New York
|
|
1-14761
|
|
13-4007862
|
(State or other
jurisdiction of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
|
|
|
||
One Corporate Center, Rye, NY
|
|
|
|
10580
|
(Address of principal executive offices)
|
|
|
|
(Zip Code)
|
|
|
|
Item 2.02
|
|
Results of Operations and Financial Condition.
|
|
|
|
Item 9.01
|
|
Financial Statements and Exhibits.
|
For Immediate Release:
|
Contact:
|
Robert S. Zuccaro
|
|
|
Executive Vice President
and Chief Financial Officer
|
|
|
(914) 921-5088
|
|
|
|
|
|
For further information please visit
|
|
|
www.gabelli.com
|
·
|
Assets under Management Rise to a Record $47.6 Billion
|
·
|
First Quarter Earnings Per Share Up 23.9% to $1.09 per share
|
Financial Highlights
|
Q1
|
Q1
|
||||||||||
($'s in 000's except AUM and per share data)
|
2014
|
2013
|
%D
|
|||||||||
|
||||||||||||
AUM - end of period (in millions)
|
$
|
47,555
|
$
|
40,090
|
18.6
|
%
|
||||||
AUM - average (in millions)
|
46,967
|
38,436
|
22.2
|
|||||||||
|
||||||||||||
Revenues
|
104,477
|
86,181
|
21.2
|
|||||||||
|
||||||||||||
Operating income before management fee (a)
|
41,227
|
34,707
|
18.8
|
|||||||||
Operating margin before management fee
|
39.5
|
%
|
40.3
|
%
|
||||||||
|
||||||||||||
Other income/(expense), net
|
6,093
|
5,148
|
||||||||||
|
||||||||||||
Income before income taxes
|
42,592
|
35,875
|
18.7
|
|||||||||
Effective tax rate
|
34.3
|
%
|
36.8
|
%
|
||||||||
|
||||||||||||
Net income
|
27,954
|
22,545
|
24.0
|
|||||||||
Net income per share (b)
|
$
|
1.09
|
$
|
0.88
|
23.9
|
%
|
||||||
|
||||||||||||
Shares outstanding at March 31
|
25,985
|
25,712
|
||||||||||
(a) See GAAP to non-GAAP reconciliation on page 9.
|
||||||||||||
(b) After a $0.11 per fully diluted share charge in the first quarter 2013 for our
|
||||||||||||
shareholder-designated charitable contribution program.
|
||||||||||||
|
-
|
Revenues for the first quarter of 2014 were $104.5 million, up 21.2% from $86.2 million in the prior year. Year over year revenue growth was supported by an 18.6% increase in total firm AUM, paced by a nearly 27% increase in our open-end equity funds.
|
-
|
Investment advisory and incentive fees were $87.8 million in the first quarter of 2014, an increase of $15.2 million or 20.9% from the comparable 2013 quarter. Revenues were generally driven by growth in average AUM in our open- and closed-end funds and higher billable assets in our institutional and private wealth management accounts.
|
-
|
Incentive fees earned during the 2014 quarter totaled $0.4 million versus $2.3 million in the first quarter of 2013.
|
-
|
Revenues from the distribution of our open-end funds and other income were $14.9 million for the first quarter 2014, an increase of $3.5 million, or 31.0%, from the prior year quarter of $11.4 million.
|
-
|
Our institutional research services revenues were $1.8 million in the first quarter 2014 versus $2.2 million in the prior year period.
|
-
|
During the first quarter of 2014, GAMCO partnered with Japan-based DIAM Co., Ltd. ("DIAM") to launch its first sub-advised relationship in Japan. DIAM launched the "The Beikoku Wariyasukabu Fund", an All Cap Value fund, "The Value Hunter", which is sub-advised by GAMCO. The fund will be distributed by Resona Bank, Ltd, Saitama Resona Bank Ltd., and Kinki Osaka Bank, Ltd.
|
-
|
During the first quarter of 2014, G.research, Inc. hosted several conferences, including our 24th annual Pump, Valve & Motor Symposium and our 5th annual Specialty Chemicals Conference.
|
-
|
On April 15, 2014, the shareholders of The Gabelli Dividend & Income Trust ("GDV") approved the spin-off of a $100 million closed-end investment company, The Gabelli Global Small and Mid Cap Value Trust ("Global Trust") from GDV. The Global Trust, our 11th closed-end fund, will seek long-term growth of capital by investing at least 80% of its total assets, under normal market conditions, in equity securities of companies with small or medium-sized market capitalizations and at least 40% of its total assets in the equity securities of companies located outside the United States and in at least three countries.
|
A.
|
Operating income before management fee expense is used by management to evaluate its business operations. We believe this measure is useful in illustrating the operating results of GAMCO Investors, Inc. (the "Company") as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company's proprietary investment portfolio and interest expense. The reconciliation of operating income before management fee expense to operating income is provided in Table V.
|
B.
|
Operating income before management fee expense per share and other income, net per share are used by management for purposes of evaluating its business operations. We believe these measures are useful in comparing the operating and non-operating results of the Company for the purposes of understanding the composition of net income per fully diluted share. The positive swing of $0.03 per fully diluted share is derived by making certain necessary adjustments, as shown in the table below, to arrive at a net impact for each period and then calculating the difference. The reconciliation of operating income before management fee expense per share and other income, net per share to net income per fully diluted share, is provided below.
|
|
1st Quarter
|
|||||||
|
2013
|
2014
|
||||||
Operating income before management fee
|
$
|
34,707
|
$
|
41,227
|
||||
Management fee expense
|
(3,471
|
)
|
(4,119
|
)
|
||||
Tax expense
|
(11,489
|
)
|
(12,734
|
)
|
||||
Noncontrolling interest expense
|
41
|
117
|
||||||
Operating income (after management fee and taxes)
|
19,788
|
24,491
|
||||||
Per fully diluted share
|
$
|
0.77
|
$
|
0.95
|
||||
|
||||||||
Other income, net
|
$
|
5,148
|
$
|
6,093
|
||||
Management fee expense
|
(509
|
)
|
(609
|
)
|
||||
Tax expense
|
(1,706
|
)
|
(1,882
|
)
|
||||
Noncontrolling interest (expense)/benefit
|
(176
|
)
|
(139
|
)
|
||||
Other income, net (after management fee and taxes)
|
$
|
2,757
|
$
|
3,463
|
||||
Per fully diluted share
|
$
|
0.11
|
$
|
0.14
|
||||
|
||||||||
Net income per fully diluted share
|
$
|
0.88
|
$
|
1.09
|
||||
Diluted weighted average shares outstanding
|
25,758
|
25,684
|
||||||
|
C.
|
Shareholder-designated charitable contribution program expense, net of management fee and tax benefit, per diluted share, is provided below:
|
|
1st Quarter
|
1st Quarter
|
||||||
(in thousands, except per share data)
|
2013
|
2014
|
||||||
Shareholder-designated charitable contribution program
|
$
|
5,000
|
$
|
-
|
||||
Management fee and tax benefit
|
2,156
|
-
|
||||||
Net expense
|
$
|
2,844
|
$
|
-
|
||||
|
||||||||
Shareholder-designated charitable contribution program charge per share
|
$
|
0.11
|
$
|
-
|
||||
Diluted weighted average shares outstanding
|
25,758
|
25,684
|
||||||
|
The Company reported Assets Under Management as follows (in millions):
|
||||||||||||||||||||
|
||||||||||||||||||||
Table I: Fund Flows - 1st Quarter 2014
|
||||||||||||||||||||
|
Fund
|
|||||||||||||||||||
|
Market
|
distributions,
|
||||||||||||||||||
|
December 31,
|
appreciation/
|
Net cash
|
net of
|
March 31,
|
|||||||||||||||
|
2013
|
(depreciation)
|
flows
|
reinvestments
|
2014
|
|||||||||||||||
Equities:
|
||||||||||||||||||||
Open-end Funds
|
$
|
17,078
|
$
|
229
|
$
|
254
|
$
|
(30
|
)
|
$
|
17,531
|
|||||||||
Closed-end Funds
|
6,945
|
140
|
(5
|
)
|
(113
|
)
|
6,967
|
|||||||||||||
Institutional & PWM - direct
|
16,486
|
196
|
(279
|
)
|
-
|
16,403
|
||||||||||||||
Institutional & PWM - sub-advisory
|
3,797
|
52
|
(27
|
)
|
-
|
3,822
|
||||||||||||||
Investment Partnerships
|
811
|
7
|
47
|
-
|
865
|
|||||||||||||||
SICAV (a)
|
96
|
1
|
(6
|
)
|
-
|
91
|
||||||||||||||
Total Equities
|
45,213
|
625
|
(16
|
)
|
(143
|
)
|
45,679
|
|||||||||||||
Fixed Income:
|
||||||||||||||||||||
Money-Market Fund
|
1,735
|
-
|
77
|
-
|
1,812
|
|||||||||||||||
Institutional & PWM
|
62
|
-
|
2
|
-
|
64
|
|||||||||||||||
Total Fixed Income
|
1,797
|
-
|
79
|
-
|
1,876
|
|||||||||||||||
Total Assets Under Management
|
$
|
47,010
|
$
|
625
|
$
|
63
|
$
|
(143
|
)
|
$
|
47,555
|
|||||||||
|
Table II: Assets Under Management
|
||||||||||||
|
March 31,
|
March 31,
|
%
|
|||||||||
|
2013
|
2014
|
Inc.(Dec.)
|
|||||||||
Equities:
|
||||||||||||
Open-end Funds
|
$
|
13,813
|
$
|
17,531
|
26.9
|
%
|
||||||
Closed-end Funds
|
6,557
|
6,967
|
6.3
|
|||||||||
Institutional & PWM - direct
|
13,690
|
16,403
|
19.8
|
|||||||||
Institutional & PWM - sub-advisory
|
3,299
|
3,822
|
15.9
|
|||||||||
Investment Partnerships
|
796
|
865
|
8.7
|
|||||||||
SICAV (a)
|
113
|
91
|
(19.5
|
)
|
||||||||
Total Equities
|
38,268
|
45,679
|
19.4
|
|||||||||
Fixed Income:
|
||||||||||||
Money-Market Fund
|
1,758
|
1,812
|
3.1
|
|||||||||
Institutional & PWM
|
64
|
64
|
-
|
|||||||||
Total Fixed Income
|
1,822
|
1,876
|
3.0
|
|||||||||
Total Assets Under Management
|
$
|
40,090
|
$
|
47,555
|
18.6
|
%
|
||||||
|
Table III: Assets Under Management by Quarter
|
||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
|
%D
|
|||||||||||||||||||||||||||
|
3/13
|
6/13
|
9/13
|
12/13
|
3/14
|
3/13
|
12/13
|
|||||||||||||||||||||
Equities:
|
||||||||||||||||||||||||||||
Open-end Funds
|
$
|
13,813
|
$
|
14,188
|
$
|
15,581
|
$
|
17,078
|
$
|
17,531
|
26.9
|
%
|
2.7
|
%
|
||||||||||||||
Closed-end Funds
|
6,557
|
6,409
|
6,721
|
6,945
|
6,967
|
6.3
|
0.3
|
|||||||||||||||||||||
Institutional & PWM - direct
|
13,690
|
14,069
|
15,026
|
16,486
|
16,403
|
19.8
|
(0.5
|
)
|
||||||||||||||||||||
Institutional & PWM - sub-advisory
|
3,299
|
3,185
|
3,503
|
3,797
|
3,822
|
15.9
|
0.7
|
|||||||||||||||||||||
Investment Partnerships
|
796
|
778
|
805
|
811
|
865
|
8.7
|
6.7
|
|||||||||||||||||||||
SICAV (a)
|
113
|
93
|
94
|
96
|
91
|
(19.5
|
)
|
(5.2
|
)
|
|||||||||||||||||||
Total Equities
|
38,268
|
38,722
|
41,730
|
45,213
|
45,679
|
19.4
|
1.0
|
|||||||||||||||||||||
Fixed Income:
|
||||||||||||||||||||||||||||
Money-Market Fund
|
1,758
|
1,689
|
1,714
|
1,735
|
1,812
|
3.1
|
4.4
|
|||||||||||||||||||||
Institutional & PWM
|
64
|
67
|
63
|
62
|
64
|
-
|
3.2
|
|||||||||||||||||||||
Total Fixed Income
|
1,822
|
1,756
|
1,777
|
1,797
|
1,876
|
3.0
|
4.4
|
|||||||||||||||||||||
Total Assets Under Management
|
$
|
40,090
|
$
|
40,478
|
$
|
43,507
|
$
|
47,010
|
$
|
47,555
|
18.6
|
%
|
1.2
|
%
|
||||||||||||||
|
||||||||||||||||||||||||||||
(a) Includes $99 million, $90 million, $92 million, $94 million and $88 million of proprietary seed capital at March 31, 2013,
|
||||||||||||||||||||||||||||
June 30, 2013, September 30, 2013, December 31, 2013 and March 31, 2014, respectively.
|
Table IV
|
||||||||||||
|
||||||||||||
GAMCO INVESTORS, INC.
|
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||
|
||||||||||||
|
For the Quarter Ended March 31,
|
|||||||||||
|
% Inc.
|
|||||||||||
|
2013
|
2014
|
(Dec.)
|
|||||||||
|
||||||||||||
Investment advisory and incentive fees
|
$
|
72,607
|
$
|
87,797
|
20.9
|
%
|
||||||
Distribution fees and other income
|
11,353
|
14,873
|
31.0
|
|||||||||
Institutional research services
|
2,221
|
1,807
|
(18.6
|
)
|
||||||||
Total revenues
|
86,181
|
104,477
|
21.2
|
|||||||||
|
||||||||||||
Compensation costs
|
35,652
|
43,897
|
23.1
|
|||||||||
Distribution costs
|
11,010
|
13,963
|
26.8
|
|||||||||
Other operating expenses
|
4,812
|
5,390
|
12.0
|
|||||||||
Total expenses
|
51,474
|
63,250
|
22.9
|
|||||||||
|
||||||||||||
Operating income before management fee
|
34,707
|
41,227
|
18.8
|
|||||||||
|
||||||||||||
Investment income
|
13,636
|
8,090
|
||||||||||
Extinguishment of debt
|
-
|
(5
|
)
|
|||||||||
Interest expense
|
(3,488
|
)
|
(1,992
|
)
|
||||||||
Shareholder-designated contribution
|
(5,000
|
)
|
-
|
|||||||||
Other income, net
|
5,148
|
6,093
|
||||||||||
|
||||||||||||
Income before management fee and income taxes
|
39,855
|
47,320
|
18.7
|
|||||||||
Management fee expense
|
3,980
|
4,728
|
||||||||||
Income before income taxes
|
35,875
|
42,592
|
18.7
|
|||||||||
Income tax expense
|
13,195
|
14,616
|
||||||||||
Net income
|
22,680
|
27,976
|
23.4
|
|||||||||
Net income attributable to noncontrolling interests
|
135
|
22
|
||||||||||
Net income attributable to GAMCO Investors, Inc.
|
$
|
22,545
|
$
|
27,954
|
24.0
|
|||||||
|
||||||||||||
Net income per share attributable to GAMCO Investors, Inc.:
|
||||||||||||
Basic
|
$
|
0.88
|
$
|
1.10
|
25.0
|
|||||||
|
||||||||||||
Diluted
|
$
|
0.88
|
$
|
1.09
|
23.9
|
|||||||
|
||||||||||||
Weighted average shares outstanding:
|
||||||||||||
Basic
|
25,742
|
25,481
|
(1.0
|
)
|
||||||||
|
||||||||||||
Diluted
|
25,758
|
25,684
|
(0.3
|
)
|
||||||||
|
||||||||||||
Actual shares outstanding (a)
|
25,712
|
25,985
|
1.1
|
%
|
||||||||
|
||||||||||||
Notes:
|
||||||||||||
(a) Includes 0 and 566,850 of RSAs, respectively.
|
||||||||||||
See GAAP to non-GAAP reconciliation on page 9.
|
||||||||||||
|
Table V
|
||||||||||||||||||||||||
GAMCO INVESTORS, INC.
|
||||||||||||||||||||||||
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
|
2013
|
2014
|
||||||||||||||||||||||
|
1st
|
2nd
|
3rd
|
4th
|
1st
|
|||||||||||||||||||
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Full Year
|
Quarter
|
||||||||||||||||||
Income Statement Data:
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Revenues
|
$
|
86,181
|
$
|
92,290
|
$
|
96,377
|
$
|
122,714
|
$
|
397,562
|
$
|
104,477
|
||||||||||||
|
||||||||||||||||||||||||
Expenses
|
51,474
|
55,660
|
58,020
|
71,167
|
236,321
|
63,250
|
||||||||||||||||||
|
||||||||||||||||||||||||
Operating income before
|
||||||||||||||||||||||||
management fee
|
34,707
|
36,630
|
38,357
|
51,547
|
161,241
|
41,227
|
||||||||||||||||||
|
||||||||||||||||||||||||
Investment income/(loss)
|
13,636
|
14,648
|
20,468
|
13,524
|
62,276
|
8,085
|
||||||||||||||||||
Interest expense
|
(3,488
|
)
|
(2,796
|
)
|
(2,164
|
)
|
(2,063
|
)
|
(10,511
|
)
|
(1,992
|
)
|
||||||||||||
Shareholder-designated contribution
|
(5,000
|
)
|
-
|
(313
|
)
|
(5,313
|
)
|
(10,626
|
)
|
-
|
||||||||||||||
Other income/(expense), net
|
5,148
|
11,852
|
17,991
|
6,148
|
41,139
|
6,093
|
||||||||||||||||||
|
||||||||||||||||||||||||
Income before management
|
||||||||||||||||||||||||
fee and income taxes
|
39,855
|
48,482
|
56,348
|
57,695
|
202,380
|
47,320
|
||||||||||||||||||
Management fee expense
|
3,980
|
4,846
|
5,629
|
4,374
|
18,829
|
4,728
|
||||||||||||||||||
Income before income taxes
|
35,875
|
43,636
|
50,719
|
53,321
|
183,551
|
42,592
|
||||||||||||||||||
Income tax expense
|
13,195
|
15,724
|
17,515
|
19,752
|
66,186
|
14,616
|
||||||||||||||||||
Net income
|
22,680
|
27,912
|
33,204
|
33,569
|
117,365
|
27,976
|
||||||||||||||||||
Net income/(loss) attributable
|
||||||||||||||||||||||||
to noncontrolling interests
|
135
|
19
|
106
|
252
|
512
|
22
|
||||||||||||||||||
Net income attributable to
|
||||||||||||||||||||||||
GAMCO Investors, Inc.
|
$
|
22,545
|
$
|
27,893
|
$
|
33,098
|
$
|
33,317
|
$
|
116,853
|
$
|
27,954
|
||||||||||||
|
||||||||||||||||||||||||
Net income per share
|
||||||||||||||||||||||||
attributable to GAMCO
|
||||||||||||||||||||||||
Investors, Inc.:
|
||||||||||||||||||||||||
Basic
|
$
|
0.88
|
$
|
1.09
|
$
|
1.29
|
$
|
1.30
|
$
|
2.87
|
$
|
1.10
|
||||||||||||
|
||||||||||||||||||||||||
Diluted
|
$
|
0.88
|
$
|
1.09
|
$
|
1.29
|
$
|
1.29
|
$
|
2.86
|
$
|
1.09
|
||||||||||||
|
||||||||||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||||||
Basic
|
25,742
|
25,679
|
25,625
|
25,567
|
26,283
|
25,481
|
||||||||||||||||||
|
||||||||||||||||||||||||
Diluted
|
25,758
|
25,689
|
25,700
|
25,733
|
26,436
|
25,684
|
||||||||||||||||||
Reconciliation of non-GAAP
|
||||||||||||||||||||||||
financial measures to GAAP:
|
||||||||||||||||||||||||
Operating income before
|
||||||||||||||||||||||||
management fee
|
$
|
34,707
|
$
|
36,630
|
$
|
38,357
|
$
|
51,547
|
$
|
161,241
|
$
|
41,227
|
||||||||||||
Deduct: management fee expense
|
3,980
|
4,846
|
5,629
|
4,374
|
18,829
|
4,728
|
||||||||||||||||||
Operating income
|
$
|
30,727
|
$
|
31,784
|
$
|
32,728
|
$
|
47,173
|
$
|
142,412
|
$
|
36,499
|
||||||||||||
|
||||||||||||||||||||||||
Operating margin before
|
||||||||||||||||||||||||
management fee
|
40.3
|
%
|
39.7
|
%
|
39.8
|
%
|
42.0
|
%
|
40.6
|
%
|
39.5
|
%
|
||||||||||||
Operating margin after
|
||||||||||||||||||||||||
management fee
|
35.7
|
%
|
34.4
|
%
|
34.0
|
%
|
38.4
|
%
|
35.8
|
%
|
34.9
|
%
|
||||||||||||
|
Table VI
|
||||||||||||
GAMCO INVESTORS, INC.
|
||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||||||
(Dollars in thousands, except per share data)
|
||||||||||||
|
||||||||||||
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
|
2013
|
2013
|
2014
|
|||||||||
|
||||||||||||
ASSETS
|
||||||||||||
|
||||||||||||
Cash and cash equivalents
|
$
|
273,353
|
$
|
210,451
|
$
|
243,142
|
||||||
Investments (a)
|
387,840
|
371,262
|
382,696
|
|||||||||
Receivable from brokers
|
44,583
|
49,461
|
54,084
|
|||||||||
Other receivables
|
38,340
|
60,390
|
41,650
|
|||||||||
Income tax receivable
|
917
|
445
|
445
|
|||||||||
Other assets
|
15,596
|
17,477
|
17,803
|
|||||||||
|
||||||||||||
Total assets
|
$
|
760,629
|
$
|
709,486
|
$
|
739,820
|
||||||
|
||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||
|
||||||||||||
Payable to brokers
|
$
|
15,059
|
$
|
10,765
|
$
|
11,370
|
||||||
Income taxes payable and deferred tax liabilities
|
34,292
|
39,846
|
41,427
|
|||||||||
Compensation payable
|
34,676
|
34,663
|
41,447
|
|||||||||
Securities sold short, not yet purchased
|
6,377
|
6,178
|
10,788
|
|||||||||
Accrued expenses and other liabilities
|
40,794
|
39,190
|
37,303
|
|||||||||
Sub-total
|
131,198
|
130,642
|
142,335
|
|||||||||
|
||||||||||||
5.5% Senior notes (repaid May 15, 2013)
|
99,000
|
-
|
-
|
|||||||||
5.875% Senior notes (due June 1, 2021)
|
100,000
|
100,000
|
100,000
|
|||||||||
0% Subordinated Debentures (due December 31, 2015) (b)
|
17,688
|
11,911
|
12,098
|
|||||||||
Total debt
|
216,688
|
111,911
|
112,098
|
|||||||||
Total liabilities
|
347,886
|
242,553
|
254,433
|
|||||||||
|
||||||||||||
Redeemable noncontrolling interests
|
16,414
|
6,751
|
8,464
|
|||||||||
|
||||||||||||
GAMCO Investors, Inc.'s stockholders' equity
|
392,999
|
457,331
|
474,112
|
|||||||||
Noncontrolling interests
|
3,330
|
2,851
|
2,811
|
|||||||||
Total equity
|
396,329
|
460,182
|
476,923
|
|||||||||
|
||||||||||||
Total liabilities and equity
|
$
|
760,629
|
$
|
709,486
|
$
|
739,820
|
||||||
|
||||||||||||
(a) Includes investments in sponsored registered investment companies of $64.3 million, $44.0 million and $42.4 million, respectively.
|
||||||||||||
(b) The 0% Subordinated Debentures due December 31, 2015 have a face value of $21.7 million, $13.8 million and $13.8 million, respectively.
|