in 2025. This inventory has supported strong demand, led by Europe, with some customers now replenishing inventories as business conditions improve. The Americas saw a sharp increase in POS as consumption increased in industrial, automotive, aerospace, defense, and medical segments. In Asia, POS increased for industrial power and strong demand for AI products. Customers are increasingly turning to distribution for supply assurance and to meet short-term needs. Turning to our geographical mix, Europe led revenue growth for the quarter increasing 15.3%, and The Americas grew 8.6% due to significant aerospace defense demand for capacitors in addition to strengthening industrial demand. In Asia, revenue fell 4.9% primarily due to the impact of Lunar New Year, offset in part by strong AI product demand. Before turning the call over to David, I would like to thank the Vishay employees for their hard work to achieve the quarter's strong results and for their commitment to driving revenue and profitable growth as the industry's recovery continues to gain momentum. Vishay 3.0 has firmly taken hold across the organization, and with our external reps, everyone is aligned with our new business approach and energized to increase customer engagement. David, I will now pass it over to you.

Thank you, Joel, and good morning, everyone. Let's start a review of the first quarter results with the highlights. First quarter revenue was $839 million, exceeding our guidance range and increasing 5% sequentially, driven by strong volume growth of 6% with only a 1% decline in average selling prices. Compared to 2025, revenue increased 17% driven primarily by a 14% increase in volume. Favorable foreign currency, mainly from the euro, provided an additional 4% benefit, partially offset by a 1% decline in average selling prices. Moving on to the income statement highlights, gross profit was $177 million delivering a gross margin of 21% and exceeding both our guidance and the prior quarter. Higher volumes drove margin expansion, helping to offset ongoing metals and material cost pressures. We exited the quarter with Newport at gross profit neutral. Depreciation expense was $55 million, relatively flat versus quarter 4. SG&A expenses were $154 million compared to $142 million for the fourth quarter and in line with our guidance. The sequential increase is primarily due to higher stock and bonus compensation expenses. GAAP operating margin was 2.6%, compared to 1.8% in the fourth quarter and 0.1% in 2025. EBITDA for the quarter was $78 million for an EBITDA margin of 9.3% up from 8.8% in the fourth quarter. Our GAAP effective tax rate remains elevated at low levels of pretax income, as items such as U.S. taxation of foreign earnings and repatriation taxes have a disproportionate impact on the effective tax rate. Q1 tax expense exceeded our guidance range as pretax earnings exceeded expectations. GAAP earnings per share was $0.05 compared to $0.01 per share in the fourth quarter and a loss of $0.03 in 2025. Moving on to the segment summary, our reportable segments delivered revenue growth quarter over quarter except for inductors, which was relatively flat. Turning to working capital and cash flow, our cash conversion improved to 116 days from 125 days in Q4 in part due to our continued disciplined working capital management. During the quarter, we further utilized our accounts receivable securitization program as a means of providing efficient funding to support our immediate 12-inch fab equipment purchases, which contributed to our DSO improvement from 48 days in Q4 to 41 days at the end of quarter 1. Inventory days outstanding improved to 106 days due to increased volume and sales. Overall inventory increased to $791 million. Finished goods were relatively flat, while raw materials and WIP increased due to the impact of rising metal prices and we built buffer stock to ensure supply to our customers given geopolitical uncertainties. We generated $64 million in operating cash for the first quarter, which included an additional $63 million from the securitization of our accounts receivable. We continue to deploy cash for capacity expansion projects. Total CapEx for the quarter was $111 million including approximately $87 million for our new 12-inch fab in Germany. On a trailing 12-month basis, capital intensity was 10.1%, which is a decrease from the 11.3% in the prior year. Free cash flow for the quarter was negative $47 million reflecting the high CapEx compared to $55 million in the fourth quarter. Stockholder returns for the first quarter consisted of our $13.6 million quarterly dividend; we did not repurchase any shares during the quarter. At the end of the quarter, our global cash and short-term investment balance was $480 million and we remain in a net borrowing position in the U.S. with $250 million outstanding on our revolver. As discussed in the past, dividends, any share repurchases, and required debt service are funded through available U.S. liquidity sources. We have $307 million accessible on revolving credit facilities at the current EBITDA levels. We expect to continue to draw on our revolver to fund U.S. cash needs. Moving on to guidance, for Q2 2026, revenues are expected to be between $875 million and $905 million. Gross margin is expected to be in the range of 22%, plus or minus 50 basis points, inclusive of increased logistics costs and expected continuing higher input costs, specifically higher metals and material costs, as well as inefficiencies due to ramping up of new direct labor heads. Depreciation expense is expected to be approximately $54 million for the second quarter and $216 million for the full year 2026. SG&A expenses are expected to be $155 million plus or minus $3 million as we continue to invest in R&D and customer-facing activities as the overall business environment improves. Our GAAP effective tax rate remains elevated at low levels of pretax income or loss; we expect the effective tax rate to become more predictable and in the range of our historical average as earnings grow. For the second quarter 2026, we expect effective tax rate to be between 40% and 50%. Finally, our stockholder return policy calls for us to return at least 70% of our free cash flow to stockholders in the form of dividends and stock repurchases. For 2026, we once again expect negative free cash flow due to our capacity expansion plans. I will now turn the call back to Joel.

Alright. Thank you, David. Let's turn to the strategic levers we are pulling as we execute our 5-year growth plan and set the stage for Vishay's future growth. We are holding to our CapEx plan to spend between $400 million and $440 million during 2026. As a reminder, about half of this year's spend is allocated to the investments we are making at our 12-inch fab in Germany. Nearly all of the 12-inch fab investment will be spent during 2026, at which point we will reach the capital intensity peak of our 5-year capacity expansion plan. Starting with semiconductor projects, at our Newport facility, we continue to ramp up wafer production. We completed 4 audits with Tier 1 automotive customers as planned and have 2 additional site audits planned for Q2. Following these site audits, the automotive customers then need to approve their programs using the Newport Mustang. At our 12-inch fab in Germany, we have started to install equipment during the quarter and plan to finish in the second quarter. Our goal is to start nonautomotive production in mid-2027. At SK Key Foundry, we are working towards releasing 2 products to production in the third quarter, which will add capacity to meet demand for AI-related applications. To supplement our investments in capacity expansion, we qualified 2 additional subcontractors, one for rectifiers and the other for aluminum capacitors. Through the subcontractor initiative, we continue to place more part numbers on distributor shelves to increase our share of our customers' bill of materials. Turning to our silicon carbide strategy, we released to production the 750V Gen 2 planar MOSFETs for both the automotive and industrial platforms. We also plan to release the 1.7kV platforms over the next couple of quarters. With respect to the 1.2kV trench MOSFET, which we released last quarter using an external fab, we have now started to set up Newport to be an 8-inch wafer fab for silicon carbide. Our Q2 guidance reflects the broadening opportunities we have created for Vishay through the strong execution of our growth levers and the increasingly positive direction of our high-growth end markets. We are doing what Vishay 3.0 was designed to do: to position Vishay to serve more customers, take full advantage of the market upcycle, and lay the foundation for long-term revenue and earnings growth. With a strengthening book-to-bill and increasing rate of revenue growth, we are showing that we are participating much more so than in the past in the demand momentum, leveraging our capacity investments to drive margin expansion and enhance returns. Kevin, we are now ready to open the call for questions.

If your question has been answered or you wish to move yourself from the queue, please press *11 again. Our first question comes from Ruplu Bhattacharya with Bank of America. Your line is open.

Joel, I have two or three questions. First one is on the current quarter that you just reported. In automotive, did you see benefit from share gains against Nexperia? And how much was the benefit from that in the quarter? And one on margins, was the Newport fab still a negative? And what was the impact on gross margins in the quarter? I think you had indicated that it had gotten to breakeven. So are we expecting any negative impact from that fab in the second quarter?

Hi, Rupul. Could you repeat your question? We missed out on the first part. The second half was perfectly clear.

Okay. Sure. Just the question was that for the current reported quarter, in the automotive segment, did you see any share gains against Nexperia? And how much did revenue benefit from such share gain? And then on margins, was the Newport fab still a negative to gross margins? And how much was the impact in the quarter?

Regarding the share gain, yes, we are gaining share. We have been working very closely with automotives as well as OEMs to make sure there are multisources on programs where there may have been sole sources previously. There is share gain. We continue to position supplying product out of Itzehoe, and these qualifications that we speak about in Newport are also driven by that. The four site audits that we had in Q1 are driven because of the expansion of Newport but also further share gain to support those automotive accounts. Then two more audits coming in Q2. So I would say we gained share based on sites we were approved at, and we are going to gain more share as we get Newport approved on these programs to become an additional source on their bill of materials instead of sole source. Second part of the— that is the Newport profit. Yeah. Go ahead.

Hi, Rupul. This is David. I will take that one. So what we had said at the end of the last quarter is we would exit the quarter something close to neutral. We can say that Newport's gross profit was neutral exiting the quarter. But, obviously, in January and February, we still had costs. So it is not zero for the first quarter in the results. The Newport results themselves are now commingled with the rest of Vishay. We have back-end elsewhere in Vishay and we have other costs we are adding, so the Newport costs by themselves are not easily separated anymore. We are going to stop giving specific guidance on the Newport impact and speak in generalities. As Joel said, going into the second quarter, we need the automotive qualifications to fill the fab.

Okay, that is helpful. Just going back to the 2024 analyst day, if we look at your 5-year plan that you presented at that time, between 2023 and 2028, you had an expectation of growing revenues at a 10% CAGR at the midpoint, I think, and then getting to gross margin of 31% and operating margin of 20% at the midpoint. That would imply something like $5+ EPS. Given that you are at breakeven now at Newport, markets are improving, and you have a healthy backlog, Joel, can you tell me: are those targets still reasonable? Can you still do like $5.5 billion of revenue with the footprint that you now have or that you planned till 2028? And are those margin expectations valid, and should investors think that you can do that kind of earnings?

Yep. The targets are still there—most of the targets. The timing of the targets was impacted by the inventory digestion that took longer into 2025 and then it was followed quickly thereafter by U.S. tariffs. We are confident in our position. We have the capacity in place and being approved. We talk about Newport, we talk about the 12-inch fab coming on board, so we are moving to be able to have in-house capacity to increase our revenue on semiconductors, MOSFETs in particular. There is another step that is later called restructuring that is part of supporting the gross margin. Revenue, we are very, very confident. The margin is going to be achieved following a restructuring project that is next after we get through this high CapEx investment. So to answer your question, yes, the target for revenue is still there. Gross margin, yes, still there. The timing of it is delayed a little bit because of inventory digestion and the tariffs. Right now, we feel, as we said in the last call, 2026 is our year to take off.

And then, David, can I ask, given this environment of potential share gains and growth and you are getting to breakeven at the Newport fab, how should we think about capital allocation? I mean, how should we think about the dividend, how should we think about increasing the dividend or share repurchases at the current share price? How inclined are you to buy back shares? And then how should we think about CapEx as we go forward? Is there still some spend to be done? So just tell us how you, when you look out over the next 12 months, are thinking about capital allocation in all of these different buckets. Thank you.

It is a good question. We are talking internally about this. As Joel mentioned, we still have some runway to go to finish our CapEx. Cash is down to $480 million and after we are done with the Itzehoe spending, it will be lower than that. So we have to finish the fab. We also have to pay for a restructuring plan. So I do not think right now at the current share prices we would be aggressive about buying back stock. The dividend is set and will not be touched for now. Whether the board decides to increase it is still a decision to be made. Lastly, we have been fairly quiet on the M&A front the last couple years, and it is unusual for us in our history. I think we would like to revisit some of the options possibly in that portion of the allocation strategy.

One moment for our next question. Our next question comes from Peter Peng with JPMorgan. Your line is open.

Hey, guys. Good job on the execution. Thanks for taking my question. On just the gross margin front, you talked about some of the higher material costs and also expedites. What kind of impact does that have on your second quarter guide?

So it is a good question, Peter. Right now, what we have built into the guide is our best estimate; material prices and ASPs are pretty much canceling each other out.

And I think there is a lot of tightness in the passive side and then also on some of the AI MOSFET sides, and we've been hearing about pricing increases in some of your analog and mixed-signal peers starting to increase prices. Wondering how are you thinking about pricing for this year?

Peter, we started increasing pricing in the fourth quarter of last year, depending on the metal impact product by product. We have six main technologies; some were impacted by metals more so than others. So we had price increases that were announced late in the fourth quarter and early in the first quarter, and then became effective based on the terms of contracts. So we had a small benefit of ASP improvement in Q1. Q2 is better.

The ASP improvement in Q2 is about 1% to 1.5% based on current expectations.

Perfect. Helpful. Improving in Q2 and Q3. Then just on the AI data center, can you just level set us on what your total AI data center exposure is on both the semiconductor and then on the passive side, and what are your expectations for revenue growth this year?

Last year, we said we were under $100 million from AI-related data center exposure. This year, we will be well above that, though I do not want to put a precise number on it at the moment. There are some supply concerns by some of our competitors. We are seeing a nice step up in growth in 2026 in semiconductors—MOSFETs and diodes for sure—and in passives such as polymer capacitors, tantalum, current sense resistors, and magnetics. We are positioning, we are connected to the ODMs in Asia, and we see the programs where Vishay is on the bill of materials. We are enjoying business there, but we are also backtracking where we see programs that we may be missing a technology or two that is not on the bill of materials. We are working with design houses to get Vishay onto the bill of materials. There is a lot of work going multidirectionally to make sure Vishay is further increasing our participation in AI.

And then just last question for me: I think, about 90 days ago, you guys still continued to see mid- to high-single-digit growth. Things started to accelerate. Maybe if you can provide an updated view on what you are thinking in terms of industry growth for this year?

Industry growth is not uniform across segments. We are seeing well over double-digit growth in AI, which is a very powerful segment and is likely high double-digit—maybe around 20% for AI. Automotive car counts are pretty stable, but content per vehicle is increasing, so automotive is mid-single digits. Industrial we see above 10% with the product mix we have. Passives were leading the upturn and remain strong. Aerospace and defense is a high-growth market segment as well; orders for defense are just beginning to come in. Healthcare is positive for us and is mid-single digits. Overall, the market is broad-based across segments and if you were to throw a single number at it, it is high single digits overall, and our plans have been to outgrow the market and gain share.

I am not showing any further questions at this time. I would like to turn the call back over to Joel for any further remarks.

All right, Kevin. Thank you very much. Thank you to everyone for joining our first quarter earnings call. As I mentioned in the fourth quarter call, 2026 is the year for Vishay 3.0 to take off. We have invested heavily in expanding our capacity and moving much closer to customers. We are starting to realize the returns on our investment. Also, I want to mention that next week, on the 18th, we will be at the JPMorgan conference on the 18th and 19th. We look forward to seeing any investors there. We will talk to you again in August when we report our second quarter results. Thank you again for following Vishay and we will then report our second quarter results. Thank you very much. Have a nice day.

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.