DyDo GROUP HOLDINGS,INC. FY2027 Q2 Earnings Report

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Executive Summary

The key takeaway from this earnings report is the sharp recovery in Operating Income, driven by the turnaround in the domestic beverage business and higher profits in the overseas beverage business. Revenue increased modestly to ¥1200.6B (+2.0% YoY), while Operating Income rose substantially to ¥67.4B (¥13.8B in the same period last year, +388.2%), Ordinary Income to ¥43.3B (¥0.7B in the same period last year), and interim Net Income attributable to owners of the parent to ¥28.0B (¥-13.6B in the same period last year), with each turning to significant profit growth. The primary drivers of the increase in profit were the domestic beverage business turning profitable from an Operating Loss in the same period last year and expansion in revenue and profit in the overseas beverage business. However, Non-operating Expenses exceeded Non-operating Income, resulting in a substantial decline from Operating Income to Ordinary Income, which warrants attention.

Factors Behind Earnings Fluctuations

【Revenue】Revenue was ¥1200.6B, a slight increase of +2.0% YoY. By segment, the overseas beverage business grew significantly to ¥360.3B (+25.3%), while the domestic beverage business declined to ¥676.2B (-5.5%), the food business to ¥95.2B (-8.4%), and pharmaceutical-related operations to ¥65.4B (-6.4%). Domestic beverages accounted for the largest share of consolidated Revenue at 56.3%, but the company’s growth structure is dependent on overseas beverages.

【Profit and Loss】Operating Income increased substantially to ¥67.4B (¥13.8B in the same period last year, +388.2%). The largest factor was the domestic beverage business turning from an Operating Loss of ¥-20.3B in the previous year to an Operating Profit of ¥21.1B, while the overseas beverage business also contributed to profit growth with profit of ¥52.3B (+68.0% YoY). However, Ordinary Income was limited to ¥43.3B because Non-operating Expenses of ¥35.2B, including ¥6.8B in interest expenses, exceeded Non-operating Income of ¥11.1B. Consolidated Net Income was ¥28.9B, while Net Income attributable to owners of the parent was ¥28.0B (+305.7% YoY), representing a turnaround from the previous year’s loss. In conclusion, the company achieved both revenue and profit growth.

Segment Analysis

The overseas beverage business became the core business, with Revenue of ¥360.3B (+25.3%), Operating Income of ¥52.3B (+68.0%), and a profit margin of 14.5%, the highest level company-wide, accounting for approximately 69% of total segment profit. Although the domestic beverage business posted a decline in Revenue to ¥676.2B (-5.5%), its Operating Income improved most notably, turning profitable at ¥21.1B (a turnaround from the previous year’s loss, +204.1%), reflecting a substantial improvement in its earnings structure. The pharmaceutical-related business posted Revenue of ¥65.4B (-6.4%) and profit of ¥2.7B (-42.3%), resulting in lower revenue and profit. The food business recorded Revenue of ¥95.2B (-8.4%) and profit of ¥0.3B (-93.4%), a substantial decline in profit, with low profitability continuing. The rare disease pharmaceutical business (DyDoPharma) expanded Revenue to ¥4.7B (+79.8%) but recorded a loss of ¥0.8B, indicating that it remains in the early stages of monetization.

Key Financial Metrics

【Profitability】The Operating Margin improved substantially to 5.6% from approximately 1.2% in the previous year, while the Net Profit Margin also turned positive at 2.4% (a loss in the previous year). ROE was 4.1% (approximately in the 4% range on an annualized basis), indicating that the absolute level of profitability remains low. 【Cash Flow Quality】Operating Cash Flow (OCF) was ¥18.8B, below Net Income attributable to owners of the parent of ¥28.0B, resulting in OCF/Net Income of only approximately 0.67x. Increases of ¥58.3B in accounts receivable and ¥19.0B in inventories were factors behind the divergence between profit and cash flow. 【Investment Efficiency】Investing Cash Flow was ¥-28.4B, while acquisitions of tangible and intangible assets of ¥62.4B amounted to approximately 2.2 times depreciation and amortization expense of ¥27.9B, indicating that the company is in a phase of growth investment. Free Cash Flow was negative at ¥-9.7B. 【Financial Soundness】The Equity Ratio improved to 41.9% from 39.5% in the previous year. Current Assets of ¥964.9B versus Current Liabilities of ¥563.5B resulted in a healthy Current Ratio of approximately 171%. Interest-bearing debt primarily consisted of ¥132.2B in long-term borrowings and ¥150.0B in bonds, while Cash and Deposits of ¥240.9B indicate a comfortable liquidity position.

Cash Flow Analysis

Operating Cash Flow was ¥18.8B, down -12.4% YoY, indicating that cash generation has not kept pace with the improvement in profit. In terms of working capital, accounts receivable increased by ¥58.3B and inventories by ¥19.0B, which were the primary factors weighing on OCF. Investing Cash Flow was ¥-28.4B, primarily reflecting ¥62.4B in acquisitions of property, plant and equipment and intangible assets, indicating that proactive investment exceeding depreciation and amortization expense of ¥27.9B is continuing. Financing Cash Flow was ¥-34.3B, with repayments of long-term borrowings of ¥22.6B, dividend payments, and lease liability repayments serving as sources of cash outflow. As a result, Free Cash Flow, calculated as the sum of OCF and Investing Cash Flow, was negative at ¥-9.7B, indicating that cash outflows during the interim period were primarily driven by investment and increases in working capital.

Earnings Quality

The sharp improvement in Operating Income resulted from the structural factor of the domestic beverage business turning profitable, and no recognition of temporary extraordinary gains or losses has been identified. However, Non-operating Expenses of ¥35.2B, including interest expenses of ¥6.8B and other Non-operating Expenses of ¥3.8B, exceeded Non-operating Income of ¥11.1B, reducing Ordinary Income by ¥24.1B from Operating Income. This deterioration in non-operating income and expenses weighed on Profit Before Tax and Net Income, indicating that the improvement at the operating level has not been fully reflected at lower levels of the income statement. From an accrual perspective, increases in accounts receivable and inventories have pressured OCF, and OCF/Net Income remained at 0.67x, suggesting that current-period profit has somewhat weak cash support. Comprehensive Income was ¥53.4B, exceeding Net Income of ¥28.9B. The difference was primarily attributable to foreign currency translation adjustments of ¥30.1B, reflecting the impact of translating overseas operations into yen.

Earnings Forecast and Guidance

Progress toward the full-year company forecasts was 48.7% for Revenue (forecast: ¥2463.0B), 54.8% for Operating Income (forecast: ¥123.0B), 46.1% for Ordinary Income (forecast: ¥94.0B), and 46.7% for Net Income (forecast: ¥60.0B, attributable to owners of the parent). Progress in Operating Income exceeded the standard benchmark of 50% at the Q2 stage, while progress in Ordinary Income and Net Income remained below this level. Whether the pattern in which improvement at the operating level is reduced at the Ordinary Income level and below due to the burden of Non-operating Expenses will continue in the second half of the fiscal year will be the key to achieving the full-year forecasts. The company revised its earnings forecasts during the current quarter.

Shareholder Returns

The Q2 dividend was ¥15.00 per share, representing the planned 50% of the full-year company forecast of an annual dividend of ¥30.00. There was no revision to the dividend forecast during the current quarter. The Payout Ratio based solely on dividends remained relatively low when calculated using interim Net Income, indicating a modest burden relative to accounting profit. However, Free Cash Flow was negative at ¥-9.7B, meaning that dividends during the interim period could not be fully funded solely by cash generated from operating activities. Nevertheless, the financial foundation of Cash and Deposits of ¥240.9B and a Current Ratio of approximately 171% supports the company’s capacity to continue paying dividends in the near term.

Risk Factors

1. Risk that the domestic beverage business may not sustain profitability: Despite continued revenue declines of -5.5% YoY, the business achieved a turnaround to an Operating Profit of ¥21.1B. The sustainability of price revisions, sales mix improvements, and cost structure improvements will be the focus going forward.

2. Risk of converting earnings into cash: OCF was ¥18.8B, below Net Income attributable to owners of the parent of ¥28.0B, resulting in OCF/Net Income of approximately 0.67x. If the increases of ¥58.3B in accounts receivable and ¥19.0B in inventories continue, the divergence between earnings and cash generation may widen.

3. Risk of profit reduction due to Non-operating Expenses: Non-operating Expenses of ¥35.2B exceeded Non-operating Income of ¥11.1B, resulting in a ¥24.1B reduction from Operating Income to Ordinary Income. Without an improvement in non-operating income and expenses, including interest expenses, achievement of the full-year forecast at the Ordinary Income and Net Income levels may be affected.

Industry Benchmark (For Reference; Company Research)

Profitability and Returns

The Operating Margin exceeds the industry median, while the Net Profit Margin is below the industry median due to the burden of Non-operating Expenses.

Growth and Capital Efficiency

The Revenue Growth Rate is slightly below the industry median, indicating a relatively moderate pace of revenue growth.

※Source: Company research

Key Points from the Earnings Report

1. The Operating Margin improved substantially from the previous year, primarily due to the domestic beverage business turning profitable and higher profit in the overseas beverage business. Whether this structural change is temporary or structural will be a key consideration in evaluating future profitability.

2. While progress toward the full-year forecast exceeded 50% for Operating Income, progress for Ordinary Income and Net Income remained below 50%, confirming that the burden of Non-operating Expenses is affecting the efficiency of profit conversion.

3. The fact that OCF was below Net Income and Free Cash Flow was negative was attributable to working capital factors, namely increases in accounts receivable and inventories. How the relationship between earnings growth and cash generation develops in the second half of the fiscal year will be an important monitoring point.

Theoretical Share Price (Reference Value)

Sensitivity: 2,156円〜2,285円 at Cost of Equity ±1%, and 2,218円〜2,219円 at ω±0.1.

Notes:

• Goodwill amortization of 21.9円/share has been added back to profit (to reflect a non-cash expense and improve comparability with IFRS companies).
• Net Income is substantially compressed relative to Operating Income due to tax expenses, acquisition-related costs, and non-controlling interests, among other factors (Net Income ÷ Operating Income 49%). This value reflects that compression at face value, and underlying earnings power may be higher if these factors are temporary.
• Net assets as of the quarter-end have been used (there is a timing difference versus the full-year forecast).
• Since net assets include non-controlling interests, the theoretical value may be calculated somewhat higher.

（Calculation model: Residual Income Model (Ohlson-type, explicit 5-year fade) / Interest rate reference month: 2026-07 / Mechanically calculated solely from publicly disclosed data; this is not a forecast of the market share price or a recommendation of any specific investment action, and does not predict or guarantee future share prices）

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This report is an earnings analysis document automatically generated by AI based on XBRL earnings summary data. It does not recommend investment in any specific security. Industry benchmarks are reference information compiled by the company based on publicly disclosed earnings data. Investment decisions should be made at your own responsibility, after consulting professionals as necessary.

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AI Financial Analysis

Executive Summary

FY2027 Q2 delivered a clear earnings recovery, with operating income rising 388.2% year on year to ¥6.74bn despite revenue growth of only 2.0% to ¥120.06bn. Gross profit increased 5.7% to ¥55.87bn, outpacing sales as gross margin expanded 162bp year on year to 46.5%. SG&A declined 4.5% to ¥49.12bn, lowering the SG&A-to-sales ratio by approximately 280bp to 40.9%. Consequently, the operating margin improved from 1.2% to 5.6%, a 445bp expansion. Ordinary income rose to ¥4.33bn from ¥0.69bn, while profit attributable to owners of the parent turned to a ¥2.80bn profit from a ¥1.36bn loss. The recovery was led by overseas beverages, whose segment profit increased ¥2.12bn to ¥5.23bn, and by the domestic beverage business returning to a ¥2.11bn segment profit. The core business by segment operating-income contribution is the overseas beverage business, representing 69.1% of aggregate segment profit before corporate costs. Domestic beverage revenue declined 5.4%, showing that the group-level sales increase was driven principally by overseas beverage growth of 25.3%. The company’s reported annualized ROE was 8.0%, supported by a 2.3% net margin, 1.443x asset turnover, and 2.39x financial leverage. Profit conversion into cash was weak: operating cash flow was ¥1.88bn against ¥2.80bn of profit attributable to owners, resulting in an OCF-to-net-income ratio of 0.67x. Cash conversion was also low at 0.20x of EBITDA, reflecting substantial working-capital absorption, notably a ¥5.83bn increase in trade receivables and a ¥1.90bn increase in inventories. Free cash flow was negative ¥0.97bn after ¥2.84bn of investing cash outflow. Liquidity remains sound, with a 171.2% current ratio, a 148.2% quick ratio, and ¥24.10bn of cash and deposits. Leverage is manageable under credit metrics, with debt/EBITDA of 1.39x, debt/capital of 16.0%, and EBITDA interest coverage of 14.08x. The interim dividend of ¥15 per share is conservatively covered by earnings, although negative interim free cash flow means near-term cash coverage depends on a normalization of working capital and investment outflows. Full-year guidance implies broadly normal second-half execution, with Q2 revenue progress of 48.7% and operating-income progress of 54.8%.

Profitability Analysis

The reported annualized DuPont ROE of 8.0% is decomposed into a 2.3% net profit margin, 1.443x asset turnover, and 2.39x financial leverage. The most significant source of the year-on-year improvement was margin recovery rather than sales growth: revenue rose only 2.0%, whereas operating income increased 388.2%. Gross margin reached 46.5%, above the typical 25-40% food-and-beverage benchmark and indicating favorable product mix, pricing, procurement, and/or foreign business profitability. Operating margin increased 445bp to 5.6%, but remains below the 8% level generally associated with a strong profitability profile. SG&A fell 4.5% while revenue increased, demonstrating favorable operating leverage and an improved cost base. The overseas beverage segment generated a 14.5% segment margin, materially above domestic beverage at 3.1%, pharmaceutical-related business at 4.1%, and food business at 0.4%. Overseas beverage margin expanded from 10.8% in the prior-year period, while domestic beverages moved from a 2.8% loss margin to a 3.1% profit margin. The food business remained profitable but its segment margin declined sharply from 5.1% to 0.4%, indicating material earnings pressure despite its relatively modest contribution to consolidated profit. The rare-disease pharmaceutical business reduced its segment loss from ¥0.18bn to ¥0.08bn, but remained loss-making. In the five-factor framework, the tax burden was 0.647, consistent with a 33.2% effective tax rate, while the interest burden was 0.642. This low interest-burden measure reflects the substantial gap between ¥6.74bn of operating income and ¥4.33bn of profit before tax, driven by total non-operating expenses of ¥3.52bn relative to non-operating income of ¥1.11bn. Interest expense itself was ¥0.68bn and was covered 9.96x by EBIT, while EBITDA interest coverage was a stronger 14.08x. JGAAP goodwill amortization was ¥0.35bn, or 3.5% of pre-goodwill-amortization EBITDA of ¥9.88bn, making the accounting distortion versus IFRS peers limited.

Growth Assessment

Revenue growth was modest at 2.0%, but composition shifted decisively toward overseas beverages. Overseas beverage sales increased 25.3% year on year to ¥36.03bn and became the principal revenue-growth engine. Domestic beverage sales declined 5.4% to ¥67.58bn, so its profit turnaround will need to be sustained through mix, pricing, vending-machine productivity, procurement, and cost discipline rather than volume growth alone. Pharmaceutical-related sales declined 5.4% to ¥6.46bn and segment profit declined 42.3% to ¥0.27bn. Food sales declined 8.5% to ¥9.51bn, while segment profit fell 93.4% to ¥0.04bn, making this business the most evident drag on segment-level earnings momentum. Rare-disease pharmaceutical sales increased 79.8% to ¥0.47bn, but the segment continued to report a ¥0.08bn loss. Full-year guidance calls for revenue of ¥246.30bn, operating income of ¥12.30bn, ordinary income of ¥9.40bn, and profit attributable to owners of ¥6.00bn. Q2 progress against guidance is 48.7% for sales, 54.8% for operating income, 46.1% for ordinary income, and 46.7% for profit attributable to owners, versus a standard 50% first-half progress rate. The 4.8 percentage-point operating-profit outperformance is not a material deviation and provides some buffer, but ordinary-income progress trails operating-income progress because of non-operating costs. The revised forecast indicates management sees the improved operating trend as sufficiently durable to support a full-year operating-income increase of 195.5% year on year. Revenue sustainability will depend on continued overseas beverage expansion and stabilization in domestic beverages, food, and pharmaceutical-related operations.

Financial Health

Liquidity is healthy, with current assets of ¥96.49bn against current liabilities of ¥56.35bn, producing working capital of ¥40.14bn and a current ratio of 171.2%. The quick ratio of 148.2% indicates that liquidity is not dependent on inventory liquidation. Cash and deposits of ¥24.10bn provide substantial immediate liquidity, alongside ¥8.30bn of short-term investment securities. Accounts receivable were ¥36.71bn, equal to 22.1% of total assets, making collection discipline important to operating cash-flow performance. Interest-bearing debt was ¥13.27bn under the reported metric, while long-term loans were ¥13.22bn and short-term loans were only ¥0.05bn. The short-term debt ratio was 0.4% and cash-to-short-term-debt was 472.45x, indicating no meaningful short-term refinancing or maturity-mismatch pressure. Debt-to-equity was 1.39x, below the 2.0x aggressive-leverage threshold, and debt/capital was a conservative 16.0%. Debt/EBITDA of 1.39x is comfortably below the 2.5x investment-grade benchmark. Long-term loans decreased by ¥1.60bn year on year to ¥13.22bn, while bonds payable were ¥15.00bn. The short-term loan balance increased from ¥0.06bn to ¥0.51bn, a 750% increase but only ¥0.45bn in absolute terms and immaterial relative to cash resources and total liabilities. Total equity increased ¥4.87bn year on year to ¥69.77bn, supported by interim earnings and ¥2.45bn of other comprehensive income. Goodwill was ¥4.64bn, equivalent to 6.7% of equity and 0.49x EBITDA, indicating limited balance-sheet dependence on acquired value retention. Intangible assets were 6.4% of total assets, also within a balanced range. Defined-benefit obligations of ¥2.39bn and lease-obligation repayments of ¥0.73bn are relevant fixed financial commitments, but current liquidity and interest coverage provide a solid buffer.

Notable B/S Changes

Accounts receivable: +¥7.05bn (+23.8%) year on year to ¥36.71bn - a material increase that contributed to weak operating cash conversion and raises the importance of collection discipline. Short-term loans: +¥0.45bn (+750.0%) year on year to ¥0.51bn - the percentage change is large from a very low base, but the absolute balance remains immaterial versus ¥24.10bn of cash and deposits. Finished goods/inventories: +¥1.64bn (+14.5%) year on year to ¥12.98bn - below the 20% reporting threshold but notable in conjunction with the ¥1.90bn interim inventory cash outflow and weaker food-segment performance.

Cash Flow Quality

Earnings quality requires attention because operating cash flow of ¥1.88bn represented only 0.67x of ¥2.80bn in profit attributable to owners, below the 0.8x caution threshold. Cash conversion was only 0.20x of EBITDA, far below the 0.7x threshold, despite EBITDA of ¥9.53bn. The principal cause was working-capital investment: trade receivables increased by ¥5.83bn and inventories increased by ¥1.90bn during the interim period. Trade payables decreased slightly by ¥0.04bn, providing no offsetting supplier-financing benefit. These movements indicate that accounting profitability has not yet been fully realized as cash and make receivable collection and inventory normalization central monitoring items. The 0.6% accruals ratio is low and, in isolation, does not suggest elevated accrual-accounting risk. Operating cash flow also included ¥1.14bn of income-tax payments and ¥0.68bn of interest payments, which reduced cash realization. Investing cash flow was negative ¥2.84bn, resulting in negative free cash flow of ¥0.97bn. Purchases of property, plant, and intangible assets were ¥6.24bn, or 2.24x depreciation and amortization of ¥2.79bn, indicating investment above maintenance levels. Purchases of short-term investment securities of ¥3.70bn were partly offset by ¥3.12bn of proceeds from securities sales and redemptions. Financing cash flow was negative ¥3.43bn, including ¥2.26bn of long-term loan repayments, ¥0.48bn of dividends paid, and ¥0.73bn of lease-obligation repayments. Cash and cash equivalents declined ¥4.54bn to ¥23.33bn. The negative free cash flow is manageable given the liquidity position, but sustained weak conversion would constrain internally funded growth investment and shareholder distributions.

Dividend Sustainability

The Q2 dividend was ¥15.00 per share, and the calculated interim payout ratio was 17.8%, which is conservative relative to interim profitability. The full-year dividend forecast is ¥30.00 per share, implying an approximately 15.9% payout ratio against forecast EPS of ¥189.25. This earnings-based payout level leaves substantial retained capacity for debt reduction, investment, and balance-sheet resilience. However, interim free cash flow was negative ¥0.97bn and FCF coverage of the dividend was negative 1.95x, so cash coverage was not achieved during the first half. The gap reflects working-capital absorption and elevated capital expenditure rather than a strained liquidity position. Cash and deposits of ¥24.10bn, low short-term debt, and robust EBITDA interest coverage support near-term payment capacity. Dividend sustainability therefore depends less on the headline payout ratio and more on the conversion of receivables and inventories into cash during the second half, as well as the level of continuing investment expenditure. No dividend revision was reported alongside the earnings-forecast revision.

Risk Assessment

Business risks include Domestic beverage revenue declined 5.4% to ¥67.58bn; sustained profit recovery in this large business remains exposed to consumer demand, vending-machine productivity, price competition, and input-cost pass-through., Food business revenue declined 8.5% and segment profit fell 93.4% to ¥0.04bn, leaving the segment vulnerable to commodity, packaging, energy, logistics, and private-label competitive pressures., Overseas beverage business is the largest contributor to segment profit and the main growth engine; this raises exposure to foreign demand conditions, currency movements, local competitive intensity, and execution in overseas markets., The food and beverage portfolio remains exposed to agricultural commodity availability, climate-related supply disruptions, food-safety incidents, product recalls, and changing consumer preferences., Rare-disease pharmaceuticals remained loss-making at the segment level, creating ongoing development, commercialization, reimbursement, and regulatory execution risk..

Financial risks include OCF-to-net-income of 0.67x and cash conversion of 0.20x indicate that reported earnings were only partly converted into cash in the first half., A ¥5.83bn receivables increase and ¥1.90bn inventory increase absorbed operating cash, heightening sensitivity to collection timing, sales execution, and inventory management., The interest-burden ratio of 0.642 is low, meaning 35.8% of EBIT was not retained through to pre-tax income after the net effect of non-operating items; total non-operating expenses were ¥3.52bn., Free cash flow was negative ¥0.97bn while capital expenditure and intangible-asset purchases were ¥6.24bn, which may require continued use of cash reserves if operating cash conversion remains weak..

Key concerns include Highest priority: normalization of working capital and improvement in operating cash flow, because low cash conversion is the principal quality alert despite strong accounting earnings recovery., High priority: preservation of overseas beverage growth and its 14.5% segment margin, since it accounts for the majority of aggregate segment profit., High priority: stabilization of the food segment, where margin compressed to 0.4%., Moderate priority: the low interest-burden ratio. Direct interest-service capacity remains sound at 9.96x EBIT coverage and 14.08x EBITDA coverage, but non-operating cost control remains important., Moderate priority: continued capital-investment discipline, as investment spending exceeded depreciation and amortization by more than two times during the interim period..

Investment Implications

Key takeaways include Profitability improved sharply, with operating margin rising 445bp to 5.6% on a combination of gross-margin expansion and lower SG&A., Overseas beverages are the core earnings business, delivering ¥5.23bn of segment profit and a 14.5% segment margin., Domestic beverage profitability recovered, but revenue contraction means the durability of the turnaround remains a key operating question., Cash conversion is the major counterweight to the earnings recovery, with OCF/NI at 0.67x, OCF/EBITDA at 0.20x, and free cash flow of negative ¥0.97bn., Liquidity and credit metrics are sound, providing capacity to absorb interim cash-flow weakness., The dividend burden is low on an earnings basis, but future cash-flow normalization is needed for stronger cash-based coverage..

Metrics to watch include Overseas beverage revenue growth and segment margin, Domestic beverage sales trend and segment profitability, Food segment margin recovery from 0.4%, Trade receivables, inventory growth, operating cash flow, and OCF/NI, Capital expenditure relative to depreciation and amortization, Ordinary-income conversion from operating income and non-operating expense levels, Progress toward full-year guidance: revenue ¥246.30bn, operating income ¥12.30bn, ordinary income ¥9.40bn, and profit attributable to owners ¥6.00bn.

Regarding relative positioning, The group exhibits above-benchmark gross margin for a food-and-beverage portfolio and conservative credit leverage, while its 5.6% operating margin and 2.3% net margin remain below stronger consumer-brand profitability ranges. Overseas beverage profitability is a relative strength, whereas interim cash conversion and the weak food-segment margin are the principal relative shortcomings.