Commercial & Professional Services

Copart has agreed to pay about $1.9 billion in cash for ACV, a digital automotive marketplace that sells cars for dealers, with the deal expected to close by the end of the calendar year. ACV sells more than 800,000 vehicles a year, while Copart sells over 4 million. The price works out at about 6% of Copart's $30.1 billion market value, and the acquisition targets dealer volume, a different funnel from the insurance salvage business that has shrunk. Copart's U.S. insurance volumes fell 8% in fiscal 2026, and total U.S. noninsurance volume fell 3.9% that year, with noninsurance work only about a quarter of its volume today. Management expects the deal to be breakeven at first and accretive in the first full year, fiscal 2028, and says over $2 billion will still sit on the balance sheet once it closes.

Waste Connections raised its full-year 2026 outlook after reporting second-quarter revenue growth of 6.4% year over year to $2.56 billion. The company now expects 2026 revenues of $10.02-$10.05 billion and adjusted EBITDA of $3.33-$3.34 billion, with adjusted free cash flow of $1.40-$1.45 billion. Adjusted EBITDA rose 6.8% to $840.1 million in the quarter, with the margin expanding to 32.8%, while solid waste internal growth of 3.6% was driven by a 5.6% core price increase. Waste Connections completed acquisitions representing more than $100 million in annualized revenues, and its board declared a regular quarterly cash dividend of $0.35 per U.S. common share, payable on Aug. 20, 2026, to shareholders of record as of Aug. 6, 2026. Operating income fell to $437.6 million from $459.5 million a year earlier as fuel and related costs rose and commodity values remained lower, and capital expenditures climbed to $598.9 million in the first six months of 2026 from $497.8 million a year ago.

Wolters Kluwer has completed the capital reduction approved by shareholders at its Annual General Meeting on May 21, 2026, cancelling 7,800,000 ordinary shares held in treasury. The cancellation reduces the company's total issued ordinary shares to 224,716,153 from 232,516,153. Following the move, Wolters Kluwer holds 2,276,510 treasury shares, or 1.01% of total issued ordinary shares, and has notified the Dutch Authority for the Financial Markets of the change in its issued share capital. Shares repurchased by the company are added to treasury holdings and used for capital reduction through cancellation, though part may be retained to meet future obligations under share-based incentive schemes. Wolters Kluwer, listed on Euronext Amsterdam under the ticker WKL, reported 2025 annual revenues of 6.1 billion euros.

Equifax is projected to post an 8.3% year-over-year increase in third-quarter 2026 earnings, with full-year 2026 and 2027 earnings expected to rise 11.8% and 17.7% respectively, according to Zacks Investment Research. Revenue is anticipated to grow 10.9% in 2026 and 9.6% in 2027. In the second quarter of 2026, Workforce Solutions segment revenues rose 7% year over year to $705.4 million, including Verification Services revenues of $607.6 million, up 7%, while the company signed about $300 million in state-government agreements, comprising roughly $100 million of new business and $200 million of renewals. Equifax's Vitality Index reached 16% in the second quarter of 2026, above its 15% full-year goal, and management doubled expected AI-driven run-rate savings for 2026-2028 to $150 million from $75 million. International revenues increased 8% year over year on a reported basis to $383.1 million, led by Asia Pacific, where revenues rose 17% to $99.7 million. Equifax carries a Zacks Rank #3 (Hold), while TrueBlue and Trane Technologies each hold a Zacks Rank #2 (Buy).

Affirm Holdings is launching a new transformer-based machine learning model for real-time credit underwriting at U.S. checkouts, drawing on 14 years of its own transaction and repayment data to analyze the order and timing of events across a consumer's credit history. In initial testing, the model approved applications the previous system would have declined, including consumers with limited credit histories and no FICO scores, and those incremental approvals produced 3.4% more completed purchases than the control group, with the loans performing better than a comparable expansion under the previous model. Affirm says the model is built to deliver fast and explainable decisions, and the release does not provide a dollar estimate of the financial impact. The company frames the launch as expanding approvals without simply lowering credit standards, with the financial benefit depending on how the early results scale. Affirm shares have risen 58.2% over the past six months compared with the industry's 20.2% growth, and the stock trades at a forward price-to-sales ratio of 4.1X versus the industry average of 4.2X.

Mistras Group has agreed to be acquired by investment firm H.I.G. Capital in an all-cash deal carrying an $866M enterprise value, including debt. Under the terms, Mistras shareholders will receive $20.35 per share in cash for each share of common stock they own, a premium of 8% to the company's 30-day volume-weighted average share price and 13% to its 90-day volume-weighted average share price. Once the transaction closes, Mistras shares will no longer be listed on the New York Stock Exchange. The stock gained 3.3% in pre-market trading Friday on the news.

RB Global reported second-quarter net income available to common stockholders of $132.0 million, up 33% year over year, with diluted earnings per share rising 34% to $0.71 on total revenue of $1.3 billion, an 11% increase. Gross transaction value rose 11% to $4.7 billion, led by the Automotive segment, where GTV climbed 13% to $2,448.7 million, while inventory sales revenue jumped 28% to $383.7 million and the inventory rate widened 180 basis points to 5.9%. The company closed its acquisition of BigIron and raised full-year guidance, lifting expected GTV growth to a range of 9% to 11% from 6% to 9% and nudging adjusted EBITDA guidance up to $1,495 million to $1,545 million; the board also raised the quarterly dividend from $0.31 to $0.33 per share on July 21, 2026, payable September 17, and the company bought back roughly 1.5 million shares for $150.0 million during the quarter. Excluding recent acquisitions, total GTV growth falls from 11% to 7%, and the service revenue take rate fell 110 basis points to 20.0%, while diluted adjusted EPS rose just 6% to $1.13. Hedge fund ownership fell from 41 funds to 37 over the two most recent quarters, short interest sits at 10.54% of float, and the stock trades at a forward price-to-earnings ratio of 17.12 as of September 17.

Siamrajathanee Public Company Limited, or SO, announced that its share buyback program for financial management, which ran from March 18 to September 17, 2026, has concluded. The company repurchased a total of 4,705,700 shares, representing 0.99% of all issued shares, for a total value of 21.89 million baht. Earlier, the company set a buyback limit of not more than 48 million baht, for no more than 10 million shares, or 2.10% of all shares. As for the sale of the repurchased shares, the company will present the matter to the board for consideration again. Under the relevant criteria, repurchased shares may be sold once three months have passed from the date the buyback was completed, and must be sold within three years from the program's end date. If the shares are not sold, or not fully sold, within the specified period, the company will reduce its capital by cancelling all remaining repurchased shares.

Copart, Inc. reported fourth-quarter results for the period ended July 31, 2026, and announced an all-cash acquisition of digital auto marketplace ACV Auctions at an implied equity value of $1.9 billion, or $10.50 per share in cash. Revenue grew 2.4% to $1.2 billion, but gross profit fell 5.5% to $481.4 million, net income dropped 17.4% to $327.4 million, and diluted EPS came in at $0.35 against $0.41 a year earlier. Barrington's Gary Prestopino upgraded Copart to Outperform from Market Perform with a $40 target, arguing the combination of Copart's physical network and ACV's digital marketplace creates an end-to-end remarketing platform and opens a new growth vector in dealer-to-dealer and commercial vehicle auctions. JPMorgan's Jash Patwa had already upgraded the stock to Overweight from Neutral ahead of the print, raising his target to $40 from $32, while Freedom Broker trimmed its target to $36 from $39 and Baird cut its target to $38 from $42. Management expects the ACV transaction to be neutral to EPS in the first full year of ownership and accretive in fiscal 2028 and beyond, leaving a period of integration risk while the core insurance business cools, with global insurance units down 4.2% and domestic assignments down 7.5%.

Cambiar SMID Fund highlighted ACV Auctions Inc. in its second-quarter 2026 investor letter, saying the wholesale car auction marketplace rebounded after reporting strong top-line growth and announcing a large share buyback program. The fund made the comments while reviewing a quarter in which the S&P 500 gained 15.2%, the Russell 2000 rose 21.5% and the Russell 2500 Value Index returned 18.5%, while the Cambiar SMID Fund returned 14.39% for both its investor and institutional classes, its best result since the fourth quarter of 2022. ACV Auctions closed at $10.42 per share on September 16, 2026, and has returned 35.85% over the past month but is up just 0.77% over the past year, with a market capitalization of $1.77 billion and a 52-week range of $4.07 to $10.55. The fund grouped ACV with WillScot Holdings as niche but essential business models that can be found in the smaller cap segment of the equity market. According to the article, 39 hedge fund portfolios held ACV Auctions at the end of the second quarter, down from 47 in the previous quarter.

Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.

Jacobs Solutions reported Q2 revenues of $2.42 billion, up 8.3% year on year, the fastest growth among the seven government and technical consulting stocks tracked, though full-year EPS guidance came in merely in line with analysts' estimates. SAIC posted the group's biggest estimate beat, with revenues of $1.88 billion up 6.3% year on year and 7.1% above consensus, alongside beats on EPS and full-year EPS guidance. Amentum was the weakest performer, reporting revenues of $3.49 billion, down 2% year on year and 2.2% short of expectations, with a significant EPS miss. Booz Allen Hamilton recorded revenues of $2.8 billion, down 4.2% year on year and 0.5% below expectations, but still beat on EPS, while UL Solutions reported revenues of $816 million, up 5.2% and in line with expectations, also beating on EPS. As a group, the seven stocks' revenues matched consensus and share prices have fallen 3% on average since the latest results.

Leidos Holdings secured an $875 million contract extension to support and modernize networks serving more than 650,000 Navy and Marine Corps personnel worldwide. The agreement covers network services and infrastructure supporting the Navy Marine Corps Intranet, ONE-Net and Marine Corps Enterprise Network, enhancing secure connectivity for military operations across global locations. The award aligns with the company's NorthStar 2030 strategy, which focuses on digital modernization, cybersecurity and mission-critical technology solutions, and should provide additional revenue visibility while reinforcing Leidos' role in critical defense IT programs. Shares of Leidos have lost 29.7% in the past year compared with the industry's 17.7% decline, and the stock carries a Zacks Rank #3 (Hold).

SK Hynix and Intel shares each rose more than 2.5% premarket after a Reuters report that SK Hynix was in talks with Intel to manufacture memory chips in the U.S. for the first time, though SK Hynix said no decisions have been made regarding any partnership with Intel. J.B. Hunt Transport Services tumbled more than 11% after warning that its earnings may fall between 5% and 10% in the third quarter compared to the previous three-month period, a decline it attributed to internal adjustments for rising rates of purchase transportation. Expedia fell more than 2.5% after Morgan Stanley downgraded the stock to underweight, citing a weak risk/reward profile and greater exposure to a potentially weaker consumer. Energy stocks moved lower as U.S. oil prices fell 2% following a report that energy inventories rose last week, with Diamondback Energy down almost 4%, Occidental Petroleum off 1%, and ExxonMobil and Devon Energy each down almost 1%. Paychex rose more than 1% on a Wolfe Research upgrade to peer perform, while Union Pacific gained 1.5% after UBS upgraded the stock to buy.

RB Global has received Toronto Stock Exchange approval to expand its normal course issuer bid, lifting the potential repurchase pool to 14,224,129 shares or up to US$1 billion in total. The expanded buyback, alongside an earlier Q2 revenue beat, is helping rebuild momentum after a 90-day share price return decline of 19.76% and a 1-year total shareholder return fall of 25.77%, while the 5-year total shareholder return remains up 54.72%. RB Global shares closed at US$86.11, with a 1-day share price return of 2.48% and a 7-day gain of 5.17%. The company's most followed valuation narrative pegs fair value at $127.73, well above the last close, though RB Global trades on a P/E of 36.5x, higher than both the US Commercial Services industry at 19.8x and the peer average at 35.5x, and above an estimated fair ratio of 28.6x.

The Adecco Group announced the global rollout of Salesforce's Agentforce Coworker across 40 plus countries, following a successful pilot in the UK and France. The enterprise AI teammate, embedded directly in the platform and powered by Anthropic's Claude, supports work across sales, recruitment and client and candidate engagement workflows. The rollout extends agentic AI infrastructure into the daily workflows of 27,000 employees, building on an unlimited Agentforce 360 enterprise agreement with Salesforce; the company has already deployed agentic AI across recruitment workflows in ten countries, representing 50% of Adecco business revenues. Coworker will also draw on context from more than 2.5 million agent-candidate interactions since April 2025. CEO Denis Machuel will join Salesforce chair and CEO Marc Benioff, alongside the CEOs of Anthropic, NVIDIA and Siemens, at the main Dreamforce keynote to discuss human-centric AI, saying the rollout gives teams a single interface that knows candidate history and client context for the moment when human judgment matters most.

U.S. private employers added an average of 16,250 jobs per week for the four weeks ending August 29, 2026, according to the preliminary NER Pulse estimate released by ADP Research. The reading marks the second consecutive weekly increase in hiring, up from 12,250 for the four weeks ending August 22 and 10,000 for the period ending August 15. The NER Pulse is a weekly update of the monthly ADP National Employment Report, based on ADP's high-frequency data, seasonally adjusted with a two-week lag, and the figures are preliminary and subject to change as new data arrives. The report is produced by ADP Research in collaboration with the Stanford Digital Economy Lab, and the next NER Pulse is scheduled for release on September 22, 2026.

Wolters Kluwer Legal & Regulatory announced the integration of Kluwer Law International content into Libra by Wolters Kluwer, its all-in-one legal AI workspace. Customers in 11 European countries can now access content from Kluwer Arbitration, Kluwer Competition Law and Kluwer IP Law directly within Libra, expanding the platform's portfolio of trusted legal content and expert insight. The addition builds on Libra's existing legal intelligence capabilities, letting legal professionals reach specialist international expertise across arbitration, competition law and intellectual property law without leaving their workflow, and use it alongside the broader Wolters Kluwer legal resources already available in Libra. Linda Nieuwenhuis, VP Growth & Operations Libra by Wolters Kluwer, said the move expands the breadth and depth of trusted legal content available to customers, while Jill Weinstein, Vice President & General Manager, Legal Markets at Wolters Kluwer Legal & Regulatory U.S., said the future of legal AI depends on the quality of the knowledge behind it. Customers can activate the relevant content sets within Libra after purchasing and use them in research, drafting and review processes.

TriNet declared a quarterly dividend of $0.29 per share, in line with its previous payout. The forward yield on the dividend is 1.69%. The ex-dividend date is Oct. 1. The payable date and the record date were not disclosed.

Hikari Tsushin announced that it will team up with two investment funds to launch a tender offer for Leopalace21, aiming to take the company private with an outlay of about 270 billion yen. The offer price is 1,000 yen per share, and on the Tokyo stock market on the 15th, Leopalace21 shares were indicated at 791 yen, up 14%, or 100 yen, from the previous day at the daily limit high, drawing buying that converged on the tender offer price. Besides Hikari Tsushin, the tender offer will involve Asian investment fund MBK Partners and a fund affiliated with NEC Capital Solutions. Leopalace21 has endorsed the tender offer and recommended that shareholders tender their shares. Junichi Tazawa, an analyst at SMBC Nikko Securities, said in a report that the premium of the offer price over the previous day's closing price is 44.7%, which is comparable to recent tender offer cases involving real estate-related companies, and that, given the company's expression of support, the tender offer is highly likely to succeed.

The Department of the Navy has awarded Leidos $875 million for the second option year of the Next Generation Enterprise Network Service Management, Integration and Transport contract, keeping more than 650,000 U.S. Navy and Marine Corps personnel securely connected worldwide. Under the award, Leidos manages more than 425,000 devices at more than 2,500 sites around the globe, handling all aspects of user support, operations and IT transformational activities on the Navy Marine Corps Intranet, the Outside the Continental United States Navy Enterprise Network and the Marine Corps Enterprise Network. Steve Hull, president of Leidos Digital, said military and civilian personnel rely on these networks to communicate, make decisions and carry out missions that protect the nation and its allies. Since being awarded the contract in 2020, Leidos has introduced automation that delivers patches to network devices 93% faster and accelerates patching across the enterprise by 94%. DJ LeGoff, a retired Navy captain and the Navy and Marine Corps portfolio leader at Leidos, said the results reflect the team's round-the-clock dedication. The award supports Leidos' NorthStar 2030 strategy and its focus on digital modernization, cyber capabilities and mission software.

Paycom posted the strongest quarter among the four HR software stocks tracked, reporting revenues of $531.2 million, up 9.8% year on year and 3.5% above analysts' expectations, with full-year EBITDA guidance exceeding estimates and a solid beat on billings. Paylocity reported revenues of $444.7 million, up 11% year on year and 3.1% ahead of expectations, delivering the highest guidance raise of the group, though its stock is down 1.1% since reporting and trades at $141.75. Asure Software reported revenues of $37.11 million, up 23.2% year on year and in line with expectations, but posted a significant miss on billings estimates and the weakest guidance update in the group, with its stock flat at $8.44. Paychex reported revenues of $1.61 billion, up 12.5% year on year and in line with expectations, with a decent beat on adjusted operating income estimates, and its stock is up 18.2% since reporting at $115.83. As a group, the four HR software stocks beat consensus revenue estimates by 1.7%, next quarter's revenue guidance came in line, and share prices are up 10.8% on average since the latest earnings results, with Paycom up 25.3% to $218.96.

Truckload linehaul rates rose 11.3% year over year in August while freight shipments turned positive for the first time in three and a half years, according to data from Cass Information Systems. The Cass TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, marked its 20th consecutive year-over-year increase and its largest gain since June 2022, and was up 70 basis points from July. Freight shipments recorded by Cass increased 2.1% year over year, the first such increase after 42 months of declines, and were 5.6% higher sequentially in August, or up 5% seasonally adjusted. Cass' expenditures index, which measures total freight spend including fuel, surged 18.7% year over year and rose 5.8% from July, or 6% seasonally adjusted, driven by the positive inflection in shipments and diesel prices that were up 46% year over year and 10% sequentially. The report said the sequential increase in linehaul rates was in line with expectations and noted that even as spot rates slow with modest sequential declines, the much larger contract market is adjusting higher, adding that the freight bottom is probably in and growth should continue, though modestly. Cass, a provider of payment management solutions, processes $37 billion in freight payables annually on behalf of customers.

The Kroger Co. reported second-quarter fiscal 2026 earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.05, and its shares gained 2.7%. Adobe Inc. reported third-quarter fiscal 2026 earnings of $6.13 per share, beating the Zacks Consensus Estimate of $6.08, with its shares rising 1.4%. Copart, Inc. reported fourth-quarter fiscal 2026 earnings of 35 cents per share, missing the Zacks Consensus Estimate of 39 cents, and its shares declined 2.6%. T-Mobile US, Inc. shares added 2.9% as communications emerged as one of the biggest winning sectors of the day.

Suthirak Traichira-arporn, Chief Executive Officer of JMT Network Services Public Company Limited, or JMT, disclosed that several financial institutions have begun gradually bringing non-performing loans to auction in greater numbers from late in the third quarter through early in the fourth quarter. Although the volume of large debt packages is still not substantial, it is a signal that the bad-debt market is starting to move again after previously facing a condition known as "water full to the brim of the dam." At present, the company has more than 500 billion baht in debt under management and uses a "monkey cheek" strategy to manage the level of debt in its portfolio appropriately in order to maintain its capacity to absorb new batches of non-performing loans. On cash-flow collection, it has steadied at normal levels and has recovered clearly since May after being affected by the Songkran festival and higher oil prices, with the Thai Chai Thai Plus measure providing indirect support. Meanwhile, earnings trends for the third quarter of 2026 are expected to improve over the second quarter of 2026, and the company will consider adjusting its policy on setting aside expected credit loss provisions, or ECL, in line with trends in debtor behaviour. In addition, JMT is continuing to expand its debt mediation centres. It currently has 58 branches in total and aims to have nearly 40 debt mediation centres by the end of this third quarter.

Hikari Tsushin announced on the 14th that it will launch a tender offer for Leopalace21 together with investment funds affiliated with MBK Partners and NEC Capital Solutions. The offer price is 1,000 yen per share, above the closing price of 691 yen on the 14th, and the offer period will run from September 15 to October 30, with the total purchase amount reaching 267.6 billion yen. Through the series of procedures, the company aims to make Leopalace21 a wholly owned subsidiary. Leopalace21 has expressed its support for the tender offer and decided to recommend that shareholders tender their shares. Hikari Tsushin currently holds 18.11% of Leopalace21 shares through indirect holdings.

Jiaotou Ecology announced on September 14 that the company, as the lead member of a consortium with Jiankan Survey Co., Ltd. and Chongqing Yuhao Architectural Design and Research Institute Co., Ltd., has been identified as the first candidate for the design-build contract of the Guanlei Port Logistics Park Project Phase One. The pre-winning bid amount is 28.1907 million yuan.

Recruit Holdings announced its first-quarter results for the fiscal year ending March 2027, posting revenue of 1.0453 trillion yen, operating profit of 255.4 billion yen, and net profit of 202.6 billion yen. Its full-year operating profit forecast was raised by 158 billion yen, or 20%, from 787 billion yen to 945 billion yen; the revenue forecast was also revised upward from 4.03 trillion yen to 4.23 trillion yen, and the net profit forecast from 623 billion yen to 755 billion yen. The earnings-per-share forecast was also lifted from 447 yen to 543 yen. First-quarter operating profit represents 27.0% progress toward the full-year forecast of 945 billion yen, exceeding the 25% mark that a simple four-way split would suggest. Meanwhile, the stock closed at 15,500 yen on September 11, down just over 2% from the previous trading day and roughly 16% below the 18,215 yen seen on August 31.

Korn Ferry completed its £850 million acquisition of UK-based AMS from OMERS Private Equity on September 1. The deal combines two well-reputed brands into a leading business within the global talent and organizational consulting space, giving Korn Ferry broader market reach and coverage spanning several new industries. At closing, Korn Ferry paid approximately £473 million and $326 million in cash, covering consideration to the sellers, repayment of AMS indebtedness and other transaction obligations, and issued 3,118,628 Korn Ferry shares to the sellers, financed through a mix of existing cash, share issuance and borrowings. The acquisition extends Korn Ferry's growth trajectory, which included a sixth consecutive quarter of topline growth and 9% growth in adjusted diluted EPS of $1.43 in its recently announced first quarter results. The deal carries liquidity constraints from the significant cash outflow and dilution risk from the new shares issued, while retaining AMS's long-term client agreements depends on sustaining service standards through the transition.

Red Violet Inc. reported second-quarter 2026 results for the period ended June 30, with revenue rising 23% to $26.7 million and net income nearly doubling to $5 million. Gross profit climbed 29% to $20.2 million, lifting gross margin to 76% from 72%, while adjusted EBITDA jumped 48% to $11.2 million and adjusted net income rose 58% to $7.2 million. Operating cash flow increased 42% to a record $10.6 million for the quarter, and the company added a record 447 new IDI customers, ending with 10,869 on the platform, while its FOREWARN product reached 443,173 users and 660 REALTOR Associations under contract. In August, Red Violet closed an underwritten public offering of 1,916,667 shares, including 250,000 shares from the underwriters' full exercise of their option, generating net proceeds of about $109.0 million, which together with existing funds gives it over $160 million in cash and no debt. The company repurchased 74,500 shares by June 30 at an average of $41.87 per share and had $15.5 million left on its buyback authorization, while diluted earnings came in at $0.34 and adjusted diluted earnings at $0.50 versus $0.51 on a basic basis.