Energy Transfer Lp - Understand $et stock

$ET Market Cap: $64.99 Billion

Research Board Inbox Deep Research Not Interested Shortlisted

Financial Snapshot

Revenue

$83.66B

TTM

Gross Margin

23.99%

TTM

Net Earnings

$4.940B

TTM

Current Assets

$13.34B

Q3 2024

Current Liabilities

$12.37B

Q3 2024

Current Ratio

107.8%

Q3 2024

Total Assets

$124.4B

Q3 2024

Total Liabilities

$72.98B

Q3 2024

Book Value

$51.45B

Q3 2024

Cash

$299.0M

Q3 2024

P/E

13.16

Nov 29, 2024 EST

Free Cash Flow

$6.816B

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$78.59B	$89.88B	$67.42B	$38.95B	$54.21B	$54.09B	$40.52B	$31.79B	$36.10B	$52.64B	$48.34B	$16.96B	$8.190B	$6.556B	$5.417B	$9.293B	$7.032B	$7.859B	$6.169B	$2.347B	$931.0M
YoY Change	-12.56%	33.31%	73.07%	-28.15%	0.23%	33.47%	27.46%	-11.92%	-31.43%	8.9%	184.93%	107.13%	24.92%	21.02%	-41.71%	32.15%	-10.52%	27.4%	162.85%	152.09%	0.0%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Revenue	$78.59B	$89.88B	$67.42B	$38.95B	$54.21B	$54.09B	$40.52B	$31.79B	$36.10B	$52.64B	$48.34B	$16.96B	$8.190B	$6.556B	$5.417B	$9.293B	$7.032B	$7.859B	$6.169B	$2.347B	$931.0M
Cost Of Revenue	$60.54B	$72.23B	$50.40B	$25.49B	$39.80B	$41.60B	$30.97B	$23.69B	$28.67B	$45.86B	$42.58B	$13.09B	$5.169B	$4.102B	$3.122B	$6.938B	$5.139B	$6.568B	$5.382B	$1.981B	$825.0M
Gross Profit	$18.05B	$17.64B	$17.02B	$13.47B	$14.41B	$12.48B	$9.557B	$8.099B	$7.428B	$7.302B	$5.781B	$3.876B	$3.021B	$2.487B	$2.295B	$2.355B	$1.893B	$1.291B	$787.0M	$366.0M	$106.0M
Gross Profit Margin	22.96%	19.63%	25.25%	34.57%	26.58%	23.08%	23.58%	25.47%	20.58%	13.87%	11.96%	22.85%	36.89%	37.93%	42.37%	25.34%	26.92%	16.43%	12.76%	15.59%	11.39%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Selling, General & Admin	$985.0M	$1.018B	$818.0M	$711.0M	$694.0M	$702.0M	$599.0M	$656.0M	$548.0M	$556.0M	$533.0M	$527.0M	$253.0M	$233.0M	$178.9M	$200.0M	$170.0M	$163.0M	$64.00M	$31.00M	$13.00M
YoY Change	-3.24%	24.45%	15.05%	2.45%	-1.14%	17.2%	-8.69%	19.71%	-1.44%	4.32%	1.14%	108.3%	8.58%	30.22%	-10.54%	17.65%	4.29%	154.69%	106.45%	138.46%	0.0%
% of Gross Profit	5.46%	5.77%	4.81%	5.28%	4.82%	5.62%	6.27%	8.1%	7.38%	7.61%	9.22%	13.6%	8.37%	9.37%	7.8%	8.49%	8.98%	12.63%	8.13%	8.47%	12.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$3.986B	$3.774B	$3.465B	$3.275B	$2.839B	$2.538B	$2.204B	$1.952B	$1.661B	$1.409B	$1.128B	$801.0M	$531.0M	$370.0M	$304.1M	$274.4M	$191.4M	$129.6M	$107.3M	$58.50M	$13.50M
YoY Change	5.62%	8.92%	5.8%	15.36%	11.86%	15.15%	12.91%	17.52%	17.89%	24.91%	40.82%	50.85%	43.51%	21.66%	10.83%	43.36%	47.69%	20.78%	83.42%	333.33%	12.5%
% of Gross Profit	22.09%	21.39%	20.36%	24.32%	19.7%	20.33%	23.06%	24.1%	22.36%	19.3%	19.51%	20.67%	17.58%	14.88%	13.25%	11.65%	10.11%	10.04%	13.63%	15.98%	12.74%
Operating Expenses	$985.0M	$1.018B	$818.0M	$711.0M	$694.0M	$702.0M	$599.0M	$656.0M	$548.0M	$556.0M	$533.0M	$527.0M	$253.0M	$233.0M	$178.9M	$1.256B	$969.0M	$716.0M	$488.0M	$235.0M	$51.00M
YoY Change	-3.24%	24.45%	15.05%	2.45%	-1.14%	17.2%	-8.69%	19.71%	-1.44%	4.32%	1.14%	108.3%	8.58%	30.22%	-85.75%	29.62%	35.34%	46.72%	107.66%	360.78%	0.0%
Operating Profit	$8.295B	$7.738B	$8.792B	$2.980B	$7.203B	$5.403B	$2.721B	$1.851B	$2.287B	$2.372B	$1.551B	$1.360B	$1.237B	$1.044B	$1.110B	$1.099B	$924.0M	$575.0M	$299.0M	$131.0M	$55.00M
YoY Change	7.2%	-11.99%	195.03%	-58.63%	33.31%	98.57%	47.0%	-19.06%	-3.58%	52.93%	14.04%	9.94%	18.49%	-5.98%	1.04%	18.94%	60.7%	92.31%	128.24%	138.18%	0.0%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Interest Expense	$2.578B	$2.306B	$2.267B	$2.327B	$2.331B	$2.055B	$1.922B	$1.804B	$1.622B	$1.368B	$1.221B	$1.018B	$740.0M	$625.0M	$468.4M	-$486.0M	-$290.0M	-$137.0M	-$89.00M	-$40.00M	-$11.00M
YoY Change	11.8%	1.72%	-2.58%	-0.17%	13.43%	6.92%	6.54%	11.22%	18.57%	12.04%	19.94%	37.57%	18.4%	33.43%	-196.38%	67.59%	111.68%	53.93%	122.5%	263.64%	0.0%
% of Operating Profit	31.08%	29.8%	25.78%	78.09%	32.36%	38.03%	70.64%	97.46%	70.92%	57.67%	78.72%	74.85%	59.82%	59.87%	42.18%	-44.22%	-31.39%	-23.83%	-29.77%	-30.53%	-20.0%
Other Income/Expense, Net	$86.00M	$90.00M	$77.00M	$12.00M	$105.0M	$62.00M	$206.0M	$124.0M	$20.00M	-$12.00M	-$1.000M	$30.00M	$17.00M	-$4.000M	$1.913M	$72.00M	-$2.000M	$6.000M		$395.0M	$0.00
YoY Change	-4.44%	16.88%	541.67%	-88.57%	69.35%	-69.9%	66.13%	520.0%	-266.67%	1100.0%	-103.33%	76.47%	-525.0%	-309.1%	-97.34%	-3700.0%	-133.33%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Pretax Income	$5.597B	$6.072B	$6.871B	$377.0M	$5.020B	$3.689B	$710.0M	$204.0M	$900.0M	$1.319B	$375.0M	$1.437B	$548.0M	$359.0M	$707.1M	$684.0M	$636.0M	$434.0M	$202.0M	$485.0M	$45.00M
YoY Change	-7.82%	-11.63%	1722.55%	-92.49%	36.08%	419.58%	248.04%	-77.33%	-31.77%	251.73%	-73.9%	162.23%	52.65%	-49.23%	3.38%	7.55%	46.54%	114.85%	-58.35%	977.78%	0.0%
Income Tax	$303.0M	$204.0M	$184.0M	$237.0M	$195.0M	$4.000M	-$1.833B	-$258.0M	-$123.0M	$325.0M	$93.00M	$54.00M	$17.00M	$14.00M	$9.229M	$4.000M	$13.00M	$23.00M	$4.000M	$3.000M	$4.000M
% Of Pretax Income	5.41%	3.36%	2.68%	62.86%	3.88%	0.11%	-258.17%	-126.47%	-13.67%	24.64%	24.8%	3.76%	3.1%	3.9%	1.31%	0.58%	2.04%	5.3%	1.98%	0.62%	8.89%
Net Earnings	$3.935B	$4.756B	$5.470B	-$648.0M	$3.518B	$1.749B	$954.0M	$995.0M	$1.189B	$633.0M	$196.0M	$304.0M	$310.0M	$193.0M	$442.5M	$375.0M	$340.0M	$107.0M	$147.0M	$450.0M	$46.00M
YoY Change	-17.26%	-13.05%	-944.14%	-118.42%	101.14%	83.33%	-4.12%	-16.32%	87.84%	222.96%	-35.53%	-1.94%	60.62%	-56.38%	17.99%	10.29%	217.76%	-27.21%	-67.33%	878.26%	0.0%
Net Earnings / Revenue	5.01%	5.29%	8.11%	-1.66%	6.49%	3.23%	2.35%	3.13%	3.29%	1.2%	0.41%	1.79%	3.79%	2.94%	8.17%	4.04%	4.84%	1.36%	2.38%	19.17%	4.94%
Basic Earnings Per Share
Diluted Earnings Per Share	$1.09	$1.40	$2.000M	-$240.4K	$1.334M	$1.197M	$885.0K	$922.2K	$1.117M	$580.2K	$174.7K	$284.9K	$347.5K	$189.5K	$495.5K	$420.9K	$381.6K	$200.0K	$276.8K	$852.3K	$84.25K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Cash & Short-Term Investments	$161.0M	$257.0M	$336.0M	$367.0M	$291.0M	$419.0M	$336.0M	$467.0M	$606.0M	$847.0M	$590.0M	$372.0M	$126.0M	$88.00M	$74.00M	$98.00M	$60.00M	$29.00M	$37.00M	$85.00M	$85.00M
YoY Change	-37.35%	-23.51%	-8.45%	26.12%	-30.55%	24.7%	-28.05%	-22.94%	-28.45%	43.56%	58.6%	195.24%	43.18%	18.92%	-24.49%	63.33%	106.9%	-21.62%	-56.47%	0.0%
Cash & Equivalents	$161.0M	$257.0M	$336.0M	$367.0M	$291.0M	$419.0M	$336.0M	$467.0M	$606.0M	$847.0M	$590.0M	$372.0M	$126.0M	$86.00M	$68.00M	$92.00M	$57.00M	$26.00M	$33.00M	$83.00M	$83.00M
Short-Term Investments														$2.000M	$6.000M	$6.000M	$3.000M	$3.000M	$3.000M	$2.000M	$2.000M
Other Short-Term Assets	$579.0M	$736.0M	$447.0M	$222.0M	$298.0M	$461.0M	$3.632B	$645.0M	$292.0M	$351.0M	$351.0M	$520.0M	$200.0M	$126.0M	$162.0M	$159.0M	$142.0M	$188.0M	$240.0M	$84.00M	$84.00M
YoY Change	-21.33%	64.65%	101.35%	-25.5%	-35.36%	-87.31%	463.1%	120.89%	-16.81%	0.0%	-32.5%	160.0%	58.73%	-22.22%	1.89%	11.97%	-24.47%	-21.67%	185.71%	0.0%
Inventory	$2.478B	$2.461B	$2.014B	$1.739B	$1.532B	$1.677B	$2.022B	$2.055B	$1.636B	$1.467B	$1.807B	$1.522B	$328.0M	$366.0M	$390.0M	$272.0M	$362.0M	$387.0M	$291.0M	$53.00M	$53.00M
Prepaid Expenses
Receivables	$9.148B	$8.559B	$7.708B	$3.954B	$5.197B	$4.120B	$4.557B	$3.604B	$2.519B	$3.413B	$3.721B	$3.128B	$780.0M	$689.0M	$618.0M	$606.0M	$840.0M	$676.0M	$849.0M	$251.0M	$251.0M
Other Receivables	$67.00M	$68.00M	$32.00M	$35.00M	$146.0M	$73.00M	$136.0M	$128.0M	$357.0M	$61.00M	$67.00M	$55.00M	$21.00M	$22.00M	$24.00M	$46.00M	$0.00	$23.00M	$36.00M	$9.000M	$9.000M
Total Short-Term Assets	$12.43B	$12.08B	$10.54B	$6.317B	$7.464B	$6.750B	$10.68B	$6.899B	$5.410B	$6.139B	$6.536B	$5.597B	$1.455B	$1.291B	$1.268B	$1.181B	$1.404B	$1.303B	$1.454B	$482.0M	$482.0M
YoY Change	2.91%	14.65%	66.8%	-15.37%	10.58%	-36.82%	54.85%	27.52%	-11.87%	-6.07%	16.78%	284.67%	12.7%	1.81%	7.37%	-15.88%	7.75%	-10.39%	201.66%	0.0%
Property, Plant & Equipment	$86.18B	$81.13B	$82.45B	$75.97B	$75.16B	$66.96B	$61.09B	$53.58B	$48.68B	$40.29B	$30.68B	$28.28B	$14.56B	$11.85B	$9.064B	$8.703B	$6.852B	$3.749B	$2.888B	$1.915B	$1.915B
YoY Change	6.22%	-1.6%	8.52%	1.09%	12.24%	9.62%	14.02%	10.05%	20.83%	31.32%	8.48%	94.27%	22.83%	30.77%	4.15%	27.01%	82.77%	29.81%	50.81%	0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$3.097B	$2.893B	$2.947B	$3.060B	$3.460B	$2.642B	$2.705B	$3.040B	$3.462B	$3.659B	$4.014B	$4.737B	$1.497B	$1.360B	$663.0M	$10.00M	$86.00M	$41.00M	$37.00M	$8.000M	$8.000M
YoY Change	7.05%	-1.83%	-3.69%	-11.56%	30.96%	-2.33%	-11.02%	-12.19%	-5.38%	-8.84%	-15.26%	216.43%	10.07%	105.13%	6530.0%	-88.37%	109.76%	10.81%	362.5%	0.0%
Other Assets	$1.733B	$1.558B	$1.645B	$1.657B	$1.571B	$1.006B	$886.0M	$4.226B	$730.0M	$742.0M	$940.0M	$1.561B	$275.0M	$240.0M	$183.0M	$187.0M	$142.0M	$36.00M	$55.00M	$0.00	$0.00
YoY Change	11.23%	-5.29%	-0.72%	5.47%	56.16%	13.54%	-79.03%	478.9%	-1.62%	-21.06%	-39.78%	467.64%	14.58%	31.15%	-2.14%	31.69%	294.44%	-34.55%
Total Long-Term Assets	$101.3B	$93.56B	$95.43B	$88.83B	$91.51B	$81.50B	$75.56B	$72.03B	$65.78B	$58.14B	$43.79B	$43.31B	$19.44B	$16.09B	$10.89B	$9.889B	$8.058B	$4.621B	$3.452B	$2.383B	$2.383B
YoY Change	8.23%	-1.95%	7.43%	-2.93%	12.29%	7.85%	4.91%	9.5%	13.14%	32.76%	1.12%	122.75%	20.85%	47.69%	10.15%	22.72%	74.38%	33.86%	44.86%	0.0%
Total Assets	$113.7B	$105.6B	$106.0B	$95.14B	$98.97B	$88.25B	$86.25B	$78.93B	$71.19B	$64.28B	$50.33B	$48.90B	$20.90B	$17.38B	$12.16B	$11.07B	$9.462B	$5.924B	$4.906B	$2.865B	$2.865B
YoY Change
Accounts Payable	$6.684B	$6.969B	$6.834B	$2.836B	$4.149B	$3.552B	$4.716B	$3.544B	$2.302B	$3.368B	$3.848B	$3.122B	$545.0M	$449.0M	$398.0M	$416.0M	$721.0M	$604.0M	$819.0M	$237.0M	$237.0M
YoY Change	-4.09%	1.98%	140.97%	-31.65%	16.81%	-24.68%	33.07%	53.95%	-31.65%	-12.47%	23.25%	472.84%	21.38%	12.81%	-4.33%	-42.3%	19.37%	-26.25%	245.57%	0.0%
Accrued Expenses	$2.192B	$2.065B	$1.751B	$1.813B	$2.422B	$2.140B	$1.946B	$1.769B	$1.556B	$1.582B	$1.001B	$1.219B	$592.0M	$448.0M	$275.0M	$429.0M	$357.0M	$205.0M	$90.00M	$74.00M	$74.00M
YoY Change	6.15%	17.93%	-3.42%	-25.14%	13.18%	9.97%	10.01%	13.69%	-1.64%	58.04%	-17.88%	105.91%	32.14%	62.91%	-35.9%	20.17%	74.15%	127.78%	21.62%	0.0%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$1.008B	$2.000M	$681.0M	$22.00M	$27.00M	$2.655B	$413.0M	$1.194B	$131.0M	$1.008B	$637.0M	$613.0M	$424.0M	$35.00M	$41.00M	$45.00M	$47.00M	$41.00M	$39.00M	$31.00M	$31.00M
YoY Change	50300.0%	-99.71%	2995.45%	-18.52%	-98.98%	542.86%	-65.41%	811.45%	-87.0%	58.24%	3.92%	44.58%	1111.43%	-14.63%	-8.89%	-4.26%	14.63%	5.13%	25.81%	0.0%
Total Short-Term Liabilities	$11.28B	$10.37B	$10.84B	$5.923B	$7.724B	$9.310B	$7.897B	$7.277B	$4.910B	$6.683B	$6.500B	$5.845B	$1.841B	$1.081B	$890.0M	$1.209B	$1.241B	$1.021B	$1.245B	$405.0M	$405.0M
YoY Change	8.77%	-4.31%	82.93%	-23.32%	-17.04%	17.89%	8.52%	48.21%	-26.53%	2.82%	11.21%	217.49%	70.31%	21.46%	-26.39%	-2.58%	21.55%	-17.99%	207.41%	0.0%
Long-Term Debt	$51.38B	$48.26B	$49.02B	$51.42B	$51.03B	$43.37B	$43.67B	$42.86B	$36.84B	$29.48B	$22.56B	$21.77B	$11.27B	$9.664B	$7.751B	$7.190B	$5.870B	$3.206B	$2.276B	$1.071B	$1.071B
YoY Change	6.46%	-1.55%	-4.66%	0.76%	17.65%	-0.68%	1.9%	16.34%	24.97%	30.65%	3.63%	93.18%	16.62%	24.68%	7.8%	22.49%	83.09%	40.86%	112.51%	0.0%
Other Long-Term Liabilities	$2.393B	$2.161B	$2.329B	$2.225B	$2.334B	$1.288B	$1.362B	$1.232B	$1.239B	$1.380B	$1.124B	$1.372B	$181.0M	$386.0M	$95.00M	$136.0M	$59.00M	$5.000M	$46.00M	$1.000M	$1.000M
YoY Change	10.74%	-7.21%	4.67%	-4.67%	81.21%	-5.43%	10.55%	-0.56%	-10.22%	22.78%	-18.08%	658.01%	-53.11%	306.32%	-30.15%	130.51%	1080.0%	-89.13%	4500.0%	0.0%
Total Long-Term Liabilities	$53.77B	$50.42B	$51.35B	$53.64B	$53.36B	$44.66B	$45.03B	$44.09B	$38.08B	$30.86B	$23.69B	$23.14B	$11.45B	$10.05B	$7.846B	$7.326B	$5.929B	$3.211B	$2.322B	$1.072B	$1.072B
YoY Change	6.65%	-1.81%	-4.27%	0.52%	19.49%	-0.83%	2.14%	15.79%	23.4%	30.28%	2.35%	102.1%	13.94%	28.09%	7.1%	23.56%	84.65%	38.29%	116.6%	0.0%
Total Liabilities	$77.02B	$72.62B	$74.66B	$76.62B	$77.05B	$67.69B	$87.44B	$80.62B	$72.12B	$63.62B	$49.25B	$46.79B	$20.84B	$17.26B	$12.16B	$11.15B	$9.478B	$5.878B	$4.994B	$2.497B	$2.497B
YoY Change	6.06%	-2.74%	-2.55%	-0.57%	13.84%	-22.59%	8.46%	11.78%	13.37%	29.16%	5.26%	124.48%	20.78%	41.92%	9.03%	17.67%	61.25%	17.7%	100.0%	0.0%

Ownership

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Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003
Basic Shares Outstanding
Diluted Shares Outstanding
Preferred Stock
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Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $64.986 Billion

About Energy Transfer LP

Energy Transfer LP engages in natural gas pipeline transportation and transmission services. The company is headquartered in Dallas, Texas and currently employs 13,786 full-time employees. The company went IPO on 2006-02-03. The firm is engaged in natural gas operations, such as natural gas midstream and intrastate transportation and storage, and interstate natural gas transportation and storage. Its strategic network spans 44 states with assets in the United States production basins. Its core operations include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; and NGL fractionation. The Company’s segments include intrastate transportation and storage; interstate transportation and storage; midstream; NGL and refined products transportation and services; crude oil transportation and services; investment in Sunoco LP; investment in USA Compression Partners, LP (USAC), and all other.

Industry: Natural Gas Transmission Peers: Cheniere Energy, Inc. Cheniere Energy Partners, L.P. ENTERPRISE PRODUCTS PARTNERS L.P. KINDER MORGAN, INC. Magellan Midstream Partners, L.P. MPLX LP ONEOK INC /NEW/ Targa Resources Corp. WILLIAMS COMPANIES, INC.