FAT - FAT Brands Inc Stock Price, Fair Value and News

7.22USD-0.33 (-4.37%)Delayed as of 08 May 2024, 12:50 pm ET

Market Summary

USD7.22-0.33

Delayedas of 08 May 2024, 12:50 pm

-4.37%

FAT Stock Price

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FAT RSI Chart

FAT Valuation

Market Cap

128.1M

Price/Earnings (Trailing)

-1.33

Price/Sales (Trailing)

0.24

EV/EBITDA

23.25

Price/Free Cashflow

-1.75

FAT Price/Sales (Trailing)

FAT Profitability

EBT Margin

-19.28%

Return on Equity

32.45%

Return on Assets

-6.95%

Free Cashflow Yield

-57.19%

FAT Fundamentals

FAT Revenue

Revenue (TTM)

526.8M

Rev. Growth (Yr)

43.8%

Rev. Growth (Qtr)

-4.17%

FAT Earnings

Earnings (TTM)

-96.3M

Earnings Growth (Yr)

-19.27%

Earnings Growth (Qtr)

-46.04%

Breaking Down FAT Revenue

52 Week Range

5.147.97

(Low)(High)

Last 7 days

2.6%

Last 30 days

1.9%

Last 90 days

-18.0%

Trailing 12 Months

41.7%

How does FAT drawdown profile look like?

FAT Financial Health

Current Ratio

0.46

Debt/Equity

-3.9

Debt/Cashflow

-0.05

FAT Investor Care

Dividend Yield

7.42%

Dividend/Share (TTM)

0.56

Shares Dilution (1Y)

2.16%

Diluted EPS (TTM)

-6.22

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	526.8M	0	0	0
2023	415.5M	419.5M	425.7M	480.5M
2022	209.7M	304.2M	377.6M	407.2M
2021	20.3M	25.5M	51.2M	118.9M
2020	21.4M	20.3M	19.2M	18.1M
2019	0	0	0	22.5M
2018	0	0	0	0
2017	0	0	0	0

Get all data in R, Python etc through our Historical Stock Data APIs

Tracking the Latest Insider Buys and Sells of FAT Brands Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 15, 2024	wiederhorn andrew	bought	3,080	6.16	500	-
Dec 12, 2023	wiederhorn andrew	bought	1,291	5.2499	246	-
Dec 12, 2023	wiederhorn andrew	sold	-5,144	14.8076	-347	-
Aug 30, 2023	fog cutter holdings, llc	bought	7,234	7.234	1,000	-
May 17, 2023	kepp kenneth	bought	568	5.68	100	-
May 16, 2023	wiederhorn thayer donald	bought	24,984	14.9969	1,666	chief operating officer
May 12, 2023	fog cutter holdings, llc	bought	14,750	14.75	1,000	-
May 10, 2023	wiederhorn andrew	bought	5,551	15.25	364	-
May 10, 2023	wiederhorn andrew	bought	6,145	6.1454	1,000	-

Which funds bought or sold FAT recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 03, 2024	FNY Investment Advisers, LLC	new	-	28,000	28,000	0.02%
May 01, 2024	CONCOURSE FINANCIAL GROUP SECURITIES, INC.	sold off	-	-	-	-%
May 01, 2024	CONCOURSE FINANCIAL GROUP SECURITIES, INC.	sold off	-	-	-	-%
May 01, 2024	CONCOURSE FINANCIAL GROUP SECURITIES, INC.	sold off	-	-	-	-%
Apr 30, 2024	Sequoia Financial Advisors, LLC	unchanged	-	19,700	50,900	-%
Apr 24, 2024	Simplicity Wealth,LLC	new	-	83,053	83,053	-%
Apr 24, 2024	PSI Advisors, LLC	unchanged	-	1,540	7,600	-%
Apr 24, 2024	Cambridge Investment Research Advisors, Inc.	reduced	-2.8	14,000	79,000	-%
Apr 19, 2024	Copeland Capital Management, LLC	added	1.53	5,641	26,281	-%
Apr 18, 2024	Edmonds Duncan Registered Investment Advisors, LLC	unchanged	-	19,489	96,178	0.02%

Are Funds Buying or Selling FAT?

Are funds buying FAT calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own FAT

No. of Funds

Unveiling FAT Brands Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 24, 2023	fog cutter holdings, llc	45.9%	7,033,397	SC 13D/A
Feb 14, 2023	geode capital management, llc	286%	79,888	SC 13G/A
Dec 20, 2022	fog cutter holdings, llc	45.9%	7,033,397	SC 13D/A
Aug 25, 2022	fortunoff gregory	6.7%	1,024,939	SC 13D/A
Mar 08, 2022	hot gfg llc	16.9%	1,544,623	SC 13G
Mar 08, 2022	hot gfg llc	14.9%	2,259,594	SC 13G
Feb 09, 2022	geode capital management, llc	105%	77,586	SC 13G
Sep 03, 2021	fortunoff gregory	3.59%	531,646	SC 13D/A
Mar 05, 2021	fog cutter holdings, llc	58.9%	7,033,297	SC 13D/A
Feb 16, 2021	adw capital partners, l.p.	6.2%	739,323	SC 13G

Recent SEC filings of FAT Brands Inc

View All Filings

Date Filed	Form Type	Document
May 02, 2024	10-Q	Quarterly Report
May 02, 2024	4	Insider Trading
May 01, 2024	8-K	Current Report
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading
Apr 19, 2024	4	Insider Trading

Peers (Alternatives to FAT Brands Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
MCD	192.8B	25.5B	0.11%	-10.01%	22.76	7.56	9.97%	37.09%
CMG	88.0B	10.2B	10.31%	57.66%	67.9	8.63	13.61%	25.56%
SBUX	82.1B	36.5B	-16.51%	-32.34%	19.75	2.25	7.45%	16.97%
DPZ	18.0B	4.5B	4.87%	67.41%	33.4	3.97	-0.24%	15.90%
DRI	17.6B	11.2B	-5.94%	-2.11%	16.97	1.57	8.53%	9.08%
TXRH	11.1B	4.8B	10.72%	54.18%	32.52	2.32	13.73%	18.99%
MID-CAP
SHAK	4.2B	1.1B	3.92%	57.22%	173.21	3.76	18.35%	298.28%
BLMN	2.1B	4.7B	-10.89%	3.63%	8.43	0.45	5.77%	142.76%
PZZA	1.9B	2.1B	-9.10%	-25.67%	23.12	0.89	1.60%	21.14%
SMALL-CAP
CAKE	1.7B	3.4B	-0.73%	2.04%	17.16	0.51	4.13%	135.03%
JACK	1.1B	1.7B	-10.29%	-40.46%	9.23	0.65	0.14%	-10.41%
BJRI	784.3M	1.3B	-2.02%	11.95%	32.81	0.59	0.21%	292.03%
CHUY	505.0M	461.3M	-9.37%	-13.18%	16.03	1.09	9.26%	51.09%
BDL	49.8M	177.7M	-0.78%	0.68%	14.29	0.28	9.28%	-56.52%
ARKR	48.7M	184.8M	-3.22%	-22.79%	-7.76	0.26	-1.23%	-171.42%

FAT Brands Inc News

Latest updates

FAT Brands Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

Income Statement (Quarterly)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	-4.2%	152,000,000	158,613,500	109,366,000	106,800,000	105,700,000	103,819,000	103,200,000	102,800,000	97,400,000	74,169,000	29,800,000	8,282,000	6,649,000	6,499,000	4,089,000	3,107,000	4,423,000	4,913,667	5,404,333	5,895,000	5,884,667
Costs and Expenses	-5.2%	153,349,000	161,779,000	102,745,000	88,299,000	105,304,000	136,418,500	102,210,000	89,582,000	96,918,000	76,956,500	27,385,000	7,155,000	6,560,000	15,036,000	5,385,000	8,897,000	5,001,000	5,037,500	3,671,000	3,670,000	4,208,000
S&GA Expenses	-100.0%	-	30,297,000	24,458,000	9,947,000	28,415,000	39,046,500	28,751,000	20,841,000	24,753,000	21,362,000	10,589,000	5,097,000	4,926,000	4,250,500	2,990,000	4,104,000	3,531,000	3,015,000	3,422,000	3,106,000	2,714,000
EBITDA Margin	11.0%	0.10	0.09	0.03	0.00	-0.05	-0.03	0.03	0.04	-0.04	-0.10	-0.29	-0.42	-0.52	-0.62	-0.08	-0.09	0.22	0.27	-	-	-
Interest Expenses	2.0%	29,359,000	28,772,000	29,645,000	33,309,000	17,662,000	20,363,000	14,058,000	17,452,000	14,978,000	9,104,000	1,255,000	2,650,000	1,969,000	983,000	3,227,000	289,000	1,571,000	1,669,000	1,544,000	834,000	1,686,000
Income Taxes	139.5%	3,500,000	-8,859,000	-1,300,000	1,346,000	2,500,000	14,041,000	500,000	-251,000	4,500,000	-235,000	-1,183,000	-1,992,000	-129,000	-2,283,500	-19,000	-1,089,000	-298,000	256,500	-372,000	1,344,000	-718,000
Earnings Before Taxes	0.8%	-34,792,000	-35,064,000	-25,966,000	-5,745,000	-29,590,000	-56,787,000	-22,921,000	-8,439,000	-19,231,000	-19,818,500	-4,818,000	-7,923,000	-2,561,000	-9,954,500	-587,000	-5,340,000	-2,668,000	-697,500	782,000	836,000	-1,428,000
EBT Margin	3.9%	-0.19	-0.20	-0.28	-0.27	-0.28	-0.26	-0.19	-0.17	-0.25	-0.30	-0.49	-0.82	-0.91	-1.02	-0.48	-0.39	-0.08	-0.02	-	-	-
Net Income	-46.0%	-38,316,000	-26,237,000	-24,656,000	-7,091,000	-32,126,000	-70,808,000	-23,437,000	-8,188,000	-23,755,000	-19,604,000	-3,621,000	-5,926,000	-2,432,000	-7,665,500	-568,000	-4,251,000	-2,370,000	-954,000	1,154,000	-508,000	-710,000
Net Income Margin	2.5%	-0.18	-0.19	-0.32	-0.32	-0.32	-0.31	-0.20	-0.18	-0.25	-0.27	-0.38	-0.65	-0.73	-0.82	-0.42	-0.32	-0.13	-0.05	-	-	-
Free Cashflow	-80.3%	-32,527,000	-18,041,000	-8,225,000	-14,492,000	-13,746,000	-18,860,000	-11,146,000	-23,911,000	-14,903,000	-4,073,000	523,000	-4,371,000	-1,819,000	-3,199,000	-4,693,000	-663,000	-3,389,000	1,387,000	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	-0.3%	1,385	1,388	1,276	1,216	1,230	1,213	1,244	1,232	1,245	1,270	620	169	118	121	150	91.00	92.00	83.00	80.00	78.00	60.00
Current Assets	2.4%	124	121	163	104	117	96.00	109	93.00	97.00	119	63.00	68.00	22.00	24.00	31.00	10.00	14.00	10.00	9.00	9.00	5.00
Cash Equivalents	-100.0%	-	37.00	88.00	31.00	46.00	29.00	24.00	16.00	29.00	57.00	24.00	48.00	1.00	4.00	12.00	2.00	5.00	0.00	0.00	1.00	1.00
Inventory	-1.3%	9.00	9.00	7.00	6.00	7.00	7.00	-	-	-	6.00	-	-	-	-	-	-	-	-	-	-	-
Net PPE	-1.7%	99.00	101	83.00	80.00	78.00	79.00	85.00	84.00	81.00	81.00	10.00	-	-	0.00	-	-	-	0.00	-	-	-
Goodwill	0.0%	305	305	12.00	293	293	293	294	296	295	295	105	10.00	10.00	11.00	-	9.00	11.00	11.00	12.00	1.00	10.00
Liabilities	2.3%	1,681	1,644	1,504	1,419	1,423	1,372	1,331	1,294	1,296	1,227	572	214	164	163	137	94.00	89.00	77.00	73.00	73.00	55.00
Current Liabilities	-3.7%	266	277	265	251	246	267	266	256	262	198	62.00	53.00	76.00	73.00	32.00	21.00	20.00	46.00	43.00	42.00	12.00
Long Term Debt	4.3%	1,158	1,110	1,094	1,019	1,020	959	938	909	907	904	485	146	71.00	74.00	78.00	44.00	42.00	5.00	5.00	6.00	20.00
LT Debt, Current	0.5%	43.00	43.00	45.00	36.00	29.00	50.00	2.00	1.00	1.00	1.00	1.00	1.00	22.00	19.00	2.00	1.00	1.00	25.00	24.00	24.00	-
LT Debt, Non Current	-100.0%	-	1,110	1,094	1,019	1,020	959	938	909	907	904	485	146	71.00	74.00	78.00	44.00	42.00	5.00	5.00	6.00	20.00
Shareholder's Equity	-16.0%	-296	-255	-	-	-193	-159	-	-	-	-21.65	-	-	-	-	12.00	-	3.00	5.00	6.00	5.00	5.00
Retained Earnings	-14.3%	-307	-268	-242	-217	-210	-178	-107	-84.40	-76.23	-52.48	-32.87	-29.25	-23.33	-20.90	-13.22	-12.66	-8.41	-6.04	-5.08	-6.24	-5.73
Shares Outstanding	0.4%	17.00	17.00	17.00	17.00	17.00	17.00	17.00	16.00	16.00	16.00	14.00	12.00	12.00	12.00	13.00	12.00	12.00	12.00	-	-	-
Float	-	-	-	-	55.00	-	-	-	54.00	-	-	-	58.00	-	-	-	13.00	-	-	-	8.00	-

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-125.9%	-28,401	-12,572	-1,824	-9,497	-11,715	-10,795	-8,313	-17,158	-11,133	4,688	926	-3,686	-1,246	-2,978	-4,506	-629	-3,371	1,383	1,195	879	-1,863
Share Based Compensation	-21.3%	745	947	1,096	477	1,095	1,503	2,040	1,964	2,112	1,154	258	193	37.00	38.00	45.00	1.00	15.00	44.00	59.00	78.00	81.00
Cashflow From Investing	82.3%	-8,046	-45,456	-7,466	-4,922	-1,961	1,938	-2,595	-8,100	-3,740	-377,050	-346,371	794	-573	-3,451	-26,798	-2,913	-3,413	-2,333	-1,093	-4,164	-1,423
Cashflow From Financing	263.9%	40,376	11,094	76,251	-996	32,204	15,521	21,583	-3,859	-4,507	428,755	334,953	51,997	-477	-628	42,090	1,310	12,473	664	-331	3,135	3,323
Dividend Payments	0.6%	2,375	2,360	2,337	2,323	2,320	2,320	2,322	2,135	2,128	2,131	2,140	3,197	-	-	-	-	-	-	-	-	2.00

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FAT Income Statement

2024-03-31

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Revenue
Total revenue	$ 151,967	$ 105,691
Costs and expenses
General and administrative expense	30,005	28,415
Cost of restaurant and factory revenues	99,050	59,087
Depreciation and amortization	10,194	7,116
Refranchising loss	1,508	159
Advertising fees	12,592	10,527
Total costs and expenses	153,349	105,304
(Loss) income from operations	(1,382)	387
Other (expense) income, net
Interest expense	(29,623)	(25,090)
Interest expense related to preferred shares	(4,418)	(5,043)
Net gain on extinguishment of debt	427	0
Other income, net	204	156
Total other expense, net	(33,410)	(29,977)
Loss before income tax provision	(34,792)	(29,590)
Income tax provision	(3,524)	(2,536)
Net loss	(38,316)	(32,126)
Dividends on preferred shares	(1,881)	(1,755)
Net loss available to common stockholders, basic	(40,197)	(33,881)
Net loss available to common stockholders, diluted	$ (40,197)	$ (33,881)
Basic loss per common share (in dollars per share)	$ (2.37)	$ (2.05)
Diluted loss per common share (in dollars per share)	$ (2.37)	$ (2.05)
Basic weighted average shares outstanding (in shares)	16,947,400	16,487,119
Diluted weighted average shares outstanding (in shares)	16,947,400	16,487,119
Cash dividends declared per common share (in dollars per share)	$ 0.14	$ 0.14
Royalties
Revenue
Total revenue	$ 21,947	$ 22,485
Restaurant sales
Revenue
Total revenue	105,938	62,601
Advertising fees
Revenue
Total revenue	9,796	9,351
Factory revenues
Revenue
Total revenue	9,474	9,165
Franchise fees
Revenue
Total revenue	1,481	802
Other revenue
Revenue
Total revenue	$ 3,331	$ 1,287

FAT Balance Sheet

2024-03-31

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 39,886	$ 37,044
Restricted cash	39,486	39,271
Accounts receivable, net	19,729	21,146
Inventory	9,184	9,306
Assets classified as held-for-sale	2,678	3,756
Other current assets	12,899	10,486
Total current assets	123,862	121,009
Non-current restricted cash	16,460	15,588
Operating lease right-of-use assets	217,728	220,035
Goodwill	305,089	305,089
Other intangible assets, net	616,672	620,622
Property and equipment, net	98,803	100,524
Other assets	6,081	5,371
Total assets	1,384,695	1,388,238
Current liabilities
Accounts payable	23,778	21,809
Accrued expenses and other liabilities	50,519	58,903
Deferred income, current portion	2,462	2,490
Accrued advertising	6,773	7,992
Accrued interest payable	26,946	24,961
Dividend payable on preferred shares	1,334	1,325
Liabilities related to assets classified as held-for-sale	2,309	3,421
Operating lease liability, current portion	17,596	17,254
Redeemable preferred stock	91,836	91,836
Long-term debt, current portion	42,822	42,611
Acquisition purchase price payable	0	4,000
Total current liabilities	266,375	276,602
Deferred income, net of current portion	21,443	21,958
Deferred income tax liabilities, net	21,588	18,805
Operating lease liability, net of current portion	209,493	211,744
Long-term debt, net of current portion	1,158,060	1,110,308
Other liabilities	4,502	4,684
Total liabilities	1,681,461	1,644,101
Commitments and contingencies (Note 14)
Stockholders’ deficit
Preferred stock, $0.0001 par value; 15,000,000 shares authorized; 3,650,587 shares issued and outstanding at March 31, 2024 and 3,591,804 shares issued and outstanding at December 31, 2023; liquidation preference $25 per share	43,083	44,103
Class A common stock and Class B common stock and additional paid-in capital as of March 31, 2024: $0.0001 par value per share; 51,600,000 shares authorized (Class A 50,000,000, Class B 1,600,000); 16,972,270 shares issued and outstanding (Class A 15,701,465, Class B 1,270,805). Common stock and additional paid-in capital as of December 31, 2023: $0.0001 par value; 51,600,000 shares authorized; 16,900,099 shares issued and outstanding (Class A 15,629,294, Class B 1,270,805)	(32,756)	(31,189)
Accumulated deficit	(307,093)	(268,777)
Total stockholders’ deficit	(296,766)	(255,863)
Total liabilities and stockholders’ deficit	$ 1,384,695	$ 1,388,238

About FAT Brands Inc

FAT Brands Inc., a multi-brand restaurant company, acquires, develops, markets, and manages quick service, fast casual, casual dining, and polished casual dining restaurant concepts worldwide. It owns restaurant brands, including Round Table Pizza, Marble Slab Creamery, Great American Cookies, Hot Dog on a Stick, Pretzelmaker, Fazoli's, Fatburger, Johnny Rockets, Elevation Burger, Yalla Mediterranean, Buffalo's Cafe and Buffalo's Express, Hurricane Grill & Wings, Ponderosa Steakhouse / Bonanza Steakhouse, Native Grill & Wings, and Twin Peaks. The company was incorporated in 2017 and is headquartered in Beverly Hills, California. FAT Brands Inc. operates as a subsidiary of Fog Cutter Holdings, LLC.

CEO	Mr. Robert G. Rosen
WEBSITE	fatbrands.com
INDUSTRY	Restaurants
EMPLOYEES	1100

FAT Brands Inc Frequently Asked Questions

What is the ticker symbol for FAT Brands Inc? What does FAT stand for in stocks?

FAT is the stock ticker symbol of FAT Brands Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of FAT Brands Inc (FAT)?

As of Tue May 07 2024, market cap of FAT Brands Inc is 128.14 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of FAT stock?

You can check FAT's fair value in chart for subscribers.

What is the fair value of FAT stock?

You can check FAT's fair value in chart for subscribers. The fair value of FAT Brands Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of FAT Brands Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for FAT so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is FAT Brands Inc a good stock to buy?

The fair value guage provides a quick view whether FAT is over valued or under valued. Whether FAT Brands Inc is cheap or expensive depends on the assumptions which impact FAT Brands Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for FAT.

What is FAT Brands Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Tue May 07 2024, FAT's PE ratio (Price to Earnings) is -1.33 and Price to Sales (PS) ratio is 0.24. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. FAT PE ratio will change depending on the future growth rate expectations of investors.