Ladies and gentlemen, thank you f or standing by, welcome to Weibo reports second quarter of 2020 financial results conference call. At this time, all participants are listen-only mode. After the speakers' prepared remarks, there will be a question- and- answer sessi on. To ask a question during the session, you need to press star, the number one on your telephone and wait for an operator to get your line. Please be advised that this conference is being recorded. I would now like to hand the conference over to your first speaker for the day, Sandra Zhang. Thank you. Plea se go ahead, ma'am.
Thank you, operator. Welcome to Weibo second quarter 2020 earnings conference call. Joining me today are our Chief Executive Officer, Gaofei Wang, and our VP Finance and Interim CFO, Fei Cao. This conference call is also being broadcast on Internet and available through Weibo's IR website. Before the management remarks, I would like to read you the safe harbor statement in connection with today's conference call. During today's conference call, we may make forward-looking statements that are not historical facts, including statements of our beliefs and expectations.
Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statements. Weibo assumes no obligation to update the forward-looking statements in this conference call and elsewhere. Further information regarding this and other risks is included in Weibo's annual report on Form 20-F and other filings with the SEC. All the information provided in this press release is current as of the date hereof. Weibo assumes no obligation to update such information, except as required under applicable law.
Additionally, I would like to remind you that our discussion today includes certain non-GAAP measures, which exclude stock-based compensation and certain other expenses. We use non-GAAP financial measures to gain a better understanding of Weibo's comparative operating performance and the future prospects. Our non-GAAP financials exclude certain expenses, gains or losses, and other items that are not expected to result in future cash payment or are non-recurring in nature, or are not indicative of our core operating results and our outlook. Please refer to our press release for more information about our non-GAAP measures. Following management prepared remarks, we will open the lines for a brief Q&A session. With this, I would like to turn the call over to our CEO, Gaofei Wang.
[Foreign langauge]
Thank you. Hello, everyone, and welcome to Weibo second quarter 2020 earnings conference call.
[Foreign language]
On today's call, I'll share with you highlights on Weibo's users, products, and monetization, as well as progress we made on key initiatives in 2020.
[Foreign language]
Let me start with our second quarter financial results. In the second quarter, our total revenue reached $387.4 million, a decrease of 10% year-over-year, or 7% on a constant currency basis. Advertising and marketing revenues reached $340.6 million, a decrease of 8% year-over-year, or 5% on a constant currency basis. 89% of our ad revenues come from mobile.
[Foreign language]
On the user front, Weibo's MAU grew 8% year-over-year to 523 million in June 2020, and average DAU grew 9% year-over-year to 229 million in June 2020. 94% of Weibo's MAU came from mobile.
[Foreign language]
With the COVID-19 pandemic situation in China stabilized and people's work resumption, we observed the normalization of pandemic related content consumption, which led to sequential pullback of traffic from the peak level in the first quarter. It's worth mentioning that we saw notable growth of user content generation and user engagement during this quarter, backed by our strategy to improve user engagement and retention on top of user growth. Particularly, we have reinforced our investment on feed distribution efficiency and social interaction to enhance user stickiness on the platform.
On the monetization front, we further refined and strengthened our ad offerings designated for clients' evolving marketing needs during the pandemic. With that and benefiting from domestic ad demand pickup amid the stabilization of pandemic and work resumption, our ad business is back on recovery trend, with ad revenue narrowing annual declining rate from prior quarter.
[Foreign language]
In discussing our operating update for the second quarter, I elaborate on progress made in the areas of product and monetization. Let's start with user growth and engagement. There are mainly three aspects of progress we made, which contribute to healthy growth of user scale year-over-year.
[Foreign language]
First, on channel investment. During the first half of the year, we emphasized on synergy between our channel investment efforts and relevant product and operating efforts to provide better content consumption experience for recalled users. For example, we expanded the coverage of task-based red envelope incentives to recalled users, which improved user engagement. We also enhanced the video content distribution to recalled users, which increased their time spent on the platform. This initiative helped improve our user acquisition efficiency.
[Foreign language]
Second, on content operation of hot trends. Through the experience in content operation during the pandemic, we have solidified our strength in content operation of social events. In the second quarter, our focus was on the location-based content operation through hot trend to enhance user acquisition capability in the local market. During the pandemic, we have upgraded content distribution mechanism for location-based content. We prioritize the distribution of local content submitted from local media and self-medias over existing content selected through data mining, which largely improved content quality and diversity.
Consequently, in this quarter, users who consumed the pushed location-based content doubled year-over-year. Meanwhile, we launched a subsection in the Hot Search with a focus on location-based hot trends in May, aiming to drive content discovery and consumption based on users' geographical regions. In June, daily query of location-based hot trends increased by double digits compared with previous months. This achievement helped us set a clear framework of location-based content distribution consisting of content push, feed recommendation, and hot search, underpinned by deepened cooperation with local media and self-medias. This could help us enhance our core competitiveness in the local market.
[Foreign language]
Lastly, on social interactions, we continue to optimize our user products and drive our user engagement. First, on relationship-based feed, we further optimize social content distribution mechanism to drive content consumption efficiency. Secondly, we have enhanced social attributes with Super Topic and Fans Group functions, and strengthened topic organization and discussion around hot trends and interest-based content. As a result, we saw an uplift in user interactions and their willingness to post.
In June, the total number of users who post content increased over 30% year-over-year, and their daily posts grew over 50% year-over-year. To put it into perspective, it remains indispensable for most users to share life moments and opinions and participate in discussions. We will continue to be a crucial platform to fulfill users' need to express themselves despite the prevalence of video content consumption.
[Foreign language]
Next, let's talk about video and live streaming. As mentioned last quarter, we plan to increase investment in the PGC and UGC video content this year. Accordingly, we have provided targeted operation and product support. For UGC video, we focus on traffic expansion and distribution efficiency to drive monetization around UGC video ecosystem. With the stabilized traffic for UGC video content post-pandemic, our revenues generated through UGC videos in second quarter grew nearly 40% quarter-over-quarter, and July performance kept the same momentum as well.
For PGC video, leveraging our differentiated position as a leading social media, we attempted to attract more video content creators to grow on Weibo and enhance our user acquisition capability and traffic in the PGC video market. We have seen some progress made as the scale of PGC content creators continues to expand. In June, both the number of PGC content creators and their daily video submissions increased over 50% compared with December last year. In July, we launched a project called Video Account, aiming to further ramp up video traffic and facilitate the social relationship establishment by content creators, which we believe will bode well for us to promote content creators' engagement and retention on Weibo.
[Foreign language]
Turning to live streaming. In the first half of the year, live streaming sector has enjoyed rapid expansion during the pandemic. To capture market opportunities, we launched new initiatives in live streaming during this period and further refined our position and focus for the business. Let me elaborate. The operations of Weibo live streaming focus on topic-based IP marketing and fans interactions around live streaming content. We roll out hot topic lists of live streaming content with enhanced traffic support, aiming to promote influence of live streaming content on Weibo, and strengthen our position as an important marketing channel for the live content distribution.
Take top e-commerce live hosts as example. In the second quarter, over 60% of the top e-comm live hosts have accounts and broadcasts on Weibo, and their weekly topic-based posts increased by over two times compared with that before launching the topic list, enticing other hosts to advertise and accumulate fans on Weibo as well. We also revamped the live streaming product to further integrate with Weibo's core product and improved traffic distribution mechanisms to amplify live content exposure on the platform.
In mid-July, we rolled out reservation feature for live streaming content and reminder feature on top of the relationship-based feed, which help live hosts to precisely target Fans Group and achieve better results through private domain of traffic. In July, we saw higher number of live content generation by hosts who adopted the reservation feature and their number of viewers and interaction in a live show more than doubled from June. To sum up, our initiative will benefit Weibo's live streaming ecosystem.
For one thing, with the growing base of top live hosts accumulating fans and promoting live content, we benefited from both traffic and commercial demand arising from this group of users. For another, we have made good progress in our cooperation with mobile live streaming. Meanwhile, self-media live streaming also demonstrate good momentum with increasing adoption of our reservation and fans targeting functions. This encouraging trend will ultimately benefit the build-out of our live streaming ecosystem.
[Foreign language]
On the monetization front, with the stabilization of pandemic in China and the gradual economic recovery, Weibo's exhibited recovery trend in the second quarter, with ad revenue decreasing 8% year-over-year or 5% in renminbi terms, improving from prior quarter in terms of annual trend.
[Foreign language]
Our KA ad revenues decreased 3% year-over-year or flat in renminbi terms, and increased 13% quarter-over-quarter. The solid recovery of our KA ad business in the second quarter was mainly driven by two factors. For one thing, externally, brands ad budget has come back at different pace, underpinned by the reopening of domestic economy and various incentives to drive consumption, such as the June 18th e-commerce event. Brand advertiser broadly are step up their promotional efforts with an on-track product launch schedule.
On top of the rebound of the overall ad demand, we continue to see upside from the prevailing trend of ad budget shift from offline to online, which has been accelerated by the pandemic. Internally, Weibo has made great progress in reinforcing our differentiated value proposition to customers. We beef up our efforts to optimize ad offerings and improve service quality to be well-positioned to serve brands marketing objective, including new product launch, celebrity marketing, hot event marketing, as well as KOL purchase intent cultivation.
Take our cooperation with the blockbuster reality show, Sisters Who Make Waves as example. Leveraging the public's heated discussion around the show and also significant traffic of the show, and we not only offer strong brand exposure for the show's sponsors such as Yili Group and Oreo on our platform, but also attracted customers such as Tom Ford, Lancôme, ASICS, and Armani, etc. , to market with us, with diverse content curated by our operational team based on the IP. Leveraging recovery marketing demand and more tailor-made ad product offerings, several key industries of KA business demonstrated nice recovery trend and exhibited growth trajectory in terms of ad spend in the second quarter on an annual basis.
[Foreign language]
Moving on to SMEs. Our SME ad revenues increased 21% year-over-year or 18% in RMB terms. Sequentially, SME ad revenue increased 16%. Amid the headwinds of pandemic aftermath and the competition, we believe it still takes time for the SME business to fully recover. During the first half of the year, we revisited our competitive strategy for our performance ad business from a longer-term perspective, and devised a clear roadmap on the organizational structure and ad offerings fronts accordingly. Let me elaborate.
First, we focused on driving the adoption of our integrated content plus performance ad solution among key industries. Specifically, we reformed our organizational structure to empower seamless cooperation between our sales team and our product operational teams, as well as ad agencies. Leveraging such synergies, we endeavor to develop marketing paradigm that highlights Weibo's differentiation in content offerings, built upon our operational understanding of each specific industry.
In the first half of the year, we started to pilot such industry-specific ad offerings with the gaming and education sectors, which resonated well among our customers. With the success stories, we will expand such integrated content plus performance paradigms to cover more industries, so as to capture higher ad wallet share in the future. Second, we focused on improving ad performance and ad placement efficiency. We revisited the entire ad placement process of Super Fans Tong, and revamped the system accordingly to tackle all issues identified.
We sought to optimize advertisers' experience in placing ads with us in the areas of ad creation, optimization, and data analytics. The fully upgraded system has opened up to customers during this month. On the ad performance front, we simplified ad formats and further improved our feed ad conversion. Currently, we have fully rolled out the new video and image ad formats to customers, leading to nearly 50% and over 100% increase in average traffic direction ratio with the new video and image ad formats respectively, compared with the previous one.
Additionally, we took a targeted approach to optimize traffic control, ad attribution, and OCPX coverage. We are encouraged to see a wider OCPX adoption among industries, as well as higher penetration in terms of ad spend. With solid execution of these above initiatives, we are well positioned to enhance our market competitiveness and deliver further recovery on our performance ad business in future.
[Foreign language]
With that, let me turn the call over to Fei Cao for financial review.
Thank you, Gaofei, and hello, everyone. Welcome to Weibo's second quarter 2020 earnings conference call. Let's start with user metrics. In June 2020, Weibo's MAUs reached 523 million, representing a net addition of approximately 37 million users on a year-over-year basis. Weibo's average DAUs reached 229 million, representing a net addition of approximately 18 million users on a year-over-year basis. Despite the normalization of user traffic from the peak level in the first quarter, Weibo maintained a decent level of user activities, with higher proportion of users generating content on the platform, and higher user engagement during this quarter. Let's turn to financials.
As a reminder, my prepared remarks would focus on non-GAAP results and all the comparisons on a year-over-year basis, unless otherwise noted. Now, let me walk you through our financial highlights for the second quarter of 2020. We saw the overall recovery for the in the second quarter, with the pandemic largely brought under control in China. Weibo's second quarter 2020 net revenues was $387.4 million, a decrease of 10%, or 7% on a constant currency basis, reaching the high end of our guidance. Operating income was $121.9 million, representing operating margin of 31%.
Net income attributable to Weibo was $114.5 million. The diluted EPS was $0.50. Now l et me give you more color on revenues. Weibo's advertising and marketing revenues for the second quarter 2020 reached $314.6 million, a decrease of 8%, or 5% on a constant currency basis. Mobile ad revenues was $304.4 million, contributing approximately 89% of total ad revenues, up from 86% last year. Moving on to KA. In the second quarter, Weibo's KA ad revenues reached $ 165.9 million, a decrease of 3%, or flat on a constant currency basis.
Excluding the barter transaction revenue impact from handset sector, KA ad revenues would have increased 9% on a constant currency basis. On a sequential basis, KA ad revenues grew 30%, reflecting a nice rebound from prior quarter. The solid recovery of our KA was mainly attributable to the well-controlled pandemic situation in China, which paved the way for business activity recovery and improving advertising demand, as well as our efforts in driving value for advertisers to achieve branding plus performance effects with our unique social marketing solutions. By industry, FMCG category regained strength post-pandemic, and was back to growth trajectory in the second quarter.
E-commerce sector also gained momentum as e-commerce platforms allocated incremental resources into this year's June 18th event promotions to capture pent-up demands from customers. This is also well demonstrated in the ad revenues from Alibaba, which grew 48%, or 53% on a constant currency basis, to $ 35.7 million in the second quarter. Besides this, as the pandemic further fueled ad budget shift from offline to online, we saw increased adoption of our innovative ad product offerings, such as online product launch solution from handset and automobile sector this quarter.
On the flip side, the recovery pace of movie and entertainment sector and the luxury industry lagged behind overall branding rebound. As the risk of the sporadic outbreak in China and the coronavirus resurgence in certain global areas still linger, which could further disrupt the business operations and weaken consumer demand. Turning to SMEs. In the second quarter, Weibo's SME ad revenues reached $1 38.9 million, a decrease of 21%, or 18% on a constant currency basis. Despite uptick in economic activities this quarter, many small and medium-sized advertisers continued to face headwinds in their business operations, especially for offline merchants.
Consequently, we anticipate that it will take time for the overall SME ad spend to rebound to the pre-pandemic level, even though online sectors such as gaming and online education continued to book encouraging growth rate on a year-over-year basis this quarter. That said, on a sequential basis, SME ad business demonstrated a moderate recovery from the first quarter trough, up 16% quarter-over-quarter. Apart from normal seasonality, we are encouraged to see the gradual rebound from industries like e-commerce and certain local services as consumption recovered.
On the contrary, ad spend from gaming and online education saw a moderate pullback on a sequential basis as expected, with users' online time spend normalizing. While the actual recovery pace of advertisers' ad budget is beyond our control, we proactively took the window to revamp our ad bidding system and optimize ad products in the hope of driving broader OCPX adoption for smarter targeting, higher ad placement efficiency, and better ad measurement which ultimately bodes well for us to capture a higher ad share amid the competitive landscape of the performance ad market in the long run.
Value-Added Service, VAS revenues were $46.8 million in the second quarter, a decrease of 23%, or 21% on a constant currency basis, primarily due to decrease of live streaming business, and was partially offset by the increase in membership revenues. Turning to costs and expenses. Total costs and expenses for the second quarter was $265.5 million flat year-over-year. Operating income in the second quarter was $121.9 million, representing operating margin of 31% compared to 38% last year.
Turning to income tax and the GAAP measure. Income tax expense for the second quarter was $14.7 million, compared to $26.1 million last year. The increase was mainly attributable to a deferred tax charge recognized from fair value change of an investment in the second quarter this year. Net income attributable to Weibo in the second quarter was $114.5 million, representing a net margin of 30% compared to 36% last year. Turning to our balance sheet and cash flow items.
As of June 30th, 2020, Weibo's cash equivalents, and short-term investments totaled $2.33 billion, compared to $2.4 billion as of December 31st, 2019. In the second quarter of 2020, cash provided by operating activities was $121.7 million. Capital expenditures totaled $8.4 million, and depreciation and amortization expenses amounted to $6.9 million. Now let me turn to financial outlook. We anticipate our third quarter 2020 net revenues to decrease by 5%-7% year- over- year on a constant currency basis. This forecast reflects Weibo's current and preliminary view, and is subject to change. With that, let me now turn the call over to the operator for the Q&A session.
Thank you.
Thank you.
Ladies and gentlemen, we now begin the question- and- answer session. For your questions, please press star and the number one and wait for your name to be announced. To cancel the request, it is the pound or hash key. Once again, for your questions, please press star and the number one for your questions. First question from the line of Gregory Zhao of Barclays. Please go ahead.
Hi, management. Thanks for taking my question. My question is about . First, how shall we think about the KA and SME advertising recovery trend in second half, and what's your plan to further improve the monetization? In the prepared remarks, you mentioned this advertising system upgrade. How shall we think about this OCPX trend and the coverage post this upgrade? It'd be helpful if you can share some colors for the entire online advertising market. Any colors about competitive dynamics will be very helpful. Thank you.
Okay. [Foreign language]
First, let me briefly recap on our second quarter performance and share some color on the recovery trends seen so far for KA and SME in the second half.
[Foreign language]
On the KA front, we saw the overall KA business come back at a nice pace during the second quarter and leveraging the recovery of the marketing demand and also the improvement of the social marketing capability of our team. Several key industries, including FMCG, e-commerce, and automobile, already delivered positive year-over-year trends. However, entertainment and travel sectors still fell short of the ad dollar compared with same period last year due to the pandemic, which dragged the growth of KA business.
[Foreign language]
Entering into the third quarter, we saw the overall brand sentiment has turned more positive backed by the stabilization of pandemic situation and improvement of the macro environment, especially the consumption side. As mentioned earlier, key sectors of brand business such as FMCG, automobile and handset continued to book healthy growth trends in the third quarter. But on the flip side, despite some sequential pickup, sectors like entertainment are still on a descending trend, given the relatively weak market demand compared with same period last year. At this moment, assuming no further impact from the pandemic in the coming quarter, we expect the KA business to continue to improve sequentially with the stronger demand fueled by the ecommerce seasonality.
[Foreign language]
On the SME front, on the performance ad front, despite the overall ad budget pickup from a low point in the first quarter, as any business, customer remain cautious in their marketing spend since the SME advertiser are generally more vulnerable to the macro downside, particularly for the offline merchants. So, the SME business continued to decline on a year-over-year basis. While on the upside, sectors like gaming and education continued to grow very strongly with triple-digit growth year-over-year. And also, ecommerce sectors, leveraging the June 18 ecommerce festival and live streaming kind of ecommerce improvement, we see the overall sector rebounding nicely quarter-over-quarter basis.
[Foreign language]
Entering into the third quarter, our SME business further recovered sequentially, with gaming and education sector continue to outperform. And sequentially, it's also growing very robustly. However, offline merchants continued to see headwinds. So, we took the window to upgrade our bidding system and optimize our service to customers. For instance, we get rid of a few low quality customers and also improved the ad designs, which we believe would mask the impact on SME revenue in the short run, but would benefit our performance ad ecosystem in the long term. In the coming quarter, leveraging the marketing opportunities brought forth by the ecommerce seasonality, we will further integrate our resources and strengthen our cooperation with Alibaba to drive value for the ecommerce merchant.
[Foreign language]
For the SME business, which most people focus on, we think the overall performance ad market continued to face fierce competition with unfavorable demand versus supply dynamics. Given the competition in the supply side, our strategy would be mostly tilted towards open market solution that integrates our strength in traffic, KOL and content and also enhance our ad placement efficiency. This is being reflected mainly in the gaming and education sector, which outperformed the overall sector in the first half.
[Foregn language]
And besides the combination of our strength in traffic, KOL and content, we also in the first half of the year also upgraded system to improve the overall advertising efficiency. Currently, the OCPX coverage has accounted for over 60% of the total SME ad spend. And we expected to increase to 80% toward the end of the year. And we also emphasized on the conversion capability by introducing more direct response features in our ad offering. Currently, the video and image-based upgraded product meaningfully drive up our traffic interaction ratio and overall ad performance
Okay.
Okay. Thank you.
Thank you.
Thank you. Next question is from the line of Miranda Zhuang of Bank of America. Please go ahead.
Thank you, operator. Thank you management for taking my question, which will be about the video content and video monetization. Can management explain to us what's the positioning of your Video Account initiatives in the video products space? Also what's the growth strategy for that and how is the progress of the video content creator development? Then secondly, how is the monetization for the Video Accounts and for your video ads, and what could be the potential impact to the profit margin resulting from the video ad sharing? Lastly, if time is allowed, can you update us how is the activity level and the retention level trending for your top content creators and w hat's your competition strategy for the top content creators? Thank you.
[Foreign language]
In terms of the Video Account you mentioned, the initial thought to launch it is to attract those emerging video content creators to join Weibo platform by offering a more systematic video product to enrich our overall content ecosystem.
[Foreign language]
On the content generation side, the Video Account will enable us to attract more content creators to join the platform. With the rise of the video content platform and the lower barrier for the video content creation, a bunch of the high-quality video content creators have emerged in China. With Video Accounts, we could ease the process of video submission and facilitate social assets accumulation and interaction for those video content creators.
Weibo's multimedia formats, viral distribution capability, and monetization opportunity will be very attractive to the top video content creators. With the launch of the Video Accounts, we could offer a more systematic approach to entice high-quality video content creators to join Weibo and enrich our overall KOL ecosystem. As of now, we have over 500,000 content creators joining the Video Accounts program. Among which, over 5,000 have a fan base over a million per person.
[Foreign language]
With more and more video content creators joining our platform through the program, we could attract wider user community and through the diverse and high-quality video offerings. For instance, for the online gaming vertical, the total fan base accumulated by the video content creator in the gaming vertical grew over 40% in the past year. Our influence in the gaming vertical also being elevated. Additionally, these video content creators not only post video content on our platform, but also interact with fans in the image and text formats, further leading to deepened user engagement on our platform.
[Foreign language]
For monetization, in the first half, we have made great progress in ramping up our video ad monetization efficiency. On the one hand, we saw pretty good trends for video-related metrics, such as users who consume video on Weibo, and also video traffic, leveraging the improved content distribution efficiency. For another, we have enriched and optimized our video ad offerings and the different video consumption scenarios. For example, the Watch+ being convenient product could deliver better ad format and conversion result, which will thus improve the video ad monetization. This is being reflected in the gaming sector with almost all the ad design and creatives are in the video forms. We are also seeing increasing adoption of video formats in the e-commerce and education sector.
[Foreign language]
In terms of the revenue share with video content creators, our primary focus is still on the build-out of the Weibo video content ecosystem by empowering them to monetize within our system. We also share a portion of advertising revenue with them for the video content they share on the platform. We also share a portion of the ad revenues from the pictures hosted by these content creators. These content creators, through the quality content they share on the platform, it will provide quality content to the overall platform, and also especially in the relationship-based feed and also the recommendation feed.
For those monetizable traffic they offered, there won't be a revenue share with them in those feeds. Entering into the second half, we will continue to focus on enhancing our distribution efficiency to further drive the video content consumption so as to drive the video ad revenue and incentive to create a self-enforcing video content ecosystem.
[Foreign language]
If we look at the Weibo's content ecosystem from the broader view, we have been really focusing on the sustainability and diversity of our ecosystem. We not only work to drive the engagement of the big Vs, but also nurture the small and medium vertical KOLs through the traffic support. We provided traffic support to those small verticals, and have seen nice growth in the traffic exposure of these verticals in the interest-based feed. In terms of monetization, in addition to the advertising, we also empower the content creator to monetize through various models, including e-commerce, V+ subscription, something like this.
With the monetization opportunity offered, we could further improve our competitiveness in the overall KOL market and reinforcing our content ecosystem. In recent years, we are able to see the number of top content creators as well as their daily posts and interactions kept double-digit growth year-over-year. Thank you.
Thank you, management. Thank you.
Thank you.
Thank you. Ladies and gentlemen, that concludes our question- and- answer session. Now I'd like to hand the conference back to Ms. Sandra Zhang. Please go ahead.
Thanks, operator, and thank you all for joining us. We'll see you next quarter.
Okay.
Thank you. Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may now all disconnect.