Item 1. FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)															2025						2024
Revenue															$	29,887					$	30,058
Costs and Expenses:
Programming and production															8,415						8,823
Marketing and promotion															2,071						2,018
Other operating and administrative															9,893						9,857
Depreciation															2,231						2,175
Amortization															1,618						1,376
Total costs and expenses															24,228						24,248
Operating income															5,658						5,810
Interest expense															(1,050)						(1,002)
Investment and other income (loss), net															(116)						298
Income before income taxes															4,492						5,105
Income tax expense															(1,196)						(1,328)
Net income															3,296						3,777
Less: Net income (loss) attributable to noncontrolling interests															(79)						(79)
Net income attributable to Comcast Corporation															$	3,375					$	3,857
Basic earnings per common share attributable to Comcast Corporation shareholders															$	0.90					$	0.97
Diluted earnings per common share attributable to Comcast Corporation shareholders															$	0.89					$	0.97

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

									Three Months Ended March 31,
(in millions)															2025						2024
Net income															$	3,296					$	3,777
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $74 and $(21)															948						(436)
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $1, and $(1)															(20)						19
Realized (gains) losses reclassified to net income, net of deferred taxes of $5 and $(1)															(20)						1
Employee benefit obligations and other, net of deferred taxes of $18 and $5															(56)						(24)
Other comprehensive income (loss)															851						(440)
Comprehensive income															4,147						3,337
Less: Net income (loss) attributable to noncontrolling interests															(79)						(79)
Less: Other comprehensive income (loss) attributable to noncontrolling interests															4						(13)
Comprehensive income attributable to Comcast Corporation															$	4,222					$	3,429

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended March 31,
(in millions)			2025						2024
Operating Activities
Net income			$	3,296					$	3,777
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			3,849						3,551
Share-based compensation			382						373
Noncash interest expense (income), net			130						103
Net (gain) loss on investment activity and other			231						(164)
Deferred income taxes			(43)						(17)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			935						643
Film and television costs, net			(123)						124
Accounts payable and accrued expenses related to trade creditors			(35)						(446)
Other operating assets and liabilities			(327)						(97)
Net cash provided by operating activities			8,294						7,848
Investing Activities
Capital expenditures			(2,252)						(2,630)
Cash paid for intangible assets			(622)						(679)
Construction of Universal Beijing Resort			(2)						(108)
Proceeds from sales of businesses and investments			43						274
Purchases of investments			(145)						(404)
Other			19						35
Net cash provided by (used in) investing activities			(2,958)						(3,511)
Financing Activities
Proceeds from borrowings			—						26
Repurchases and repayments of debt			(636)						(289)
Repurchases of common stock under repurchase program and employee plans			(2,240)						(2,664)
Dividends paid			(1,224)						(1,193)
Other			24						97
Net cash provided by (used in) financing activities			(4,075)						(4,023)
Impact of foreign currency on cash, cash equivalents and restricted cash			14						(10)
Increase (decrease) in cash, cash equivalents and restricted cash			1,275						304
Cash, cash equivalents and restricted cash, beginning of period			7,377						6,282
Cash, cash equivalents and restricted cash, end of period			$	8,652					$	6,586

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)			March 31, 2025						December 31, 2024
Assets
Current Assets:
Cash and cash equivalents			$	8,593					$	7,322
Receivables, net			12,881						13,661
Other current assets			5,840						5,817
Total current assets			27,314						26,801
Film and television costs			12,774						12,541
Investments			8,524						8,647
Property and equipment, net of accumulated depreciation of $60,145 and $59,534			63,292						62,548
Goodwill			59,094						58,209
Franchise rights			59,365						59,365
Other intangible assets, net of accumulated amortization of $35,773 and $33,994			24,943						25,599
Other noncurrent assets, net			12,464						12,501
Total assets			$	267,770					$	266,211
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,545					$	11,321
Deferred revenue			3,766						3,507
Accrued expenses and other current liabilities			11,000						10,679
Current portion of debt			6,848						4,907
Advance on sale of investment			9,167						9,167
Total current liabilities			42,325						39,581
Noncurrent portion of debt			92,274						94,186
Deferred income taxes			25,136						25,227
Other noncurrent liabilities			20,735						20,942
Commitments and contingencies
Redeemable noncontrolling interests			244						237
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero			—						—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,607,644,021 and 4,651,093,045; outstanding, 3,734,852,993 and 3,778,302,017			46						47
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			37,832						38,102
Retained earnings			57,473						56,972
Treasury stock, 872,791,028 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(1,197)						(2,043)
Total Comcast Corporation shareholders’ equity			86,638						85,560
Noncontrolling interests			418						477
Total equity			87,056						86,038
Total liabilities and equity			$	267,770					$	266,211

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

									Three Months Ended March 31,
(in millions, except per share data)												2025			2024
Redeemable Noncontrolling Interests
Balance, beginning of period												$	237		$	241
Contributions from (distributions to) noncontrolling interests, net												3			(10)
Net income (loss)												4			12
Balance, end of period												$	244		$	243
Class A Common Stock
Balance, beginning of period												$	47		$	48
Repurchases of common stock under repurchase program and employee plans												—			—
Balance, end of period												$	46		$	48
Additional Paid-In Capital
Balance, beginning of period												$	38,102		$	38,533
Share-based compensation												345			323
Repurchases of common stock under repurchase program and employee plans												(664)			(645)
Issuances of common stock under employee plans												50			62
Other												—			1
Balance, end of period												$	37,832		$	38,274
Retained Earnings
Balance, beginning of period												$	56,972		$	52,892
Repurchases of common stock under repurchase program and employee plans												(1,620)			(2,082)
Dividends declared												(1,254)			(1,243)
Net income												3,375			3,857
Balance, end of period												$	57,473		$	53,425
Treasury Stock at Cost
Balance, beginning and end of period												$	(7,517)		$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of period												$	(2,043)		$	(1,253)
Other comprehensive income (loss)												847			(427)
Balance, end of period												$	(1,197)		$	(1,680)
Noncontrolling Interests
Balance, beginning of period												$	477		$	523
Other comprehensive income (loss)												4			(13)
Contributions from (distributions to) noncontrolling interests, net												20			81
Net income (loss)												(83)			(91)
Balance, end of period												$	418		$	500
Total equity												$	87,056		$	83,049
Cash dividends declared per common share												$	0.33		$	0.31

See accompanying notes to condensed consolidated financial statements.

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Comcast Corporation

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1: Condensed Consolidated Financial Statements

Basis of Presentation

We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.

The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2024 Annual Report on Form 10-K.

In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company comprised of select domestic cable television networks along with complementary digital assets through a tax-free spin-off. We are targeting to complete the spin-off by the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of SpinCo financings, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does, of its terms or timing. The condensed consolidated financial statements and related notes do not reflect the proposed spin-off.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue.

Recent Accounting Pronouncements

Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ending December 31, 2025.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning in our Annual Report on Form 10-K for the year ending December 31, 2027.

Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.

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Comcast Corporation

			Three Months Ended March 31, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,606		$	2,490		$	5,236		$	2,001		$	1,876		$	29,209
Intersegment revenue(a)			36			6			1,204			825			—			2,072
			17,642			2,496			6,440			2,826			1,876			31,281
Reconciliation of Revenue
Other revenue(b)																		752
Eliminations(a)																		(2,146)
Total consolidated revenue																		$	29,887
Less segment expenses:(c)
Programming and production			4,107						4,011			1,898
Marketing and promotion									323			392
Other(d)			6,617			1,074			1,102			237			1,447
Segment Adjusted EBITDA(e)			$	6,918		$	1,422		$	1,004		$	298		$	429		$	10,071
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(255)
Corporate and other(b)(e)																		(335)
Eliminations																		26
Depreciation																		(2,231)
Amortization																		(1,618)
Interest expense																		(1,050)
Investment and other income (loss), net																		(116)
Income before income taxes																		$	4,492

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Comcast Corporation

			Three Months Ended March 31, 2024
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	17,830		$	2,401		$	5,222		$	1,905		$	1,979		$	29,337
Intersegment revenue(a)			38			6			1,149			838			—			2,031
			17,868			2,407			6,371			2,743			1,979			31,368
Reconciliation of revenue
Other revenue(b)																		779
Eliminations(a)																		(2,089)
Total consolidated revenue																		$	30,058
Less segment expenses:(c)
Programming and production			4,405						4,140			1,859
Marketing and promotion									314			431
Other(d)			6,611			1,041			1,090			209			1,347
Total segment Adjusted EBITDA(e)			$	6,852		$	1,366		$	827		$	244		$	632		$	9,920
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(243)
Corporate and other(b)(e)																		(323)
Eliminations																		7
Depreciation																		(2,175)
Amortization																		(1,376)
Interest expense																		(1,002)
Investment and other income (loss), net																		298
Income before income taxes																		$	5,105

(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.

(d)Other for each segment primarily includes:

Residential Connectivity & Platforms and Business Services Connectivity: technical and support; direct product costs; marketing and promotion; customer service; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.

Media and Studios: salaries, employee benefits, rent and other overhead expenses.

Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.

(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.

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Comcast Corporation

Note 3: Revenue

									Three Months Ended March 31,
(in millions)															2025						2024(a)
Domestic broadband															$	6,558					$	6,446
Domestic wireless															1,123						972
International connectivity															1,132						1,033
Total residential connectivity															8,813						8,451
Video															6,718						7,104
Advertising															881						951
Other															1,230						1,362
Total Residential Connectivity & Platforms Segment															17,642						17,868
Total Business Services Connectivity Segment															2,496						2,407
Domestic advertising															1,886						2,025
Domestic distribution															2,922						2,906
International networks															1,162						1,021
Other															470						420
Total Media Segment															6,440						6,371
Content licensing															2,174						2,101
Theatrical															286						330
Other															366						312
Total Studios Segment															2,826						2,743
Total Theme Parks Segment															1,876						1,979
Other revenue															752						779
Eliminations(b)															(2,146)						(2,089)
Total revenue															$	29,887					$	30,058

(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

(b)See Note 2 for additional information on intersegment revenue transactions.

Condensed Consolidated Balance Sheets

The table below summarizes our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.

(in millions)			March 31, 2025						December 31, 2024
Receivables, gross			$	13,603					$	14,399
Less: Allowance for credit losses			722						738
Receivables, net			$	12,881					$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,806					$	1,853
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	664					$	665

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.

(in millions)			March 31, 2025						December 31, 2024
Receivables, net			$	1,869					$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)			1,211						1,225
Total			$	3,081					$	3,052

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Comcast Corporation

Note 4: Programming and Production Costs

									Three Months Ended March 31,
(in millions)															2025						2024
Video distribution programming															$	2,659					$	3,020
Film and television content:
Owned(a)															2,656						2,562
Licensed, including sports rights															2,804						2,924
Other															295						317
Total programming and production costs															$	8,415					$	8,823

(a) Amount includes amortization of owned content of $2.2 billion and $2.1 billion for the three months ended March 31, 2025 and 2024, respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)			March 31, 2025						December 31, 2024
Owned:
In production and in development			$	3,367					$	3,342
Completed, not released			33						209
Released, less amortization			4,504						4,545
			7,905						8,095
Licensed, including sports advances			4,869						4,446
Film and television costs			$	12,774					$	12,541

Note 5: Debt

As of March 31, 2025, our debt had a carrying value of $99.1 billion and an estimated fair value of $90.6 billion. As of December 31, 2024, our debt had a carrying value of $99.1 billion and an estimated fair value of $89.8 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Note 6: Significant Transactions

Acquisitions

In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition will enhance our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations will be included in our condensed consolidated results of operations following the date of acquisition and will be reported in our Business Services Connectivity segment. The assets and liabilities acquired as a result of the transaction will be recorded at their estimated fair values; however, due to the limited time since the acquisition date, the initial acquisition accounting is incomplete.

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Comcast Corporation

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

									Three Months Ended March 31,
(in millions)															2025						2024
Equity in net income (losses) of investees, net															$	(194)					$	158
Realized and unrealized gains (losses) on equity securities, net															(24)						(51)
Other income (loss), net															102						191
Investment and other income (loss), net															$	(116)					$	298

The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(70) million, respectively.

Investments

(in millions)			March 31, 2025						December 31, 2024
Equity method			$	7,150					$	7,252
Marketable equity securities			15						11
Nonmarketable equity securities			1,202						1,221
Other investments			184						184
Total investments			8,551						8,668
Less: Current investments			27						21
Noncurrent investments			$	8,524					$	8,647

Equity Me****thod Investments

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2025 and 2024 was $27 million and $32 million, respectively.

Atairos

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For both the three months ended March 31, 2025 and 2024, we made cash capital contributions totaling $13 million. As of March 31, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $4.9 billion and $5.1 billion, respectively. As of March 31, 2025, our remaining unfunded capital commitment was $1.4 billion.

Other Investments

Other investments also includes certain short-term instruments. We had no short-term instruments as of March 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the three months ended March 31, 2025. Proceeds from short-term instruments were $255 million and purchases of short-term instruments were $257 million for the three months ended March 31, 2024.

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Comcast Corporation

Consolidated Variable Interest Entity

Universal Beijing Resort

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2025, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

As of both March 31, 2025 and December 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 8: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding

						Three Months Ended March 31,
(in millions)															2025						2024
Weighted-average number of common shares outstanding – basic															3,768						3,959
Effect of dilutive securities															16						34
Weighted-average number of common shares outstanding – diluted															3,784						3,992
Antidilutive securities															218						162

Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Accumulated Other Comprehensive Income (Loss)

(in millions)			March 31, 2025						December 31, 2024
Cumulative translation adjustments			$	(1,530)					$	(2,474)
Deferred gains (losses) on cash flow hedges			65						106
Unrecognized gains (losses) on employee benefit obligations and other			269						325
Accumulated other comprehensive income (loss), net of deferred taxes			$	(1,197)					$	(2,043)

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our long-term incentive compensation structure. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.

In March 2025, we granted 40 million RSUs and 1 million stock options under our annual management awards program. The weighted-average fair values associated with these grants were $35.78 per RSU and $7.21 per stock option. During the three months ended March 31, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $321 million and $303 million, respectively. As of March 31, 2025, we had unrecognized pretax compensation expense of $3.0 billion related to unvested RSUs and unvested stock options.

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Comcast Corporation

Note 9: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

			Three Months Ended March 31,
(in millions)			2025						2024
Interest			$	674					$	731
Income taxes(a)			$	400					$	349

(a) Cash payments for income taxes for the three months ended March 31, 2025 include $220 million related to the purchase of third-party transferable tax credits.

Noncash Activities

During the three months ended March 31, 2025:

• we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share paid in April 2025

During the three months ended March 31, 2024:

• we acquired $2.0 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in April 2024

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows.

(in millions)			March 31, 2025						December 31, 2024
Cash and cash equivalents			$	8,593					$	7,322
Restricted cash included in other current assets and other noncurrent assets, net			58						55
Cash, cash equivalents and restricted cash, end of period			$	8,652					$	7,377

Note 10: Commitments and Contingencies

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.

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