Intuit Second Quarter Revenue Increased 12 Percent Led by a 38 Percent Rise in Small Business Online Ecosystem Revenue

Company Reiterates Full Year Guidance

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU)
announced financial results for the second quarter of fiscal 2019, which
ended Jan. 31.

We are halfway through our fiscal year and continue to see good
momentum,” said Sasan Goodarzi, Intuit’s chief executive officer. “I’m
pleased to see our products continuing to deliver for our customers.”

With the tax season well underway, our focus is to deliver the best
experiences to grow the Do-It-Yourself (DIY) category, transform the
assisted category and go beyond taxes to find ways to put more money in
the pocket of our customers. I’m proud of the work our teams have done
to drive an experience with TurboTax Live that gives customers
confidence to file on their own. We like what we’re seeing at this stage.

Small Business and Self-Employed Group delivered another strong quarter
led by our Online Ecosystem. We are solving top customer problems
with offerings that deliver better money outcomes, smarter decisions and
enhanced connections for those leveraging the QuickBooks platform,” said
Goodarzi.

Financial Highlights

For the second quarter, Intuit:

  • Grew total revenue to $1.5 billion, up 12 percent.
  • Increased Small Business Online Ecosystem revenue by 38 percent.
  • Grew Small Business and Self-Employed Group revenue 17 percent to $833
    million.
  • Grew Consumer Group revenue by 11 percent to $461 million.
  • Reported GAAP operating income of $233 million, versus $194 million
    last year, a 20 percent increase.
  • Reported non-GAAP operating income of $339 million, versus $294
    million last year, a 15 percent increase.

Unless otherwise noted, all growth rates refer to the current period
versus the comparable prior-year period, and the business metrics and
associated growth rates refer to worldwide business metrics. Fiscal 2018
amounts have been restated for the adoption of the new accounting
standard on revenue accounting, ASC606.

Snapshot of Second-quarter Results

       

GAAP

    Non-GAAP
     

Q2
FY19

    Q2
FY18
    Change     Q2
FY19
    Q2
FY18
    Change

Revenue

    $1,502     $1,339     12%     $1,502     $1,339     12%

Operating Income

    $233     $194     20%     $339     $294     15%

Earnings Per Share

    $0.72     $0.70     3%     $1.00     $0.84     19%
                       

Dollars are in millions, except earnings per share. See “About Non-GAAP
Financial Measures” below for more information regarding financial
measures not prepared in accordance with Generally Accepted Accounting
Principles (GAAP).

Business Segment Results

Small Business and Self-Employed Group

  • Within payments, customers using the next business-day feature are
    able to receive their funds much faster than previously experienced.
    This is contributing to higher product recommendation scores.
  • In payroll, next-day and same-day direct deposit is growing in
    adoption. This capability is enabling customers to hold onto their
    money longer and better manage their cash flow.
  • QuickBooks Capital has funded $277 million in cumulative loans since
    launching a little over a year ago. Approximately $88 million in loans
    are outstanding as of the end of the fiscal second quarter.
  • Increased functionality in QuickBooks Online Advanced is now available
    to those mid-market businesses with 10 to 100 employees.
  • QuickBooks Online subscribers grew 38 percent, ending the quarter with
    nearly 3.9 million subscribers.
  • Growth remains strong across multiple geographies, with U.S.
    subscribers growing 32 percent to approximately 2.9 million and
    international subscribers growing 56 percent to over 980,000.
  • Within QuickBooks Online, Self-Employed subscribers grew to
    approximately 845,000, up from roughly 489,000 one year ago.

Consumer and Strategic Partner Groups

  • Customers with returns from simple to complex can now access an expert
    through TurboTax Live.
  • New this season, the company debuted mobile access to an expert on
    demand through TurboTax Live.
  • Within the Strategic Partner Group, reported $208 million of
    professional tax revenue for the second quarter, in line with
    expectations.

Capital Allocation Summary

In the second quarter the company:

  • Repurchased $177 million of shares, with $3.0 billion remaining on the
    company’s authorization.
  • Received Board approval for a quarterly dividend of $0.47 per share,
    payable April 18, 2019. This represents a 21 percent increase compared
    to last year.

We are pleased with the continued momentum of our Small Business and
Self-Employed Group and the team remains laser focused on executing as
we head toward the tax filing deadline. Moving into the second half of
the year, we are optimistic about our future,” said Goodarzi.

Forward-looking Guidance

Intuit announced guidance for the third quarter of fiscal year 2019,
which ends April 30. The company expects:

  • Revenue growth of 10 to 12 percent,
  • GAAP diluted earnings per share of $5.03 to $5.08, and
  • Non-GAAP diluted earnings per share of $5.35 to $5.40.

Intuit reiterated guidance for full fiscal year 2019. The company
expects:

  • Revenue of $6.530 billion to $6.630 billion, growth of 8 to 10 percent.
  • GAAP operating income of $1.725 billion to $1.775 billion, growth of
    11 to 14 percent.
  • Non-GAAP operating income of $2.165 billion to $2.215 billion, growth
    of 6 to 8 percent.
  • GAAP diluted earnings per share of $5.25 to $5.35, growth of 3 to 5
    percent.
  • Non-GAAP diluted earnings per share of $6.40 to $6.50, growth of 11 to
    12 percent.

Conference Call Details

Intuit executives will discuss the financial results on a conference
call at 1:30 p.m. Pacific time on Feb. 21. To hear the call, dial
844-246-4601 in the United States or 703-639-1172 from international
locations. No reservation or access code is needed. The conference call
can also be heard live at http://investors.intuit.com/Events/default.aspx.
Prepared remarks for the call will be available on Intuit’s website
after the call ends.

Replay Information

A replay of the conference call will be available for one week by
calling 855-859-2056, or 404-537-3406 from international locations. The
access code for this call is 2627056.

The audio webcast will remain available on Intuit’s website for one week
after the conference call.

About Intuit

Intuit’s mission is to Power Prosperity Around the World. Our global
products and platforms, including TurboTax,
QuickBooksMint and Turbo, are
designed to empower consumers, self-employed and small
businesses to improve their financial lives, finding them more money
with the least amount of work, while giving them complete confidence in
their actions and decisions. Our innovative ecosystem of financial
management solutions serves approximately 50 million customers
worldwide, unleashing the power of many for the prosperity of
one. Please visit us for the latest news and in-depth information about
Intuit
and its brands and find us on social.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP
financial measures. For a description of these non-GAAP financial
measures, including the reasons management uses each measure, and
reconciliations of these non-GAAP financial measures to the most
directly comparable financial measures prepared in accordance with
Generally Accepted Accounting Principles, please see the section of the
accompanying tables titled “About Non-GAAP Financial Measures” as well
as the related Table B1, Table B2, and Table E. A copy of the press
release issued by Intuit today can be found on the investor relations
page of Intuit’s website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including
forecasts of expected growth and future financial results of Intuit and
its reporting segments; Intuit’s prospects for the business in fiscal
2019 and beyond; expectations regarding timing and growth of revenue for
each of Intuit’s reportable segments and from current or future products
and services; expectations regarding customer growth; expectations
regarding changes to our products and their impact on Intuit’s business;
expectations regarding the amount and timing of any future dividends or
share repurchases; expectations regarding Intuit’s corporate tax rate;
expectations regarding availability of our offerings; expectations
regarding the impact of our strategic decisions on Intuit’s business;
and all of the statements under the heading “Forward-looking Guidance”.

Because these forward-looking statements involve risks and
uncertainties, there are important factors that could cause our actual
results to differ materially from the expectations expressed in the
forward-looking statements. These factors include, without limitation,
the following: our ability to compete successfully; our participation in
the Free File Alliance; governmental encroachment in our tax businesses,
our ability to adapt to technological change; our ability to predict
consumer behavior; our ability to protect our intellectual property
rights; our reliance on third party intellectual property; any harm to
our reputation; risks associated with acquisitions and divestitures;
issue of additional shares as consideration or incurring debt to fund an
acquisition; our cybersecurity incidents (including those affecting the
third parties we rely on); customer concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties using
our offerings; failure to process transactions effectively; interruption
or failure of our information technology; ability to maintain critical
third party business relationships; our ability to attract and retain
talent; deficiency in quality, accuracy or timely launch of products;
difficulties in processing or filing customer tax submissions; risks
associated with international operations; changes to public policy, laws
or regulations affecting our businesses; litigation in which we are
involved; seasonal nature of our tax business; changes in tax rates and
tax reform legislation; global economic changes; exposure to credit risk
of the businesses we provide capital to; amortization of acquired
intangible assets and impairment charges; our ability to repay
outstanding debt; our ability to repurchase shares or distribute
dividends; volatility of our stock price; and our ability to
successfully market our offerings. More details about these and other
risks that may impact our business are included in our Form 10-K for
fiscal 2018 and in our other SEC filings. You can locate these reports
through our website at http://investors.intuit.com.
Fiscal 2019 guidance speaks only as of the date it was publicly issued
by Intuit. Other forward-looking statements represent the judgment of
the management of Intuit as of the date of this release. We do not
undertake any duty to update any forward-looking statement or other
information in this presentation.

       

TABLE A

INTUIT INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
 
Three Months Ended Six Months Ended
January 31,
2019
  January 31,
2018
January 31,
2019
  January 31,
2018
  *As Adjusted   *As Adjusted
Net revenue:
Product $ 533 $ 529 $ 880 $ 899
Service and other 969   810   1,638   1,350  
Total net revenue 1,502   1,339   2,518   2,249  
Costs and expenses:
Cost of revenue:
Cost of product revenue 26 27 41 45
Cost of service and other revenue 254 216 481 394
Amortization of acquired technology 5 3 10 5
Selling and marketing 548 469 894 777
Research and development 295 286 589 579
General and administrative 140 143 277 288
Amortization of other acquired intangible assets 1   1   3   2  
Total costs and expenses [A] 1,269   1,145   2,295   2,090  
Operating income 233 194 223 159
Interest expense (4 ) (6 ) (8 ) (11 )
Interest and other income, net 6   5   6   8  
Income before income taxes 235 193 221 156
Income tax provision (benefit) [B] 46   10   (2 ) (25 )
Net income $ 189   $ 183   $ 223   $ 181  
 
Basic net income per share $ 0.73   $ 0.72   $ 0.86   $ 0.71  
Shares used in basic per share calculations 260   256   260   256  
 
Diluted net income per share $ 0.72   $ 0.70   $ 0.84   $ 0.70  
Shares used in diluted per share calculations 264   260   264   260  
 
Cash dividends declared per common share $ 0.47   $ 0.39   $ 0.94   $ 0.78  
 

* Prior-period information has been restated for the adoption of
ASU 2014-09, Revenue from Contracts with Customers (Topic 606),
which we adopted on August 1, 2018.

 

See accompanying Notes.

 
 

INTUIT INC.

NOTES TO TABLE A

 

[A]

The following table summarizes the total share-based compensation
expense that we recorded in operating income for the periods shown.

 
    Three Months Ended     Six Months Ended
January 31,   January 31, January 31,   January 31,
(in millions) 2019 2018 2019 2018
Cost of revenue $ 15 $ 13 $ 29 $ 16
Selling and marketing 25 25 55 50
Research and development 34 30 69 69
General and administrative 26   26   52   56
Total share-based compensation expense $ 100   $ 94   $ 205   $ 191
 

[B]

 

We compute our provision for or benefit from income taxes by
applying the estimated annual effective tax rate to income or loss
from recurring operations and adding the effects of any discrete
income tax items specific to the period.

 
Our effective tax rates for the three and six months ended January
31, 2018 have been restated to reflect the full retrospective
application of ASU 2014-09, “Revenue from Contracts with Customers
(Topic 606).”
 
The Tax Cuts and Jobs Act (2017 Tax Act) was enacted on December 22,
2017 and reduced the U.S. statutory federal corporate tax rate from
35% to 21%. The effective date of the tax rate change was January 1,
2018. The change resulted in a blended lower U.S. statutory federal
rate of 26.9% for fiscal 2018. In fiscal 2019, we fully benefit from
the enacted lower tax rate of 21%.
 
On December 22, 2017 the SEC issued Staff Accounting Bulletin No.
118 (SAB 118), which provided guidance for companies that were not
able to complete their accounting for the income tax effects of the
2017 Tax Act in the period of enactment. The guidance allowed us to
record provisional amounts to the extent a reasonable estimate could
be made and provided us with up to one year from enactment date to
finalize accounting for the impacts of the 2017 Tax Act. During the
three and six months ended January 31, 2018, we recorded a
provisional benefit of $37 million related to the re-measurement of
our net deferred tax liability balance. As of January 31, 2019, we
have completed our accounting for the income tax effects of the 2017
Tax Act, and no material adjustments were made during the fiscal
2019 period.
 
For the three and six months ended January 31, 2019, we recognized
excess tax benefits on share-based compensation of $8 million and
$49 million, respectively, in our provision for income taxes. For
the three and six months ended January 31, 2018, we recognized
excess tax benefits on share-based compensation of $8 million and
$33 million, respectively, in our provision for income taxes.
 
Our effective tax rate for the three months ended January 31, 2019
was approximately 20%. For the six months ended January 31, 2019 we
recorded a tax benefit of $2 million on a pretax income of $221
million. Excluding discrete tax items, primarily related to
share-based compensation tax benefits mentioned above, our effective
tax rate for both periods was 23% and did not differ significantly
from the federal statutory rate of 21%.
 
Our effective tax rate for the three months ended January 31, 2018
was approximately 5%. For the six months ended January 31, 2018 we
recorded a tax benefit of $25 million on pretax income of $156
million. Excluding the discrete tax items primarily related to the
re-measurement of our net deferred tax liability balance and the
share-based compensation tax benefits mentioned above, our effective
tax rate for both periods was 27% and did not differ significantly
from the federal statutory rate of 26.9%.
 
   
TABLE B1

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

 
Fiscal 2019
Q1   Q2   Q3   Q4   Year to Date
GAAP operating income (loss) $ (10 ) $ 233 $ $ $ 223
Amortization of acquired technology 5 5 10
Amortization of other acquired intangible assets 2 1 3
Share-based compensation expense 105   100       205  
Non-GAAP operating income (loss) $ 102   $ 339   $   $   $ 441  
 
GAAP net income (loss) $ 34 $ 189 $ $ $ 223
Amortization of acquired technology 5 5 10
Amortization of other acquired intangible assets 2 1 3
Share-based compensation expense 105 100 205
Net (gain) loss on debt securities and other investments 1 2 3
Other income tax effects and adjustments [A] (71 ) (33 )     (104 )
Non-GAAP net income (loss) $ 76   $ 264   $   $   $ 340  
 
GAAP diluted net income (loss) per share $ 0.13 $ 0.72 $ $ $ 0.84
Amortization of acquired technology 0.02 0.02 0.04
Amortization of other acquired intangible assets 0.01 0.01
Share-based compensation expense 0.40 0.38 0.78
Net (gain) loss on debt securities and other investments 0.01 0.01
Other income tax effects and adjustments [A] (0.27 ) (0.13 )     (0.39 )
Non-GAAP diluted net income (loss) per share $ 0.29   $ 1.00   $   $   $ 1.29  
 
Shares used in GAAP diluted per share calculation 264   264       264  
 
Shares used in non-GAAP diluted per share calculation 264   264       264  
 

[A]

 

As discussed in “About Non-GAAP Financial Measures – Income Tax
Effects and Adjustments” following Table E, our long-term non-GAAP
tax rate eliminates the effects of non-recurring and
period-specific items. Other income tax adjustments consist
primarily of the tax impact of the non-GAAP pre-tax adjustments
and the excess tax benefits on share-based compensation.

 
See “About Non-GAAP Financial Measures” immediately following Table
E for information on these measures, the items excluded from the
most directly comparable GAAP measures in arriving at non-GAAP
financial measures, and the reasons management uses each measure and
excludes the specified amounts in arriving at each non-GAAP
financial measure.
 
   

TABLE B2

INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
 
Fiscal 2018
* As Adjusted
Q1     Q2     Q3     Q4     Full Year
GAAP operating income (loss) $ (35 ) $ 194 $ 1,601 $ (200 ) $ 1,560
Amortization of acquired technology 2 3 5 5 15
Amortization of other acquired intangible assets 1 1 2 2 6
Professional fees for business combinations 2 2
(Gain) loss on sale of long-lived assets 79 79
Share-based compensation expense 97   94   92   99   382  
Non-GAAP operating income (loss) $ 65   $ 294   $ 1,700   $ (15 ) $ 2,044  
 
GAAP net income (loss) $ (2 ) $ 183 $ 1,186 $ (38 ) $ 1,329
Amortization of acquired technology 2 3 5 5 15
Amortization of other acquired intangible assets 1 1 2 2 6
Professional fees for business combinations 2 2
Loss on sale of long-lived assets 79 79
Share-based compensation expense 97 94 92 99 382
Net (gain) loss on debt securities and other investments 2 2 2 6
Other income from divested businesses [A] (8 ) (8 )
2017 Tax Act [B] (37 ) 10 (2 ) (29 )
Income tax effects and adjustments [C] (56 ) (29 ) (36 ) (150 ) (271 )
Non-GAAP net income (loss) $ 44   $ 219   $ 1,251   $ (3 ) $ 1,511  
 
GAAP diluted net income (loss) per share $ (0.01 ) $ 0.70 $ 4.53 $ (0.15 ) $ 5.09
Amortization of acquired technology 0.01 0.01 0.02 0.02 0.06
Amortization of other acquired intangible assets 0.01 0.01 0.02
Professional fees for business combinations 0.01 0.01
Loss on sale of long-lived assets 0.31 0.30
Share-based compensation expense 0.38 0.36 0.35 0.38 1.46
Net (gain) loss on debt securities and other investments 0.01 0.01 0.01 0.02
Other income from divested businesses [A] (0.03 ) (0.03 )
2017 Tax Act [B] (0.14 ) 0.04 (0.01 ) (0.11 )
Other income tax effects and adjustments [C] (0.22 ) (0.11 ) (0.14 ) (0.58 ) (1.04 )
Non-GAAP diluted net income (loss) per share $ 0.17   $ 0.84   $ 4.78   $ (0.01 ) $ 5.78  
 
Shares used in GAAP diluted per share calculation 256   260   262   258   261  
 
Shares used in non-GAAP diluted per share calculation 259   260   262   258   261  
 

* Information has been restated for the adoption of ASU 2014-09, Revenue
from Contracts with Customers (Topic 606)
, which we adopted on
August 1, 2018.

 

[A]

 

During the three months ended April 30, 2018, we received payments
from contingent earn out provisions related to businesses we
previously divested.

 

[B]

The 2017 Tax Act adjustments relate to the provisional tax benefit
for the re-measurement of our deferred tax balances at the enacted
lower tax rate.

 

[C]

As discussed in “About Non-GAAP Financial Measures – Income Tax
Effects and Adjustments” following Table E, our non-GAAP tax rate
eliminates the effects of non-recurring and period-specific items.
Other income tax adjustments consist primarily of the tax impact
of the non-GAAP pre-tax adjustments, which includes the loss on
the sale of long-lived assets; the excess tax benefits on
share-based compensation; and the tax benefits on a loss from a
subsidiary reorganization.

 
See “About Non-GAAP Financial Measures” immediately following Table
E for information on these measures, the items excluded from the
most directly comparable GAAP measures in arriving at non-GAAP
financial measures, and the reasons management uses each measure and
excludes the specified amounts in arriving at each non-GAAP
financial measure.
 
     

TABLE C

INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 

January 31,
2019

July 31,
2018
  * As Adjusted
ASSETS
Current assets:
Cash and cash equivalents $ 1,075 $ 1,464
Investments 258 252
Accounts receivable, net 554 98
Income taxes receivable 70 39
Prepaid expenses and other current assets 253   202
Current assets before funds held for customers 2,210 2,055
Funds held for customers 434   367
Total current assets 2,644 2,422
 
Long-term investments 13 13
Property and equipment, net 810 812
Goodwill 1,611 1,611
Acquired intangible assets, net 49 61
Other assets 208   215
Total assets $ 5,335   $ 5,134
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt $ 50 $ 50
Accounts payable 400 178
Accrued compensation and related liabilities 221 369
Deferred revenue 639 581
Other current liabilities 257   198
Current liabilities before customer fund deposits 1,567 1,376
Customer fund deposits 434   367
Total current liabilities 2,001 1,743
 
Long-term debt 363 388
Long-term deferred income tax liabilities 51 68
Other long-term obligations 124   119
Total liabilities 2,539   2,318
 
Stockholders’ equity 2,796   2,816
Total liabilities and stockholders’ equity $ 5,335   $ 5,134
 

* Prior-period information has been restated for the adoption of
ASU 2014-09, Revenue from Contracts with Customers (Topic 606),
which we adopted on August 1, 2018.

 
   

TABLE D

INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
Six Months Ended
January 31,   January 31,
2019 2018
  * As Adjusted
Cash flows from operating activities:
Net income $ 223 $ 181
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation 99 117
Amortization of acquired intangible assets 13 10
Share-based compensation expense 205 191
Deferred income taxes (21 ) (25 )
Other 6   7  
Total adjustments 302   300  
Changes in operating assets and liabilities:
Accounts receivable (456 ) (428 )
Income taxes receivable (1 ) 31
Prepaid expenses and other assets (54 ) (65 )
Accounts payable 210 176
Accrued compensation and related liabilities (146 ) (89 )
Deferred revenue 58 5
Other liabilities 62   63  
Total changes in operating assets and liabilities (327 ) (307 )
Net cash provided by operating activities 198   174  
Cash flows from investing activities:
Purchases of corporate and customer fund investments (153 ) (137 )
Sales of corporate and customer fund investments 42 68
Maturities of corporate and customer fund investments 106 66
Net change in customer fund deposits 67 50
Purchases of property and equipment (80 ) (77 )
Acquisitions of businesses, net of cash acquired (362 )
Originations of term loans to small businesses (152 ) (40 )
Principal repayments of term loans from small businesses 116 18
Other 13   (22 )
Net cash used in investing activities (41 ) (436 )
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facility 800
Repayments on borrowings under revolving credit facility (160 )
Repayment of debt (25 ) (25 )
Proceeds from issuance of stock under employee stock plans 154 150
Payments for employee taxes withheld upon vesting of restricted
stock units
(76 ) (49 )
Cash paid for purchases of treasury stock (274 ) (253 )
Dividends and dividend rights paid (251 ) (205 )
Other (5 )  
Net cash provided by (used in) financing activities (477 ) 258  
Effect of exchange rates on cash, cash equivalents, restricted cash,
and restricted cash equivalents
(2 ) 3  
Net decrease in cash, cash equivalents, restricted cash, and
restricted cash equivalents
(322 ) (1 )
Cash, cash equivalents, restricted cash, and restricted cash
equivalents at beginning of period
1,631   701  
Cash, cash equivalents, restricted cash, and restricted cash
equivalents at end of period
$ 1,309   $ 700  
 
Reconciliation of cash, cash equivalents, restricted cash, and
restricted cash equivalents reported within the consolidated balance
sheet to the total amounts reported on the consolidated statement of
cash flows
Cash and cash equivalents $ 1,075 $ 478
Restricted cash and restricted cash equivalents included in funds
held for customers
234   222  
Total cash, cash equivalents, restricted cash, and restricted
cash equivalents at end of period
$ 1,309   $ 700  
 

Contacts

Investors
Kim Watkins
Intuit Inc.
650-944-3324
[email protected]

Media
Diane Carlini
Intuit Inc.
650-944-6251
[email protected]

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