ReneSola Announces Fourth Quarter and Full Year 2017 Results from Continuing Operations
ReneSola Announces Fourth Quarter and Full Year 2017 Results from Continuing Operations
SHANGHAI, April 25, 2018 /PRNewswire/ -- ReneSola Ltd ("ReneSola" or the "Company") (www.renesolapower.com) (NYSE: SOL), a leading solar project developer and operator, today announced its unaudited financial results from continuing operations for the fourth quarter and full year ended December 31, 2017.
Unless otherwise specified, the results presented herein exclude discontinued operations. Discontinued operations relate to the Company's manufacturing business (including polysilicon, solar wafer, solar cell and solar module manufacturing) and LED distribution business which were disposed of in the third quarter of 2017. The Company's full financial results including discontinued operations are not available at this time.
Mr. Xianshou Li, ReneSola's Chief Executive Officer, commented, "2017 was a transformative year for the Company. We exited the manufacturing business, becoming a pure play in the rapidly growing project development market. As a result, the fundamentals for our project business significantly improved. We achieved profitability and maintained a healthy balance sheet, providing the financial flexibility to drive growth. In 2017, we successfully connected 270 MW of solar rooftop projects in China and entered into the Hungarian market with a pipeline of 38.4 MW. Additionally, our overall solar power project pipeline remains solid at around 1.1 GW."
Li continued, "Fourth quarter results were largely in-line with our expectations. On a year-over-year basis, Q4 revenue growth was over 60%, and operating income was up over 136%. We remain excited about the opportunities ahead of us, and believe that our talented team, diversified geographic coverage and track record of success at every stage of project development will position us for profitable growth."
Fourth Quarter 2017 Highlights
Q4 2017 Q/Q Change Y/Y Change
($ in million)
-------------
Revenue $64.8 +78.6% +61.1%
------- ----- ----- -----
Gross Profit $6.8 +7.3% +71.5%
------------ ---- ---- -----
Operating Income $4.9 +28.2% +136.1%
---------------- ---- ----- ------
EBITDA $4.7 -28.6% +94.5%
------ ---- ----- -----
Income (loss)
before Income $2.0 -49.8% +14.8%
Tax and
Noncontrolling
interests from
Continuing
Operations
-----------
-- Revenue was $64.8 million, compared to the guidance range of $55 million
to $60 million;
-- Gross margin was 10.5%, compared to 17.5% in Q3 2017 and 9.9% in Q4
2016;
-- Income before income tax and noncontrolling interests from continuing
operations was $2.0 million, compared to $4.0 million in Q3 2017 and
$1.7 million in Q4 2016;
-- Recognized revenue of $44.4 million from sales of distributed generation
(DG) projects in China, community solar projects in the United States
and utility projects in Turkey;
-- Recognized revenue of $15.4 million from EPC services for 25 MW of DG
projects in China;
-- Recognized revenue from the sale of electricity of $5.0 million;
-- Connected 76.8 MW of rooftop projects in China which the Company intends
to hold; and
-- Solar power project pipeline of approximately 1.1 GW, of which 546.5 MW
are late-stage.
Full Year 2017 Highlights
2017 2016 Y/Y Change
($ in million) ($ in million)
------------- -------------
Revenue $103.0 $80.5 +27.9%
------- ------ ----- -----
Gross Profit $14.1 $7.2 +95.4%
------------ ----- ---- -----
Operating
Income $6.6 $2.3 +179.1%
--------- ---- ---- ------
EBITDA $11.6 $4.7 +149.4%
------ ----- ---- ------
Income (loss)
before Income
Tax $3.5 $0.2 +1,447.6%
and
Noncontrolling
interests
from
Continuing
Operations
-----------
-- Revenue increased 27.9% to $103.0 million from $80.5 million in 2016;
-- Gross margin was 13.7%, compared to 9.0% in 2016;
-- Income before income tax and noncontrolling interests from continuing
operations was $3.5 million, compared to $0.2 million in 2016;
-- Recognized revenue of $64.8 million from sales of solar projects;
-- Recognized revenue of $25.9 million from the EPC business;
-- Recognized revenue from the sale of electricity of $12.3 million; and
-- Connected a total of 270 MW of rooftop projects in China.
Fourth Quarter 2017 Financial Results
Revenue from continuing operations was $64.8 million was up 78.6% q/q and up 61.2% y/y.
-- Revenue from the Project Development business was $44.4 million as we
recognized revenue from sales of projects of 44.2 MW in China, 8.1 MW in
Turkey and 13.3 MW in Minnesota.
-- Revenue from the EPC business was $15.4 million as we recognized revenue
from the provision of EPC services of 25 MW in China.
-- Revenue from the sale of electricity was $5.0 million. The Company
generated 22.6 million kwh of electricity from its operating projects in
China during the quarter.
Gross profit of $6.8 million was up 7.3% q/q and 71.5% y/y. Gross margin was 10.5%, compared to 17.5% in Q3 2017 and 9.9% in Q4 2016.
Operating expenses were $2.0 million, down from $2.5 million in Q3 2017 and up slightly from $1.9 million in Q4 2016. Sales and marketing expenses were $0.6 million, essentially flat when compared to Q3 2017. General and administrative expenses were $1.7 million, down modestly from $1.9 million in Q3 2017.
Operating income was $4.9 million, compared to $3.8 million in Q3 2017 and $2.1 million in Q4 2016.
Total non-operating expenses of $2.9 million included interest expenses of $1.1 million and foreign exchange loss of $1.7 million.
Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $4.0 million in Q3 2017 and $1.7 million in Q4 2016.
Financial Position
The Company had cash and cash equivalents of $13.4 million as of December 31, 2017, compared to $5.2 million as of September 30, 2017. Long-term borrowings were $32.5 million as of December 31, 2017, associated with the Romanian projects. Other long-term liabilities were $67.5 million as of Decemember 31, 2017, associated with the financial leasing payables for rooftop projects in China.
Full Year 2017 Financial Results
Revenue from continuing operations was $103.0 million was up 27.9% y/y.
-- Revenue from the Project Development business was $64.8 million.
-- Revenue from the EPC business was $25.9 million.
-- Revenue from the sale of electricity was $12.3 million.
Gross profit of $14.1 million was up 95.4% y/y. Gross margin was 13.7%, compared to 9.0% in 2016.
Operating expenses were $7.6 million, up from $4.9 million in 2016. Sales and marketing expenses were $1.7 million, up from $0.5 million in 2016. General and administrative expenses were $6.2 million, down from $6.8 million in 2016.
Operating income was $6.6 million, compared to $2.3 million in 2016.
Total non-operating expenses of $3.0 million included interest expenses of $3.9 million and foreign exchange gains of $0.9 million.
Income before income tax and noncontrolling interests from continuing operations was $3.5 million, compared to $0.2 million in 2016.
Recent Business Updates
-- The Company are now in late stage discussion with a strategic investor
to form a partnership to co-own the Company's China DG Holdco. The
investor plans to inject 200 million RMB in cash into the Holdco, in
exchange for minority interest of the Holdco. We are hoping to finalize
the details of our partnership in a few days.
-- In recent months the Company successfully penetrated the Hungarian solar
market, securing a project pipeline of 38.4 MW. Additionally, the
Comapny is developing solar projects in other new markets, including
Spain, South Korea and India. In Spain, the Company currently has an
early-stage pipeline of 162 MW.
-- In the first quarter of 2018, the Company was awarded 16 solar projects
in France with a combined capacity of 4.65 MW.
-- In March 2018, the Company announced that it formed a strategic
partnership with Green City Energy, a subsidiary of Green City e.V., a
Munich, Germany-based project developer and financier focused on
building, financing and operating renewable energy power plants in
selected European markets, to jointly develop four solar parks in the
south of France with a total installed capacity of 69 MW, generating
approximately 105 million kWh of solar power per year.
-- In March 2018, the Company announced that Mr. Weiguo Zhou, an
independent director and a member of compensation committee and
nominating and corporate governance committee, was appointed interim
Chief Financial Officer. Mr. Zhou succeeds Maggie Ma, whose resignation
was effective February 28. Mr. Zhou has stepped down as an independent
director during the period he serves as interim Chief Financial Officer
and remains a member of the board of directors and a member of
compensation committee and nominating and corporate governance
committee.
Operating Assets and Completed Projects for Sale
The Company continues to pursue opportunities in small-scale projects in diversified regions and believes its strategy can capitalize on trends in solar energy development. ReneSola currently owns over 187 MW of rooftop projects in operation, which are concentrated in a handful of eastern provinces of China with attractive development environments. As of December 31, 2017, the Company had over 28 MW of rooftop projects under construction and anticipates owning approximately 350-400 MW of rooftop projects in China by the end of 2018.
Operating Assets Capacity (MW)
---------------- ------------
China DG 187.3
-------- -----
- Zhejiang& Shanghai 66.7
-------------------- ----
- Anhui 29.6
------- ----
- Henan 57.9
------- ----
- Jiangsu 8.6
--------- ---
- Hebei 17.1
------- ----
- Shandong 7.4
---------- ---
Romania 15.4
------- ----
United Kingdom 9.3
-------------- ---
Total 212.0
----- -----
As of December 31, 2017, the Company currently has 4.6 MW of completed projects for sale.
Completed Projects for Sale Capacity (MW)
--------------------------- ------------
Turkey 4.6
------ ---
Total 4.6
----- ---
Project Pipeline
As of December 31, 2017, the Company had a pipeline of over 1.1 GW of projects in various stages, of which 546.5 MW are projects that are late-stage. 92.2 MW of these late-stage projects are under construction. Late-stage projects include (i) projects with the legal right to develop based on definitive agreements, including the projects held by project SPVs or joint ventured project SPVs whose controlling power can be purchased by us once the late stage is reached, and (ii) projects for which PPA or FiT has been arranged.
The following table sets forth the Company's late-stage project pipeline by location:
Project Location Late-stage (MW) Under Construction (MW)
---------------- -------------- ----------------------
USA 188.4 30.9
--- ----- ----
Canada 18.8 8.6
------ ---- ---
Turkey 120.4[1] 10.4
------ ------- ----
Poland 55.0 14.0
------ ---- ----
Hungary 38.4 -
------- ---- ---
China DG 125.5 28.3
-------- ----- ----
Total 546.5 92.2
----- ----- ----
[1] With the start of
operation, ReneSola holds
50% of the economics in the
projects, which are held
for sale and expected to be
sold in the normal course
upon connection or shortly
thereafter.
China
China: Late-stage Pipeline Capacity Business Model
(MW)
--- ---
-Zhejiang & Shanghai 69.1 IPP
-------------------- ---- ---
-Fujian & Guangdong 15.1 IPP
------------------- ---- ---
-Jiangsu 14.0 IPP
-------- ---- ---
-Anhui 7.0 IPP
------ --- ---
-Henan 5.1 IPP
------ --- ---
-Shandong 15.2 IPP
--------- ---- ---
China DG 125.5
-------- -----
United States
In the U.S, the Company has a late-stage pipeline of 188.4 MW, 30.9 MW of which are under construction and are expected to be connected to the grid in the second quarter of 2018.
US: Late-stage Pipeline Location Capacity PPA/FiT Term Start COD Business Model
(MW) Date
--- --- ----
NC-North NC 6.8 PPA 15 Years 2017 Q3 2018 Q1 Project Development
-------- --- --- --- -------- ------- ------- -------------------
RP-NC NC 24.1 PPA 15 Years 2017 Q3 2018 Q2 Project Development
----- --- ---- --- -------- ------- ------- -------------------
Utah UT 10.7 PPA 20 Years 2018 Q2 2018 Q4 Project Development
---- --- ---- --- -------- ------- ------- -------------------
RP-MN MN 37.5 In Progress 25 Years 2018 Q2 2018 Q4 - Project Development
2019 Q1
--- -------
New York NY 7.7 In Progress TBD 2018 Q2 2018 Q4 Project Development
-------- --- --- ----------- --- ------- ------- -------------------
RP-CA CA 13.6 Partial 20 Years 2018 Q3 2019 Project Development
----- --- ---- ------- -------- ------- ---- -------------------
Oregon OR 23.0 In Progress TBD 2019 2019 Project Development
------ --- ---- ----------- --- ---- ---- -------------------
Alpine TX 65.0 In Progress TBD 2019 2019 Project Development
------ --- ---- ----------- --- ---- ---- -------------------
Total 188.4
----- -----
Canada
In Canada, the Company has a late-stage pipeline of 18.8 MW projects, 8.6 MW of which are under construction and are expected to be connected to the grid in the third quarter of 2018. These 8.6 MW projects are eligible for Canada's FiT3 Scheme.
Canada: Late-stage Pipeline Location Capacity PPA/FiT Term Start Date COD Business Model
(MW)
--- ---
FiT3 Ontario 8.6 FiT3 20 Years 2017 Q4 2018 Q3 Project Development
---- ------- --- ---- -------- ------- ------- -------------------
FiT4 Ontario 10.2 FiT4 20 Years 2018 2019 Project Development
---- ------- ---- ---- -------- ---- ---- -------------------
Poland
In Poland, the Company has a late-stage pipeline of 55 MW projects, 14 MW of which are under construction and are expected to be connected to the grid in the second quarter of 2018. The rest of the 41 MW of projects are expected to be connected to the grid in late 2018.
Poland: Project Info Capacity PPA/FiT Price ($/KWh) Term Start Date COD Business
Late-stage Model
Pipeline (MW)
-------- ---
Auction 2016 Dec 13 individual 13.0 FiT (CfD) 0.1150 15 Years 2017 Q2 2018 Q2 IPP
projects, 1MW each
--- ------------------
Auction 2017 Jun 42 individual 42.0 FiT (CfD) 0.1080-0.1100 15 Years 2018 Q2 2018 Q4 IPP
projects, 1MW each
(1MW is under
construction)
--- ------------
Total 55.0
----- ----
Turkey
In Turkey, the Company has a late-stage pipeline of 120.4 MW projects, 10.4 MW of which are under construction and are expected to be connected to the grid in the first half of 2018.
Turkey: Under To be FiT (USD/KWh) Term Business Model
construction constructed
Late-stage Pipeline (Capacity MW)
in 2018
--- -------
120.4 10.4 110.0 0.1060-0.1330 10 Years Project Development
----- ---- ----- ------------- -------- -------------------
Other Geographies
Others: Project Capacity PPA/FiT Price ($ / kwh) Term Start Date COD Business Model
Late-stage
Pipeline (MW)
-------- ---
Hungary Portfolio of "Micro PPs", 0.5 MW each 38.4 FiT Over $0.124 25 Years 2018 Q2 2018 Q4 Project Development
------- ------------------------------------- ---- --- ----------- -------- ------- ------- -------------------
Outlook
For the first quarter of 2018, the Company's project business is expected to generate revenue in the range of $30 to $35 million and overall gross margin in the range of 15% to 20%. During the first quarter of 2018, the Company expects to connect 5 MW to 10 MW of DG projects in China, and to monetize 5 MW projects in international markets.
For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25%. The Company intends to connect 150 MW to 200 MW of DG projects in China, and to monetize 50 MW to 70 MW projects in international markets.
Conference Call Information
ReneSola's management will host an earnings conference call on April 25, 2018 at 8:30 a.m. U.S. Eastern Time (8:30 p.m. China Time).
Dial-in details for the earnings conference call are as follows:
Phone Number Toll-Free Number
------------ ----------------
United States +1 8456750437 +1 8665194004
------------- ------------- -------------
Hong Kong +852 30186771 +852 800906601
--------- ------------- --------------
Mainland China +86 8008190121
+86 4006208038
--- --------------
Other International +65 67135090
------------------- ------------
Please dial in 10 minutes before the call is scheduled to begin and provide the passcode to join the call. The passcode is 7074737.
A replay of the conference call may be accessed by phone at the following numbers until May 3, 2018. To access the replay, please again reference the conference passcode 7074737.
Phone Number Toll-Free Number
------------ ----------------
United States +1 6462543697 +1 8554525696
------------- ------------- -------------
Hong Kong +852 30512780 +852 800963117
--------- ------------- --------------
Mainland China +86 8008700206
+86 4006022065
--- --------------
Other International +61 281990299
------------------- -------------
Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of ReneSola's website at http://www.renesolapower.com.
About ReneSola
Founded in 2005, and listed on the New York Stock Exchange in 2008, ReneSola (NYSE: SOL) is an international leading brand of solar project developer and operator. Leveraging its global presence and solid experience in the industry, ReneSola is well positioned to develop green energy projects with attractive return around the world. For more information, please visit www.renesolapower.com.
Safe Harbor Statement
This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "plans," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. Furthermore, the forward-looking statements are mainly related to the Company's continuing operations and you may not be able to compare such information with the Company's past performance or results. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 20-F. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future.
For investor and media inquiries, please contact:
In China:
ReneSola Ltd
Mr. Johnny Pan
+86 (21) 6280-9180 x131
ir@renesolapower.com
The Blueshirt Group Asia
Mr. Gary Dvorchak, CFA
+86 (138) 1079-1480
gary@blueshirtgroup.com
In the United States:
The Blueshirt Group
Mr. Ralph Fong
+1 (415) 489-2195
ralph@blueshirtgroup.com
RENESOLA LTD
Unaudited Consolidated Balance Sheets
(US dollars in thousands)
Dec 31, Sep 30, Dec 31,
2017 2017 2016
ASSETS
Current assets:
Cash and cash equivalents 13,429 5,156 3,965
Restricted cash - - -
Accounts receivable, net of allowances for doubtful accounts 23,312 9,992 86
Advances to suppliers-current, net 380 348 4,221
Value added tax recoverable 15,229 13,357 4,893
Prepaid income tax - - 60
Prepaid expenses and other current assets 10,543 10,608 1,893
Project assets current 76,556 52,171 48,177
Deferred project costs current 17,957 17,788 -
Contract costs 12,669 46,827 -
Assets of discontinued operations current - - 444,199
Total current assets 170,075 156,247 507,494
Property, plant and equipment, net 154,659 138,056 20,159
Deferred tax assets-non-current, net 59 130 148
Advances for purchases of property, plant and equipment - - 416
Project assets non-current 7,481 7,470 6,710
Deferred project costs non-current - - 16,375
Other non-current assets 3,425 5,264 3,251
Assets of discontinued operations non-current - - 533,853
Total assets 335,699 307,167 1,088,406
======= ======= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings 6,606 - -
Accounts payable 25,788 15,803 -
Advances from customers-current 237 23,175 505
Amounts due to related parties 60,370 34,213 -
Other current liabilities 30,515 33,113 8,350
Income tax payable 330 94 93
Salary payable 560 182 -
Deferred project revenue current 20,792 - -
Liabilities of discontinued operations current - - 895,485
Total current liabilities 145,198 106,580 904,433
Long-term borrowings 32,514 30,363 28,836
Deferred project revenue non-current - 26,903 32,243
Failed sale-lease back and capital lease liabilities 67,505 56,466 -
Held-for-sale liabilities non-current - - 56,749
Total liabilities 245,217 220,312 1,022,261
------- ------- ---------
Shareholders' equity
Common shares 519,226 519,139 476,658
Additional paid-in capital 9,012 8,438 8,229
Accumulated deficit (435,518) (437,209) (469,975)
Accumulated other comprehensive income (2,238) (3,513) 51,233
Total equity attribute to ReneSola Ltd 90,482 86,855 66,145
Total shareholders' equity 90,482 86,855 66,145
------ ------ ------
Total liabilities and shareholders' equity 335,699 307,167 1,088,406
======= ======= =========
RENESOLA LTD
Unaudited Consolidated Statements of Income
(US dollar in thousands, except ADS and share data)
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec 31, 2017 Sep 30, 2017 Dec 31, 2016 FY2017 FY2016
Net revenues 64,809 36,294 40,217 102,974 80,505
Total net revenues 64,809 36,294 40,217 102,974 80,505
Cost of revenues (57,975) (29,926) (36,232) (88,842) (73,272)
Gross profit 6,834 6,368 3,985 14,132 7,233
----- ----- ----- ------ -----
GP% 10.54% 17.55% 9.91% 13.7% 9.0%
Operating (expenses) income:
Sales and marketing (617) (601) (97) (1,710) (549)
General and administrative (1,664) (1,888) (1,738) (6,179) (6,829)
Other operating income 355 (50) (72) 313 2,494
Total operating expenses (1,926) (2,539) (1,907) (7,576) (4,884)
------ ------ ------ ------ ------
Income from operations 4,908 3,829 2,078 6,556 2,349
----- ----- ----- ----- -----
7.6% 10.5% 5.2% 6.4% 2.9%
Non-operating (expenses) income:
Interest income (7) 26 (61) 51 4
Interest expense (1,113) (1,129) (109) (3,936) (1,842)
Foreign exchange gains (losses) (1,740) 1,236 (176) 895 (1,073)
Fair value change of warrant liability - - - - 578
Gains on repurchase of convertible notes 211
Other loss (58) 5 - (44) -
Income (loss) before income tax, noncontrolling interests 1,990 3,967 1,732 3,522 227
----- ----- ----- ----- ---
Income tax (expense) benefit (290) (2) 89 (322) (132)
Net income (loss) from continuing operations 1,700 3,965 1,821 3,200 95
----- ----- ----- ----- ---
Discontinued Operations:
Income/(loss) from discontinued operations - 83,484 (27,284) 31,258 (34,793)
Net Income/(loss) 1,700 87,449 (25,463) 34,458 (34,698)
Less: Net income (loss) attributed to noncontrolling interests - - - - -
--- --- --- --- ---
Net income (loss) attributed to holders of ordinary shares 1,700 87,449 (25,463) 34,458 (34,698)
===== ====== ======= ====== =======
Income per share from continuing operations
Basic 0.00 0.02 0.01 0.01 0.00
Diluted 0.00 0.02 0.01 0.01 0.00
Income (loss) per share from discontinued operations
Basic - 0.41 (0.14) 0.13 (0.17)
Diluted - 0.41 (0.14) 0.13 (0.17)
Weighted average number of shares used in computing loss per share
Basic 380,555,641 204,451,945 201,774,449 246,899,286 202,229,767
Diluted 380,579,653 204,451,945 201,844,449 246,905,289 202,403,904
Three Months Ended Twelve Months Ended
------------------ -------------------
Dec 31, 2017 Sep 30, 2017 Dec 31, 2016 Dec 31, 2017 Dec 31, 2016
Net income (loss) 1,700 87,449 (25,463) 34,458 (34,698)
Other comprehensive income (loss)
Foreign exchange translation adjustment 1,275 (56,898) 233 (53,471) (10,344)
Other comprehensive income (loss) 1,275 (56,898) 233 (53,471) (10,344)
----- ------- --- ------- -------
Comprehensive income (loss) 2,975 30,551 (25,230) (19,013) (45,042)
Less:comprehensive loss attributable to non-controlling interest - - - - -
Comprehensive income (loss) attributable to ReneSola 2,975 30,551 (25,230) (19,013) (45,042)
===== ====== ======= ======= =======
RENESOLA LTD
Unaudited Consolidated Statements of Cash Flow
(US dollar in thousands)
For the year ended December 31,
2017 2016
Net cash provided by operating activities 18,430 27,534
Net cash provided by (used in) investing activities (156,354) 42,160
Net cash provided by (used in) financing activities 102,404 (62,374)
Effect of exchange rate changes 11,613 (8,029)
Net increase (decrease) in cash and cash equivalents (23,907) (709)
------- ----
Cash and cash equivalents, beginning of year (includes 33,371 of cash in assets 37,336 38,045
of discontinued operations on December 31 2016)
Cash and cash equivalents, end of period/year 13,429 37,336
====== ======
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SOURCE ReneSola Ltd.
