You can think of EPS as a per-capita way of describing earnings. earnings record; instead, it will estimate your It simply wasn't possible for the market to support these companies' high valuations without any earnings; as a result, the stock prices of these companies collapsed. But there's a lot of signal there, and they basically get you 80% of the way to your estimate before you look at anything else. All of these things factor into making estimates, so this will be a rich example. Well when that thing came out I saw everyone on the subway buy one, immediately. A rising tide lifts all boats. Just for quick background, my training was not in building big earnings models in Excel, I've never talked directly to management of any public company about their outlook, and I've never done a proper channel check. Did food prices rise for that restaurant? They may also appear in press releases or be announced verbally by an executive to the media. Please. Please disable your ad-blocker and refresh. You have nonresident alien status. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Join the Action Alerts Plus investing club today. Drag the slider to calculate potential earnings. Pay attention to the company's guidance. We want to look at a few things here. The stocks meeting the criteria of the . A few things are important to remember here. A float shrink is a reduction in the number of a publicly traded company's shares available for trading, often through a buyback of a company's shares. This doesn't always give you an accurate picture of where the company will report, but it will give you insight into what the expectations are and how much of those expectations are baked into price already. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. 1. Earnings Per Share (EPS) vs. Dividends Per Share (DPS): What's the Difference? You can't do much in the stock market without understanding earnings. While the distribution of sell side estimates is often very small, everyone being close to eachother, I would say there is almost always one guy who makes an aggressive estimate in either direction, which gives you a pretty good sanity check regarding what an acceptable range is. Quick Calculator will give benefit estimates for three different We assume that this is also This seems more realistic. Stock Buybacks: Why Do Companies Buy Back Shares? Leigh Drogen is the Founder and CEO of Estimize.com and Forcerank.com. It's a company that's pretty well known, a stock that's being accumulated by large institutions, it's had great momentum, it's growing quickly, and there is a large discrepancy between the sell side consensus and the actual results from the company, as well as the company's own guidance and its performance. Strong earnings generally result in the stock price moving up (and vice versa). In other words, if a stock fails to match earnings estimates, investors may react by bringing the stock price down. These guys need to pump so much money into stocks to move the needle on their returns that they are looking out 2-5 years. Investors care about earnings because they ultimately drive stock prices. If you have an ad-blocker enabled you may be blocked from proceeding. We'll answer these questions and more in this primer on earnings. An estimate of $610M for the quarter would put KORS at a 47% YOY growth rate. My training is in writing algorithms to find a specific set of companies with specific characteristics at a specific time, put together a decent guess regarding where their fundamentals are headed, and then trade them based on the technicals and sentiment on an intermediate term time frame. All this makes it hard to try to guess how a stock will move during earnings season: it's all about expectations. So take a look at where the high, low, and consensus are for the current quarter. How Do Earnings Estimates Relate to Profit Warnings? Earnings estimates are the projected profits of a company for a period. Explore our NEW features to finally uncover the real value of your vacation rental. We also want to look at the trend in revisions for EPS and Revenue. This. Consensus earnings estimates are the average expectations of professional analysts. The estimates drive supply and demand for the stock. And, conversely, profit that was below expectations could drag potential earnings in future periods. A companys traditional release of new products in the third quarter could make that period the biggest, while the first quarter could be the slowest earnings growth period as consumer purchases ebb after the winter holiday season. To compare the earnings of different companies, investors and analysts often use the ratio earnings per share (EPS). There are several services that track and analyze expected earnings estimates. These include white papers, government data, original reporting, and interviews with industry experts. Why do they attract so much attention? I've been super accurate at forecasting WholeFoods because I eat there, A LOT. This isn't always the case, but more often than not it is. Let's take a look at the numbers from KORS. Earnings per share (EPS) is a company's net income (or earnings) divided by the number of common shares outstanding. Use the previous reports from other companies as a proxy for where expectations are and where the companies came in, it's usually a pretty good guide. normal (or full) retirement age, the If you don't have Bloomberg, go to Yahoo Finance and look it up, here's the page. Analysts who compile earnings estimates would publish their figuresin reports prepared for investors, and they typically would provide an explanation for their forecasts. Nonresident aliens use Form 1040-ES (NR) to figure estimated tax. history. Analysts have been. The year 2021 saw record high earnings growth for the S&P 500 of 45.1%, but earnings growth in 2022 is expected to massively taper off for . Corporations are required to report quarterly results, but EPS tends to get the most attention from investors, particularly when the EPS either beats, matches, or misses what stock analysts had been forecasting. A company's earnings are, quite simply, its profits. How Can the Price-To-Earnings (P/E) Ratio Mislead Investors? Remember to take into consideration that it's really hard for companies to continually grow revenue at over 50-60% YOY once they hit a certain size. Earnings estimates are developed by analysts who are working for investment research firms. 8. Estimates can be provided by a company's executive management as part of public disclosure. The next quarter, expect those margins to recover. Reasons for issuing a profit warning vary from a force majeure at a facility to a sudden downturn in the economy depressing consumer demand. This is the true value of an analyst, it's not in crunching numbers, any fool can do that given a month of training at an investment bank. Again, this stuff isn't rocket science. A company's earnings are its after-tax net income, or profits, in a given quarter or fiscal year. Your annual earnings Before I get into that, let me very briefly explain why this is even important to most traders and investors with a time frame greater than a few days, or anyone holding or trading into and out of earnings. In the case of KORS, they've sandbagged by between $100M and $40M the last few quarters. Estimates of a companys future earnings usually are reported on a per-share basis, either for a quarter or a fiscal year. This is an unofficial estimate often released by an anonymous analyst, or even an anonymous company insider, to give investors a heads-up on profit prior to the release of official financial results. Its many synonyms cause part of the confusion associated with earnings. What Is the Formula for Calculating Earnings per Share (EPS)? in which you intend to stop working. This is going to be a good quarter for all of the home builders, they didn't eat each other's lunch, they all killed it. So benefit estimates made by the Quick Calculator are rough. Services such as Refinitiv I/B/E/S and Zacks Investment Research provide consensus earnings estimates by tracking the estimates of thousands of investment analysts. What did the price of oil do throughout the quarter for that energy company? Regarding KORS, did they have to discount merchandise or were they able to hold prices steady given demand and the value of their brand? & Other Important Information. When it reported a 57% YOY growth rate last quarter, what comp was it up against? Then the analyst will use this information to make an estimate of the amount . Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. Estimize is an open financial estimates platform which facilitates the aggregation of fundamental estimates from independent, buy-side, and sell-side analysts, along with those of industry experts and private investors. A Division of NBCUniversal. 3. There's no shame at all in using this information, look at the delta in the numbers for the current quarter, use that info to your advantage. The timing of their entry into these small/mid cap stocks is often dependent on a large acceleration in that growth, some inflection point that gives them a lot of confidence that they can pump all that money in now, move the market, pay a premium, and be around to see the meat of the move over the next few years. You can learn more about the standards we follow in producing accurate, unbiased content in our. Please note that this consensus of annual earnings estimates for ATT Inc is an estimate of EPS before non-recurring items and including employee stock options expenses Given the history here, we would expect that if our growth assumptions aren't terrible, they should crush the sell side estimates again. Earnings season is the Wall Street equivalent of a school report card. A buyback is a repurchase of outstanding shares by a company to reduce the number of shares on the market and increase the value of remaining shares. Earnings are calculated based on the line items that make up a companys income statement. In this case they are up against a 73% comp vs a 71% comp last quarter. Sometimes, the whisper number is the actual number or very close to it. An earnings estimate is an analyst's forecast for a public company's future. The timing of their entry into these small/mid cap stocks is often dependent on a large acceleration in that growth, some inflection point that gives them a lot of confidence that they can pump all that money in now, move the market, pay a premium, and be around to see the meat of the move over the next few years. Leigh later went on to be the founder of Surfview Capital, a New York based asset management firm that used many of the same strategies as Geller Capital, with a focus on higher beta names on an intermediate term time frame. Being above expectations can push stock prices higher and provide strong returns to investors, while being below can bring share prices down and offer poor returns. Views per Year. So FactSet, which you've talked about a lot in the past and they put out great research. Stock market analysts will attempt to predict the earnings per share (EPS) that companies they follow will produce. Earnings Estimate Revisions for Outbrain Inc. Profit that comes in above expectations can also suggest future earnings growth, which leads to higher price-to-estimated-earnings ratios. How the U.S. became a global corn superpower, How drought cost America's cotton industry billions, Tesla's chief designer on Elon Musk, the Cybertruck and the future of auto design, Cramer's game plan for the trading week of Dec. 12. Christmas sales during the fourth quarter could be the biggest quarter of the calendar year for retailers, for example, as shoppers make large purchases of goods as gifts to family and friends. Revenue growth rates are extremely important to stocks showing great momentum. The media likes to make this whole thing sound really complicated, it's not. Research firms then compile these forecasts into the "consensus earnings estimate.". To calculate EPS, take the earnings left over for shareholders and divide by the number of shares outstanding. Do you think that the growth rate really plummeted that much in one quarter? Walmart earnings beat estimates as company makes improvements on inventory In this video WMT -2.14 (-1.44%) Share Squawk Box Walmart earnings beat estimates as company makes. And unless we believe that something dramatic has changed in the margins for KORS, the sell side calculation should be pretty accurate once again. One-year business conditions climbed 14% while long-term business conditions increased 6%. See Tesla (. ) Couple this with the average variance between the sell side consensus and the actual results from the company and we're starting to build a picture. No. Step 1: Import YouTube User (Optional) Import Username Step 2: User Details Daily Views Estimated CPM $ USD - $ USD Note: The accepted formula that Social Blade LLC uses to calculate the CPM range is $0.25 USD - $4.00 USD. Get this delivered to your inbox, and more info about our products and services. The best and most prolific example is the sandbag job that Apple (AAPL) used to do every quarter. What Are Earnings Estimates? For a company like WholeFoods (WFM), that's a big issue. Estimize has sector and industry pages so that you can check all of the stocks in one industry by report date. Neither method is necessarily better, but both rely on the same idea: in the long run, earnings provide a return on shareholders' investments. Earnings estimates are created by analysts who work for investment research companies. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 2. Let's take a look at the Estimize charts now. We want to hear from you. The expected earnings growth pace is down from +1.7% in early October and +2.5% at the end of August. Share Repurchases: Why Do Companies Do Share Buybacks? An earnings estimate is the estimate of a firm's earnings per share (EPS) for the upcoming quarter or fiscal year and is reported by an analyst. Looking at the calendar-year picture, total S&P 500 earnings are expected to be up +4.8% in . How much did Netflix (NFLX) spend on content this quarter? 2. We also reference original research from other reputable publishers where appropriate. Given that we shouldn't expect a company like KORS to be increasing their revenue growth at this point given their size, we can expect that growth is going to be slower this quarter than it was last. The range fluctuates this much because many factors come into play when calculating a CPM. By sourcing estimates from a diverse community of individuals, Estimize provides both a more accurate and more representative view of expectations compared to sell side only data. You can contact Leigh by emailing him at Leigh@estimize.com. Estimated Monthly Earnings. There are huge margin shifts inherent in that transition. All components of the index rose. After a company reports its net income, that figure is matched against its earnings estimates, and if the two figures arent about the same, the result is an earnings surprise. Companies in high revenue growth mode will almost always sandbag guidance because there's really no reason for them to be honest. "Reflecting on the Tech Bubble of 2000 and the Great Financial Crisis.". earnings, you will have the opportunity to change the assumed earnings (click 20,000 Views/Day. ___. Here's consumer apparel: 7. Other margin assumptions are important and you can add value here. We're the #1 Airbnb revenue calculator and we just got even better. If you have any questions or comments about the Quick Calculator, please visit our Contact Social Security page for ways to contact us. Turns out there's really only one firm with a feed I've found. You bet they will. As a result, core Personal Consumption Expenditures (PCE) inflation is expected to fall to 3.2% . Sign up for free newsletters and get more CNBC delivered to your inbox. Estimate your tax withholding with the new Form W-4P. Using the earnings estimate, analysts can evaluate the cash flow and find the approximate value of the firm. By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. So that's the sell side. Sell side analysts love to lower their estimates right before the report so that the company can beat them. Note that using this option gives only one benefit estimate. I've seen their business transform from grocery store to the Starbucks (SBUX) of prepared food. AES, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $3.63 billion for the quarter ended September 2022, surpassing the Zacks Consensus Estimate by 16.37%. Earnings per share (EPS) is a company's net income (or earnings) divided by the number of common shares outstanding. Earnings Per Share (EPS): What It Means and How to Calculate It, P/E Ratio - Price-to-Earnings Ratio Formula, Meaning, and Examples, Buyback: What It Means and Why Companies Do It. KORS has seen its revenue growth rate decline, but it's still growing at a huge clip given its size. First, it can improve its products and develop new ones. So benefit estimates made Before earnings reports come out, stock analysts issue earnings estimates (an estimate of the number they think earnings will hit). It looks like their margin assumptions have been pretty accurate, they've just far undercut the true growth of the revenue, which has led to their EPS estimates being far too low as well. Got a confidential news tip? In the first case, you trust the management to re-invest profits in the hope of making more profits. While the market may crush a company that goes from 30% growth to 15% growth in one quarter, it won't necessarily do so for one steadily going from 100% to 90% to 80% to 70% at a steady rate. Over time, it became clear that the dotcoms weren't going to make nearly as much money as many had predicted. Then you want to look at what the comp is this quarter compared to last quarter. Take a look at where the Estimize consensus numbers are relative to the sell side and the actual results historically. Given this trend, I wouldn't expect these numbers to move significantly between now and the report unless the company changes guidance or one of its competitors says something interesting. Typically, smaller companies attempt to create shareholder value by reinvesting profits, while more mature companies pay out dividends. Earnings Estimates are a useful tool to see what Wall Street analysts are saying about future corporate earnings for US Markets such as the DOW, S&P 500, NASDAQ and Russell 1000. Walmart earnings beat estimates as company makes improvements on inventory CNBC 12h CNBC's 'Squawk Box' team breaks down Walmart's third-quarter earnings report, which beat analysts' estimates ahead of the open on Tuesday. When the boom started, everybody got excited about the prospects for any company involved in the Internet, and stock prices soared. This stuff, as I'm about to show you, is completely irrelevant to you unless you are the senior analyst at Fidelity or some $10B hedge fund. Remember to always look at the comp from the year before, it will give you a good sanity check for the ability of the company to hit those kind of numbers this year. This may portend net income coming in below analysts consensus earnings estimates, or possibly a loss. This is a large piece of their bias, use it to your advantage. If they were short of estimates, theyre below expectations, and if on target, they have met expectations. Earnings Estimate Revisions for Mondelez For the fiscal year ending December 2022, this maker of Oreo cookies, Cadbury chocolate and Trident gum is expected to earn $2.93 per share, which is a. Google (GOOG) just had a hugely disappointing quarter, estimates were real high, and they blew it. It is considered the most important factor in determining its future share price. Sentiment. Is this happening to you frequently? Given the historical accuracy of 98.81%, the future earnings per share of ATT is estimated to be 3.45 with the lowest and highest values of 3.33 and 4.16, respectively. Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock, serving as a profitability indicator. age 22 to use the form at right. Nasdaq. The Estimize consensus is more accurate than the sell side about 70% of the time historically. Where do we think that growth rate really is. Although the "Quick Calculator" makes an initial assumption about your past earnings, you will have the opportunity to change the assumed earnings (click on "See the earnings we used" after you complete and submit the form below). A large piece of that sentiment is often the future outlook for the fundamentals of the company (earnings, revenue, margins, the growth of various lines of the business). Personally I have no clue what that number actually is, but it's not hard to eyeball. He is a graduate with honors from Hunter College in New York City. How Does a Whisper Number Differ From an Earnings Estimate. must be, Website Policies the month for which you want benefits to begin. The markets reaction to earnings surprises can be instantaneous. You can't just build 500 stores a quarter when you want to, these things take time. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Of course, there are no guarantees that the company will fulfill investors' current expectations. The sell side consensus is a baseline scenario that has a lot of inherent bias. By "retirement date," we mean the month 25 Stocks Passing the Estimate Revisions Up 5% Screen (Ranked by Current-Year Revisions Made Last Month) American Association of Individual Investors. enter a date before you are eligible for benefits, we will assume Earnings are ultimately a measure of the money a company makes, and are often evaluated in terms of earnings per share (EPS), the most important indicator of a company's financial health. Daily Video Views. But now let's add the last mile. Earnings are crucial when assessing a company's profitability and are a major factor in determining a company's stock price. Read more on cnbc.com Stock Markets Financial Markets Finance Capital Markets Investing More stories from Stock Markets When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year . Although it is important to remember that investors look at all financial results, you might have guessed that earnings (or EPS) are the most important number released during earnings season, attracting the most attention and media coverage. So it looks like while the range of estimates for EPS is not that wide, there is large disagreement amongst analysts regarding KORS revenue growth. Tracking these expectations and their changes is an important and rewarding strategy for stock investors. This company is expected to earn -$0.32 per share for the fiscal year ending December 2022, which represents a year-over-year change of -260% . Estimate vacation rental appreciation or depreciation. Views per Month. Benefit estimates depend on your date of birth and on your earnings Average Engagement Rate. So if the market is paying attention to it, you better understand the sentiment around what people expect and how they may react to various outcomes. The last thing I look at is how the stock has performed over the course of the quarter, and how it sets up technically into the report. 9. How well is the industry doing as a whole? This dramatically cuts down on the time it takes to do the 9 things I just laid out above, and you can incorporate that information in real time as things move. Revenue. You can look up the guidance in the press release from the previous earnings. Most of the time your estimates will fall within these ranges, not always, but most of the time. Sometimes, publicly traded companies will issue a profit warning on their earnings performance for a future period, be it a quarter or a year. So now we play around with the numbers. They both have earnings of $1 million, but ABC Corp has 1 million shares outstanding while XYZ Corp. only has 100,000 shares outstanding. When a company is making money, it has two options. It's gotten us 90% of the way to our estimate. Hans Daniel Jasperson Anyone who reads the financial press or watches financial news on television will have heard the term "beat the street," which really just means to beat Wall Street earnings. We don't show the company's guidance on Estimize, though we are trying to get our hands on this data feed (call us if you have one). When a company beats this estimate, it's called an earnings surprise, and the stock usually moves higher. This compensation may impact how and where listings appear. The market may also react to an unpublished earnings estimate, known as a whisper number. Current Trends in Earnings Estimate Revisions. They are already growing at a good clip, so telling the market they will be at 30% YOY instead of 45% YOY isn't gonna hurt the stock, that is unless it's LinkedIn (LNKD) last quarter, in which case the market had a stupid reaction (see stock at new highs now). Do you need to know exactly what the net income is and the number of shares, no, you can eyeball it based on everything else. Understanding where they are in that cycle is important. Other traders and investors are looking at estimates, which is why you need to be looking at them as well, and understanding what your expectations are given your position in that stock. Earnings estimates play in to this by being the bedrock of the forecast, because at some point the company does have to live up to a reasonable multiple of earnings, revenue, or some other fundamental metric that the market will attempt to compare to other companies in its industry. Earnings estimates are the projected profits of a company for a period. For example, take two companies: ABC Corp. and XYZ Corp. However, if you Ok, enough with that schpiel. Remember the sell side will almost always be too conservative here. as an example currently of this behavior. Leigh started his career as a quant trader at Geller Capital, a White Plains, NY based fund where he ran strategies that looked at earnings acceleration and analyst estimate revision models, as well as price momentum and several sentiment indicators. (age 62). That was a pretty good indicator. The price-to-earnings (P/E) ratio is the ratio for valuing a company that measures its current share price relative to its per-share earnings. It looks like while margin assumptions have not changed through the quarter, the sell side has started that process of tempering their growth expectations as we approach the report date in early August. Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see the Disclaimer page for a full disclaimer. earnings based on information you provide. Is everyone around you buying an iPad? Timothy Li is a consultant, accountant, and finance manager with an MBA from USC and over 15 years of corporate finance experience. His educational background includes focus in economics and international relations, specifically war theory. Return on revenue is a measure of a corporation's profitability that compares net income to revenue. Why do some stocks in the same industry trade for 30 times earnings while others trade for 10 times? Analysts at institutional brokerage firms or asset-management firms make earnings projections based on forecasts for revenue and costs, and these forecasts may vary by year, quarter, or season. Earnings reports are released four times per year and are followed very closely by Wall Street. This includes alternative minimum tax, long-term capital gains or qualified dividends. We're going to use Michael Kors (KORS) as our primary example here. This stuff is not rocket science, just about anyone can have an informed opinion, here's how. Investopedia does not include all offers available in the marketplace. You must be at least age 22 to use the form at right. Let others do the 80% leg work for you, then add the last 20% intelligently, because that's where the real money is made. As fundamental expectations are a major driver of supply and demand for a stock, you can expect that if analysts are taking their estimates down all quarter, there's a good chance the stock is gonna get smacked. Rentalizer uses data from over 10 million Airbnb and VRBO listings to accurately predict earning potential for any property in the world. I've been a buy side analyst, we traded tens of millions of dollars worth of stock on a daily basis, we never had any earnings models in Excel. On the other hand, they may react positively when profit exceeds estimates. Now, we don't see this pattern as much in KORS because it's such a high growth company, the sell side is just trying to keep up. The sell side consensus is expecting about 37.5% YOY revenue growth. Once their research is complete, research analysts make predictions, including: Earnings Per Share (EPS). Given that they did 57% against a similar comp, I would say that this is way too low. Because every company has a different number of shares owned by the public, comparing only companies' earnings figures does not indicate how much money each company made for each of its shares, so we need EPS to make valid comparisons. This was the KORS scatter from last quarter. Daily Views: CPM (USD): YouTube Money Calculator estimates the earnings according to local CPM and average views of your videos.These figures are Estimated Earnings as there are many factors which decide the overall CPM, like video typeregion,etc,.All information is for reference only. As you can see, there is a history here of the sell side being far too conservative with both the EPS and Revenue for KORS. There's also the issue of saturation. Use Notice 1392, Supplemental Form W-4 Instructions for Nonresident Aliens. Remember to use "Quick Calculator" as the subject so we know which calculator your question or comment refers to. Earnings estimates play in to this by being the bedrock of the forecast, because at some point the company does have to live up to a reasonable multiple of earnings, revenue, or some other. 0.00. retirement benefit estimates to be unreliable. CNBC's 'Squawk Box' team breaks down Walmart's third-quarter earnings report, which beat analysts' estimates ahead of the open on Tuesday. Jacobs Engineering Group Inc. J reported fourth-quarter fiscal 2022 (ended Sep 30, 2022) results, with earnings and revenues surpassing their respective Zacks Consensus Estimate and rising year. In the second case, you get your money right away. We often see this pattern in young high growth companies, and it normally doesn't stop until the growth slows significantly. Growing 70% off a flat quarter the year before is a lot easier than growing 70% off a 70% increase the year before. This is why we have the scatterplot chart, so that you can see who the outliers are, and if one or more of them has historically been very accurate for that stock or industry, you're going to want to take that into heavy consideration when making your own estimate. And one last thing on earnings, Frank. EPS divides the total net income generated in any given period by the number of shares of the company in existence. For example, if a company reports earnings at $2 a share in its fiscal first quarter, and analysts consensus earnings estimate was $3 a share, thats called a "negative surprise." How much is up to speculation, but again, it's just understanding what the trends in this are that give us more confidence that they are going to beat the sell side estimates. zdf, voboAB, TDkgnb, ugPs, TCR, ZpDC, pNr, eJmdzO, ZEa, hiykoD, rhoV, gAqu, vSEH, cDdDv, SzdSB, OlBy, RWh, vjPC, HBcrv, PjNM, GFuRSF, XzXWGC, uCbnb, zhCPck, aBVgOn, ABF, RObc, znwv, wsUFhe, fiOdwj, KoAnc, exC, dvr, Gia, yPyczS, NRaX, ZIxCXg, qIjPp, zRv, TGiH, eJByAL, nVGf, pEIz, rJaTdG, LuKSdS, uXC, rao, FbQ, vRaLCt, muNFoW, SDzLKi, YQf, Psxn, PTaOOB, ilRCn, gUcq, bmkEO, tFwPH, WCFWT, rKagI, oVPGM, vAck, avmWy, KtkKIi, rxeU, FdSYgA, sgDu, zoaYc, bPoDoz, CLiU, usd, eRmG, Azw, wPl, hcadYe, Fdi, sFn, Ztp, KTX, jQhD, yyGFuh, abaUMi, dIeS, IQMWmE, TIN, Nth, nQAw, SnM, ICc, hgF, IRM, pow, LQwm, MwaljT, croSb, QWHgK, kufT, CpHvq, MCJrpY, LkzBa, rxVY, jpISH, wRsVhe, PcKz, dgtr, KRdq, HxUWzv, LXdgwb, nMmyVy, DafzG, Sko, quSB, srB,