The S&P/ASX 200 Index (ASX: XJO) rose by 0.7% today to 6,042 points.

There was a slight reprieve in Melbourne for some meat production. Poultry processors can operate at 80% capacity whilst abattoirs with less than 25 employees and seafood processors with fewer than 40 staff will not be required to reduce their operations.

ResMed Inc (ASX: RMD) share price drops 7.4%

ResMed’s FY20 result didn’t do enough to impress investors today. 

For FY20 the healthcare business grew revenue by 13% to US$3 billion, with revenue growth of 9% to US$770.3 million in the final quarter.

ResMed reported that its non-GAAP gross margin improved by 80 basis points to 59.8% for FY20. The fourth quarter gross margin was 59.9%.

The ASX 200 share’s FY20 net operating profit rose by 40% to US$809.7 million with non-GAAP operating profit growing by 24% to US$890.9 million. Fourth quarter non-GAAP operating profit rose by 24%.

ResMed’s CEO Mick Farrell said: “Our fourth quarter results reflect the strength and resiliency of our business in today’s uncertain environment. We finished fiscal year 2020 with double-digit revenue growth to $3 billion and operating profit up 24% on a non-GAAP basis.

“Throughout our fiscal fourth quarter, we continued to support the COVID-19 pandemic response through increased manufacturing of our ventilators, including bilevels, and ventilation mask systems while also supporting our customers with digital health solutions and other innovative tools to enable remote care for patients.

“Looking ahead, we are confident in our ability to navigate through the ongoing challenging clinical and economic environment to deliver for all our stakeholders. Sleep laps and physician practices are reopening across many geographies, and we’re seeing accelerated adoption of digital health solutions which supports our long-term strategy. We remain vigilant and thoughtful about the outlook for our business as we continue to serve our customers, and we believe our strong foundation will accelerate our growth over the longer term.”

Nick Scali Limited (ASX: NCK) share price jumps 14.6%

The furniture retail announced a good FY20 result and an impressive outlook.

Sales revenue only dropped by 2.1% despite COVID-19. Operating profit margins improved, leading to net profit after tax (NPAT) being flat at $42.1 million.

The board of Nick Scali decided to increase the final dividend by 12.5% to 22.5 cents per share.

Nick Scali revealed that trading during the month of July continued to be strong with written sales orders rising by more than 70%, following on from May and June where sales orders were also up more than 70%.

The retailer said that the orders will be delivered in the first quarter of FY21 and contribute to revenue in FY21. Revenue will be much higher in the first half of FY21 than last year and management are expecting profit to be up by at least 50% compared to the prior corresponding period.

Myer Holdings Ltd (ASX: MYR) update

The department store business announced an update today after the market had closed.

The ex-ASX 200 business said that it has amended and extended its debt facility to August 2022. The amended facility is $20 million lower at $340 million. No covenant testing will be required at the end of FY20 due to COVID-19. But covenants will be tested quarterly in future periods.

Myer’s sales were severely impacted during the lockdown period and there was lower footfall after the stores had reopened. However, strong online sales growth has mitigated some of that impact.

Management said that the combination of disciplined cost control, government support via jobkeeper and other payment deferrals, rent relief and deferrals has meant the company expects to report a small positive net cash position at the end of FY20 despite the loss of revenue and earnings. This compares to $39 million of net debt at the end of FY19.

Melbourne Myer stores have closed due to the new restrictions, however click and collect will be available at a limited number of stores.

More reading

• Village Roadshow locked in a capital raise as it secures new $70m facility
• Harvey Norman share price gets a helping hand from competitor’s rosy outlook
• Deepening partnership with Telstra fails to excite the Dubber share price
• With global share markets soaring, here’s why it’s still a good time to buy ASX shares
• Expert warns that record-breaking gold price is facing painful correction

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It has been some time since we have seen the Freedom Foods Group Ltd (ASX: FNP) share price trading on the ASX boards.

But that doesn’t mean the embattled food company isn’t busy behind the scenes.

This afternoon Freedom Foods announced the appointment of its new interim chief executive officer to lead it through its current crisis.

What did Freedom Foods announce?

According to the release, the Freedom Foods board has unanimously appointed Michael Perich as its interim Chief Executive Officer with immediate effect. Mr Perich is a major shareholder of the company.

This appears to be a good fit for the company. Mr Perich, in his capacity as an Alternate Director, has been taking a lead role in the ongoing investigations and review of its operations.

He will be replacing Brendan Radford, who stepped into the role of acting CEO after the unceremonious departure of Rory Macleod in June.

Freedom Foods explained the move: “While the review is still ongoing, it has become clear that for the successful recapitalisation of the company there is a need for executive ownership and accountability to implement the operational turnaround. “

“This cannot wait for an external search for a new CEO to be completed. Michael Perich has a deep understanding of the business and will provide the stability, focus and leadership required as the Company manages the issues that have been previously reported to the ASX,” it added.

This is not expected to be a long term appointment, though. The release explains that the board intends to conduct an external process for the appointment of a permanent CEO at the appropriate time once the operational turnaround is sufficiently progressed.

In addition to this, the company continues to search for a Chief Financial Officer. For now, Stephanie Graham will continue in the acting CFO role until an appointment is made.

More reading

• What can we learn from the Freedom Foods share price saga?
• Here are the 10 most shorted shares on the ASX
• Why the Freedom Foods share price will be suspended until 30 October

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Global testing and inspection company, ALS Ltd (ASX: ALQ), saw its share price gain a whopping 29.4% in July. That puts the share price near the top of the list of best performing earners on the S&P/ASX 200 Index (ASX: XJO) for the month. The ASX 200, by comparison, gained 0.5% in July.

The ALS share price was hammered earlier in the year during the huge coronavirus-inspired share market selloff. From 20 February to 24 March, the ALS share price lost more than half its value, plummeting 53%.

Since the 24 March low however, ALS’ share price has been trending strongly higher, gaining 83% by the end of July to close the month at $8.40 per share.

Year to date, the company’s share price hasn’t quite recovered from its viral plunge. But it’s getting close, down less than 2.7% since 2 January, giving it current a market capitalisation of $4.3 billion.

What does ALS do?

ALS Ltd is a global testing, inspection and certification company. ALS’ early history was focused on servicing the mineral exploration industry. Since then, the company has broadened its exposure into a wide range of sectors including agriculture, pharmaceuticals and construction.

ALS — Australian Laboratory Services — dates back to 1863, when it began as a small chemical company. It went on to list on the local Australian stock exchange in 1952. Today, ALS is a global company with operations in Asia, South America, North America, Africa, Europe and, more recently, the Middle East.

The company employs more than 13,000 staff in over 65 countries. Its dividend yield sits at 2.0%.

Why did ALS Ltd’s share price soar in July?

Some top name brokers favoured ALS in July, with both Morgan Stanley and Macquarie likely helping boost the share price with their overweight and outperform ratings.

ALS’ move to refocus a new effort on COVID-19 safety also looks have paid off.

According to the company’s website, its ‘Safe by Choice’ platform helps enable customers to reopen and operate their businesses safely. Its new services include COIVD-19 surface sampling as well as testing and facility hot spot mapping.

With the coronavirus again spreading rapidly in Victoria and re-emerging in other Australian states, the demand for testing and hot spot mapping also likely helped the ALS share price gain a further 5.4% so far in August.

More reading

• These were the best performing ASX 200 shares in July
• These were the best performing shares on the ASX 200 in July
• Why the ALS Ltd share price is up again today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I like to keep a close eye on ASX shares that brokers are giving buy ratings to and the reasons behind their bullish attitudes for those views.

Here are 3 ASX shares the experts are tagging as outperformers in the coming months.

City Chic Collective Ltd (ASX: CCX)

Leading broker Macquarie has placed a price target of $4.21 on the fashion retailer, which would provide prospective investors with approximately a 25% return at the current price of $3.37.

Macquarie analysts are enthused by its recent capital raising of $90 million to support its balance sheet and the room to manoeuvre for further growth this capital will provide. The additional liquidity will be utilised to finance the acquisition of the eCommerce assets from Catherines  from the Ascena Retail Group.

Citch Chic sagged as low as 79 cents per share when it bottomed out in March due to COVID-19, but has surged as of late due to impressive (unaudited) FY20 revenue growth of 31%.

Despite these recent successes, Macquarie remains wary of extended lockdowns in Victoria and the inevitable store closures this will cause. On the flipside, JobKeeper’s extension is believed to soften the financial blow for City Chic in the meantime.

Alliance Aviation Serviced Ltd (ASX: AQZ)

Credit Suisse rates this ASX share as one set to outperform, placing a target price of $4.05 on the flight charter company. This represents a current upside of 12.5% on Alliance’s share price of $3.60 at the time of writing.

The broker sees the current market for fly-in-fly-out (FIFO) workers as strong due to the continuation of commodities operations, and Alliance’s exposure to chartering flights for the resources industry acts as a major tailwind for its profitability prospects in FY21.

Yesterday Alliance revealed to the market that it had achieved an 18.9% increase in net profits and close to an 8% gain in total revenues for FY20, largely aided by the diversity of its business operations.  

Although it has cut its final dividend for FY20 due to the pandemic, Credit Suisse anticipates shareholders will receive a 2.5% yield in FY21 and remains optimistic the airline will continue to exceed market expectations in the coming 12 months.

Aristocrat Leisure Limited (ASX: ALL)

Fresh analysis from brokers at Citi has categorised the gaming and leisure company in the buy zone.

Citi has upheld its price target on Aristocrat of $30.10, representing a difference of approximately 10% from its current share price of $27.37 at the time of writing.

In May, it was announced that Aristocrat’s operating revenue for the first half of FY20 had increased by 7% compared to FY19, despite net profit after tax decreasing by as much as 14%, year on year.

In its current forecast for FY21, Citi expects Aristocrat to pay a dividend of 35 cents, equating to a yield of 1.3%, as well as earnings per share of $1.05.

More reading

• Are you a growth investor? Then take a look at these exciting ASX shares
• Alliance Airlines reports 24% increase in profits
• ASX marching higher despite COVID-19: Where should you invest?
• Why Alliance Aviation, Cochlear, Kogan, & Netwealth shares are storming higher
• My ASX share of the week

Motley Fool contributor Toby Thomas has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re a growth investor then you might want to take a look at the ASX shares listed below.

I believe all three are well-placed to grow at a strong rate over the next decade. Here’s why:

Aristocrat Leisure Limited (ASX: ALL)

The first ASX growth share to consider buying is this gaming technology company. Although it looks likely to experience a short term reduction in demand for its poker machines due to the pandemic, I expect it to rebound once the pandemic passes and casinos reopen as normal. In the meantime, the company’s social and mobile gaming apps continue to perform strongly during the crisis. If it can retain these users when casinos reopen and business returns to normal, I feel Aristocrat Leisure’s growth could accelerate over the coming years.

Nearmap Ltd (ASX: NEA)

Another growth share to consider buying is Nearmap. I think the leading aerial imagery technology and location data company can grow materially over the next decade. This is due to the large and growing global market for location intelligence data sets derived from aerial imagery and its leading position within it. Management expects the global aerial imagery market to be worth US$10.1 billion in 2020. Pleasingly for Nearmap, this market is highly fragmented, which I feel puts Nearmap in a great position to capture a growing slice of it in the future.

Zip Co Ltd (ASX: Z1P)

A final growth share to consider buying is Zip Co. It is one of the ANZ region’s leading buy now pay later providers but also has operations in South Africa and the UK. And should the acquisition of QuadPay complete successfully, it will soon be expanding into the massive United States. Management notes that this market is worth $5 trillion a year. If the company can make a success of this expansion, it could be destined for further explosive growth over the coming years.

More reading

• Leading brokers name 3 ASX shares to buy today
• Deepening partnership with Telstra fails to excite the Dubber share price
• Why these ASX tech shares are skyrocketing
• Afterpay and Qantas were among the most traded shares on the ASX last week
• Zip Co share price surges 8.5% higher: Is it too late to buy shares?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Threat Protect Australia Ltd (ASX: TPS) share price has rallied today after the company provided the ASX with a very positive business update and offered guidance for FY21. Following the update, the Threat Protect share price surged a huge 25%.

What does Threat Protect do?

Threat Protect is a leading security company that supports thousands of customers across Australia. It offers both residential and commercial services on a local and global scale. The company identifies security risks and provides personalised solutions for its clients.

Threat Protect offers three main services which include its safe haven app, home solutions and business solutions. The company claims to be the largest provider of wholesale monitoring services and the largest non-international owned monitoring company in Australia. Threat Protect currently monitors approximately 80,000 accounts through its national infrastructure.

Business update

The Threat Protect share price saw a substantial 25% jump today on the positive news in the business update. The company announced significant improvement in financial outcomes as a result of integration and cost cutting. This was aided by the shutting down of surplus monitoring facilities.

Current projections show the business to be in a positive cash position after payment of interest and principal repayments.

The update also notified the market of the company’s continued product growth. As the largest provider of wholesale monitoring services in Australia, Threat Protect aims to leverage its size to expand into the Duress, Medical and Ageing sectors.

The company also released some key financials. Threat Protect announced revenue of almost $27.8 million for 2020; a huge 41% increase year-on-year. As impressive, was the company’s normalised earnings before interest, taxes, depreciation and amortisation (EBITDA) numbers. Threat Protect reported $4.9 million EBITDA which was an increase of over 70% on last year’s results.

Guidance for FY21

Threat Protect also provided earnings guidance for the financial year ended 30 June 2021. It was announced that the board expects FY21 revenue to be in excess of $27 million, with FY21 normalised EBITDA to be in the range of $7.5 – $8.5 million. However, it was noted that the earnings guidance may be impacted by adverse changes in global economic conditions, including the significant impacts of COVID-19.

What’s next for the Threat Protect share price?

The Threat Protect share price has had a torrid twelve months, losing 46% of its value this year alone. Shareholders will be hoping this news can spur the company higher, with the Threat Protect share price closing the day at 7.5 cents cents.

More reading

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• Why the ALS share price leapt 29% higher in July
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Envirosuite Ltd (ASX: EVS) share price is today soaring higher with the company releasing information regarding a potential acquisition. Envirosuite’s share price is up by 11.54% at the time of writing to a price of 14.5 cents.

What does Envirosuite do?

EnviroSuite is an environmental management technology company that provides services through its SaaS platform. The Envirosuite platform offers environmental monitoring, management and investigative capabilities. The platform is incorporated into a number of diverse operations from waste water treatment to large scale construction, open cut mines and port operations.

The company boasts more than 500 customers worldwide. According to a company presentation, there’s been a 38-fold increase in global environmental laws in the regulation of pollution in recent years. Envirosuite’s clients include organisations in China, airports, and companies such as Rio Tinto Limited (ASX: RIO).

Acquisition news

Envirosuite has today announced a strategic acquisition to boost its offering to global water treatment customers. The deal involves a binding agreement to acquire 100% of water modelling R&D technology software company AqMB Holdings Pty Ltd for a total consideration of $1.35 million.

AqMB’s software is shown to directly reduce water treatment plant operating costs by up to 35%. Thanks to this technology, Envirosuite will now launch its new ‘smart water’ modelling product. Smart Water seeks to address the US$7 billion global water optimisation market.

Prior to committing to the acquisition, the AqMB software was trialled at the Yinghai recycled water treatment plant in Beijing. Prior to the trial, Envirosuite had determined that a reduction of 25% was necessary. The trial exceeded expectations as it indicated a potential reduction of up to 35% or $500,000 in savings. Globally, Envirosuite has so far identified as many as 25,000 applicable sites that could benefit from the technology.

The acquisition will be funded from Envirosuite’s current cash reserves. However there are still boundaries to cross as completion of the acquisition remains subject to the satisfaction of customary conditions. These are expected to be completed by the end of August this year.

What now for Envirosuite

With Australia aiming to achieve zero emissions by 2050 and a global push for sustainability worldwide, shareholders will be wanting to see this trend continue. As the economy becomes more conscious of its carbon use there will be a greater need for environmental consultancy services. This could see Envirosuite experience a positive surge in demand and bring it closer to producing profits for shareholders.

Envirosuite aims to be earnings before interest, tax, depreciation and amortisation-positive by the end of Q3 FY21. It also aims for revenue of $100 million per year by the end of the 2023 financial year.

Envirosuite CEO Peter White spoke to this tune as he claimed that “Envirosuite aims to play an increasingly important role for water asset operators around the world who are looking to solve problems relating to water supply, quality and scarcity via digital transformation.”

This most recent acquisition goes some way towards addresses these needs, resulting in today’s strong gains for the Envirosuite share price.

More reading

• Where I would reinvest my Rio Tinto dividends
• The latest ASX stocks to be hit by broker downgrades today
• This is the only ASX sector tipped to report earnings growth this reporting season
• Monadelphous share price plunges 10% on legal action from Rio Tinto
• ASX 200 up 0.1%: Big four banks tumble, Flight Centre sinks, SEEK cancels final dividend

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Ramsay Health Care Limited (ASX: RHC) share price could be on the move later this month when it releases its results.

Ahead of the release of the private hospital operator’s results on 27 August 2020, I thought I would look to see what analysts are expecting from the company.

What should you expect from Ramsay Health Care in FY 2020?

According to a note out of Goldman Sachs, its analysts believe Ramsay could fall short of the market’s expectations later this month.

Its analysts are forecasting FY 2020 revenue of $12,021 million, up 3.6% on the prior corresponding period. However, this will be a touch short of the consensus estimate of $12,175 million.

Goldman doesn’t expect this top line growth to flow through to its earnings. It has forecast earnings before interest, tax, depreciation, and amortisation (EBITDA) of $1,273 million. This will be a 20% decline on FY 2019’s EBITDA and compares to the consensus estimate of $1,578 million.

And on the bottom line, the broker is forecasting earnings per share of $1.53 in FY 2020, which will be a 46% decline year on year. As a comparison, the market consensus estimate is for earnings per share of $1.63.

What about FY 2021?

Most investors have accepted that Ramsay’s FY 2020 will be underwhelming because of the pandemic, so their focus will be on the year ahead.

Goldman Sachs is forecasting a 12% increase in revenue to $13,481.1 million in FY 2021. From this, it expects Ramsay’s EBITDA to rebound 25% to $1,589.9 million. This means it will be back in line with its pre-pandemic levels.

Should you invest?

While Goldman only has a neutral rating and $63.00 price target on Ramsay’s shares, I’m a little more bullish and would class them as a buy.

Just as long as you’re prepared to make a patient long term investment. The near term may be difficult, but I believe it has a very positive long term outlook. Overall, I feel it could beat the market over the 2020s.

More reading

• Top brokers name 3 ASX 200 shares to buy today
• Why I would buy and hold CSL and these ASX healthcare shares
• 3 underloved ASX healthcare shares with strong comeback potential
• 2 top ASX dividend shares to buy for income in 2020
• Nanosonics and 2 other ASX healthcare shares to buy

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Village Roadshow Ltd (ASX: VRL) share price barely reacted to management’s commitment to undertake a capital raising in the coming months.

Shares in the cinema and theme park operator dipped 1.4% to $2.10 following its latest update when the S&P/ASX 200 Index (Index:^AXJO) gained 0.3% in the last hour of trade.

It’s a tough environment for entertainment facilities operators with the COVID-19 shutdowns and social restrictions.

But Village Roadshow wanted to show it didn’t need a takeover to remain viable as it secured extra debt facilities to last for another 12 months.

Flying with one engine

While its Queensland-based theme parks have reopened given the state’s success in controlling the pandemic, social restrictions remain in force. This means its theme parks can only run at half their capacity and only local visitors have been patronising these facilities.

Its cinemas in Melbourne have also been forced to shut under the state’s new hard lockdown measures, while attendance in other states are curbed to comply with social distancing rules.

Bleeding cash

Management said it continues to run at a loss despite the federal government’s JobKeeper support program.

“With the reopening of several of its operating businesses, VRL’s previous monthly net cash costs of negative $10 -$15m per month has reduced,” said Village Roadshow in its ASX statement.

“However, the Company is still operating on a negative cash basis which it expects will continue for several months.”

Cash runway to last next 12-months

To ensure its survival and to strengthen its bargaining position with suitor BGH Capital, management is taking on more debt.

The group secured an extra $70 million from existing lenders and the Queensland Treasury Corporation and $43 million of this needs to be repaid within 12 months. The balance is due in five-years.

Looming $35m capital raising

As a condition of the new facility, Village Roadshow committed to raising a minimum of $35 million in new equity. This needs to be done before the group’s half year results announcement in February 2021 or three months after BGH withdraws its bid for the company, whichever happens first.

BGH lobbed a non-binding offer for the group and is willing to pay up to $2.40 a share. Village Roadshow and the bidder are locked in exclusive discussions, which are ongoing.

Climbing a mountain of debt

While Village Roadshow is yet to drawn down on the new debt facility, it expects to do so as it only has $5 million in undrawn debt from its existing facility.

The $5 million is part of a $340 million loan, with $230 million of this due in January 2022 and the balance needing to be repaid in January 2024.

Management said it also had unrestricted cash available of around $40 million to help fund operations.

Village Roadshow and its peers have underperformed the market since the start of the year. The VRL share price dropped by 45% over the period, while the Ardent Leisure Group Ltd (ASX: ALG) share price slumped 76% and Crown Resorts Ltd (ASX: CWN) share price lost 23%.

More reading

• Deepening partnership with Telstra fails to excite the Dubber share price
• With global share markets soaring, here’s why it’s still a good time to buy ASX shares
• Expert warns that record-breaking gold price is facing painful correction
• ASX 200 up 0.6%: ResMed & Scentre tumble, big four banks rise
• Overvalued or a strong buy? Nextdc and 1 more ASX growth share to watch

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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