AT&T Reports Strong Fourth-Quarter and Full-Year 2025 Financial Performance Driven by Growth in Converged Fiber and 5G Customers
AT&T Reports Strong Fourth-Quarter and Full-Year 2025 Financial Performance Driven by Growth in Converged Fiber and 5G Customers |
| [28-January-2026] |
Company met or exceeded all 2025 consolidated financial guidance and provides long-term outlook for improved growth in Adjusted EBITDA* and Adjusted EPS* and higher free cash flow* through 2028 Company returned over $12 billion to shareholders in 2025 through dividends and share repurchases and expects to return an additional $45 billion+ from 2026-2028 Consistent execution of customer-centric, investment-led strategy delivered increased convergence rate, leading to growth in profitability and industry-best customer satisfaction for subscribers with both wireless and internet connectivity1 DALLAS, Jan. 28, 2026 /PRNewswire/ -- AT&T Inc. (NYSE: T) reported strong fourth-quarter and full-year results that met, or exceeded, all 2025 consolidated financial guidance as it delivered its best year for consumer broadband subscriber growth in a decade. More customers are increasingly choosing AT&T as their one trusted provider for all of their connectivity needs – driving the fastest annual increase in its convergence rate with 42%2 of AT&T Fiber households also choosing AT&T for wireless. In 2025, in areas where AT&T offers converged services, it ranked #1 across customer satisfaction scores with consumers and small businesses in both wireless and internet connectivity.1 This solid momentum demonstrates the sustained success of the Company's investment-led, customer-centric strategy. "We achieved or surpassed all of our consolidated full-year guidance for 2025," said John Stankey, AT&T Chairman and CEO. "With new investments in spectrum and fiber, we're set to win more customers in more categories and geographies across the U.S. Backed by the best assets in the industry, we are accelerating our strategy to deliver improved growth, the best customer experience and enhanced returns for shareholders over the next three years." Fourth-Quarter Consolidated Results
Fourth-Quarter Highlights
Full-Year Consolidated Results
Full-Year Highlights
New Segment Reporting Beginning with the Company's first-quarter 2026 results, AT&T plans to revise its operating segments to reflect the evolution of its business model to focus on delivering converged advanced connectivity services across 5G and fiber to consumer and business customers. Accordingly, the Company's planned new reportable segments are:
To assist investors and analysts with this planned transition to the new segment reporting structure, the Company has provided a recast of its historical quarterly and annual results for 2023 through 2025 for these segments in its Form 8-K dated January 28, 2026, and additional information is available at investors.att.com. Long-Term Outlook As a result of the Company's investments in 5G and fiber, including its previously announced acquisitions that are expected to close in early 2026 of substantially all of Lumen's Mass Markets fiber business and wireless spectrum licenses from EchoStar, AT&T expects to achieve improved growth in adjusted EBITDA* and adjusted EPS* and higher free cash flow* through 2028. The Company's long-term outlook for 2026-2028 includes:
The Company's consolidated financial outlook anticipates strong and sustained growth in Advanced Connectivity segment financial performance during 2026-2028, including:
The Company's consolidated financial outlook assumes sustained declines in service revenues within its Legacy segment as it makes progress against its objective of powering-down its energy-intensive copper-based network across the large majority of its footprint by the end of 2029 and upgrading customers to advanced connectivity services powered by 5G and fiber. AT&T expects Legacy service revenue to decline 20%+ in 2026 and to be immaterial by the end of 2029 with negative EBITDA* from this segment expected after 2027 until it has substantially eliminated direct costs associated with operating its copper-based network.3 Upon closing of the Lumen transaction, AT&T will hold the acquired fiber network assets, including certain fiber network build capabilities, in a wholly owned subsidiary. The Company plans to sell partial ownership in this subsidiary to an equity partner that will co-invest in the ongoing business. Beginning with the closing of the Lumen transaction, AT&T expects to report this business as held-for-sale and discontinued operations, with the results of operations and direct cash flows excluded from the Company's continuing operations. After closing the anticipated sale of partial ownership to an equity partner, AT&T's share of the equity income (loss) of this subsidiary will be included in adjusted EPS* from continuing operations. The Company's long-term outlook provided above is presented on a continuing operations basis and excludes discontinued operations. Long-Term Capital Allocation Plan AT&T expects to return $45 billion+ to shareholders during 2026-2028 through dividends and share repurchases. Under this capital return plan, the Company expects to maintain its current annualized common stock dividend of $1.11 per share. Management also expects to complete share repurchases under its current $10 billion authorization before the end of 2026 and to commence repurchases under a subsequent $10 billion authorization that has been approved by the Company's Board of Directors. The Company expects to repurchase approximately $8 billion of common stock during 2026 under these authorizations and to maintain a consistent pace of share repurchases through 2028, pending additional Board authorization. AT&T expects its net debt-to-adjusted EBITDA ratio* to increase to approximately 3.2x following its transactions with Lumen and EchoStar and to decline to approximately 3x by the end of 2026. AT&T continues to expect net leverage will return to a level consistent with its target in the 2.5x range within approximately three years following the closing of these acquisitions. The Company expects to maintain a consistent approach to capital returns while reducing net leverage to its target range. Note: AT&T's fourth-quarter and full-year 2025 earnings conference call will be webcast at 8:30 a.m. ET on Wednesday, January 28, 2026. The webcast and related materials, including financial highlights, will be available at investors.att.com. Consolidated Financial Results
Full-Year Financial Results
Segment and Business Unit Results Communications segment revenues were $32.1 billion, up 3.2% year over year, with operating income of $6.8 billion, up 9.5% year over year.
Mobility service revenues grew 2.4% year over year, driving growth in operating income of 4.5% and EBITDA* of 3.1%. Operating income margin declined 20 basis points year over year, with EBITDA* service margin improving by 30 basis points year over year.
Mobility revenues were up 5.3% year over year, driven by service revenue growth of 2.4% and equipment revenue growth of 12.7% from higher wireless device sales volumes. Operating expenses were up 5.6% year over year, driven by higher sales volumes, which drove higher equipment, advertising, selling, and bad debt expenses. These increases were partially offset by lower content licensing fees and expense declines from transformation initiatives. Operating income was $6.4 billion, up 4.5% year over year. EBITDA* was $9.2 billion, up $275 million year over year. Business Wireline revenues declined year over year, driven by continued secular pressures on legacy and other transitional services, which were partially offset by accelerated growth in fiber and advanced connectivity services.
Business Wireline revenues were down 7.5% year over year due to continued declines in legacy and other transitional services of 17.5%, partially offset by 6.8% growth in fiber and advanced connectivity services. Operating expenses were down 8.2% year over year due to lower personnel costs and savings from transformation initiatives, and lower network costs. Depreciation expense was lower year over year as certain legacy assets were fully depreciated, partially offset by ongoing capital investment for strategic initiatives, such as fiber. Operating income was $(163) million, versus $(211) million in the year-ago quarter, and EBITDA* was $1.1 billion, down $80 million year over year. Consumer Wireline delivered strong year-over-year broadband revenue growth, driven by a 13.6% increase in fiber revenue. Consumer Wireline also achieved positive broadband net adds for the tenth consecutive quarter, driven by 283,000 AT&T Fiber net adds and 221,000 AT&T Internet Air net adds.
Consumer Wireline revenues were up 2.9% year over year, driven by broadband revenue growth of 6.7% due to fiber revenue growth of 13.6%, partially offset by declines in legacy voice and data services and other services. Operating expenses were down 5.1% year over year due to lower depreciation expense, as certain legacy assets were fully depreciated, partially offset by ongoing capital investment for strategic initiatives, such as fiber and network upgrades and expansion. Expenses also decreased from lower content licensing fees and customer support costs. These decreases were partially offset by higher network costs. Operating income was $538 million, versus $276 million in the year-ago quarter, and EBITDA* was $1.4 billion, up $152 million year over year. Latin America profitability continues to improve with full-year growth in operating income of more than $100 million.
Latin America segment revenues were up 20.6% year over year, driven by increased equipment sales and growth in subscribers and ARPU, as well as the favorable impacts of foreign exchange. Operating expenses were up 19.7% due to the unfavorable impacts of foreign exchange rates, higher equipment and bad debt expense due to subscriber growth, and higher depreciation expense. Operating income was $34 million compared to $21 million in the year-ago quarter. EBITDA* was $223 million compared to $171 million in the year-ago quarter.
About AT&T Cautionary Language Concerning Forward-Looking Statements Non-GAAP Measures and Reconciliations to GAAP Measures Adjusted diluted EPS is calculated by excluding from operating revenues, operating expenses, other income (expenses) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Non-operational items arising from asset acquisitions and dispositions include the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate; in these cases, we use the actual tax expense or combined marginal rate of approximately 25%. For 4Q25, adjusted EPS of $0.52 is diluted EPS of $0.53 adjusted to remove $0.08 benefit from tax items, $0.02 benefit-related, transaction, legal and other items, and $0.01 gain on sale of DIRECTV, plus $0.06 actuarial loss on benefit plans and $0.04 restructuring. For 4Q24, adjusted EPS of $0.43 is diluted EPS of $0.56, adjusted to remove $0.12 equity in net income of DIRECTV and $0.03 benefit from tax items, plus $0.01 actuarial loss on benefit plans, and $0.01 benefit-related, transaction, legal and other costs. For 2025, adjusted EPS of $2.12 is diluted EPS of $3.04 adjusted to remove $0.80 gain on the sale of the DIRECTV investment and $0.21 equity in net income of DIRECTV, and $0.08 benefit from tax items, plus $0.09 restructuring, $0.06 actuarial loss on benefit plans, and $0.02 of benefit-related, transaction, legal, and other costs. For 2024, adjusted EPS of $1.95 is diluted EPS of $1.49 adjusted for $0.72 restructuring and impairments and $0.01 actuarial loss on benefit plans, minus $0.22 equity in net income of DIRECTV, $0.03 benefit from tax items, and $0.02 of benefit-related, transaction and other costs. Transaction, legal and other costs include certain legal reserves and settlements that cover extended historical periods and/or are unpredictable in both magnitude and timing, and therefore are distinct and separate from normal, recurring legal matters. Such costs are presented net of expected insurance recoveries and are primarily associated with legacy legal matters and the expected resolution of certain litigation associated with cyberattacks disclosed in 2024. The year ended December 31, 2025 also includes approximately $440 million of apportioned property and casualty settlements. The Company expects adjustments to 2026 reported diluted EPS to include acquisition-related amortization, a non-cash mark-to-market benefit plan gain/loss and other items. The Company expects the mark-to-market adjustment, which is driven by interest rates and investment returns that are not reasonably estimable at this time, to be a significant item. AT&T's projected 2026-2028 adjusted EPS depends on future levels of revenues and expenses, most of which are not reasonably estimable at this time. Accordingly, the Company cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort. Adjusted operating income is operating income adjusted for revenues and costs the Company considers non-operational in nature, including items arising from asset acquisitions or dispositions. For 4Q25, adjusted operating income of $6.1 billion is calculated as operating income of $5.8 billion, plus $330 million of adjustments. For 4Q24, adjusted operating income of $5.4 billion is calculated as operating income of $5.3 billion plus $101 million of adjustments. For 2025, adjusted operating income of $25.5 billion is calculated as operating income of $24.2 billion plus $1.4 billion of adjustments, which include the transaction, legal, and other operating costs discussed above under Adjusted diluted EPS. For 2024, adjusted operating income of $24.2 billion is calculated as operating income of $19.0 billion plus $5.2 billion of adjustments. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated January 28, 2026. EBITDA is net income plus income tax, interest, and depreciation and amortization expenses minus equity in net income of affiliates and other income (expense) – net. Adjusted EBITDA is calculated by excluding from EBITDA certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, significant abandonments and impairments, benefit-related gains and losses, employee separation, and other material gains and losses. For 4Q25, adjusted EBITDA of $11.2 billion is calculated as net income of $4.2 billion, plus income tax expense of $0.1 billion, plus interest expense of $1.8 billion, plus equity in net income (loss) of affiliates of $(10) million, minus other income (expense) – net of $0.3 billion, plus depreciation and amortization of $5.1 billion, plus $320 million of adjustments. For 4Q24, adjusted EBITDA of $10.8 billion is calculated as net income of $4.4 billion, plus income tax expense of $0.9 billion, plus interest expense of $1.7 billion, minus equity in net income of affiliates of $1.1 billion, minus other income (expense) – net of $0.6 billion, plus depreciation and amortization of $5.4 billion, plus adjustments of $91 million. For 2025, adjusted EBITDA of $46.4 billion is calculated as net income of $23.4 billion, plus income tax expense of $3.6 billion, plus interest expense of $6.8 billion, minus equity in net income of affiliates of $1.9 billion, minus other income (expense) – net of $7.8 billion, plus depreciation and amortization of $20.9 billion, plus adjustments of $1.3 billion, which include the transaction, legal, and other operating costs discussed above under Adjusted diluted EPS. For 2024, adjusted EBITDA of $44.8 billion is calculated as net income of $12.3 billion, plus income tax expense of $4.4 billion, plus interest expense of $6.8 billion, minus equity in net income of affiliates of $2.0 billion, minus other income (expense) – net of $2.4 billion, plus depreciation and amortization of $20.6 billion, plus adjustments of $5.1 billion. Adjustments for all periods are detailed in the Discussion and Reconciliation of Non-GAAP Measures included in our Form 8-K dated January 28, 2026. At the segment or business unit level, EBITDA is operating income before depreciation and amortization. EBITDA margin is EBITDA divided by total revenues. EBITDA service margin is EBITDA divided by total service revenues. Adjusted EBITDA, Advanced Connectivity EBITDA and Legacy EBITDA estimates depend on future levels of revenues and expenses which are not reasonably estimable at this time. Accordingly, we cannot provide reconciliations between these projected non-GAAP metrics and the most comparable GAAP metrics without unreasonable effort. Free cash flow for 4Q25 of $4.2 billion is cash from operating activities of $11.3 billion, minus capital expenditures of $6.8 billion and cash paid for vendor financing of $0.4 billion. For 4Q24, free cash flow of $4.0 billion is cash from operating activities of $11.9 billion, less cash distributions from DIRECTV classified as operating activities of $1.1 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $6.8 billion and cash paid for vendor financing of $0.2 billion. For 2025, free cash flow excluding DIRECTV of $16.6 billion is cash from operating activities of $40.3 billion, less cash distributions from DIRECTV classified as operating activities of $1.9 billion, less cash taxes paid on DIRECTV of $0.3 billion, minus capital expenditures of $20.8 billion and cash paid for vendor financing of $1.2 billion. For 2024, free cash flow excluding DIRECTV of $15.3 billion is cash from operating activities of $38.8 billion, less cash distributions from DIRECTV classified as operating activities of $2.0 billion, less cash taxes paid on DIRECTV of $0.7 billion, minus capital expenditures of $20.3 billion and cash paid for vendor financing of $1.8 billion. Due to high variability and difficulty in predicting items that impact cash from operating activities, capital expenditures and vendor financing payments, the Company is not able to provide reconciliations between projected 2026-2028 free cash flow and the most comparable GAAP metric without unreasonable effort. Capital investment provides a comprehensive view of cash used to invest in our networks, product developments, and support systems. In connection with capital improvements, we have favorable payment terms of 120 days or more with certain vendors, referred to as vendor financing, which are excluded from capital expenditures and reported as financing activities. Capital investment includes capital expenditures and cash paid for vendor financing ($0.4 billion in 4Q25, $0.2 billion in 4Q24, $1.2 billion in 2025, and $1.8 billion in 2024). Due to high variability and difficulty in predicting items that impact capital expenditures and vendor financing payments, the Company is not able to provide reconciliations between projected capital investment for 2026-2028 and the most comparable GAAP metrics without unreasonable effort. Net debt of $117.4 billion at December 31, 2025, is calculated as total debt of $136.1 billion less cash and cash equivalents of $18.2 billion and time deposits (i.e. deposits at financial institutions that are greater than 90 days) of $0.5 billion. Net debt-to-adjusted EBITDA is calculated by dividing net debt by the sum of the most recent four quarters of adjusted EBITDA. Net debt and adjusted EBITDA estimates depend on future levels of revenues, expenses and other metrics which are not reasonably estimable at this time. Accordingly, we cannot provide a reconciliation between projected net debt-to-adjusted EBITDA and the most comparable GAAP metrics and related ratios without unreasonable effort. Discussion and Reconciliation of Non-GAAP Measures We believe the following measures are relevant and useful information to investors as they are part of AT&T's internal management reporting and planning processes and are important metrics that management uses to evaluate the operating performance of AT&T and its segments. Management also uses these measures as a method of comparing performance with that of many of our competitors. These measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with U.S. generally accepted accounting principles (GAAP). Prior periods have been recast to conform to the current period presentation to remove cash flows and equity in net income from our investment in DIRECTV, which we sold to TPG Capital on July 2, 2025. Free Cash Flow Free cash flow is defined as cash from operations minus cash flows related to our DIRECTV equity investment (cash distributions minus cash taxes from DIRECTV), minus capital expenditures and cash paid for vendor financing (classified as financing activities). Free cash flow after dividends is defined as cash from operations minus cash flows related to our DIRECTV equity investment, capital expenditures, cash paid for vendor financing and dividends on common and preferred shares. Free cash flow dividend payout ratio is defined as the percentage of dividends paid on common and preferred shares to free cash flow. We believe these metrics provide useful information to our investors because management views free cash flow as an important indicator of how much cash is generated by routine business operations, including capital expenditures and vendor financing, and makes decisions based on it. Management also views free cash flow as a measure of cash available to pay debt and return cash to shareowners.
Cash Paid for Capital Investment In connection with capital improvements, we negotiate with some of our vendors to obtain favorable payment terms of 120 days or more, referred to as vendor financing, which are excluded from capital expenditures and reported in accordance with GAAP as financing activities. We present an additional view of cash paid for capital investment to provide investors with a comprehensive view of cash used to invest in our networks, product developments and support systems.
EBITDA Our calculation of EBITDA, as presented, may differ from similarly titled measures reported by other companies. For AT&T, EBITDA excludes other income (expense) – net, and equity in net income (loss) of affiliates, as these either do not reflect the operating results of our subscriber base or are operations that are not under our control. Equity in net income (loss) of affiliates represents the proportionate share of the net income (loss) of affiliates in which we exercise significant influence, but do not control. Because we do not control these entities, management excludes these results when evaluating the performance of our primary operations. EBITDA also excludes interest expense and the provision for income taxes. Excluding these items eliminates the expenses associated with our capital and tax structures. Finally, EBITDA excludes depreciation and amortization in order to eliminate the impact of capital investments. EBITDA does not give effect to cash used for debt service requirements and thus does not reflect available funds for distributions, reinvestment or other discretionary uses. EBITDA is not presented as an alternative measure of operating results or cash flows from operations, as determined in accordance with GAAP. EBITDA service margin is calculated as EBITDA divided by service revenues. These measures are used by management as a gauge of our success in acquiring, retaining and servicing subscribers because we believe these measures reflect AT&T's ability to generate and grow subscriber revenues while providing a high level of customer service in a cost-effective manner. Management also uses these measures as a method of comparing cash generation potential with that of many of its competitors. The financial and operating metrics which affect EBITDA include the key revenue and expense drivers for which management is responsible and upon which we evaluate performance. We believe EBITDA Service Margin (EBITDA as a percentage of service revenues) to be an additional relevant measure to EBITDA Margin (EBITDA as a percentage of total revenue) for our Mobility business unit operating margin. We also use wireless service revenues to calculate margin to facilitate comparison, both internally and externally with our wireless competitors, as they calculate their margins using wireless service revenues as well. There are material limitations to using these non-GAAP financial measures. EBITDA, EBITDA margin and EBITDA service margin, as we have defined them, may not be comparable to similarly titled measures reported by other companies. Furthermore, these performance measures do not take into account certain significant items, including depreciation and amortization, interest expense, tax expense and equity in net income (loss) of affiliates. For market comparability, management analyzes performance measures that are similar in nature to EBITDA as we present it, and considering the economic effect of the excluded expense items independently as well as in connection with its analysis of net income as calculated in accordance with GAAP. EBITDA, EBITDA margin and EBITDA service margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.
Adjusting Items Adjusting items include revenues and costs we consider non-operational in nature, including items arising from asset acquisitions or dispositions, including the amortization of intangible assets. While the expense associated with the amortization of certain wireless licenses and customer lists is excluded, the revenue of the acquired companies is reflected in the measure and that those assets contribute to revenue generation. We also adjust for net actuarial gains or losses associated with our pension and postemployment benefit plans due to the often-significant impact on our results (we immediately recognize this gain or loss in the income statement, pursuant to our accounting policy for the recognition of actuarial gains and losses). Consequently, our adjusted results reflect an expected return on plan assets rather than the actual return on plan assets, as included in the GAAP measure of income. The tax impact of adjusting items is calculated using the adjusted effective tax rate during the quarter except for adjustments that, given their magnitude, can drive a change in the effective tax rate, in these cases we use the actual tax expense or combined marginal rate of approximately 25%.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS are non-GAAP financial measures calculated by excluding from operating revenues, operating expenses, other income (expense) and income tax expense, certain significant items that are non-operational or non-recurring in nature, including dispositions and merger integration and transaction costs, actuarial gains and losses, significant abandonments and impairments, benefit-related gains and losses, employee separation and other material gains and losses. Management believes that these measures provide relevant and useful information to investors and other users of our financial data in evaluating the effectiveness of our operations and underlying business trends. Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA service margin and Adjusted diluted EPS should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. AT&T's calculation of Adjusted items, as presented, may differ from similarly titled measures reported by other companies.
Net Debt to Adjusted EBITDA Net Debt to EBITDA ratios are non-GAAP financial measures frequently used by investors and credit rating agencies and management believes these measures provide relevant and useful information to investors and other users of our financial data. Our Net Debt to Adjusted EBITDA ratio is calculated by dividing the Net Debt by the sum of the most recent four quarters Adjusted EBITDA. Net Debt is calculated by subtracting cash and cash equivalents and deposits at financial institutions that are greater than 90 days (e.g., certificates of deposit and time deposits), from the sum of debt maturing within one year and long-term debt.
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Company Codes: NYSE:T | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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