New Risk • Jun 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 02
Third quarter 2025 earnings released: €1.60 loss per share (vs €0.12 loss in 3Q 2024) Third quarter 2025 results: €1.60 loss per share (further deteriorated from €0.12 loss in 3Q 2024). Revenue: €70.7m (up 8.6% from 3Q 2024). Net loss: €24.9m (loss widened €23.0m from 3Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Tillkännagivande • Oct 13
Warburg Pincus LLC proposed to acquire an additional 82.23% stake in PSI Software SE (XTRA:PSAN) for approximately €570 million. Warburg Pincus LLC proposed to acquire an additional 82.23% stake in PSI Software SE (XTRA:PSAN) for approximately €570 million on October 13, 2025. A cash consideration valued at €45 per share will be paid by Warburg Pincus LLC. As part of consideration, an undisclosed value is paid towards common equity of PSI Software SE. The Management Board and the Supervisory Board of PSI support the Offer and intend, subject to their review of the Offer Document yet to be published by Warburg Pincus as part of their fiduciary duties, to recommend the acceptance of the Offer to PSI's shareholders. The Offer will be subject to a minimum acceptance threshold of 50 percent plus one share with the shares owned by E.ON being considered for purposes of such threshold and usual Offer conditions, including the receipt of regulatory clearances with closing expected in first half of 2026.
The transaction is fully funded with equity and debt financing in place.
The final terms and conditions will be set out in the Offer Document, which is subject to permission by BaFin.
Goldman Sachs Bank Europe SE acted as financial advisor for PSI Software SE. Linklaters Oppenhoff & Rädler acted as legal advisor for PSI Software SE. J.P. Morgan SE acted as financial advisor for Warburg Pincus LLC. Kirkland & Ellis, Germany acted as legal advisor for Warburg Pincus LLC. Tillkännagivande • Oct 11
PSI Software in Talks over Takeover Offer German software solutions maker PSI Software SE (XTRA:PSAN) is in advanced discussions over a potential takeover offer with three parties, the company said on October 10, 2025, confirming a media report. PSI said it is in talks with private equity firms Thoma Bravo (Thoma Bravo, L.P.), HgCapital (HgCapital LLP) and Warburg Pincus (Warburg Pincus LLC) regarding an investment agreement. It is currently not clear which of the interested parties will make a takeover offer and whether an offer will be made at all. New Risk • Oct 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 31
Second quarter 2025 earnings released: €0.11 loss per share (vs €0.40 loss in 2Q 2024) Second quarter 2025 results: €0.11 loss per share (improved from €0.40 loss in 2Q 2024). Revenue: €73.0m (up 18% from 2Q 2024). Net loss: €1.70m (loss narrowed 73% from 2Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: €0.032 (vs €1.07 loss in 1Q 2024) First quarter 2025 results: EPS: €0.032 (up from €1.07 loss in 1Q 2024). Revenue: €76.4m (up 52% from 1Q 2024). Net income: €491.0k (up €17.1m from 1Q 2024). Profit margin: 0.6% (up from net loss in 1Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 11
PSI Software SE, Annual General Meeting, May 20, 2025 PSI Software SE, Annual General Meeting, May 20, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 29
Full year 2024 earnings released: €1,398 loss per share (vs €0.047 loss in FY 2023) Full year 2024 results: €1,398 loss per share (further deteriorated from €0.047 loss in FY 2023). Revenue: €272.8m (up 1.1% from FY 2023). Net loss: €21.7m (loss widened €20.9m from FY 2023). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 160 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 27
PSI Software SE Provides Earnings Guidance for the Year 2025 PSI Software SE provides earnings guidance for the year 2025. For the year, the company expects growth in new orders and sales of around 10%. Tillkännagivande • Mar 23
PSI Software SE to Report Fiscal Year 2024 Results on Mar 27, 2025 PSI Software SE announced that they will report fiscal year 2024 results on Mar 27, 2025 Tillkännagivande • Mar 07
Altamount Software GmbH completed the acquisition of PSI Transcom GmbH from PSI Software SE (XTRA:PSAN). Altamount Software GmbH agreed to acquire PSI Transcom GmbH from PSI Software SE (XTRA:PSAN) on December 21, 2024. The parties have agreed not to disclose the purchase price of the transaction until the closing of the share transfer. Closing of the transaction requires the approval of the Federal Ministry for Economics Affairs and Climate Action. The transaction is expected to complete in first quarter of 2025. PricewaterhouseCoopers Transaction Services Germany acted as financial advisor and PricewaterhouseCoopers Legal Aktiengesellschaft Rechtsanwaltsgesellschaft acted as legal advisor to PSI Software SE.
Altamount Software GmbH completed the acquisition of PSI Transcom GmbH from PSI Software SE (XTRA:PSAN) on March 5, 2025. Tillkännagivande • Dec 23
Altamount Software GmbH agreed to acquire PSI Transcom GmbH from PSI Software SE (XTRA:PSAN). Altamount Software GmbH agreed to acquire PSI Transcom GmbH from PSI Software SE (XTRA:PSAN) on December 23, 2024. Tillkännagivande • Nov 11
PSI Software SE Appoints Georg Tacke to the Supervisory Board PSI Software SE announced that following the proposal of supervisory board and management board, Dr. Georg Tacke has been appointed as supervisory board member by the Local Court of Berlin-Charlottenburg (Amtsgericht Berlin-Charlottenburg) with immediate effect. It became necessary after the long-standing Chairman of the Supervisory Board of PSI Software SE, Mr. Karsten Trippel, was no longer available for a further term on the Supervisory Board. Dr. Georg Tacke was CEO of the management consultancy Simon-Kucher & Partners from 2009 to 2019 and is currently a Senior Advisor to the company. He has more than 30 years of consulting experience, primarily in the B2B sector. His areas of expertise include growth strategy, sales and pricing. He is well known as one of the top pricing experts and supports numerous CEOs and management boards as a personal consultant and coach. Dr. Georg Tacke holds a Master's degree in business administration and a PhD from the University of Bielefeld. He also studied and conducted research as a visiting scholar at the Stanford Business School. Reported Earnings • Nov 01
Third quarter 2024 earnings released: €0.12 loss per share (vs €0.088 profit in 3Q 2023) Third quarter 2024 results: €0.12 loss per share (down from €0.088 profit in 3Q 2023). Revenue: €72.3m (up 11% from 3Q 2023). Net loss: €1.86m (down 237% from profit in 3Q 2023). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 11
Second quarter 2024 earnings released: €0.40 loss per share (vs €0.80 loss in 2Q 2023) Second quarter 2024 results: €0.40 loss per share (improved from €0.80 loss in 2Q 2023). Revenue: €64.4m (up 5.5% from 2Q 2023). Net loss: €6.19m (loss narrowed 50% from 2Q 2023). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Tillkännagivande • Aug 30
PSI Software SE Provides Earnings Guidance for the Full Year of 2024 PSI Software SE provided earnings guidance for the full year of 2024. The Executive Board expects, taking into account the negative effects of the cyberattack, a reduction in sales of around EUR 20 million to EUR 30 million and a negative operating result in the upper single-digit to lower double-digit million range for the full year. New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. New Risk • Aug 02
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 2.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Tillkännagivande • Jul 30
PSI Software SE Announces Appointment of Uwe Hack as Its New Chairman The Supervisory Board of PSI Software SE has elected Dr. Uwe Hack as its new Chairman at its constituent meeting following today's Annual General Meeting. Dr. Hack succeeds Mr. Karsten Trippel, who was no longer available for a further term on the Supervisory Board. Tillkännagivande • Jul 26
PSI Software SE Announces Retirement of Karsten Trippel as Chairman of the Supervisory Board PSI Software SE announced the current chairman of the supervisory board of the company Mr. Karsten Trippel, will not be available for a further term of office on the supervisory board. The Supervisory Board's proposed resolution on agenda item 6.1 to elect Mr. Trippel to the Supervisory Board for a further term of office at the upcoming Annual General Meeting of PSI on July 26, 2024 will therefore not be put to the vote. Mr. Trippel's current term of office until the end of the Annual General Meeting on July 26, 2024 and his current chairmanship of the Supervisory Board remain unaffected by this. Tillkännagivande • Jun 20
PSI Software SE, Annual General Meeting, Jul 26, 2024 PSI Software SE, Annual General Meeting, Jul 26, 2024, at 10:00 W. Europe Standard Time. Tillkännagivande • Jun 13
Psi Software SE Appoints Erol Bozak as Chief Technology Officer PSI Software SE appoints a Chief Technology Officer (CTO) for the first time and fills the position with Erol Bozak (50). His area of responsibility includes the central development team and the Research & Development activities. One of his focuses will be the cloud transformation of the PSI portfolio. With this strategic step, PSI underlines its commitment to innovation and technological excellence. Erol Bozak will report directly to the Executive Board. As co-founder and Chief Product Officer of Treasury Intelligence Solutions (TIS) GmbH since 2010, Erol Bozak built up one of the fastest growing fintech companies in Europe. Prior to that, he was Program Manager at SAP, driving Infrastructure-as-a-Service (IaaS) and cloud initiatives. The computer science graduate began his career in the Supply Chain Management department of Fraunhofer Gesellschaft. He holds an Executive MBA from Mannheim Business School and more than 40 patents granted in the USA in the areas of cloud computing, SaaS and Fintech. Tillkännagivande • May 03
PSI Software SE to Report Fiscal Year 2023 Final Results on Jun 04, 2024 PSI Software SE announced that they will report fiscal year 2023 final results on Jun 04, 2024 Reported Earnings • Oct 30
Third quarter 2023 earnings released: EPS: €0.088 (vs €0.31 in 3Q 2022) Third quarter 2023 results: EPS: €0.088 (down from €0.31 in 3Q 2022). Revenue: €70.3m (up 11% from 3Q 2022). Net income: €1.36m (down 72% from 3Q 2022). Profit margin: 1.9% (down from 7.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Jul 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 6.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 29
Second quarter 2023 earnings released: €0.80 loss per share (vs €0.17 profit in 2Q 2022) Second quarter 2023 results: €0.80 loss per share (down from €0.17 profit in 2Q 2022). Revenue: €62.2m (up 6.4% from 2Q 2022). Net loss: €12.4m (down €15.1m from profit in 2Q 2022). Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 21
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be €37.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 11%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Upcoming Dividend • May 17
Upcoming dividend of €0.40 per share at 1.3% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 1.3%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (1.8%). Buying Opportunity • Apr 06
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be €31.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: €1.07 (vs €1.01 in FY 2021) Full year 2022 results: EPS: €1.07 (up from €1.01 in FY 2021). Revenue: €261.6m (up 5.3% from FY 2021). Net income: €16.7m (up 5.7% from FY 2021). Profit margin: 6.4% (in line with FY 2021). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €28.75, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 28x in the Software industry in the United Kingdom. Total returns to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €25.21 per share. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.31 (vs €0.26 in 3Q 2021) Third quarter 2022 results: EPS: €0.31 (up from €0.26 in 3Q 2021). Revenue: €69.0m (up 14% from 3Q 2021). Net income: €4.87m (up 20% from 3Q 2021). Profit margin: 7.1% (up from 6.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Software industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.17 (vs €0.25 in 2Q 2021) Second quarter 2022 results: EPS: €0.17 (down from €0.25 in 2Q 2021). Revenue: €60.9m (flat on 2Q 2021). Net income: €2.68m (down 31% from 2Q 2021). Profit margin: 4.4% (down from 6.4% in 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 22% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €24.60, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 35x in the Software industry in the United Kingdom. Total returns to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €45.20 per share. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €27.45, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 35x in the Software industry in the United Kingdom. Total returns to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €54.52 per share. Upcoming Dividend • May 13
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (2.2%). Buying Opportunity • Apr 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €50.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 7.8%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 51% in the next 2 years. Buying Opportunity • Feb 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €50.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% per annum over the last 3 years. Earnings per share has grown by 7.8% per annum over the last 3 years. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS €0.26 (vs €0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €60.5m (up 13% from 3Q 2020). Net income: €4.06m (up 82% from 3Q 2020). Profit margin: 6.7% (up from 4.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.25 (vs €0.14 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €63.8m (up 18% from 2Q 2020). Net income: €3.90m (up 76% from 2Q 2020). Profit margin: 6.1% (up from 4.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 17% share price gain to €39.10, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 38x in the Software industry in the United Kingdom. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €33.14 per share. Executive Departure • Jul 01
CFO & Member of Executive Board Harald Fuchs has left the company During their tenure, the company went from making losses to turning a profit. On the 30th of June, Harald Fuchs left the company after 8.0 in the role. As of March 2021, Harald still personally held 7.02k shares (€122k worth at the time). Harald is the only executive to leave the company over the last 12 months. Upcoming Dividend • May 13
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 25 May 2021. Trailing yield: 1.0%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.8%). Reported Earnings • May 01
First quarter 2021 earnings released: EPS €0.20 (vs €0.096 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €59.0m (up 16% from 1Q 2020). Net income: €3.14m (up 108% from 1Q 2020). Profit margin: 5.3% (up from 3.0% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 26
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €217.8m (down 3.3% from FY 2019). Net income: €10.3m (down 28% from FY 2019). Profit margin: 4.7% (down from 6.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Is New 90 Day High Low • Feb 16
New 90-day high: €31.30 The company is up 33% from its price of €23.50 on 17 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.60 per share. Is New 90 Day High Low • Jan 13
New 90-day high: €27.20 The company is up 9.0% from its price of €24.90 on 15 October 2020. The British market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.00 per share. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS €0.14 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: €53.3m (flat on 3Q 2019). Net income: €2.24m (down 19% from 3Q 2019). Profit margin: 4.2% (down from 5.2% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.