The company's financial leverage remains sensitive to macroeconomic cycles, with the debt-to-equity ratio fluctuating significantly to reach 0.75 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 5.06B | 5.79B | 4.97B | 5.57B | 5.93B | 6.42B | 6.67B | 6.48B | 6B | 6.17B | 5.13B | 5.09B | 5.03B | 5.24B | 5.06B | 4.99B | 4.87B | 4.33B | 4.69B | 5.21B | 4.68B | 3.84B | 4.02B | 3.24B | 2.65B | 2.31B | 2.4B | 2.26B | 1.96B | 1.69B | 1.44B |
| Cash & Short-Term Investments | 224.9M | 871M | 509.4M | 581.3M | 639M | 847.8M | 1.57B | 1.03B | 591.9M | 689M | 598.5M | 730.5M | 699.2M | 737.6M | 648.1M | 580.5M | 772.6M | 1.01B | 874M | 537.5M | 687.9M | 454.9M | 531.8M | 426.2M | 284M | 246M | 181.7M | 241.7M | 180.5M | 142.2M | 180.6M |
| Cash Only | 224.9M | 871M | 509.4M | 581.3M | 639M | 847.8M | 1.57B | 1.03B | 591.9M | 689M | 598.5M | 730.5M | 699.2M | 737.6M | 648.1M | 580.5M | 772.6M | 1.01B | 874M | 537.5M | 687.9M | 454.9M | 531.8M | 426.2M | 284M | 246M | 181.7M | 241.7M | 180.5M | 142.2M | 180.6M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 4.63B | 4.77B | 4.3B | 4.83B | 5.14B | 5.45B | 4.91B | 5.27B | 5.28B | 5.37B | 4.41B | 4.24B | 4.13B | 4.28B | 4.24B | 4.23B | 3.84B | 3.07B | 3.63B | 4.48B | 3.84B | 3.21B | 3.23B | 2.61B | 2.21B | 1.92B | 2.09B | 1.9B | 1.67B | 1.44B | 1.17B |
| Days Sales Outstanding | 92.71 | 96.96 | 87.85 | 93.21 | 94.57 | 95.95 | 99.61 | 92.25 | 87.57 | 93.19 | 81.96 | 80.12 | 72.68 | 77.11 | 74.84 | 70.22 | 74.37 | 69.88 | 61.47 | 79.74 | 79.75 | 72.82 | 78.91 | 78.17 | 76.17 | 66.78 | 70.49 | 70.89 | 69.35 | 72.28 | 70.09 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.3 | - | - | - | - | - |
| Other Current Assets | 209.7M | 0 | 163.7M | 160.8M | 158M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 66.2M | 0 | 0 | 59.7M | 67.4M | 66.5M | 76.3M | 66.4M | 71.1M | 96.5M | 101.4M | 79.1M | 73M | 69M | 118M | 106.4M | 107.3M | 91M |
| Total Non-Current Assets | 3.33B | 3.37B | 3.23B | 3.26B | 3.2B | 3.41B | 2.68B | 2.74B | 2.52B | 2.71B | 2.44B | 2.42B | 2.15B | 2.05B | 1.95B | 1.91B | 1.86B | 1.88B | 1.93B | 2.01B | 1.83B | 1.73B | 1.83B | 1.15B | 1.05B | 925M | 644.9M | 461.4M | 419.5M | 360.1M | 313.2M |
| Property, Plant & Equipment | 492.1M | 515.9M | 479.7M | 543.9M | 477.9M | 490.2M | 553.8M | 591.8M | 152.6M | 157.7M | 147.3M | 147.1M | 149.1M | 166M | 184.8M | 174.5M | 170.3M | 176.4M | 213.4M | 221.2M | 202.1M | 196.4M | 223.1M | 187.1M | 188.8M | 194M | 191.6M | 182.4M | 191.3M | 136.4M | 121.4M |
| Fixed Asset Turnover | 35.28x | 34.81x | 37.22x | 34.78x | 41.49x | 42.28x | 32.50x | 35.25x | 144.11x | 133.38x | 133.43x | 131.41x | 139.25x | 121.99x | 111.89x | 126.11x | 110.78x | 90.92x | 101.00x | 92.68x | 86.90x | 81.88x | 66.92x | 65.12x | 56.20x | 54.04x | 56.59x | 53.56x | 46.08x | 53.21x | 50.08x |
| Goodwill | 1.54B | 1.54B | 1.56B | 1.59B | 1.63B | 1.72B | 1.23B | 1.26B | 1.3B | 1.34B | 1.24B | 1.26B | 1.08B | 1.09B | 1.04B | 984.7M | 954.1M | 959.1M | 972.9M | 1.05B | 972.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 422.9M | 430.1M | 486.1M | 564.3M | 549.5M | 583.6M | 248.6M | 268.6M | 246.3M | 284M | 294.4M | 326.5M | 286.8M | 309.1M | 330.6M | 354.9M | 376.2M | 398.4M | 415.2M | 364.8M | 321M | 1.26B | 1.3B | 573.8M | 545.7M | 481M | 247.6M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 103.9M | 102.2M | 95.8M | 114.2M | 106.6M | 97.8M | 161.4M | 158.7M | 145.8M | 137.9M | 132.3M | 140.2M | 85.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 874.1M | 879.1M | 597.6M | 460.9M | 540.5M | 610.2M | 651.6M | 618.8M | 826.7M | 927.7M | 759.7M | 694M | 637.7M | 479.3M | 395.3M | 395.1M | 355.1M | 347.5M | 326.6M | 377.7M | 336.4M | 273.8M | 305.5M | 386.9M | 313.9M | 250M | 205.7M | 279M | 228.2M | 223.7M | 191.8M |
| Total Assets | 8.39B | 9.16B | 8.2B | 8.83B | 9.13B | 9.83B | 9.35B | 9.22B | 8.52B | 8.88B | 7.57B | 7.52B | 7.18B | 7.29B | 7.01B | 6.9B | 6.73B | 6.21B | 6.62B | 7.22B | 6.51B | 5.57B | 5.84B | 4.38B | 3.7B | 3.24B | 3.04B | 2.72B | 2.38B | 2.05B | 1.75B |
| Asset Turnover | 2.13x | 1.96x | 2.18x | 2.14x | 2.17x | 2.11x | 1.93x | 2.26x | 2.58x | 2.37x | 2.59x | 2.57x | 2.89x | 2.78x | 2.95x | 3.19x | 2.80x | 2.58x | 3.26x | 2.84x | 2.70x | 2.89x | 2.56x | 2.78x | 2.87x | 3.24x | 3.56x | 3.59x | 3.70x | 3.55x | 3.47x |
| Asset Growth % | 16.34% | 11.69% | -7.13% | -3.29% | -7.11% | 5.16% | 1.33% | 8.26% | -4.1% | 17.29% | 0.75% | 4.66% | -1.45% | 3.93% | 1.64% | 2.53% | 8.3% | -6.11% | -8.39% | 10.9% | 16.98% | -4.7% | 33.26% | 18.46% | 14.29% | 6.49% | 11.88% | 14.18% | 16.32% | 16.82% | 15.45% |
| Total Current Liabilities | 4.5B | 5.23B | 4.44B | 4.8B | 4.92B | 5.78B | 4.68B | 4.44B | 4.18B | 4.81B | 3.66B | 3.45B | 3.37B | 3.51B | 3.68B | 3.76B | 3.29B | 2.6B | 2.91B | 3.26B | 2.88B | 2.58B | 2.6B | 1.88B | 1.56B | 1.29B | 1.52B | 1.42B | 1.31B | 1B | 811.3M |
| Accounts Payable | 2.56B | 2.72B | 2.61B | 2.72B | 2.83B | 3.04B | 2.53B | 2.47B | 2.27B | 2.28B | 1.91B | 1.66B | 1.54B | 1.52B | 1.47B | 1.37B | 1.31B | 944.4M | 896.3M | 1.01B | 889.9M | 685.4M | 687.1M | 555.4M | 447M | 382.1M | 453M | 388M | 347.9M | 271.1M | 235.5M |
| Days Payables Outstanding | 61.92 | 66.39 | 64.58 | 63.89 | 63.58 | 64.06 | 60.79 | 51.65 | 44.93 | 47.41 | 42.82 | 37.77 | 32.6 | 32.94 | 31.06 | 27.34 | 30.7 | 26.07 | 18.75 | 22.24 | 22.53 | 19.05 | 20.66 | 20.18 | 18.75 | 16.36 | 18.73 | 17.7 | 17.5 | 16.75 | 17.56 |
| Short-Term Debt | 112.4M | 732.4M | 23.4M | 12.1M | 26.6M | 552.6M | 20.4M | 61M | 50.1M | 469.4M | 39.8M | 44.2M | 45.2M | 36M | 308M | 434.2M | 28.7M | 41.7M | 115.6M | 39.7M | 32M | 260M | 225.7M | 12.1M | 22.8M | 24M | 65.9M | 131.5M | 4.1M | 71.1M | 27.4M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 35.6M | 34.8M | 34.9M | 0 | 95.9M | 46.5M | 38.7M | 0 | 0 | 0 | 0 | 0 | 0 | 1.58B | 0 | 1.4B | 1.26B | 1.04B | 1.08B | 360M | 295.7M | 235M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 875.7M | 1.23B | 107.5M | 35.9M | 139.7M | 30.3M | 50.5M | 1.45B | 48M | -1.38B | 38.4M | 1.31B | 1.41B | 1.36B | 221.9M | 917.9M | 857.1M | -900K | 797.3M | 562.1M | 435.4M | 0 | 473.8M | 796.8M | 650M | 1B | 898.6M | 959.1M | 662.5M | 548.4M |
| Current Ratio | 1.12x | 1.11x | 1.12x | 1.16x | 1.21x | 1.11x | 1.42x | 1.46x | 1.44x | 1.28x | 1.40x | 1.48x | 1.49x | 1.49x | 1.38x | 1.33x | 1.48x | 1.66x | 1.61x | 1.60x | 1.62x | 1.49x | 1.54x | 1.72x | 1.70x | 1.79x | 1.57x | 1.59x | 1.50x | 1.68x | 1.77x |
| Quick Ratio | 1.12x | 1.11x | 1.12x | 1.16x | 1.21x | 1.11x | 1.42x | 1.46x | 1.44x | 1.28x | 1.40x | 1.48x | 1.49x | 1.49x | 1.38x | 1.33x | 1.48x | 1.66x | 1.61x | 1.60x | 1.62x | 1.49x | 1.54x | 1.72x | 1.70x | 1.73x | 1.57x | 1.59x | 1.50x | 1.68x | 1.77x |
| Cash Conversion Cycle | 30.79 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 53.72 | - | - | - | - | - |
| Total Non-Current Liabilities | 1.82B | 1.87B | 1.64B | 1.8B | 1.75B | 1.52B | 2.19B | 2.02B | 1.65B | 1.22B | 1.47B | 1.37B | 865.1M | 864.5M | 834.6M | 654.1M | 1.04B | 1.07B | 1.23B | 1.3B | 1.16B | 841.3M | 1.07B | 1.2B | 1.14B | 1.13B | 779M | 650M | 401.1M | 424.7M | 340.3M |
| Long-Term Debt | 1.32B | 1.36B | 929.4M | 990.5M | 959.9M | 565.7M | 1.1B | 1.01B | 1.03B | 478.1M | 785.6M | 810.9M | 422.6M | 481.9M | 462.1M | 266M | 669.3M | 715.6M | 837.3M | 874.8M | 791.2M | 475M | 676.1M | 829.6M | 799M | 811M | 491.6M | 357.5M | 154.6M | 189.8M | 100.8M |
| Capital Lease Obligations | 946.6M | 304.3M | 279M | 323.2M | 266.6M | 275.8M | 305.1M | 336.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.5M | -2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 501.8M | 205.5M | 428.6M | 482.7M | 524M | 675.2M | 781.2M | 671.8M | 620.1M | 737.5M | 683.4M | 563.1M | 442.5M | 382.6M | 372.5M | 368.6M | 373.1M | 358.7M | 390.5M | 424.8M | 367.1M | 366.3M | 391.1M | 367.1M | 340.5M | 323M | 287.4M | 292.5M | 246.5M | 234.9M | 239.5M |
| Total Liabilities | 6.33B | 7.1B | 6.07B | 6.6B | 6.67B | 7.3B | 6.89B | 6.46B | 5.82B | 6.03B | 5.13B | 4.83B | 4.24B | 4.37B | 4.51B | 4.42B | 4.33B | 3.68B | 4.13B | 4.56B | 4.04B | 3.42B | 3.67B | 3.07B | 2.7B | 2.42B | 2.3B | 2.07B | 1.71B | 1.43B | 1.15B |
| Total Debt | 1.54B | 2.39B | 1.23B | 1.43B | 1.36B | 1.39B | 1.55B | 1.53B | 1.08B | 947.5M | 825.4M | 855.1M | 469.1M | 517.9M | 770.1M | 700.2M | 698M | 715.6M | 952.9M | 914.5M | 823.2M | 735M | 901.8M | 841.7M | 821.8M | 835M | 557.5M | 489M | 158.7M | 260.9M | 128.2M |
| Net Debt | 1.31B | 1.52B | 722.4M | 844.7M | 719.6M | 546.3M | -18.8M | 506.4M | 483.5M | 258.5M | 226.9M | 124.6M | -230.1M | -219.7M | 122M | 119.7M | -74.6M | -299M | 78.9M | 377M | 135.3M | 280.1M | 370M | 415.5M | 537.8M | 589M | 375.8M | 247.3M | -21.8M | 118.7M | -52.4M |
| Debt / Equity | 0.75x | 1.16x | 0.58x | 0.64x | 0.55x | 0.55x | 0.63x | 0.55x | 0.40x | 0.33x | 0.34x | 0.32x | 0.16x | 0.18x | 0.31x | 0.28x | 0.29x | 0.28x | 0.38x | 0.34x | 0.33x | 0.34x | 0.41x | 0.64x | 0.82x | 1.03x | 0.75x | 0.75x | 0.24x | 0.42x | 0.21x |
| Debt / EBITDA | 6.54x | 7.37x | 3.14x | 4.14x | 1.82x | 2.12x | 3.46x | 2.12x | 1.22x | 1.09x | 0.99x | 1.12x | 0.58x | 0.85x | 1.50x | 1.11x | - | 5.15x | 1.55x | 0.99x | 1.33x | 1.38x | 1.84x | 2.55x | 2.67x | 2.63x | 1.48x | 1.66x | 0.57x | 0.88x | 0.49x |
| Net Debt / EBITDA | 5.59x | 4.69x | 1.84x | 2.45x | 0.97x | 0.83x | -0.04x | 0.70x | 0.55x | 0.30x | 0.27x | 0.16x | -0.29x | -0.36x | 0.24x | 0.19x | - | -2.15x | 0.13x | 0.41x | 0.22x | 0.53x | 0.75x | 1.26x | 1.75x | 1.85x | 0.99x | 0.84x | -0.08x | 0.40x | -0.20x |
| Interest Coverage | 1.93x | 1.98x | 3.85x | 3.58x | 12.88x | 15.64x | 4.41x | 16.44x | 17.06x | 15.93x | 15.17x | 19.35x | 19.99x | 13.82x | 9.81x | 11.80x | -2.81x | 0.63x | 9.95x | 24.70x | 10.60x | 10.26x | 15.78x | - | 5.02x | 5.95x | 6.79x | 9.30x | 2.05x | 41.19x | - |
| Total Equity | 2.07B | 2.06B | 2.13B | 2.23B | 2.46B | 2.53B | 2.45B | 2.76B | 2.7B | 2.86B | 2.45B | 2.69B | 2.94B | 2.91B | 2.5B | 2.48B | 2.4B | 2.54B | 2.48B | 2.67B | 2.47B | 2.15B | 2.17B | 1.31B | 999.9M | 814M | 740.4M | 650.6M | 668.9M | 617.6M | 600.7M |
| Equity Growth % | -19.66% | -3.13% | -4.8% | -9.11% | -2.91% | 3.18% | -11.15% | 2.33% | -5.57% | 16.81% | -9.14% | -8.51% | 0.99% | 16.53% | 0.7% | 3.6% | -5.49% | 2.12% | -6.95% | 7.89% | 15.26% | -1.26% | 65.92% | 31.04% | 22.84% | 9.94% | 13.8% | -2.74% | 8.31% | 2.81% | 32.02% |
| Book Value per Share | 43.85 | 44.21 | 44.04 | 44.33 | 46.55 | 45.70 | 42.09 | 45.80 | 41.45 | 42.09 | 34.55 | 34.65 | 36.47 | 36.61 | 31.22 | 29.99 | 29.60 | 32.39 | 31.16 | 31.55 | 28.21 | 23.56 | 22.46 | 16.18 | 12.45 | 10.35 | 9.61 | 8.28 | 8.22 | 7.42 | 7.21 |
| Total Shareholders' Equity | 2.06B | 2.06B | 2.13B | 2.22B | 2.45B | 2.52B | 2.44B | 2.74B | 2.62B | 2.77B | 2.36B | 2.62B | 2.94B | 2.91B | 2.5B | 2.48B | 2.4B | 2.54B | 2.48B | 2.67B | 2.47B | 2.15B | 2.17B | 1.31B | 999.9M | 814M | 740.4M | 650.6M | 668.9M | 617.6M | 600.7M |
| Common Stock | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 1.1M | 1.1M | 1.1M | 1.1M | 1.1M | 1M | 1M | 1M | 1M | 1M | 1M | 900K | 900K | 1M | 800K | 800K | 0 | 0 | 0 |
| Retained Earnings | 3.73B | 3.73B | 3.81B | 3.81B | 3.87B | 3.63B | 3.39B | 3.49B | 3.16B | 2.71B | 2.29B | 1.97B | 1.67B | 1.32B | 1.1B | 971.7M | 785.2M | 1.11B | 1.2B | 1.04B | 617M | 269.9M | 51M | -167.6M | -289.7M | -388M | -496.9M | -653M | -787.7M | -848.2M | -998.2M |
| Treasury Stock | -4.84B | -4.83B | -4.79B | -4.64B | -4.45B | -4.17B | -3.95B | -3.68B | -3.47B | -2.95B | -2.73B | -2.24B | -1.65B | -1.5B | -1.51B | -1.36B | -1.26B | -1.23B | -1.22B | -1.11B | -685.1M | -460M | -283.8M | -283.8M | -283.8M | -253.1M | -250M | -229.8M | -129M | 0 | 0 |
| Accumulated OCI | -412.1M | -412.1M | -443M | -466M | -458.7M | -389.4M | -397.3M | -441M | -399.8M | -288.2M | -426.1M | -286M | -155.2M | 82.2M | 34.4M | 35.3M | 87M | 106.9M | -8.9M | 257.6M | 120.6M | -11M | 109.4M | 283M | -123.7M | -191M | -145.1M | -88.8M | -220.1M | -188.4M | -181.2M |
| Minority Interest | 500K | 700K | 1.7M | 10.8M | 10.8M | 10M | 12.6M | 18.5M | 73.6M | 82.7M | 84.5M | 67.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical leverage and liquidity
According to recent financial disclosures, ManpowerGroup's debt-to-equity ratio spiked to 1.16 in 2025Q4 before moderating to 0.75 in 2026Q1, illustrating a reliance on debt financing that fluctuates significantly in response to the company's working capital requirements and broader macroeconomic demand cycles.
The rapid expansion of debt levels during 2025 suggests that the company may be utilizing credit facilities to bridge liquidity gaps during periods of operational stress. Investors should monitor whether this leverage remains a strategic tool for growth or a necessity-driven response to declining profitability, as the current debt load limits the firm's financial flexibility.
Based on reported quarterly figures, ManpowerGroup's current ratio has hovered near the 1.0 threshold, reaching a low of 0.98 in 2025Q2, which indicates a narrow margin of safety for meeting short-term obligations in a business model characterized by high-volume, low-margin payroll pass-throughs.
The proximity of the current ratio to unity suggests that the company maintains minimal excess liquidity, leaving little room for error during periods of delayed client payments. This tight liquidity profile appears to be a structural byproduct of the staffing industry's working capital intensity, necessitating constant vigilance regarding accounts receivable collection cycles.
As reported in balance sheet filings, ManpowerGroup's retained earnings have remained largely flat at approximately $3.7 billion since 2025Q3, suggesting that the company's ability to organically grow its equity base is currently constrained by its inability to consistently generate positive net income.
The lack of meaningful growth in retained earnings implies that the firm is not effectively compounding value through its core operations. This stagnation, combined with the potential for share repurchases or dividend payouts, may continue to dilute the quality of the equity base if profitability does not improve.
Data from recent balance sheets reveals that goodwill accounts for $1.5 billion of the company's $8.4 billion in total assets as of 2026Q1, representing a significant portion of the book value that could be subject to impairment if the firm's growth prospects continue to deteriorate.
The substantial goodwill balance warrants further investigation, as it reflects past acquisitions that may no longer be delivering the expected synergies in the current, more challenging labor market. If the company's professional resourcing segments fail to recover, the risk of a non-cash impairment charge could negatively impact the reported equity position.
Quick answers to the most common questions about buying MAN stock.
As of 2025, ManpowerGroup Inc. (MAN) had total assets of $9.16B including $5.79B in current assets.
ManpowerGroup Inc. (MAN) carries total debt of $2.39B, offset by $871.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ManpowerGroup Inc. (MAN) has total shareholders' equity (book value) of $2.06B ($44.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ManpowerGroup Inc. (MAN) reported a current ratio of 1.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.