The average gross profit margin for a home builder is 15, with an average net profit margin closer to 10. This means that a builder will make around $39, 000 per home in 2021. Single-family scattered home builders can earn an average of $10, 000 gross profit per house after all direct costs. The overall gross margin for the professional home builder is typically 15-20 percent.
In 2020, builders averaged a gross profit margin of 18. 2 and a net profit margin of 7. 0. However, single-family home builders’ profit margins have been trending upward since dropping to a historic low in 2008 following the economic recession and housing crash. Custom home builders can expect about 20 to 25 percent return on investment. In 2021, the average gross margin fell for the first time since 2008.
The benchmark for custom home builders is 25 margin, which is a 33. 3 markup. Builders should check their gross margin every quarter and compare it to their target gross. For three consecutive years, the average profit margin for home builders has increased, with the average profit margin being 14. 9% in 2021.
On average, most home builders will earn between 10-20 profit margins. Profit margins on median-priced single-family home and condo sales in the US increased to 59% in the third quarter, according to the latest NAHB Builders’ Cost of Doing Business Study. The average subdivision home has a gross margin of 21.
Returns on typical U. S. home sales increase slightly to 56 percent, but margins are generally flat even as the median U. S. home price hits a new high. A general rule of thumb in the home building industry is to aim for a profit margin of 10 to 20.
| Article | Description | Site |
|---|---|---|
| Profit Margins Increase for Single Family Homes | Profit margins on median-priced single–family home and condo sales in the US increased to 59 percent in the third quarter, according to The … | globest.com |
| The Average Profit Margin of Single-Family Builders | This 18.9 percent gross profit margin is at a level not seen since 2006, when the gross profit margin for single-family builders was 20.8 … | probuilder.com |
| Builders’ Profit Margins Fall as Balance Sheets Grow | Builders averaged a gross profit margin of 18.2% and a net profit margin of 7.0% in 2020, according to the latest NAHB Builders’ Cost of Doing Business Study. | nahb.org |
📹 If You Don’t Understand Margin, You Don’t Understand Business
If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office …
What Is A Good Gross Yield In Real Estate?
A higher gross rental yield generally suggests a better investment, serving as an initial screening tool rather than a definitive profitability measure. Investors typically seek yields of 7 to 10 or higher, depending on the market. Gross yield, also known as gross rental yield, calculates the total rent collected from a property against its market value or purchase price, expressed as a percentage. Yields of 7-8% are deemed ideal, indicating a substantial return before expenses.
Various factors influence what constitutes a "good" yield, including property type; for instance, multifamily properties may yield 6-8%. Investors aiming for higher net yields might consider 6 or 7% acceptable. Gross yield provides a basic understanding of a property's investment potential and allows for easy comparisons across different options. However, it's crucial to consider that higher yields may accompany additional risks or costs, necessitating thorough analysis.
A property's yield is pivotal in evaluating its return on investment, with good yields typically around 8-10%, though this varies by location and property type. Assessing gross rental income against property value or asking price aids in investment decisions. Overall, favorable gross rental yields range from 5 to 8%, fluctuating with market dynamics, while net yields can fall between 4 and 6%. In ideal scenarios, aiming for a gross yield around 7-8% is advisable.
How Many Square Ft Is A House?
The average house size in the U. S. has seen a notable increase, with recent figures reflecting an average of 2, 716 square feet. Builders typically aim for a 20% profit margin, necessitating a 25% markup on hard costs to cover overhead. The median size of a newly completed single-family home in 2022 reached 2, 383 square feet, with variations over time indicating a trend towards larger homes. Square footage is calculated by multiplying the width by the length of any given room; for instance, a room measuring 20 feet by 13 feet totals 260 square feet.
Homeowners can determine their home's total square footage by measuring each room and summing these areas, using a floor plan to simplify the process. Furthermore, understanding local easements and setbacks can help one establish the maximum permissible house size in a specific lot. The typical lot size for single-family residences has decreased over the years, showcasing a shift in development trends. Tools such as square foot calculators can facilitate these calculations, accounting for varying property shapes and providing estimations on construction requirements.
While the average size is around 2, 500 square feet, factors such as family size, home style, and location heavily influence this figure. Essentially, knowing how to accurately measure and assess square footage enhances both buyer and builder experiences, benefiting from the ongoing preferences for spacious homes.
Why Are Residential Construction Profit Margins So High?
Residential construction profit margins often exceed 10% net due to effective management of the 'builder's margin,' which is the gross profit added to each job. A 25% builder's markup translates to a 20% margin. Typical fixed expenses for residential building companies hover around 15%, meaning a common pitfall is utilizing a 25% markup incorrectly. Profit margins vary throughout stages of home construction, with most builders achieving 10-20% gross profit, depending on project scale and type.
The residential market's performance correlates with profitability; booming conditions yield higher profits. As the economy adjusts post-COVID-19, the construction industry shows signs of higher average profit margins in late 2021 compared to earlier in the year, especially for projects priced below $250, 000. However, economic downturns may lead to increased insolvencies and payment delays in 2023. High margins are crucial for company growth and security, enabling sufficient profitability for sustainability.
The construction industry's profit margins are greatly influenced by variable costs such as materials and labor. In recent years, home builders in the US and Canada have benefitted from unprecedented demand, leading to rising profit margins. A well-managed construction company should target around a 10% profit margin, crucial for covering overhead and sustaining operations.
What Is A Realistic Gross Margin?
Gross profit margin is a critical financial metric that measures a company's profitability by calculating the percentage of revenue retained after deducting the cost of goods sold (COGS). For financial institutions, legal firms, and similar service industry companies, a gross profit margin of 50% is considered low, as these businesses often report margins in the high-90 range. This metric is essential for assessing sales performance and production efficiency, as it reflects how much profit a company generates beyond direct costs such as materials and labor.
Gross profit margin illustrates a company's ability to retain capital: a higher margin denotes better profitability. In essence, gross margin is typically expressed as the gross profit divided by total sales revenue, highlighting the relationship between profit and revenue. While averages can vary by industry, a gross profit margin around 30-35% is considered good. Conversely, a lower margin, particularly below 5%, may suggest sustainability issues.
Overall, gross profit margin assists businesses in tracking performance over time, identifying trends, and making informed financial decisions, as it reveals underlying profitability before accounting for operating expenses. Understanding and optimizing this ratio is crucial for long-term success in various competitive markets.
What Is An Acceptable Gross Margin?
Gross profit margin is a vital measure of a company's financial health, indicating sales performance based on production efficiency. It is calculated by subtracting the cost of goods sold (COGS) from revenue and expressed as a percentage. While a 50% gross profit margin is typically considered optimal, different industries may have varying standards; for instance, financial institutions and legal firms often report margins in the high-90s, whereas a margin below 30% can be risky for businesses with high direct costs. A margin in the 30-35% range is generally viewed as average.
To compute the gross margin, divide gross profit by revenue and multiply by 100. This metric helps identify if a company is overspending on COGS, thus affecting profitability. A gross margin exceeding 50% is generally favorable across many sectors, while margins of up to 90% can be realistic in certain models. Conversely, lower margins can signal issues, especially in high-cost sectors. The gross margin varies widely by industry, with service-based companies often achieving healthier margins around 70%. Ultimately, understanding your gross profit margin relative to industry benchmarks can provide insights into competitive positioning and financial stability.
How Much Does A Single Family House Cost?
Single-family houses in the U. S. typically range from $165, 000 to several million dollars, with an average builder gross profit of $20, 000 per home after costs. As of September 2023, the U. S. median home price was $412, 000, up 2% from the previous year despite a deficit of over 300, 000 homes on the market. Concurrently, 30-year mortgage rates rose from 6. 09% to 7. 63%. In Q3 2024, the typical single-family home value is projected at $377, 270, with household income representing 23% of this value.
Alaska sees home values 5% above the national average. The average cost to build a standard 2, 500 sq. ft. single-family home, typically lacking a basement and equipped with two bathrooms and central heating/air, varies based on size, material, and design specifications. The average home value is approximately $359, 099, reflecting a 2. 6% annual increase. Data from the U. S. Census Bureau indicate that by May 2023, the average sales price of new single-family homes was $487, 300.
The median home sales price as of Q2 2024 was $412, 300, marking a 3. 4% decrease from the previous quarter. Between 1980 and 2020, home prices increased significantly, with the median home sales price achieving a record of $389, 300 in 2023. The average purchase price for single-family homes currently stands at about $505, 750, indicating continued growth in housing market values across the U. S.
What Is A Good Gross Profit Margin For Real Estate?
When determining the appropriate profit margin for a real estate development project, developers must consider several factors, with a general guideline suggesting an ideal profit margin of 15-20% or more of the project’s total cost. Profit margins, which represent the percentage of profit earned relative to total revenue, are critical for assessing the viability of any project. In the real estate sector, agencies often operate with approximately a 20% operating profit margin (EBITDA margin) after accounting for operating expenses, including salaries and administrative costs. The gross profit margin, which measures the difference between revenues and direct expenses like purchase and renovation costs, typically ranges from 20% to 40% for development ventures.
Real estate remains a lucrative industry, with reported net profit margins significantly exceeding the S&P 500 average of 7. 7% recorded in 2014. For example, the gross profit margin for real estate developers stands at around 32. 2%. Furthermore, healthy profit margins are usually associated with revenue growth—historically, a net operating income margin of 55. 4% or higher correlates with national revenue increases.
To optimize profitability, developers may explore innovative strategies, calculate cash flow margins, and ensure sound financial management throughout a project’s lifecycle. Understanding return on investment (ROI) concepts and considering multiple calculation methods can further aid in achieving substantial profits from real estate investments. Ultimately, a healthy gross profit margin, generally around 30-35%, varies across industries and plays a key role in a firm’s competitive standing.
What Is The Profit Margin On A Single-Family Home?
On October 17, 2024, ATTOM released its Q3 2024 U. S. Home Sales Report, noting that homeowners achieved a 55. 6 percent profit margin from typical single-family home and condo sales. The National Association of Home Builders (NAHB) survey indicates that single-family construction projects yield an average profit margin of 10. 1 percent, equating to roughly $65, 369. While builders maintain a gross profit margin of around 15 percent, the net profit margin tends to hover near 10 percent, translating to around $39, 000 per home based on national sales prices from 2021.
Scattered home builders may see an average gross profit of $10, 000 per house after direct costs. The average cost for a three-bedroom new construction home stands at $498, 700, offering a gross profit of $94, 254 or a net profit of $44, 883 per home. Builders' performance metrics reveal that profit margins are decreasing as operational costs rise, with average gross margins of 18. 2 percent and net margins of 7.
0 percent recorded in 2020. In Q3, median-priced home sales saw a profit margin increase to 59 percent. Overall, most home builders strive for a profit margin target of 10-20 percent for sustainable business operation.
Is It Worth Investing In Single-Family Homes?
Investing in single-family homes is an effective strategy for securing your financial future due to its stability and potential for significant long-term gains. While real estate investment isn't risk-free, selecting the right property in a favorable market can help minimize those risks. The advantages of investing in these homes include lower acquisition costs, making them more accessible for beginners, and generally less volatility compared to stocks, especially during market instability.
Single-family homes often have lower maintenance expenses and simpler management, making them a practical choice for first-time investors. They also tend to offer steady rental income, strong appreciation potential, and low vacancy rates, creating a reliable investment opportunity. The entry costs are comparatively lower than multifamily properties, allowing for easier expansion in your real estate portfolio. Assessing factors like vacancy, management, and capital needs can help determine the suitability of investment.
Overall, single-family homes provide a stable foundation for those looking to invest in real estate, with advantages such as no condo fees, a wider pool of potential tenants, and favorable appreciation, particularly in thriving neighborhoods.
What Is The Profit Margin Of A Home Builder?
Currently, small home builders have an average profit margin of 22 percent, although this figure fluctuates annually. For instance, the gross profit margin was 20 percent in 2018, increased to 22 in 2019, and fell to 16. 5 in 2020, as noted by Yahoo Finance. Profit margins vary by construction stages, with builders generally achieving a gross profit between 10-20 percent. A typical three-bedroom home costs around $498, 700, yielding approximately $94, 254 in gross profit and netting $44, 883 or $16 per square foot.
Scattered single-family builders earn an average gross profit of $10, 000 after direct costs. Residential construction margins usually range from 10 to 20 percent, depending on the project's size and type. Custom builders can expect returns of 20-25 percent. According to CoConstruct, the average profit margin increased from 14. 4 percent in 2019 to 14. 9 in 2021. Notably, profit margins in 2021 averaged 15. 8 percent for fixed-price contracts.
Furthermore, research from NYU Stern indicated that average margins for builders reached 24. 87 percent, underscoring the diversity in profitability within the sector. Overall, builders should regularly review their gross margins against targets.
📹 How Much Cash Flow Should Your Rental Properties Produce?
Many new investors often ask the question about how much cash flow their rental property deals should produce and what makes …
In the last example he gives, there are 2 ways of increasing Gross Margin Ratio from 75% to 80% 1- Increase the COGS-Cost of Goods Sold- Monthly cost of the program from $400 to $500. Wich is a 25% increase in price to the customer. or 2- Decrease the salary of the coaches from $4,000/mo to $3,200/mo. Of these 2 options, decreasing the salary of the existing coaches or hire new coaches at a lower salary might compromise the quality of the product, on the other hand, increasing the perceived value of the product and therefore justifying the 25% increase in price might be easier. Great stuff! I was thinking about pursuing an MBA but the experience of running a business in addition to studying these articles and implementing the knowledge will help me advance a lot more.
Love these old articles where you dove into the nitty gritty details Alex! So appreciate you breaking down the concepts and making them accessible for all entrepreneurs. Any chance Caleb might work some of these “boring work” articles into the YouTube strategy going forward? I know they’re not popular topics that are going to get the same sort of views and reach as the newer stuff, but they are so so valuable.
It’s so great that both your heart is gold and your material is gold. kudos to you for helping us all out man. Super helpful and inspiring material. I started with your new stuff and am working my way backwards. Your production has improved in the newer stuff, but your energy and value brought seems to have always been there! Thank you.
this is really great, it is good to see it implemented in your type of business, i use the same formula in a different way because i have a different business . i sell goods, so my cost is fixed monthly rents salarys ِetc… no matter how much sales i make, and with the harsh competition i just target more sales and that’s will automatically lower my cost and for my clints i keep the price or lower the price to keep up with the competition . my average margin is 26% to 27%, and my cost is 5% and i try to keep it like this so at the end of the year my net margin is close to 22% and with more sales the cost can be low as 3% .
Did I understand this wrong or does increasing the monthly price from 400 –> 420 not get you to 80%? 420*40 = 16.8k, 16.8k-4k = 12800 and then to find the % you do 12.8k/16.8k = 76.2%. So if we went with what he said above we would need to charge each client an extra 100 / month ==> 500*40 = 20K, 20K-4K = 16K, Then to finally get your margin 16k/20k = 80%. Just wanted to make sure I understoodd this correctly! Thank you so much for sharing this informations for free!
Thanks man! I think this is also important for people when trying to negotiate their salary. It’s always important how much someone will make off of you so you can get compensated properly… I’m running my own business and your content is super helpful! I’ve read your $100M offers book, loved it! Looking forward for more content!
Interesting and thought provoking stuff, Alex! Coming from an engineering background I am enjoying learning about the business world, and so your website has been awesome to delve into. I must say though, you should check your math before hand because you undersold your own punchline at the end there! Strictly speaking, going from 15% to 20% net margin is a staggering 33.3 percent increase (not 25%) which is even more impressive! Point taken though, and well done.
This article underscores how critical it is to select/define your market in a way that allows you to achieve high gross margins. It’s easier to accomplish this with Software and Learning products than with physical products. If you have a physical product, usually, the only way you can achieve reasonable gross margins is to “wrap it” in some service with recurring revenue.
Im gobsmacked at why people don’t understand the importance of the gross margin, then gross to net. Im a software product manager. Im always looking at GPM on my products year on year. I also look at what the targets are set at over 5 years or towards the end of business lifecycle (product exit or product retirement/morph). Fine tuning the GPM in a messy product team is what I do – software product scaling with great GPM is really tricky as a one to many model. Trying to get people in the current company to accept and understand it is tough too. 🙂
Raising $20 only makes it to 76% the only one that works is paying $3200 you would have to raise price by almost $150 per month per client to get to 80%. What were not doing is assuming that the trainer would quit if he got an $800 a month pay cut and the clients would quit if you raised it by $550. Would take years longer to raise that margin without losing more than half clients putting your revenue under
Also take this into consideration. Profit is profit. I own a brick and mortar and will get cash heavy at times. I will purchase an item that will make me 15% profit over sitting on cash. The cost of employees, and all other expenses remain the same as it would if I didnt aquire a item that gives me 15% margin. Finding things that are a lock and SECURE profit is the biggest hurdle.
There is something wrong if I understood what happened here. In minute 12:45 you said he needs to get the gross margin to $12.800 in order to hit an 80% Gross Margin. You would need to charge actually $20.000 for you clients ( $500/per month = $1.500 Package) and give the coach $4000/per Month in order to hit 80% Gross Margin. OR you could just keep charging the client the same amount ( $1200 Package – $400/month) but decrease the coaches salary by a $1000 – So from $4000 per month to $3000 per month in order to hit the 80% Gross Margin. I don’t want to bother you with the math, but if you check it out then you will realize that I am right. For everybody reading this. Hormozi is the GOAT, he just probably forgot his calculator and to be fair … I myself wouldn’t be able to do this is in my head. Just trying to clarify for everyone. You shouldn’t just listen, but actually listen, try to understand and execute. Thanks Alex for everything, eternally grateful for all of your content <3
At c.4 mins, how did you get from 66%/12% to 80%/25%? While it’s good to get people thinking about the levers they have to grow their business, not explaining relationship between gross to net or showing a real calculation demonstrates just how shallow your advice is. It basically boils down to increase the sale price or decrease costs to increase your margin so you have more profit left over to pay yourself. Also, while I’m here, the percentage increase from 15 to 20 is 33.33%
The way margins play out for products and services are very different… It would’ve helped if you could go into the definition of net margin and show how net margins are different for products vs services… Additionally retail stores have a different calculation to margins today, as retail businesses get complex the margins get complex…
What kind of businesses have 90-95% gross margins?! I know this varies by industry, but I’ve never really heard of those kind of spreads. I work for a small healthcare services business and our gross margins aren’t anywhere near that. COGS is astronomically high to recruit highly educated and trained clinicians. Love your content btw!
I have a struggling business where I’m not getting that many sales. If I decreased the amount I pay for items, I have to buy in mega bulk. Its not feasible. If I increase the price of my items to customers, they won’t buy. This information did not help that part of busines. The bottom line is, if you don’t have the demand, you simply cannot do what Alex is telling you to do. Also, if you have the demand, you would automatically do what Alex tells you to do and I don’t think this article helps very much at all. I mean no offence Alex, just saying that I felt that this article is pretty much stating what we already know..
Wow, mind blowing, playing with numbers to show that getting more profit out of each unit nets you more profit in the end. Who would have thought? Wow, where can I give this guy my money??? I have a hole burning in my pocket to get more of this brilliance. If this is a revelation to you, you probably shouldn’t be running a business.
Hey Alex, good stuff man. Question- With this model, do you include costs for commissions for sales guys, and media buyers on % of profit-sharing setups as costs you back out from the 100%? Or is it just around the fulfillment part? Example: Lets say we have a $30k coaching package – When its sold, the sales guy gets 20% – So right there we’re at 80% – Then we have media buyers who are on a % of profit pay plan… So that would bring it down more. Are you deducting those out of the 100% cost of the $30k program, or are you optimizing more around fulfillment specifically costing less? Thanks man!
Good explanation on margin although I would argue, using your example, that 66% ($40) gross margin with a 12% ($7.40) net margin would put your operating overhead (operating leverage) at nearly 55%. As an accountant (CPA) and owner operator of my current business, this number seems very high. We could lower operating leverage by selling more at the same price. ie each additional unit sold would only cost $20. Am I thinking of this wrong? Good article.
What abaout a country, like ARGENTINA, where inflation is out of this world and there is NO WAY to calculate ANYTHING?, not even costs of products and services like electricity or internet for tomorrow, cause you dont know if they are gonna be at the same prize o duplicated next week or month. HOW??!! I always watch articles like this one, BUT in a country with a stable economy seams SO EASY…, but NOT A SINGLE ONE talks about INFLATION and how the F can we make a business that works here, form a SMALL independent business like the one I’m trying to scale. THANKS!! I love your mind!
Hello Alex! This article was a nice refresher on professional budgeting and creating a better margin for a business. I was wondering if I can link this article to one of my educational funnels on budgeting so that my audience can get a fresh perspective on how to create a better margin on their personal and business finances? I would like to cite your youtube website and business as well so they can check you out as well! 😀
Good vid, just a small error. In your example at the end the, net margin increase from 15% to 20% is actually a 33.3% increase, not 25% increase. Just an FYI for anyone reading, your core/initial number is what relative change is based on. For 15 to go to 20 that’s an increase of 5 which 5/15 = 1/3 = 33.3%. You used 20 as your core number which is why you are seeing 25%. That would be the case if we went from 20 down to 15. That would be 5/20 = 25% decrease in net margin. Also when you increase by 20 per client you get 40×420=16800, 16800-4000=12800, 12800/16800=76.2% which isn’t 80% the increase you suggest per client doesn’t increase gross margin by 5%.
This is just a fancy way of saying increase price or decrease costs as much as possible. And you shouldnt be trying to that anymore than you should be waking up and saying “i need to try to breath today”. Also, you only get doubling or tripling of your net margin by increasing gross margin..if your business is crap to begin with and your net margins are low numbers to begin with. Otherwise it dosnt have the same effect. In summary: this is a fancy way of saying obvious stuff. Also apple and google run 45 and 65 percent margins, where are these biggest cos running 99 percent businesses?
So, I went to google and searched for the word gross margin in my mother language (french). I then search the french word for a definition, and found a site explaining 65% was a “healthy” number. Okay. I am taking notes. Okay, okay. Thank you Alex for all the very useful pieces of information. Before this article I didn’t even know the concept of gross margin. ( I don’t have a business yet ).
Very interesting, thank you. How does it work with spare capacity? I help run a private language school, so we have teachers on salary but also empty seats in classes. Our cost of adding a student to a class is basically zero (we are paying the teacher and renting the classroom anyway). But once the teacher/room is at capacity we need to hire a new teacher/rent a new room so our fixed costs jump up and we then have to get students.
I’d like to apply this to my brother’s business and I’m running into a block. I’d love feedback if anyone has ideas. It’s in construction so majority of the jobs are based on bids, usually lowest bidder wins. Usually a specific flooring type will go for $8-12/sqft but if we apply 80% margin to our material plus sundries and labor (CoGS) then we end up in the range of $25-35/sqft which seems unreasonable in a business where most work is bid based, and the work that isn’t we’d still be charging 2-4 time the market. Any thoughts?
This doesn’t take into account overall profit though, in absolute amount. For example, raising the price to get a better net margin may hurt sales enough that even though you are more profitable percentage wise, you are less profitable in total. Not saying that’s always the case, actually most likely the opposite in most cases, but i’d rather make 15% of 1 million than 20% of 600k.
This is great. Very informative. Would’ve been helpful for the maths to be explained in a bit more of a step by step way though; especially towards the end. The general concept is clear though. Gross needs to be 80% plus and incremental points in growth translate to massive returns on net, all other things being equal. I will be putting this to use straight away. Thank you!
The math is simple but what no one seems to get is that you can’t charge people $100 for a haircut and expect to have a business. Large businesses play this game. I mean really big companies. Smaller businesses can do this as well but a 80% margin is ridiculous if you have any kind of competition. One of the most basic concepts in economics is the idea of scarce resources. Whether it is labour/human capital, energy, material goods, land, etc, there is only so much to go around. People have a finite income. This notion that you can make these kind of margins on any kind of business is laughable. If you dint have a really innovative product, or bring exceptional value, or have some kind of significant advantage to what you are selling you are just another business owner that will struggle to survive. The stuff this guy is teaching is as simple as can be. Five plus five equals ten but that never put ten dollars in anyone’s pocket. You can increase younyour margins all day long but if no one is going to buy your product or service for that price then what? Oh brother! Real wisdom is not in knowledge but in experience. Not that knowledge is unimportant but it will not make you rich or wise.
Some good principles, but once he said that the biggest businesses in the world are running a 99% gross profit margin, I realized something was off here. That’s just patently false and gives the wrong impression to people. Does a $1,000 iphone only cost Apple $10? No…. Do you think Amazon is running 99% GPM? No……
You are thinking in silos… what if all the gods and services just spiked in price since they too need to get that magical 80%… then you cant really lower the cost on that end, in fact, it turns out it just doubled. So, now you have to double your price, and then nobody will do buisiness with you.