Excluding significant items, fourth quarter earnings per common share of $0.28 (1)
(All dollar amounts are stated in Canadian dollars unless otherwise indicated)
TORONTO, June 6, 2018 /CNW/ - During the fourth quarter of fiscal 2018, the quarter ended March 31, 2018, Canaccord Genuity Group Inc. (Canaccord Genuity, the Company, TSX: CF) generated $322.1 million in revenue. Excluding significant items (1), the Company recorded net income (3) of $37.3 million or net income of $33.0 million attributable to common shareholders (2) (earnings per common share of $0.28). Including all expense items, on an IFRS basis, the Company recorded a net loss (3) of $9.7 million or a net loss of $14.0 million attributable to common shareholders (2) (loss per common share of $0.15). These IFRS results include a non-cash accounting charge related to our Long-term Incentive Plan in the amount of $48.4 million as further described below. This charge has been treated as a significant item and excluded as an expense in the determination of our adjusted net income.
During the fiscal year ended March 31, 2018, the Company generated $1.02 billion in revenue. Excluding significant items (1), the Company recorded net income (3) of $81.7 million or net income of $68.0 million attributable to common shareholders (2) (earnings per common share of $0.59). Including the accounting charge referred to above and all other expense items, on an IFRS basis, the Company recorded net income (3) of $17.1 million or net income of $3.4 million attributable to common shareholders (2) (earnings per common share of $0.03).
"Fiscal 2018 was a pivotal year for our organization as we achieved our strategic goal of significantly increasing contributions from our global wealth management operations, while we continued to extract greater value from our global capital markets platform," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. "We delivered robust earnings growth and made excellent progress on our strategy of building a leading independent investment bank and wealth management firm, with disciplined expense management and stronger recurring revenue contributions."
In addition to significant items related to the amortization of intangible assets acquired in connection with a business combination, acquisition-related costs, certain incentive-based payments related to the acquisition of Hargreave Hale and restructuring costs, an accounting charge related to our Long-Term Incentive Plan was also recorded during the fourth quarter of fiscal 2018 and treated as a significant item.
The Company's Long-Term Incentive Plan has been an important element to the Company's incentive compensation program for several years. Under this plan, senior employees of the Company receive a portion of their annual compensation in the form of restricted stock units (RSUs). These RSUs vest over time, typically three years, and, prior to the accounting change described below, the cost of those RSUs was expensed over that vesting period.
Certain non-substantive changes made to the plan by the Company which took effect on March 31, 2018, had the effect of causing a change in the method of expensing these awards so that they are now expensed at the time they are deemed to be earned which is generally the fiscal period in which the awards are either made or the immediately preceding fiscal year for those awards earned in respect of that preceding fiscal year. With this change in accounting treatment, the cost of RSU awards granted in respect of fiscal 2018 as well as the unamortized expense as at March 31, 2018 of outstanding awards granted prior to fiscal 2018 were expensed in the current quarter (Q4/18). This change did not affect awards made in connection with new hires or for retention purposes. The cost of those awards will continue to be recognized over the vesting period.
With this change, the total expense for share-based awards recognized in fiscal 2018 was $94.7 million. This expense was comprised of the following two components:
The amount of $48.4 million in respect of awards granted prior to fiscal 2018 was treated as a significant item in our supplementary financial reporting and is therefore excluded in the determination of our adjusted earnings and earnings per share (i.e. excluding significant items) for Q4/18 and fiscal 2018.
RSU awards are generally covered through shares held in employee benefit trusts, so this change in accounting treatment does not have an impact on either cash or capital.
Going forward, in fiscal 2019 and fiscal periods after 2019, the share-based award expense recognized in each period will only reflect the cost of awards earned in respect of that period as well as the amortized cost of new hire and retention-based awards applicable to that period.
Fourth Quarter of Fiscal 2018 vs. Fourth Quarter of Fiscal 2017
Fourth Quarter of Fiscal 2018 vs Third Quarter of Fiscal 2018
Fiscal 2018 vs. Fiscal 2017
Financial Condition at End of Fourth Quarter Fiscal 2018 vs. Fourth Quarter Fiscal 2017
SUMMARY OF OPERATIONS
Corporate
Capital Markets
Canaccord Genuity Wealth Management (Global)
Canaccord Genuity Wealth Management (North America)
Canaccord Genuity Wealth Management (UK & Europe)
Non-IFRS Measures
The non-International Financial Reporting Standards (IFRS) measures presented include assets under administration, assets under management, book value per diluted common share and figures that exclude significant items. Significant items include restructuring costs, amortization of intangible assets acquired in connection with a business combination, impairment of goodwill and other assets and acquisition-related expense items, which include costs recognized in relation to both prospective and completed acquisitions, gains or losses related to business disposals including recognition of realized translation gains on the disposal of foreign operations, certain accounting charges related to the change in the Company's long-term incentive plan as recorded with effect on March 31, 2018, certain incentive-based payments related to the acquisition of Hargreave Hale, as well as certain expense items, typically included in development costs, which are considered by management to reflect a singular charge of a non-operating nature. Book value per diluted common share is calculated as total common shareholders' equity adjusted for assumed proceeds from the exercise of options and warrants and conversion of convertible debentures divided by the number of diluted common shares outstanding including estimated amounts in respect of share issuance commitments including options, warrants and convertible debentures, and, commencing in Q1/14, adjusted for shares purchased under the Company's normal course issuer bid (NCIB) and not yet cancelled and estimated forfeitures in respect of unvested share awards under share-based payment plans.
Management believes that these non-IFRS measures will allow for a better evaluation of the operating performance of the Company's business and facilitate meaningful comparison of results in the current period to those in prior periods and future periods. Figures that exclude significant items provide useful information by excluding certain items that may not be indicative of the Company's core operating results. A limitation of utilizing these figures that exclude significant items is that the IFRS accounting effects of these items do in fact reflect the underlying financial results of the Company's business; thus, these effects should not be ignored in evaluating and analyzing the Company's financial results. Therefore, management believes that the Company's IFRS measures of financial performance and the respective non-IFRS measures should be considered together.
Selected financial information excluding significant items (1)
| Three months ended |
Quarter- |
Years ended March 31 |
Year – |
||||
| (C$ thousands, except per share and % amounts) |
2018 |
2017 |
2018 |
2017 |
|||
| Total revenue per IFRS |
$322,080 |
$271,656 |
18.6% |
$1,022,877 |
$879,546 |
16.3% |
|
| Total expenses per IFRS |
$324,379 |
$234,251 |
38.5% |
$987,131 |
$825,662 |
19.6% |
|
| Revenue |
|||||||
| Significant items included in Canaccord Genuity |
|||||||
| Realized translation gains on disposal of Singapore |
— |
— |
— |
— |
1,193 |
(100.0) % |
|
| Total revenue excluding significant items |
$322,080 |
$271,656 |
18.6% |
$1,022,877 |
$878,353 |
16.5% |
|
| Expenses Significant items recorded in Canaccord Genuity |
|||||||
| Amortization of intangible assets |
579 |
830 |
(30.2) % |
2,317 |
3,304 |
(29.9) % |
|
| Restructuring costs (2) |
— |
— |
n.m. |
4,704 |
— |
n.m. |
|
| Acceleration of long-term incentive plan expense (3) |
42,399 |
— |
n.m. |
42,399 |
— |
n.m. |
|
| Significant items recorded in Canaccord Genuity Wealth Management |
|||||||
| Amortization of intangible assets |
2,867 |
1,260 |
127.5% |
8,273 |
5,262 |
57.2% |
|
| Restructuring costs (2) |
939 |
— |
n.m. |
2,939 |
— |
n.m. |
|
| Acquisition-related costs |
184 |
— |
n.m. |
6,732 |
— |
n.m. |
|
| Acceleration of long-term incentive plan expense (3) |
4,058 |
— |
n.m. |
4,058 |
— |
n.m. |
|
| Incentive based payments related to acquisition (4) |
1,541 |
— |
n.m. |
1,541 |
— |
n.m. |
|
| Significant items recorded in Corporate and Other |
|||||||
| Acceleration of long-term incentive plan expense (3) |
1,898 |
— |
n.m. |
1,898 |
— |
n.m. |
|
| Total significant items |
54,465 |
2,090 |
n.m. |
74,861 |
8,566 |
n.m. |
|
| Total expenses excluding significant items |
269,914 |
232,161 |
16.3% |
912,270 |
817,096 |
11.6% |
|
| Net income before income taxes – adjusted |
$52,166 |
$39,495 |
32.1% |
$110,607 |
$61,257 |
80.6% |
|
| Income tax expense – adjusted |
14,854 |
6,755 |
119.9% |
28,950 |
12,061 |
140.0% |
|
| Net income – adjusted |
$37,312 |
$32,740 |
14.0% |
$81,657 |
$49,196 |
66.0% |
|
| Net income attributable to common shareholders, adjusted |
$33,003 |
$28,099 |
17.5% |
$68,011 |
$32,825 |
107.2% |
|
| Earnings per common share – basic, adjusted |
$0.36 |
$0.31 |
16.1% |
$0.73 |
$0.36 |
102.8% |
|
| Earnings per common share – diluted, adjusted |
$0.28 |
$0.27 |
3.7% |
$0.59 |
$0.32 |
84.4% |
|
| (1) |
Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 6. |
| (2) |
Restructuring costs for the year ended March 31, 2018 related to termination benefits incurred as a result of the closing of certain trading operations in our UK & Europe capital markets operations, staff reductions in our Canadian and US capital markets operations, as well as real estate costs related to the acquisition of Hargreave Hale. |
| (3) |
Effective as of March 31, 2018 the Plan was changed to remove certain employment-related conditions for the vesting of RSU awards made as part of the normal course incentive compensation payment cycle. As a result of this change, the costs of RSUs granted as part of the normal course incentive compensation payment cycle will now be expensed in the period in which those awards are deemed to be earned, instead of recognizing the costs over the vesting period. This change led to the acceleration of the remaining expense for certain awards made under the LTIP which had not been fully amortized as of March 31, 2018. The total charge recorded during the year ended March 31, 2018 in respect of awards granted prior to fiscal 2018 was $48.4 million. |
| (4) |
Incentive-based payments related to the acquisition of Hargreave Hale determined with reference to financial targets and other performance criteria. |
| n.m.: not meaningful |
|
Business segment results for fiscal 2018
| Excluding |
IFRS |
|||||
| (C$ thousands, except per share amounts) |
Canaccord |
Canaccord |
Corporate and |
Total |
Total |
|
| Revenue |
$637,556 |
$370,265 |
$15,056 |
$1,022,877 |
$1,022,877 |
|
| Expenses |
(607,906) |
(320,737) |
(58,488) |
(987,131) |
(987,131) |
|
| Inter-segment allocations |
(16,524) |
(15,529) |
32,053 |
--- |
--- |
|
| Income (loss) before income taxes and significant items |
$13,126 |
$33,999 |
$(11,379) |
$35,746 |
$35,746 |
|
| Significant items |
||||||
| Amortization of intangible assets |
2,317 |
8,273 |
--- |
10,590 |
--- |
|
| Restructuring costs |
4,704 |
2,939 |
--- |
7,643 |
--- |
|
| Acquisition-related costs |
--- |
6,732 |
--- |
6,732 |
--- |
|
| Acceleration of LTIP expense |
42,399 |
4,058 |
1,898 |
48,355 |
--- |
|
| Incentive-based payments |
--- |
1,541 |
--- |
1,541 |
--- |
|
| Total significant items |
49,420 |
23,543 |
1,898 |
74,861 |
--- |
|
| Income (loss) before income taxes |
$62,546 |
$57,542 |
$(9,481) |
$110,607 |
$35,746 |
|
| Income (taxes) recovery (B) |
(23,142) |
(9,207) |
3,399 |
(28,950) |
(18,669) |
|
| Non-controlling interests |
(4,053) |
--- |
--- |
(4,053) |
(4,053) |
|
| Preferred share dividends (C) |
(6,069) |
(3,524) |
--- |
(9,593) |
(9,593) |
|
| Corporate and other (C) |
(3,848) |
(2,235) |
6,082 |
--- |
--- |
|
| Net income attributable to common shareholders |
$25,435 |
$42,576 |
--- |
$68,011 |
$3,431 |
|
| Dilutive EPS factors |
||||||
| Interest on convertible debentures, net of tax (C) |
2,125 |
1,234 |
--- |
3,359 |
--- |
|
| $27,560 |
$43,810 |
--- |
$71,370 |
$3,431 |
||
| Average diluted number of shares (D) |
120,093 |
120,093 |
120,093 |
110,862 |
||
|
Diluted earnings per share, excluding significant items (A) |
$0.23 |
$0.36 |
--- |
$0.59 |
--- |
|
| Diluted earnings per share on an IFRS basis |
--- |
--- |
--- |
--- |
$0.03 |
|
| (A) |
Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 6. |
| (B) |
Allocation of consolidated tax provision based on management estimates by region and by business unit |
| (C) |
Allocation to capital markets and wealth management segments based on revenue |
| (D) |
This is the diluted share number used to calculate diluted EPS. |
Fellow Shareholders:
Fiscal 2018 was a good year for Canaccord Genuity Group Inc. Total firm-wide revenue surpassed $1 billion for the first time in our Company's history. Excluding significant items (1), we delivered earnings per share of $0.59, an improvement of 84% compared to a year ago.
Throughout the year we made excellent progress against our objectives: we achieved significant growth in our global wealth management operations and improved market share across our capital markets operations. Because of these efforts, we delivered solid financial results and set new benchmarks for our businesses.
Our strategic shift to strengthening contributions from our global wealth management businesses has positioned this segment to deliver a significantly higher contribution to our overall profitability.
Excluding significant items (1), our global wealth management operations contributed 49% of the total pre-tax net income for our combined operating businesses for the fiscal year, in line with our stated goal. Total client assets grew to $61.3 billion, a year-over-year improvement of 59%.
The most substantial contribution to this growth came from our expanded UK & Europe wealth management business, which contributed record revenue of $201.4 million for the year. With the closing of our acquisition of Hargreave Hale in September, we have been privileged to welcome over 200 new employees and more than 14,000 new clients, and we are making excellent progress with our integration efforts. Now a top-10 wealth manager in the UK with £24.8 billion in client assets, our teams are leveraging synergies across their expanded platform to deliver impressive asset and related revenue growth, while strengthening our national footprint across the UK.
We also achieved significant growth in our Canadian wealth management business. With a platform that welcomes and embraces established and entrepreneurial financial advisors, we have added Investment Advisory teams and new clients representing over $5.0 billion in assets since we began our recruiting efforts in 2016 and have meaningfully strengthened our competitive position as a leading independent wealth management business in Canada. Total assets under administration and management increased by 18% from a year ago, to $15.6 billion. Excluding significant items (1), this business contributed pre-tax net income of $20.2 million to our overall results.
A supportive backdrop for growth stocks allowed us to reinforce our market position as the leading independent investment bank and advisory firm for mid-market growth companies.
Our global capital markets division was a major contributor to our firmwide revenue growth in fiscal 2018 with a record revenue result of $637.5 million.
Despite the market being punctuated by periods of elevated volatility during fiscal 2018, our investment banking segment performed exceptionally well. A healthy environment for capital raising activity in our core focus sectors – particularly during the second half of our fiscal year – led to a 39% year-over-year increase in revenues for this segment.
Our Canadian operation ended the fiscal year as the dominant independent investment bank in the country for both number of transactions and total amount raised. Revenue generated through investment banking activities in this business nearly doubled over the 12-month period to $125.1 million.
An environment of growing earnings and elevated equity valuations led to a general trend of larger deal size across our advisory business, and we serviced increasing demand for independent advice that is free from conflict. We also experienced strong flows across our institutional equities business. Despite a softer trading environment, our US equities business continued to gain market share and the International Equities Group delivered continued growth. We anticipate that the acquisition of Jitneytrade and its related technology business, Finlogik Inc., will further strengthen our market share as the leading independent trader in Canada and provide access to new areas of growth through the development of fintech solutions for our capital markets and wealth management divisions.
Our efforts to intensify our focus on our core capabilities in our US capital markets division led to significant profitability growth for fiscal 2018. Excluding significant items (1), pre-tax net income in this business grew to $5.4 million over the year, while the total revenue contribution was in-line with prior periods. Our teams in the UK, Europe & Dubai have continued to be productive on several notable investment banking and advisory mandates, and, despite a slow start to the year, delivered positive results for the last three consecutive quarters.
And finally, our Australian capital markets business delivered another strong performance. Despite the brief loss of momentum for growth stocks early in the year, an improved market backdrop allowed this business to deliver a record revenue result in the second half of the fiscal year. I am also very pleased to announce that we have agreed to increase our ownership stake in this business to 80%, which supports our objective of more closely aligning this business with our global platform and exploring opportunities to grow our wealth management businesses in the region. Since our initial investment in 2011, this operation has steadily increased its contributions to our overall group results, and we look forward to capturing a greater share of this growth for our shareholders. By increasing share ownership among our partners and employees in Australia, we more closely align their incentives with the performance of the organization.
| (1) |
Figures excluding significant items are non-IFRS measures. See Non-IFRS Measures on page 6. |
Our efforts to better focus and align our operations have allowed us to strengthen our operating leverage and extract greater value from our business in any market environment.
Revenue per employee in our global capital markets business has improved by 38% since we began our realignment initiatives in fiscal 2016, a reflection of our efforts to capture greater efficiencies from our existing infrastructure while improving our execution capabilities. By strengthening collaboration across regions, we have been able to drive incremental revenue growth and harness opportunities to lead the market in emerging high-growth sectors such as cannabis and blockchain.
We have continued to manage our fixed costs, leaving our business increasingly better positioned to generate meaningful profits. Despite higher costs related to the expansion of our UK & Europe wealth management business and the increased activity across our capital markets operations, excluding significant items (1), our firm-wide expense ratio decreased by 3.8 percentage points over the fiscal year.
We have also improved our technological and operational infrastructure with a focus on strengthening the security and stability of our platform and ensuring compliance with an increasingly complex regulatory environment. Our enhanced back-office support capabilities provide us with the flexibility to continue adding scale across our wealth management operations while positioning our capital markets business to move swiftly into new areas of growth.
In keeping with our stated intention to review every aspect of our business with a view to improving long term value for our shareholders, we took steps to better align our compensation strategy with the performance of the business, shifting performance goals from a revenue basis to a longer term profitability basis. A significant portion of certain senior officers' compensation will be in the form of Performance Share Units (PSUs), whose future payout will be conditioned on achievement of predetermined multi-year, market-based and financial performance metrics.
With an effective date of March 31, 2018, we made certain non-substantive changes to the Company's long-term incentive plan which governs our share-based awards program. These changes had the effect of causing a change in the method of expensing these awards so that they are now expensed in the period they are deemed to be earned rather than over the vesting period. With this accounting change, the cost of share-based awards granted in respect of fiscal 2018, as well as the unamortized balance as at March 31, 2018 of outstanding awards granted prior to fiscal 2018, was expensed in the fourth quarter of fiscal 2018. This change did not affect awards made in connection with new hires or for retention purposes, and the cost of those awards will continue to be recognized over the vesting period. The cost of awards granted prior to fiscal 2018 that was expensed in the current year was $48.4 million. This amount has been treated as a significant item for purposes of determining our adjusted (i.e. excluding significant items (1)) fourth quarter and fiscal 2018 results. Share-based awards are generally covered through shares held in employee benefit trusts, so this change in accounting treatment does not have an impact on cash, book value or capital.
Others within the industry treat their share-based awards on a similar basis, and we believe this treatment provides greater transparency of our financial results and more closely aligns our revenues and expenses in reporting periods. Going forward, the share-based award expense recognized in each period will reflect only the cost of awards earned in respect of that period as well as the amortized cost of new hire and retention-based awards applicable to that period.
The strong performance we achieved this year reflects hard work and diligence by all our employees who upheld our core values of entrepreneurialism, independence and partnership.
Our results for this fiscal year are indicative of the continued momentum in our business as we solidify our position as the dominant mid-market investment bank and wealth management firm in the regions where we operate. I believe that a significant market share opportunity exists across our businesses and I am confident that Canaccord Genuity is best positioned versus our peers to capture this share.
We will continue to focus on key sectors of the global growth economy, because it's what we do best. At the same time, we continue to make disciplined investments in our business, broadening our technological capability and further developing our digital offerings.
Looking ahead, I believe that our business is appropriately scaled to take advantage of market opportunities while allowing us to exceed our clients' expectations in a range of market environments. The volatility that shocked the market toward the end of our fiscal year served as an important reminder that the markets are not always going to be predictable, and reinforced the value of maintaining liquidity in our business and being prepared for developments outside our control.
I would like to thank our Board of Directors for their guidance throughout this pivotal year for our organization. And to you, our valued shareholders, I thank you for your continued support and would like to remind you that the values that drive our decisions are shared by all our employees, partners and directors. Getting here required hard work, and we know that continuing to advance our business will require ongoing discipline and commitment across the organization. As we begin a new fiscal year, we remain committed to operating a highly focused business that is thoughtful in the way it deploys capital and one where all employees are aligned with shareholders in their incentives.
Kind regards,
Dan Daviau
President & CEO
Canaccord Genuity Group Inc.
ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this quarterly earnings release and supplementary financial information at http://www.canaccordgenuitygroup.com/EN/IR/Pages/default.aspx.
CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord Genuity's fourth quarter results conference call, via live webcast or a toll-free number. The conference call is scheduled for Thursday, June 7, 2018 at 5:00 a.m. Pacific time, 8:00 a.m. Eastern time, 1:00 p.m. UK time, 8:00 p.m. China Standard Time, and 10:00 p.m. Australia EST. During the call, senior executives will comment on the results and respond to questions from analysts and institutional investors.
The conference call may be accessed live and archived on a listen-only basis at: http://www.canaccordgenuitygroup.com/EN/NewsEvents/Pages/Events.aspx
Analysts and institutional investors can call in via telephone at:
Please ask to participate in the Canaccord Genuity Group Inc. Q4/18 results call. If a passcode is requested, please use 1795147.
A replay of the conference call will be made available from approximately two hours after the live call on June 7, 2018, until August 1, 2018 at 416-849-0833 or 1-855-859-2056 by entering passcode 1795147 followed by the (#) key.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, Australia, the UK, Guernsey, Jersey, and the Isle of Man. Canaccord Genuity, the international capital markets division, operates in North America, UK & Europe, Asia, Australia and the Middle East. To us there are no foreign markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX. Canaccord Genuity Series A Preferred Shares are listed on the TSX under the symbol CF.PR.A. Canaccord Genuity Series C Preferred Shares are listed on the TSX under the symbol CF.PR.C.
| ___________________________ |
|
| 1 |
Figures excluding significant items are non-IFRS measures. See Non-IFRS measures on page 6. |
| 2 |
Net income (loss) attributable to common shareholders is calculated as the net income (loss) adjusted for non-controlling interests and preferred share dividends. |
| 3 |
Before non-controlling interests and preferred share dividends. |
| 4 |
See Non-IFRS Measures on page 6. |
| 5 |
Transactions over $1.5 million. Internally sourced information. |
| 6 |
Advisory Teams are normally comprised of one or more Investment Advisors (IAs) and their assistants and associates, who together manage a shared set of client accounts. Advisory Teams that are led by, or only include, an IA who has been licensed for less than three years are not included in our Advisory Team count, as it typically takes a new IA approximately three years to build an average-sized book of business. |
| None of the information on the Company's websites at www.canaccordgenuity.com, www.canaccordgenuitygroup.com, and www.canaccordgenuity.com/cm should be considered incorporated herein by reference. |
SOURCE Canaccord Genuity Group Inc.
Investor and media relations inquiries: Christina Marinoff, Vice President, Investor Relations and Communications, Phone: 416-687-5507, Email: [email protected]
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company) is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its...
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