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10-Q Filing

INTERPARFUMS INC CIK: 822663 Q1 2018
Filing Information
Form Type 10-Q
Accession Number 0001615774-18-003470
Period End Date 20180331
Filing Date 20180508
Fiscal Year 2018
Fiscal Period Q1
XBRL Instance ipar-20180331.xml
Balance Sheet 80 line items
Line Item Tag Value Unit Period
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.00 USD Point-in-time
Preferred stock, authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Preferred stock, authorized PreferredStockSharesAuthorized 1.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $161.83M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $208.34M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $109.83M USD Point-in-time
Preferred stock, issued PreferredStockSharesIssued - shares Point-in-time
Preferred stock, issued PreferredStockSharesIssued - shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $168.93M USD Point-in-time
Short-term investments ShortTermInvestments $69.90M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Short-term investments ShortTermInvestments $81.81M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $166.08M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $120.75M USD Point-in-time
Common stock, authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Common stock, authorized CommonStockSharesAuthorized 100.00M shares Point-in-time
Inventories InventoryNet $137.06M USD Point-in-time
Common stock, outstanding CommonStockSharesOutstanding 31.28M shares Point-in-time
Common stock, outstanding CommonStockSharesOutstanding 31.24M shares Point-in-time
Inventories InventoryNet $141.25M USD Point-in-time
Treasury stock TreasuryStockShares 9.86M shares Point-in-time
Receivables, other OtherReceivablesNetCurrent $2.67M USD Point-in-time
Treasury stock TreasuryStockShares 9.86M shares Point-in-time
Receivables, other OtherReceivablesNetCurrent $2.40M USD Point-in-time
Other current assets OtherAssetsCurrent $7.36M USD Point-in-time
Other current assets OtherAssetsCurrent $8.35M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $3.47M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $2.11M USD Point-in-time
Total current assets AssetsCurrent $571.21M USD Point-in-time
Total current assets AssetsCurrent $549.28M USD Point-in-time
Equipment and leasehold improvements, net PropertyPlantAndEquipmentNet $10.16M USD Point-in-time
Equipment and leasehold improvements, net PropertyPlantAndEquipmentNet $10.33M USD Point-in-time
Trademarks, licenses and other intangible assets, net IntangibleAssetsNetExcludingGoodwill $200.50M USD Point-in-time
Trademarks, licenses and other intangible assets, net IntangibleAssetsNetExcludingGoodwill $205.49M USD Point-in-time
Deferred tax assets DeferredTaxAssetsLiabilitiesNetCurrent $9.66M USD Point-in-time
Deferred tax assets DeferredTaxAssetsLiabilitiesNetCurrent $10.11M USD Point-in-time
Other assets OtherAssetsNoncurrent $8.01M USD Point-in-time
Other assets OtherAssetsNoncurrent $8.14M USD Point-in-time
Total assets Assets $805.11M USD Point-in-time
Total assets Assets $777.77M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $24.37M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $24.99M USD Point-in-time
Accounts payable - trade AccountsPayableCurrent $52.61M USD Point-in-time
Accounts payable - trade AccountsPayableCurrent $58.74M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $81.84M USD Point-in-time
Accrued expenses AccruedLiabilitiesCurrent $72.88M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $1.72M USD Point-in-time
Income taxes payable AccruedIncomeTaxesCurrent $6.76M USD Point-in-time
Dividends payable DividendsPayableCurrent $6.57M USD Point-in-time
Dividends payable DividendsPayableCurrent $6.56M USD Point-in-time
Total current liabilities LiabilitiesCurrent $169.94M USD Point-in-time
Total current liabilities LiabilitiesCurrent $167.11M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $36.21M USD Point-in-time
Long-term debt, less current portion LongTermDebtNoncurrent $31.01M USD Point-in-time
Deferred tax liability DeferredTaxLiabilitiesNoncurrent $3.82M USD Point-in-time
Deferred tax liability DeferredTaxLiabilitiesNoncurrent $3.88M USD Point-in-time
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued PreferredStockValue - USD Point-in-time
Preferred stock, $.001 par; authorized 1,000,000 shares; none issued PreferredStockValue - USD Point-in-time
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,282,333 and 31,241,548 shares at March 31, 2018 and December 31, 2017, respectively CommonStockValue $31.00K USD Point-in-time
Common stock, $.001 par; authorized 100,000,000 shares; outstanding 31,282,333 and 31,241,548 shares at March 31, 2018 and December 31, 2017, respectively CommonStockValue $31.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $67.29M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $66.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $432.06M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $422.57M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-8.43M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-17.83M USD Point-in-time
Treasury stock, at cost, 9,864,805 shares at March 31, 2018 and December 31, 2017 TreasuryStockValue $37.48M USD Point-in-time
Treasury stock, at cost, 9,864,805 shares at March 31, 2018 and December 31, 2017 TreasuryStockValue $37.48M USD Point-in-time
Total Inter Parfums, Inc. shareholders' equity StockholdersEquity $433.30M USD Point-in-time
Total Inter Parfums, Inc. shareholders' equity StockholdersEquity $453.48M USD Point-in-time
Noncontrolling interest MinorityInterest $137.34M USD Point-in-time
Noncontrolling interest MinorityInterest $146.79M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $600.28M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $503.73M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $483.66M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $570.64M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $805.11M USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $777.77M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Net sales SalesRevenueNet $171.77M USD 1 Quarter
Net sales SalesRevenueNet $143.06M USD 1 Quarter
Cost of sales CostOfGoodsSold $52.99M USD 1 Quarter
Cost of sales CostOfGoodsSold $66.14M USD 1 Quarter
Gross margin GrossProfit $90.07M USD 1 Quarter
Gross margin GrossProfit $105.63M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $75.23M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $63.90M USD 1 Quarter
Income from operations OperatingIncomeLoss $26.17M USD 1 Quarter
Income from operations OperatingIncomeLoss $30.40M USD 1 Quarter
Interest expense InterestExpense $462.00K USD 1 Quarter
Interest expense InterestExpense $271.00K USD 1 Quarter
Loss on foreign currency ForeignCurrencyTransactionGainLossBeforeTax $-156.00K USD 1 Quarter
Loss on foreign currency ForeignCurrencyTransactionGainLossBeforeTax $-206.00K USD 1 Quarter
Interest income InvestmentIncomeInterestAndDividend $1.27M USD 1 Quarter
Interest income InvestmentIncomeInterestAndDividend $1.75M USD 1 Quarter
Other expenses (income) NonoperatingIncomeExpense $845.00K USD 1 Quarter
Other expenses (income) NonoperatingIncomeExpense $1.08M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $27.02M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $31.48M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $9.61M USD 1 Quarter
Income taxes IncomeTaxExpenseBenefit $8.85M USD 1 Quarter
Net income ProfitLoss $18.17M USD 1 Quarter
Net income ProfitLoss $21.86M USD 1 Quarter
Less: Net income attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $4.79M USD 1 Quarter
Less: Net income attributable to the noncontrolling interest NetIncomeLossAttributableToNoncontrollingInterest $5.95M USD 1 Quarter
Net income attributable to Inter Parfums, Inc. NetIncomeLoss $13.37M USD 1 Quarter
Net income attributable to Inter Parfums, Inc. NetIncomeLoss $15.91M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.43 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.51 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.51 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.43 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 31,267.00 shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 31,145.00 shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 31,429.00 shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 31,254.00 shares 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.21 USD 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $18.17M USD 1 Quarter
Net income ProfitLoss $21.86M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndImpairmentLoss $2.62M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndImpairmentLoss $2.62M USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $165.00K USD 1 Quarter
Provision for doubtful accounts ProvisionForDoubtfulAccounts $225.00K USD 1 Quarter
Noncash share-based compensation ShareBasedCompensation $513.00K USD 1 Quarter
Noncash share-based compensation ShareBasedCompensation $507.00K USD 1 Quarter
Deferred tax benefit DeferredIncomeTaxExpenseBenefit $-258.00K USD 1 Quarter
Deferred tax benefit DeferredIncomeTaxExpenseBenefit $-406.00K USD 1 Quarter
Change in fair value of derivatives UnrealizedGainLossOnDerivatives $-215.00K USD 1 Quarter
Change in fair value of derivatives UnrealizedGainLossOnDerivatives $285.00K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $42.96M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $33.98M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $1.18M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $13.27M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $1.20M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $743.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-6.98M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-563.00K USD 1 Quarter
Income taxes, net IncreaseDecreaseInAccruedTaxesPayable $6.55M USD 1 Quarter
Income taxes, net IncreaseDecreaseInAccruedTaxesPayable $4.73M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-23.00M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-20.66M USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $24.31M USD 1 Quarter
Purchases of short-term investments PaymentsToAcquireShortTermInvestments $9.98M USD 1 Quarter
Proceeds from sale of short-term investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments - USD 1 Quarter
Proceeds from sale of short-term investments ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments $4.26M USD 1 Quarter
Purchases of equipment and leasehold improvements PaymentsToAcquirePropertyPlantAndEquipment $729.00K USD 1 Quarter
Purchases of equipment and leasehold improvements PaymentsToAcquirePropertyPlantAndEquipment $580.00K USD 1 Quarter
Payment for intangible assets acquired PaymentsToAcquireIntangibleAssets $1.35M USD 1 Quarter
Payment for intangible assets acquired PaymentsToAcquireIntangibleAssets $129.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-11.91M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-20.91M USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $5.25M USD 1 Quarter
Repayment of long-term debt RepaymentsOfLongTermDebt $6.14M USD 1 Quarter
Proceeds from exercise of options ProceedsFromStockOptionsAndWarrantsExercised $542.00K USD 1 Quarter
Proceeds from exercise of options ProceedsFromStockOptionsAndWarrantsExercised $1.00M USD 1 Quarter
Dividends paid PaymentsOfDividends $5.29M USD 1 Quarter
Dividends paid PaymentsOfDividends $6.56M USD 1 Quarter
Dividends paid to minority interest PaymentsOfDividendsMinorityInterest $362.00K USD 1 Quarter
Dividends paid to minority interest PaymentsOfDividendsMinorityInterest - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-12.06M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-10.00M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $1.91M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations $5.21M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-52.00M USD 1 Quarter
Net decrease in cash and cash equivalents CashAndCashEquivalentsPeriodIncreaseDecrease $-39.41M USD 1 Quarter
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $161.83M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $208.34M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $109.83M USD Point-in-time
Cash and cash equivalents - beginning of period CashAndCashEquivalentsAtCarryingValue $168.93M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $161.83M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $208.34M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $109.83M USD Point-in-time
Cash and cash equivalents - end of period CashAndCashEquivalentsAtCarryingValue $168.93M USD Point-in-time
Interest InterestPaidNet $492.00K USD 1 Quarter
Interest InterestPaidNet $420.00K USD 1 Quarter
Income taxes IncomeTaxesPaid $5.31M USD 1 Quarter
Income taxes IncomeTaxesPaid $4.58M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Balance, beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $600.28M USD Point-in-time
Balance, beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $503.73M USD Point-in-time
Balance, beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $483.66M USD Point-in-time
Balance, beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $570.64M USD Point-in-time
Shares issued upon exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $542.00K USD 1 Quarter
Shares issued upon exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $1.00M USD 1 Quarter
Net income ProfitLoss $18.17M USD 1 Quarter
Net income ProfitLoss $21.86M USD 1 Quarter
Dividends DividendsCash $5.30M USD 1 Quarter
Dividends DividendsCash $6.93M USD 1 Quarter
Share based compensation StockIssuedDuringPeriodValueShareBasedCompensation $524.00K USD 1 Quarter
Share based compensation StockIssuedDuringPeriodValueShareBasedCompensation $563.00K USD 1 Quarter
Foreign currency translation adjustment, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $5.77M USD 1 Quarter
Foreign currency translation adjustment, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $13.24M USD 1 Quarter
Transfer from other comprehensive income into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $-22.00K USD 1 Quarter
Transfer from other comprehensive income into earnings OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax $38.00K USD 1 Quarter
Net derivative instrument gain, net of tax OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest $-63.00K USD 1 Quarter
Net derivative instrument gain, net of tax OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest $342.00K USD 1 Quarter
Balance, ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $600.28M USD Point-in-time
Balance, ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $503.73M USD Point-in-time
Balance, ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $483.66M USD Point-in-time
Balance, ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $570.64M USD Point-in-time
Comprehensive Income 22 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $18.17M USD 1 Quarter
Net income ProfitLoss $21.86M USD 1 Quarter
Net derivative instrument (gain) loss, net of tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTaxAtrributableToParent $-63.00K USD 1 Quarter
Net derivative instrument (gain) loss, net of tax OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTaxAtrributableToParent $342.00K USD 1 Quarter
Transfer from other comprehensive income into earnings ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent $38.00K USD 1 Quarter
Transfer from other comprehensive income into earnings ReclassificationFromAociCurrentPeriodNetOfTaxAttributableToParent $-22.00K USD 1 Quarter
Translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $5.77M USD 1 Quarter
Translation adjustments, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $13.24M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $35.00M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $24.30M USD 1 Quarter
Net income NetIncomeLossAttributableToNoncontrollingInterest $4.79M USD 1 Quarter
Net income NetIncomeLossAttributableToNoncontrollingInterest $5.95M USD 1 Quarter
Net derivative instrument (gain) loss, net of tax OtherComprehensiveIncomeLossUnrealizedGainLossOnDerivativesArisingDuringPeriodNetofTax $96.00K USD 1 Quarter
Net derivative instrument (gain) loss, net of tax OtherComprehensiveIncomeLossUnrealizedGainLossOnDerivativesArisingDuringPeriodNetofTax $-26.00K USD 1 Quarter
Transfer from other comprehensive income into earnings ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax $5.00K USD 1 Quarter
Transfer from other comprehensive income into earnings ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax $-8.00K USD 1 Quarter
Translation adjustments, net of tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $1.46M USD 1 Quarter
Translation adjustments, net of tax OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest $3.77M USD 1 Quarter
Comprehensive income attributable to the noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $9.69M USD 1 Quarter
Comprehensive income attributable to the noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $6.36M USD 1 Quarter
Comprehensive income attributable to Inter Parfums, Inc. ComprehensiveIncomeNetOfTax $17.94M USD 1 Quarter
Comprehensive income attributable to Inter Parfums, Inc. ComprehensiveIncomeNetOfTax $25.32M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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