GVA - Granite Construction Inc Stock Price, Fair Value and News

54.75USD+0.14 (+0.26%)Delayed as of 16 Apr 2024, 03:25 pm ET

Market Summary

USD54.75+0.14

Delayedas of 16 Apr 2024, 03:25 pm

0.26%

GVA Stock Price

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GVA RSI Chart

GVA Valuation

Market Cap

2.4B

Price/Earnings (Trailing)

55.08

Price/Sales (Trailing)

0.68

EV/EBITDA

15.23

Price/Free Cashflow

55.43

GVA Price/Sales (Trailing)

GVA Profitability

Operating Margin

51.63%

EBT Margin

1.71%

Return on Equity

4.46%

Return on Assets

1.55%

Free Cashflow Yield

1.8%

GVA Fundamentals

GVA Revenue

Revenue (TTM)

3.5B

Rev. Growth (Yr)

9.19%

Rev. Growth (Qtr)

9.19%

GVA Earnings

Earnings (TTM)

43.6M

Earnings Growth (Yr)

17.89%

Earnings Growth (Qtr)

-54.88%

Breaking Down GVA Revenue

52 Week Range

34.3854.88

(Low)(High)

Last 7 days

-3.8%

Last 30 days

0.3%

Last 90 days

17.9%

Trailing 12 Months

41.5%

How does GVA drawdown profile look like?

GVA Financial Health

Current Ratio

1.6

Debt/Equity

0.63

Debt/Cashflow

0.3

GVA Investor Care

Dividend Yield

1.19%

Dividend/Share (TTM)

0.65

Shares Dilution (1Y)

0.52%

Diluted EPS (TTM)

0.88

Historical Charts for Stock Metrics

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Net sales

Year	Q1	Q2	Q3	Q4
2023	0	0	0	3.5B
2022	3.5B	3.4B	3.3B	3.3B
2021	3.3B	3.4B	3.5B	3.5B
2020	3.4B	3.3B	3.2B	3.1B
2019	3.3B	3.4B	3.4B	3.4B
2018	3.1B	3.1B	3.3B	3.3B
2017	2.5B	2.7B	2.9B	3.0B
2016	2.4B	2.4B	2.5B	2.5B
2015	2.3B	2.3B	2.3B	2.4B
2014	2.3B	2.3B	2.3B	2.3B
2013	2.2B	2.2B	2.2B	2.3B
2012	2.1B	2.1B	2.1B	2.1B
2011	1.8B	1.8B	1.9B	2.0B
2010	1.8B	1.8B	1.8B	1.8B
2009	0	2.4B	2.2B	2.0B
2008	0	0	0	2.7B

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

Tracking the Latest Insider Buys and Sells of Granite Construction Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 24, 2024	tatusko michael g	sold (taxes)	-301,399	55.03	-5,477	senior vice president
Mar 24, 2024	radich james a	sold (taxes)	-723,590	55.03	-13,149	executive vice president & coo
Mar 24, 2024	curtis lisa	sold (taxes)	-361,712	55.03	-6,573	executive vice president & cfo
Mar 24, 2024	williams bradley jay	sold (taxes)	-64,054	55.03	-1,164	senior vice president
Mar 24, 2024	larkin kyle t	sold (taxes)	-2,277,360	55.03	-41,384	president & ceo
Mar 24, 2024	dowd brian r	sold (taxes)	-362,318	55.03	-6,584	senior vice president
Mar 14, 2024	dowd brian r	acquired	-	-	15,287	senior vice president
Mar 14, 2024	larkin kyle t	acquired	-	-	96,352	president & ceo
Mar 14, 2024	curtis lisa	sold (taxes)	-102,619	54.44	-1,885	executive vice president & cfo
Mar 14, 2024	woolsey staci m	acquired	-	-	1,836	chief accounting officer

Which funds bought or sold GVA recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 12, 2024	Westend Capital Management, LLC	new	-	216,580	216,580	0.08%
Apr 12, 2024	Riverview Trust Co	new	-	107,347	107,347	0.08%
Apr 12, 2024	AdvisorNet Financial, Inc	added	1,600	2,761	2,914	-%
Apr 10, 2024	PARK AVENUE SECURITIES LLC	sold off	-100	-398,000	-	-%
Apr 05, 2024	GAMMA Investing LLC	added	12.49	16,107	54,045	0.01%
Apr 05, 2024	CWM, LLC	added	4.26	3,000	17,000	-%
Apr 05, 2024	LOS ANGELES CAPITAL MANAGEMENT LLC	added	100	667,446	1,201,730	-%
Apr 03, 2024	Versant Capital Management, Inc	added	16.96	7,151	29,936	0.01%
Mar 22, 2024	PNC FINANCIAL SERVICES GROUP, INC.	added	2.28	114,694	426,155	-%
Mar 14, 2024	HENNESSY ADVISORS INC	new	-	3,814,500	3,814,500	0.19%

Are Funds Buying or Selling GVA?

Are funds buying GVA calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own GVA

No. of Funds

Unveiling Granite Construction Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Apr 10, 2024	fmr llc	-	0	SC 13G/A
Feb 13, 2024	vanguard group inc	11.23%	4,933,608	SC 13G/A
Feb 12, 2024	fuller & thaler asset management, inc.	6.26%	2,752,012	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	6.1%	2,697,476	SC 13G/A
Feb 09, 2024	fmr llc	-	0	SC 13G/A
Jan 24, 2024	state street corp	6.03%	2,648,716	SC 13G/A
Jan 22, 2024	blackrock inc.	16.5%	7,238,313	SC 13G/A
Mar 10, 2023	fmr llc	-	0	SC 13G/A
Feb 14, 2023	fuller & thaler asset management, inc.	6.74%	2,948,153	SC 13G/A
Feb 10, 2023	dimensional fund advisors lp	6.1%	2,674,753	SC 13G/A

Recent SEC filings of Granite Construction Inc

View All Filings

Date Filed	Form Type	Document
Apr 10, 2024	SC 13G/A	Major Ownership Report
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 26, 2024	4	Insider Trading
Mar 18, 2024	4	Insider Trading
Mar 18, 2024	4	Insider Trading
Mar 18, 2024	4	Insider Trading

Peers (Alternatives to Granite Construction Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CAT	185.9B	67.1B	4.91%	62.74%	17.99	2.77	12.84%	54.12%
GE	167.3B	68.0B	-8.99%	61.05%	17.65	2.46	16.96%	2688.24%
CMI	42.0B	34.1B	7.61%	26.60%	49.95	1.23	21.34%	-61.52%
AME	41.4B	6.6B	-1.34%	29.44%	31.5	6.27	7.26%	13.25%
ACM	12.7B	14.9B	2.29%	13.25%	206.11	0.86	12.31%	-81.65%
MID-CAP
APG	9.6B	6.9B	3.23%	84.85%	62.68	1.38	5.64%	109.59%
FLR	6.9B	15.5B	4.34%	32.65%	49.68	0.44	12.59%	-4.48%
FLS	6.1B	4.3B	4.86%	39.56%	32.6	1.41	19.51%	-1.03%
ACA	3.9B	2.3B	-1.62%	34.00%	24.51	1.69	2.90%	-35.23%
ALG	2.6B	1.7B	4.91%	21.82%	18.98	1.53	11.63%	33.59%
SMALL-CAP
AMRC	1.0B	1.4B	-5.55%	-56.18%	16.75	0.76	-24.65%	-34.19%
NKLA	868.1M	35.8M	1.56%	-20.73%	-0.9	24.22	-27.93%	-23.21%
AGX	789.2M	573.3M	21.73%	53.04%	24.39	1.38	26.00%	-2.24%
AMSC	370.7M	135.4M	-14.16%	185.11%	-22.6	2.74	-25.90%	65.37%
ADES	250.6M	99.2M	33.22%	314.29%	-20.46	2.53	-3.69%	-37.37%

Granite Construction Inc News

Latest updates

Granite Construction Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4	2018Q3	2018Q2	2018Q1
Revenue	9.2%	861,768	789,213	1,008,910	849,247	653,886	805,651	1,062,129	964,172	669,913	830,390	955,761	811,866	530,862	885,587	1,112,114	866,092	581,813	836,123	1,070,899	828,313	551,696
Gross Profit	-2.6%	94,311	96,781	115,055	97,566	60,092	62,446	119,935	116,946	63,318	93,319	113,015	81,048	17,271	51,224	122,558	46,758	1,138	30,491	160,661	99,424	44,264
S&GA Expenses	1.8%	81,987	80,574	61,795	60,121	70,120	90,619	77,603	58,628	61,161	92,156	72,889	78,023	73,216	13,570	73,424	70,998	80,155	79,439	70,769	60,717	61,851
EBITDA Margin	-14.8%	0.05*	0.06*	0.06*	0.05*	0.05*	0.04*	0.04*	0.00*	-0.01*	-0.01*	-	-	-	-	-	-	-	-	-	-	-
Interest Expenses	67.3%	6,563	3,924	2,519	3,899	3,585	4,727	5,131	5,502	5,372	6,298	6,359	6,549	4,994	5,041	4,839	4,158	4,014	4,481	4,452	3,203	2,435
Income Taxes	46.7%	8,289	5,650	-7,710	8,668	6,352	21,251	8,904	7,710	-21,757	4,938	11,272	-1,782	-14,710	-772	11,747	-5,913	-17,350	-13,471	12,698	7,599	-7,128
Earnings Before Taxes	20.8%	29,998	24,826	57,488	28,246	-18,743	14,158	41,327	33,855	-84,158	10,625	-87,085	-2,755	-87,248	7,933	56,513	-27,559	-77,111	-53,986	83,959	16,369	-26,411
EBT Margin	-38.7%	0.02*	0.03*	0.02*	0.02*	0.02*	0.00*	0.00*	-0.04*	-0.05*	-0.05*	-	-	-	-	-	-	-	-	-	-	-
Net Income	17.9%	25,998	22,052	65,198	18,681	-26,733	-13,213	35,043	54,461	-66,195	8,010	-91,162	3,405	-65,370	-19,380	45,901	-24,242	-62,470	-52,676	67,836	5,866	-20,444
Net Income Margin	-48.2%	0.01*	0.02*	0.01*	0.00*	0.01*	0.00*	0.01*	-0.03*	-0.04*	-0.05*	-	-	-	-	-	-	-	-	-	-	-
Free Cashflow	154.4%	118,088	46,419	64,110	-95,045	-81,449	-59,837	64,399	-96,751	19,310	-	-	-	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	9.0%	2,814	2,580	2,377	2,077	2,168	786	727	717	2,495	2,562	2,479	2,374	2,380	2,488	2,509	2,384	2,502	2,613	2,525	2,359	1,162
Current Assets	-3.0%	1,643	1,695	1,491	1,246	1,347	1,574	1,587	1,574	1,827	1,665	1,566	1,451	1,455	1,545	1,424	1,301	1,377	1,493	1,377	1,210	1,341
Cash Equivalents	43.0%	418	292	214	200	294	255	175	361	396	464	378	441	425	388	289	243	252	185	145	200	273
Inventory	12.8%	104	92.00	92.00	98.00	87.00	81.00	79.00	74.00	62.00	77.00	67.00	66.00	62.00	102	105	99.00	89.00	95.00	102	97.00	89.00
Net PPE	16.3%	663	570	564	531	509	501	465	450	434	511	433	427	421	536	540	535	542	543	558	553	550
Goodwill	108.7%	155	74.00	79.00	74.00	74.00	74.00	54.00	54.00	54.00	117	54.00	54.00	54.00	117	249	248	264	264	264	260	259
Current Liabilities	-2.5%	1,030	1,056	867	723	798	1,052	1,000	936	1,069	1,100	1,048	1,000	943	975	890	810	842	877	840	676	737
Long Term Debt	52.3%	615	404	459	287	287	287	287	291	331	331	331	332	331	406	406	356	356	395	367	333	335
LT Debt, Current	2607.3%	40.00	1.00	1.00	1.00	1.00	1.00	1.00	9.00	9.00	9.00	9.00	9.00	8.00	8.00	8.00	8.00	8.00	8.00	48.00	47.00	40.00
LT Debt, Non Current	52.3%	615	404	459	287	287	287	287	291	331	331	331	332	331	406	406	356	356	395	367	333	335
Shareholder's Equity	2.3%	977	955	941	972	953	970	905	942	996	985	988	931	992	972	1,091	1,100	1,178	1,184	1,194	1,225	1,289
Retained Earnings	4.2%	502	482	430	453	481	465	402	389	411	430	401	353	425	423	520	523	594	620	580	610	679
Additional Paid-In Capital	0.4%	474	472	471	472	470	469	467	515	560	558	557	554	555	554	553	551	549	567	568	566	565
Shares Outstanding	0.0%	44.00	44.00	44.00	44.00	44.00	45.00	45.00	45.00	46.00	46.00	46.00	46.00	-	-	-	-	-	-	-	-	-
Minority Interest	-3.0%	50.00	51.00	40.00	47.00	32.00	36.00	33.00	36.00	28.00	37.00	33.00	28.00	16.00	17.00	23.00	32.00	37.00	38.00	48.00	48.00	46.00
Float	-	-	-	1,700	-	-	-	1,300	-	-	-	1,900	-	-	-	855	-	-	-	2,200	-	-

Cashflow (Last 12 Months)

(In Thousands)

Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-2.4%	149,509	153,146	-42,260	-76,688	70,278	88,647	-53,098	-50,180	-37,991	90,926	-69,091	38,087	129,794	126,183	32,608	-20,125	137,936	67,017	-57,151	-36,364	71,647
Share Based Compensation	-4.2%	1,847	1,928	1,874	4,828	1,614	1,775	1,762	2,614	1,226	1,539	2,577	1,065	1,174	1,267	1,538	2,398	1,289	1,703	1,473	5,748	2,163
Cashflow From Investing	-984.8%	-270,020	-24,892	-40,042	-24,336	-24,874	-16,443	-59,079	89,396	-4,097	-19,042	17,964	-16,303	639	-20,494	-27,309	5,902	4,886	2,718	-23,583	-24,343	41,715
Cashflow From Financing	586.5%	246,050	-50,576	96,997	6,784	-6,497	-759	-74,151	-82,904	-9,818	-1,016	-8,620	-4,992	-82,321	-6,587	37,650	-6,400	-65,045	-30,187	25,429	-11,834	-70,591
Dividend Payments	0%	5,710	5,710	5,704	5,687	5,684	5,730	5,898	5,959	5,958	5,956	5,953	5,937	5,935	5,935	5,927	5,915	6,076	6,088	6,085	6,067	6,096
Buy Backs	66.8%	224	134	244	3,523	173	350	50,164	20,212	127	106	198	2,299	132	25.00	75.00	653	29,984	2,968	81.00	3,867	10,188

GVA Income Statement

2023-12-31

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 3,509,138	$ 3,301,256	$ 3,501,865
Cost of revenue
Total cost of revenue	3,112,739	2,931,762	3,139,220
Gross profit	396,399	369,494	362,645
Selling, general and administrative expenses	294,466	272,610	303,015
Other costs, net	50,217	24,120	101,351
Gain on sales of property and equipment, net	(28,346)	(12,617)	(66,439)
Operating income	80,062	85,381	24,718
Other (income) expense
Loss on debt extinguishment	51,052	0	0
Interest income	(17,538)	(6,528)	(1,176)
Interest expense	18,462	12,624	20,739
Equity in income of affiliates, net	(25,748)	(13,571)	(12,586)
Other (income) expense, net	(6,020)	1,039	(4,386)
Total other (income) expense, net	20,208	(6,436)	2,591
Income before income taxes	59,854	91,817	22,127
Provision for income taxes	30,267	12,960	19,713
Net income	29,587	78,857	2,414
Amount attributable to non-controlling interests	14,012	4,445	7,682
Net income attributable to Granite Construction Incorporated	$ 43,599	$ 83,302	$ 10,096
Net income per share attributable to common shareholders
Basic earnings (loss) per share (USD per share)	$ 0.99	$ 1.87	$ 0.22
Diluted earnings (loss) per share (USD per share)	$ 0.97	$ 1.70	$ 0.21
Weighted average shares outstanding:
Basic (shares)	43,879	44,485	45,788
Diluted (shares)	52,565	52,326	47,599
Construction
Revenue
Total revenue	$ 2,992,254	$ 2,803,935	$ 3,076,190
Cost of revenue
Total cost of revenue	2,667,199	2,500,054	2,772,962
Materials
Revenue
Total revenue	516,884	497,321	425,675
Cost of revenue
Total cost of revenue	$ 445,540	$ 431,708	$ 366,258

GVA Balance Sheet

2023-12-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 417,663	$ 293,991
Short-term marketable securities	35,863	39,374
Receivables, net	598,705	463,987
Contract assets ($68,520 and $80,306 related to CCJVs)	262,987	241,916
Inventories	103,898	86,809
Equity in unconsolidated construction joint ventures	171,233	183,808
Other current assets ($5,590 and $5,694 related to CCJVs)	53,102	37,411
Total current assets	1,643,451	1,347,296
Property and equipment, net ($7,557 and $7,834 related to CCJVs)	662,864	509,210
Long-term marketable securities	0	26,569
Investments in affiliates	92,910	80,725
Goodwill	155,004	73,703
Intangible assets	117,322	9,212
Right of use assets	78,176	49,079
Deferred income taxes, net	8,179	22,208
Other noncurrent assets	55,634	49,931
Total assets	2,813,540	2,167,933
Current liabilities
Current maturities of long-term debt	39,932	1,447
Accounts payable ($62,755 and $57,534 related to CCJVs)	408,363	334,392
Contract liabilities ($50,929 and $62,675 related to CCJVs)	243,848	173,286
Accrued expenses and other current liabilities ($5,426 and $8,451 related to CCJVs)	337,740	288,469
Total current liabilities	1,029,883	797,594
Long-term debt	614,781	286,934
Long-term lease liabilities	63,548	32,170
Deferred income taxes, net	3,708	1,891
Other long-term liabilities	74,654	64,199
Commitments and contingencies
Equity
Preferred stock, $0.01 par value, authorized 3,000,000 shares, none outstanding	0	0
Common stock, $0.01 par value, authorized 150,000,000 shares; issued and outstanding: 43,944,118 shares as of December 31, 2023 and 43,743,907 shares as of December 31, 2022	439	437
Additional paid-in capital	474,134	470,407
Accumulated other comprehensive income	881	788
Retained earnings	501,844	481,384
Total Granite Construction Incorporated shareholders’ equity	977,298	953,016
Non-controlling interests	49,668	32,129
Total equity	1,026,966	985,145
Total liabilities and equity	$ 2,813,540	$ 2,167,933

About Granite Construction Inc

Granite Construction Incorporated operates as an infrastructure contractor and a construction materials producer in the United States. The company operates through two segments, Construction and Materials segments. The Construction segment engages in the construction and rehabilitation of roads, pavement preservation, bridges, rail lines, airports, marine ports, dams, reservoirs, aqueducts, infrastructure, and site development for use by the public. The Materials segment is involved in the production of aggregates and asphalt for internal use, as well as for sale to third parties. It also focuses on water-related construction for municipal agencies, commercial water suppliers, industrial facilities, and energy companies; and constructs various complex projects, including infrastructure/site development, mining, public safety, tunnel, solar, and power projects. In addition, the company offers site preparation, mining, and infrastructure services for residential development, energy development, commercial and industrial sites, and other facilities; and provides construction management professional services. It serves federal agencies, state departments of transportation, local transit authorities, county and city public works departments, school districts and developers, utilities, contractors, landscapers, manufacturers of products requiring aggregate materials, retailers, homeowners, farmers, brokers, and private owners of industrial, commercial, and residential sites. The company was incorporated in 1922 and is headquartered in Watsonville, California.

CEO	Mr. Kyle T. Larkin
WEBSITE	graniteconstruction.com
INDUSTRY	Apparel Manufacturing
EMPLOYEES	2000

Granite Construction Inc Frequently Asked Questions

What is the ticker symbol for Granite Construction Inc? What does GVA stand for in stocks?

GVA is the stock ticker symbol of Granite Construction Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Granite Construction Inc (GVA)?

As of Mon Apr 15 2024, market cap of Granite Construction Inc is 2.4 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of GVA stock?

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

What is the fair value of GVA stock?

You can check GVA's fair value in chart for subscribers. The fair value of Granite Construction 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 Granite Construction 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 GVA 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 Granite Construction Inc a good stock to buy?

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

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

As of Mon Apr 15 2024, GVA's PE ratio (Price to Earnings) is 55.08 and Price to Sales (PS) ratio is 0.68. 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. GVA PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Granite Construction Inc's stock?

In the past 10 years, Granite Construction Inc has provided 0.048 (multiply by 100 for percentage) rate of return.