PowerFleet, Inc. logo AIOT - PowerFleet, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 5
HOLD 0
SELL 0
STRONG
SELL
0
| PRICE TARGET: $7.00 DETAILS
HIGH: $7.00
LOW: $7.00
MEDIAN: $7.00
CONSENSUS: $7.00
UPSIDE: 88.68%
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Revenue
Revenue 443.8 362.5 362.5 135.2 126.0 113.6 81.9 53.1 41.0 36.8 41.8 45.6 39.9 44.6 39.3 25.9 10.3 27.0 17.1 24.7 19.0 13.7 8.0 5.5 0.9 0.9 5.6
Cost of Revenue 197.4 168.0 168.0 71.0 66.2 54.6 43.6 27.3 20.0 18.5 24.8 25.6 22.0 21.7 18.7 11.4 5.6 13.5 8.9 13.7 9.7 6.5 4.1 2.4 0.5 0.6 3.1
Gross Profit 246.4 194.5 194.5 64.2 59.8 59.0 38.4 25.8 20.9 18.3 17.0 20.0 17.9 22.9 20.6 14.4 4.8 13.6 8.2 11.0 9.3 7.2 3.9 3.1 0.4 0.3 2.5
Operating Expenses
R&D Expenses 18.4 16.1 16.1 9.0 11.4 10.6 8.5 6.9 4.0 4.5 4.6 6.6 4.4 4.3 3.5 4.4 2.6 2.9 2.8 2.6 1.6 1.2 0.9 0.9 1.0 1.8 0.2
SG&A Expenses 208.5 204.4 85.4 62.2 56.5 52.0 0 24.7 21.1 20.1 22.8 25.1 21.8 22.4 22.0 23.3 16.5 16.8 16.0 12.9 7.1 5.9 4.5 3.8 3.6 4.0 2.1
Other Expenses 0 0 119.0 0 0 0 39.6 (0.2) (0.0) 0.0 (0.0) 0.0 0.1 0.1 0 0 0 0 0 0 0 0 0 0 0 0.1 0.1
Operating Expenses 226.8 220.4 220.4 71.1 67.9 62.6 48.1 31.5 25.0 24.7 27.3 32.2 26.2 26.8 25.5 27.8 19.1 19.6 18.8 15.6 8.8 7.1 5.3 4.8 4.6 5.9 2.5
Operating Income
Operating Income 19.6 (25.9) (25.9) (6.9) (8.2) (3.6) (9.8) (5.7) (4.1) (6.4) (10.3) (12.2) (8.2) (3.8) (5.0) (13.3) (14.4) (6.1) (10.7) (4.5) 0.5 0.1 (1.5) (1.7) (4.2) (5.6) 0.0
Interest Expense 27.5 20.3 1.6 1.7 2.8 2.3 0.9 0.2 0.3 0.3 0 0 0 0 0 0.1 0.1 0 0 0 0 0 0 0 0 0 0
Interest Income 0.8 0.9 0.1 0.1 0.0 0.1 0.1 0.3 0.3 0.3 0.3 0.6 0.6 0.5 0.2 0.7 0.9 2.2 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 76.5 21.4 56.8 7.8 0.4 7.8 (1.8) (4.1) (2.7) (5.4) (9.6) (10.0) (6.1) (1.6) (2.4) (11.0) (14.2) (5.2) (10.2) (4.2) 0.7 0.3 (1.3) (1.5) (4.1) (5.4) 0.1
EBIT 16.3 (26.1) 15.0 (3.2) (8.1) (3.5) (4.6) (5.6) (3.8) (6.1) (10.3) (12.2) (8.2) (3.8) 0 (13.2) (13.9) 0 (10.7) 0 0 0 0 (1.7) (4.2) (5.6) 0.0
Income Before Tax (11.3) (46.5) (46.5) (6.7) (10.9) (8.0) (10.9) (5.8) (4.2) (6.4) (10.0) (11.6) (7.6) (3.3) (4.4) (13.2) (14.0) (6.4) (10.6) (4.4) 0.7 0.3 (1.4) 0 (3.9) (4.9) 0.4
Income Tax Expense 8.7 4.5 4.5 0.3 1.9 1.0 0.1 0 (0.3) 0.3 (0.3) 0 (0.1) (0.7) (0.4) (0.7) (1.2) (1.9) (3.3) (2.9) (0.3) (0.3) (0.3) (0.3) 0 0.1 0.1
Net Income (20.6) (51.0) (51.0) (7.0) (12.8) (9.0) (11.0) (5.8) (3.9) (6.4) (10.0) (11.6) (7.5) (2.6) (4.0) (12.6) (13.2) (4.2) (7.3) (1.6) 0.9 0.4 (1.2) (1.4) (3.9) (4.9) 0.2
Per Share Data
EPS (Basic) -0.15 -0.43 -1.09 -0.07 -0.64 -0.10 -0.18 -0.11 -0.09 -0.16 -0.26 -0.32 -0.21 -0.07 -0.12 -0.37 -0.40 -0.13 -0.22 -0.05 0.04 0.02 -0.06 -0.07 -0.22 -0.36 0.02
EPS (Diluted) -0.15 -0.43 -1.09 -0.07 -0.64 -0.10 -0.18 -0.11 -0.09 -0.16 -0.26 -0.32 -0.21 -0.07 -0.12 -0.37 -0.40 -0.13 -0.22 -0.05 0.03 0.02 -0.06 -0.07 -0.22 -0.29 0.01
Shares Outstanding 133.8 119.9 35.6 106.2 34.6 89.1 61.4 51.7 44.9 39.0 37.8 36.3 35.7 35.2 33.5 33.7 33.0 32.7 33.6 31.5 23.3 22.4 20.7 20.1 17.5 13.6 13.6
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Current Assets
Cash & Cash Equivalents 36.5 44.4 24.4 24.8 26.5 41.0 16.4 9.5 5.1 5.0 4.5 6.0 6.6 1.6 8.4 14.5 19.5 12.6 5.1 9.6 2.1 8.4 3.2 3.8 2.4 3.1 7.0
Short-Term Investments 0 0 0 0 0 0 0 0 1.2 0.1 0.3 3.2 4.1 4.8 6.9 4.6 33.9 8.6 21.4 60.7 5.5 3.2 3.3 3.0 3.0 5.6 6.0
Net Receivables 106.6 92.7 32.6 31.4 32.1 26.6 27.0 14.3 10.0 11.4 12.9 16.7 13.6 12.0 9.2 7.5 3.3 8.6 3.6 6.3 7.4 1.8 2.3 1.2 0.2 0.6 1.8
Inventory 22.4 18.4 21.7 22.6 18.2 13.2 16.4 5.1 4.6 3.9 7.2 6.3 5.2 7.5 8.1 7.3 4.5 3.3 4.4 6.4 3.0 1.7 0.7 1.5 0.8 0.7 0.1
Other Current Assets 13.7 4.6 88.4 8.0 9.1 6.5 7.4 3.2 3.6 3.5 2.3 1.8 0.9 1.0 4.8 2.4 0.7 0.5 0.3 0.3 0.0 0.1 0.1 0.2 0.1 0.1 0.2
Total Current Assets 179.2 169.1 169.8 87.7 87.9 90.5 71.2 36.2 29.2 27.9 30.6 36.4 32.8 30.3 37.4 36.2 61.9 33.5 34.8 83.4 18.1 15.5 9.6 9.8 6.7 10.2 15.2
Non-Current Assets
Property, Plant & Equipment 78.3 70.3 20.1 17.3 18.8 18.3 15.3 4.4 2.7 3.1 3.1 1.5 2.2 2.4 3.1 3.9 0.9 1.1 1.4 1.4 1.2 1.0 0.8 0.7 0.5 0.6 0.3
Goodwill 412.0 383.1 83.5 83.5 83.5 83.3 89.1 8.9 7.3 1.8 1.8 1.8 1.8 1.8 1.8 1.8 0.6 0.2 0 0 0 0 0 0 0 0 0
Intangible Assets 255.5 258.6 19.7 22.3 26.1 30.0 36.6 5.3 5.4 0.7 0.8 1.0 2.1 3.2 4.4 5.6 0.4 0.2 0 0 0 0 0 0 0 0 0
Long-Term Investments 0 0 0 0 4.6 5.6 8.3 0 10.3 1.5 1.3 4.1 3.1 9.1 9.8 9.4 6.8 34.9 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 26.0 25.0 12.8 9.7 4.7 3.1 2.5 7.7 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0 0.1 38.6 0.1 0.6 0.6 3.0 2.5 0.1 0.1 0.3
Total Non-Current Assets 776.4 741.0 138.9 135.3 142.0 141.1 154.3 26.3 31.8 16.3 13.8 16.1 22.7 30.3 25.4 24.7 8.7 36.4 40 1.5 1.7 1.6 3.8 3.2 0.7 0.8 0.6
Total Assets 955.6 910.1 308.7 222.9 229.9 231.6 225.5 62.5 60.9 44.2 44.4 52.5 55.5 60.6 62.8 60.9 70.6 69.9 74.8 84.9 19.8 17.2 13.5 12.9 7.3 11.0 15.8
Current Liabilities
Account Payables 46.4 41.6 20.0 15.8 17.7 10.3 15.4 8.5 6.2 6.2 8.0 7.2 5.3 3.8 7.2 0 (11.6) 0 2.6 3.0 3.9 2.5 1.1 1.2 0.6 0.7 0.5
Short-Term Debt 53.7 41.6 2.0 11.8 8.8 8.0 9.3 0.8 1.2 3.0 1.0 0.1 0.1 1.7 0 0 11.6 0 0.0 0.2 0.2 0.2 0.3 0.1 0.0 0.0 0.0
Deferred Revenue 20.2 17.4 5.8 6.3 6.5 8.4 7.7 9.9 9.7 7.2 7.4 6.7 4.6 4.7 3.1 2.2 0.5 0.4 0.3 0.2 0.2 0.1 0.1 0.0 0 0 0
Other Current Liabilities 37.7 36.9 9.8 9.5 11.3 10.6 9.5 2.1 1.9 1.4 0.1 2.9 1.0 0.1 2.3 9.1 13.7 2.2 0 0 0 0 0 0.1 0.1 0.0 0.1
Total Current Liabilities 158.0 151.0 43.6 45.8 44.3 37.2 41.9 21.3 19.1 17.8 16.6 17.0 11.0 10.3 12.6 11.3 14.2 2.6 2.9 3.4 4.2 2.8 1.5 1.5 0.7 0.7 0.6
Non-Current Liabilities
Long-Term Debt 229.7 232.2 113.8 15.7 25.5 28.6 32.8 1.5 0 0 0 0 0.1 0 0 0 0 0 0 0.0 0.2 0.4 0.6 0 0 0.0 0.0
Deferred Tax Liabilities 60.1 57.7 4.5 4.6 5.2 4.5 6.2 (1.5) 0 0 0 0 (0.1) 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0
Other Non-Current Liabilities 8.8 9.1 7.1 (0.6) (1.8) 0.6 4.5 1.5 1.1 0.4 0.4 0.3 0.5 0.3 0 0 0 0 0.2 0.2 0.2 0.3 0.4 0.1 0.1 0 0
Total Non-Current Liabilities 316.0 312.3 136.2 29.7 40.7 39.3 52.0 11.5 8.9 10.4 7.3 8.2 7.0 6.2 4.7 4.8 0.5 0.3 0.2 0.2 0.4 0.8 1.0 0.1 0.1 0.0 0.1
Total Liabilities 473.9 463.3 179.8 75.5 85.0 76.5 93.9 32.8 28.0 28.2 23.9 25.2 18.1 16.5 17.2 16.1 14.7 2.9 3.1 3.6 4.7 3.6 2.5 1.5 0.8 0.8 0.7
Stockholders' Equity
Common Stock 1.3 1.3 0.4 0.4 0.4 0.4 0.3 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Retained Earnings (226.3) (205.8) (154.8) (136.7) (134.4) (122.9) (112.1) (103.4) (95.4) (91.5) (85.1) (75.2) (63.6) (56.1) (53.5) (49.5) (36.9) (23.7) (19.5) (12.2) (10.5) (11.4) (11.8) (10.6) (9.2) (5.4) (0.5)
Accumulated Other Comprehensive Income 29.7 (8.8) (1.0) (1.1) 0.4 (0.9) 0.3 (0.4) (0.6) (0.1) (0.5) (0.4) (0.1) 0.1 (0.0) (0.0) (0.1) 0.0 0.0 0.0 (1.0) (0.7) (0.8) (0.6) (0.2) (0.2) (0.1)
Total Stockholders' Equity 475.5 446.6 128.8 147.3 144.8 155.0 131.6 29.7 33.0 16.0 20.6 27.3 37.4 44.0 45.6 44.7 55.9 67.1 71.7 81.3 15.2 13.6 11.0 11.4 6.5 10.2 15.1
Total Liabilities & Equity 955.6 910.1 308.7 222.9 229.9 231.6 225.5 62.5 60.9 44.2 44.4 52.5 55.5 60.6 62.8 60.9 70.6 69.9 74.8 84.9 19.8 17.2 13.5 12.9 7.3 11.0 15.8
Debt Metrics
Total Debt 296.9 287.1 123.5 27.5 34.2 36.5 42.1 2.4 0 3.0 0 0.1 0.3 0 0 0 11.6 0 0.0 0.2 0.4 0.6 1.0 0.1 0.0 0.0 0.0
Net Debt 260.4 242.7 99.1 2.8 7.8 (4.4) 25.7 (7.2) (5.1) (2.0) (4.5) (5.8) (6.3) (1.6) (8.4) (14.5) (7.8) (12.6) (5.1) (9.4) (1.7) (7.8) (2.2) (3.6) (2.4) (3.1) (7.0)
Metric 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Operating Activities
Net Income (20.6) (51.0) (5.7) (6.8) (12.8) (9.0) (11.0) (5.8) (3.9) (6.4) (10.0) (11.6) (7.5) (2.6) (4.0) (12.6) (13.2) (4.2) (7.3) (1.6) 0.9 0.4 (1.2) (1.4) (3.9) (4.9) 0.2
Depreciation & Amortization 60.3 47.5 9.4 8.3 8.6 11.3 3.3 1.6 1.1 0.7 0.7 2.2 2.2 2.2 2.4 2.4 0.5 0.5 0.5 0.5 0.4 0.3 0.2 0.2 0.2 0.1 0.1
Stock-Based Compensation 7.5 9.4 3.9 4.3 4.7 0 3.8 0 2.4 1.7 1.6 1.3 1.1 1.2 1.2 1.6 2.2 3.0 0 0 0 0 0 0 0 0 0
Change in Working Capital (29.9) (25.0) (0.5) (9.0) (11.9) 0.7 (5.1) (0.2) 3.8 1.2 0.1 6.2 (0.1) (10.1) (6.3) 4.7 2.9 (4.8) 3.5 (3.2) (5.8) 0.7 0.2 (2.5) 0.5 0.9 (2.0)
Other Non-Cash Items 14.8 20.7 (2.8) 3.7 4.2 5.6 1.6 0.3 0.0 0.0 0.1 0.0 2.5 0.4 0.5 0.3 1.0 0.6 3.9 3.2 0.5 0.1 0.6 0.1 0.0 (0.0) 0.0
Operating Cash Flow 30.5 (3.3) 4.4 1.2 (5.4) 8.8 (7.3) (1.7) 3.9 (2.5) (6.9) (0.3) (1.1) (9.1) (6.6) (3.6) (6.9) (4.9) 0.6 (1.1) (4.1) 1.6 (0.2) (3.7) (3.2) (3.9) (1.6)
Investing Activities
Capital Expenditure (21.6) (33.8) (7.1) (6.2) (3.0) (3.4) (1.0) (0.3) (0.4) (0.5) (2.2) (0.4) (0.5) (0.3) (0.4) (1.5) (0.4) (0.2) (0.5) (0.7) (0.5) (0.4) (0.3) (0.3) (0.1) (0.4) (0.2)
Acquisitions 0 (137.1) 8.7 0 0 0.1 (69.0) 0.3 (7.4) 0.5 2.2 0 0 0 0 (15) (0.5) (0.6) 0 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 (0.1) (0.1) 0 0 (0.1) (3.2) (11.1) (1.0) (2.8) (5.4) (3.8) (5.5) (7.2) (15.3) (59.4) (28.5) (15.7) (68.5) (6.0) (1.2) (5.7) (4.6) (9.2) (10.1) (6.0)
Sales/Maturities of Investments 0 0 0 0 0 0 4.6 10.1 1.1 0.9 8.4 5.2 10.4 8.4 4.4 42.1 62.4 44.6 16.5 13.2 3.7 3.4 4.1 3.6 12 10.7 0
Other Investing Activities (18.1) 0.3 0 0 0 0 0.0 (0.3) (10.0) (0.5) (2.2) (0.2) 6.6 2.9 0 0 0 0 0 0.0 0.0 0.0 0.0 (0.1) (0.2) (0.2) 0
Investing Cash Flow (39.7) (170.6) 1.5 (6.3) (3.0) (3.3) (65.5) 6.6 (17.7) (0.5) 3.5 (0.6) 6.0 2.6 (3.2) 10.3 2.2 15.4 0.3 (56.0) (2.8) 1.8 (1.9) (1.4) 2.5 (0.0) (6.2)
Financing Activities
Net Debt Issuance 0.1 141.9 (0.2) (0.1) (6.0) (8.1) 33.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Stock Repurchased 0 (2.8) (0.1) (0.2) (0.8) (0.4) (0.3) (0.7) 0 0 0 0 0 (0.2) (1.1) (0.1) 0 (4.4) (5.6) 0 0 0 0 0 0 0 0
Dividends Paid 0 (90.3) (3.4) 0 (4.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 0.5 0.0 0 0.2 0 (46.7) 0.1 14.3 3.1 1.9 0.3 0.2 (0.1) 3.6 (11.7) 11.6 (3.0) (5.4) 64.5 0.5 1.9 1.6 6.4 0.0 (0.0) 13.7
Financing Cash Flow 0.2 115.7 (3.7) (0.3) 16.2 (3.9) 78.6 0.1 14.3 3.1 1.9 0.3 0.2 (0.1) 3.6 (11.7) 11.6 (3.0) (5.4) 64.5 0.5 1.9 1.6 6.4 0.0 (0.0) 13.7
Cash Position
Net Change in Cash (8.0) (60.9) 1.3 (8.8) 8.3 1.7 6.2 5.1 0.1 0.5 (1.5) (0.6) 5.0 (6.8) (6.1) (5.0) 6.9 7.5 (4.5) 7.5 (6.3) 5.3 (0.6) 1.3 (0.7) (3.9) 5.9
Cash at Beginning 48.8 109.7 18.0 26.8 18.4 16.7 10.5 5.4 5.0 4.5 6.0 6.6 1.6 8.4 14.5 19.5 12.6 5.1 9.6 2.1 8.4 3.2 3.8 2.4 3.1 7.0 1.1
Cash at End 40.8 48.8 19.3 18.0 26.8 18.4 16.7 10.5 5.1 5.0 4.5 6.0 6.6 1.6 8.4 14.5 19.5 12.6 5.1 9.6 2.1 8.4 3.2 3.8 2.4 3.1 7.0
Free Cash Flow 8.8 (37.1) (2.7) (5.0) (8.4) 5.5 (8.3) (2.0) 3.5 (3.0) (9.1) (0.7) (1.7) (9.5) (7.0) (5.1) (7.2) (5.1) 0.1 (1.8) (4.6) 1.2 (0.6) (4.0) (3.3) (4.3) (1.8)
Key Metrics 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Income Statement
Revenue 443.8 362.5 362.5 135.2 126.0 113.6 81.9 53.1 41.0 36.8 41.8 45.6 39.9 44.6 39.3 25.9 10.3 27.0 17.1 24.7 19.0 13.7 8.0 5.5 0.9 0.9 5.6
Gross Profit 246.4 194.5 194.5 64.2 59.8 59.0 38.4 25.8 20.9 18.3 17.0 20.0 17.9 22.9 20.6 14.4 4.8 13.6 8.2 11.0 9.3 7.2 3.9 3.1 0.4 0.3 2.5
Operating Income 19.6 (25.9) (25.9) (6.9) (8.2) (3.6) (9.8) (5.7) (4.1) (6.4) (10.3) (12.2) (8.2) (3.8) (5.0) (13.3) (14.4) (6.1) (10.7) (4.5) 0.5 0.1 (1.5) (1.7) (4.2) (5.6) 0.0
Net Income (20.6) (51.0) (51.0) (7.0) (12.8) (9.0) (11.0) (5.8) (3.9) (6.4) (10.0) (11.6) (7.5) (2.6) (4.0) (12.6) (13.2) (4.2) (7.3) (1.6) 0.9 0.4 (1.2) (1.4) (3.9) (4.9) 0.2
EPS (Diluted) -0.15 -0.43 -1.09 -0.07 -0.64 -0.10 -0.18 -0.11 -0.09 -0.16 -0.26 -0.32 -0.21 -0.07 -0.12 -0.37 -0.40 -0.13 -0.22 -0.05 0.03 0.02 -0.06 -0.07 -0.22 -0.29 0.01
Balance Sheet
Cash & Equivalents 36.5 44.4 24.4 24.8 26.5 41.0 16.4 9.5 5.1 5.0 4.5 6.0 6.6 1.6 8.4 14.5 19.5 12.6 5.1 9.6 2.1 8.4 3.2 3.8 2.4 3.1 7.0
Total Assets 955.6 910.1 308.7 222.9 229.9 231.6 225.5 62.5 60.9 44.2 44.4 52.5 55.5 60.6 62.8 60.9 70.6 69.9 74.8 84.9 19.8 17.2 13.5 12.9 7.3 11.0 15.8
Total Debt 296.9 287.1 123.5 27.5 34.2 36.5 42.1 2.4 0 3.0 0 0.1 0.3 0 0 0 11.6 0 0.0 0.2 0.4 0.6 1.0 0.1 0.0 0.0 0.0
Stockholders' Equity 475.5 446.6 128.8 147.3 144.8 155.0 131.6 29.7 33.0 16.0 20.6 27.3 37.4 44.0 45.6 44.7 55.9 67.1 71.7 81.3 15.2 13.6 11.0 11.4 6.5 10.2 15.1
Cash Flow
Operating Cash Flow 30.5 (3.3) 4.4 1.2 (5.4) 8.8 (7.3) (1.7) 3.9 (2.5) (6.9) (0.3) (1.1) (9.1) (6.6) (3.6) (6.9) (4.9) 0.6 (1.1) (4.1) 1.6 (0.2) (3.7) (3.2) (3.9) (1.6)
Capital Expenditure (21.6) (33.8) (7.1) (6.2) (3.0) (3.4) (1.0) (0.3) (0.4) (0.5) (2.2) (0.4) (0.5) (0.3) (0.4) (1.5) (0.4) (0.2) (0.5) (0.7) (0.5) (0.4) (0.3) (0.3) (0.1) (0.4) (0.2)
Free Cash Flow 8.8 (37.1) (2.7) (5.0) (8.4) 5.5 (8.3) (2.0) 3.5 (3.0) (9.1) (0.7) (1.7) (9.5) (7.0) (5.1) (7.2) (5.1) 0.1 (1.8) (4.6) 1.2 (0.6) (4.0) (3.3) (4.3) (1.8)