WILMINGTON, N.C., April 22, 2026 (GLOBE NEWSWIRE) -- Live Oak Bancshares, Inc. (NYSE:LOB) ("Live Oak" or "the Company") today reported first quarter of 2026 net income attributable to common shareholders of $27.9 million, or $0.60 per diluted common share.

Live Oak's performance in the quarter, compared to the fourth quarter of 2025 and first quarter of 2025, includes these notable items:

Strong loan production of $1.37 billion accompanied by strong deposit growth of $146.4 million in the first quarter of 2026, with total assets growing by 1.1% and 12.5% to $15.30 billion compared to the fourth quarter of 2025 and first quarter of 2025, respectively
Net interest income decreased 3.0% and increased 18.8% compared to the fourth quarter of 2025 and first quarter of 2025, respectively. Net interest margin decreased 11 basis points during the first quarter of 2026 from 3.38% for the fourth quarter of 2025 to 3.27% and increased 7 basis points compared to the first quarter of 2025
Revenue (comprised of net interest income and noninterest income) decreased 15.9% and increased 18.4% compared to the fourth quarter of 2025 and first quarter of 2025, respectively, and noninterest expense decreased 4.3% and increased 5.6% compared to the fourth quarter of 2025 and first quarter of 2025, respectively, which generated a 28.1% decrease and 43.0% increase in pre-provision net revenue¹compared to the fourth quarter of 2025 and first quarter of 2025, respectively. The decrease in revenue and pre-provision net revenue¹ compared to the fourth quarter of 2025 is largely related to a $24.1 million pre-tax gain related to the sale of Apiture, Inc. and $9.0 million gain arising from the sale of a portfolio investment in the fourth quarter of 2025
Provision expense for credit losses of $20.1 million for the first quarter of 2026, decreased $1.7 million and $8.9 million compared to the fourth quarter of 2025 and first quarter of 2025, respectively

"We are pleased with the momentum we've carried into 2026. Our first quarter results reflect the strength of our differentiated model and our commitment to serving America's small business owners," said Live Oak Chairman and CEO James S. (Chip) Mahan III. "We delivered strong loan production, deposit growth, and stable credit performance during the quarter. We remain focused on our key initiatives, Live Oak Express and business checking, in addition to balance sheet strength and prudent capital management. We believe we are well positioned to support our customers, manage through a dynamic environment, and continue building long-term value for shareholders."

Conference Call

Live Oak will host a conference call to discuss the Company's financial results and business outlook tomorrow, April 23, 2026, at 9:00 a.m. ET. The call will be accessible by telephone and webcast using Conference ID: 98602. A supplementary slide presentation will be posted to the website prior to the event, and a replay will be available for 12 months following the event. The conference call details are as follows:

Live Telephone Dial-In

U.S.: 800.549.8228

International: +1 646.564.2877

Pass Code: None Required

Live Webcast Log-In

Webcast Link: investor.liveoakbank.com

Registration: Name and Email Required

Multi-Factor Code: Provided After Registration

(1) See accompanying GAAP to Non-GAAP Reconciliation.

First Quarter 2026 Key Measures

(Dollars in thousands, except per share data)										1Q 2026 Change vs.
										4Q 2025					1Q 2025
	1Q 2026			4Q 2025			1Q 2025			$			%		$			%
Total revenue⁽¹⁾	$	145,474		$	172,907		$	122,903		$	(27,433	)	(15.9) %		$	22,571		18.4	%
Total noninterest expense		85,293			89,153			80,807			(3,860	)	(4.3	)		4,486		5.6
Provision for credit losses		20,100			21,845			28,964			(1,745	)	(8.0	)		(8,864	)	(30.6	)
Income before taxes		40,081			61,909			13,132			(21,828	)	(35.3	)		26,949		205.2
Effective tax rate		25.3	%		25.5	%		26.4	%	n/a			n/a		n/a			n/a
Net income attributable to common shareholders	$	27,946		$	44,116		$	9,717		$	(16,170	)	(36.7) %		$	18,229		187.6	%
Diluted earnings per common share		0.60			0.95			0.21			(0.35	)	(36.8	)		0.39		185.7
Loan and lease production		1,368,311			1,638,113			1,396,223			(269,802	)	(16.5	)		(27,912	)	(2.0	)
Total loans and leases		12,593,529			12,393,677			11,061,866			199,852		1.6			1,531,663		13.8
Total assets		15,300,033			15,134,778			13,595,704			165,255		1.1			1,704,329		12.5
Total deposits		13,835,058			13,688,659			12,395,945			146,399		1.1			1,439,113		11.6

(1) Total revenue consists of net interest income and total noninterest income.

Important Note Regarding Forward-Looking Statements

Statements in this press release that are based on other than historical data or that express the Company's plans or expectations regarding future events or determinations are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Statements based on historical data are not intended and should not be understood to indicate the Company's expectations regarding future events. Forward-looking statements provide current expectations or forecasts of future events or determinations. These forward-looking statements are not guarantees of future performance or determinations, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that could cause actual results to differ materially from those expressed in the forward-looking statements include changes in Small Business Administration ("SBA") rules, regulations or loan products, including the Section 7(a) program, changes in SBA standard operating procedures or changes in Live Oak Banking Company's status as an SBA Preferred Lender; changes in rules, regulations or procedures for other government loan programs, including those of the United States Department of Agriculture; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity, and regulatory responses to these developments; the impacts of any pandemic or public health situation on trade (including supply chains and export levels), travel, employee productivity and other economic activities that may have a destabilizing and negative effect on financial markets, economic activity and customer behavior; risks relating to the deployment and use of artificial intelligence by the Company, its customers, and counterparties; a reduction in or the termination of the Company's ability to use the technology-based platform that is critical to the success of its business model, including a failure in or a breach of operational or security systems or those of its third-party service providers; risks relating to the material weakness we identified in our internal control over financial reporting; technological risks and developments, including cyber threats, attacks, or events; competition from other lenders; the Company's ability to attract and retain key personnel; market and economic conditions and the associated impact on the Company; operational, liquidity and credit risks associated with the Company's business; changes in political and economic conditions, including any prolonged U.S. government shutdown; the impact of heightened regulatory scrutiny of financial products and services and the Company's ability to comply with regulatory requirements and expectations; changes in tariffs and trade barriers, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the debt ceiling and the federal budget; adverse results, including related fees and expenses, from pending or future lawsuits, government investigations or private actions; and the other factors discussed in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") and available at the SEC's Internet site (http://www.sec.gov). Except as required by law, the Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

About Live Oak Bancshares, Inc.

Live Oak Bancshares, Inc. (NYSE:LOB) is a financial holding company and the parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.

Contacts:

Live Oak Bancshares, Inc.

Quarterly Statements of Income (unaudited)

(Dollars in thousands, except per share data)

	Three Months Ended															1Q 2026 Change vs.
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2025		1Q 2025
Interest income																%		%
Loans and fees on loans	$	214,129		$	218,852		$	211,599		$	204,513		$	195,616		(2.2	)	9.5
Investment securities, taxable		13,009			12,679			12,175			11,648			11,089		2.6		17.3
Other interest earning assets		6,726			8,124			7,654			8,123			6,400		(17.2	)	5.1
Total interest income		233,864			239,655			231,428			224,284			213,105		(2.4	)	9.7
Interest expense
Deposits		112,847			114,879			114,266			113,380			110,888		(1.8	)	1.8
Borrowings		1,617			1,656			1,677			1,683			1,685		(2.4	)	(4.0	)
Total interest expense		114,464			116,535			115,943			115,063			112,573		(1.8	)	1.7
Net interest income		119,400			123,120			115,485			109,221			100,532		(3.0	)	18.8
Provision for credit losses		20,100			21,845			22,242			23,252			28,964		(8.0	)	(30.6	)
Net interest income after provision for credit losses		99,300			101,275			93,243			85,969			71,568		(2.0	)	38.7
Noninterest income
Loan servicing revenue		9,094			9,227			8,812			8,565			8,298		(1.4	)	9.6
Loan servicing asset revaluation		(3,487	)		(3,932	)		(4,360	)		(3,057	)		(4,728	)	11.3		26.2
Net gains on sales of loans		15,425			12,313			17,099			17,570			15,438		25.3		(0.1	)
Net (loss) gain on loans accounted for under the fair value option		(1,165	)		1,518			(350	)		1,082			(1,034	)	(176.7	)	(12.7	)
Equity method investments (loss) income		(817	)		23,812			(1,470	)		(2,716	)		(2,239	)	(103.4	)	63.5
Equity security investments gains, net		—			4,691			18			1,004			20		(100.0	)	(100.0	)
Lease income		2,135			2,196			2,179			3,103			2,573		(2.8	)	(17.0	)
Other noninterest income		4,889			(38	)		4,917			4,904			4,043		12,965.8		20.9
Total noninterest income		26,074			49,787			26,845			30,455			22,371		(47.6	)	16.6
Noninterest expense
Salaries and employee benefits		49,354			47,988			49,910			46,008			45,529		2.8		8.4
Travel expense		1,463			1,715			1,618			1,634			2,064		(14.7	)	(29.1	)
Professional services expense		2,516			2,855			1,999			2,874			3,024		(11.9	)	(16.8	)
Advertising and marketing expense		3,051			2,298			1,839			4,420			3,665		32.8		(16.8	)
Occupancy expense		2,410			2,317			2,339			2,369			2,737		4.0		(11.9	)
Technology expense		9,749			13,397			10,234			10,066			9,251		(27.2	)	5.4
Equipment expense		3,693			3,677			3,320			3,685			3,745		0.4		(1.4	)
Other loan origination and maintenance expense		5,919			4,917			4,777			4,190			4,585		20.4		29.1
Renewable energy tax credit investment impairment		—			129			336			270			—		(100.0	)	—
FDIC insurance		4,401			3,933			3,643			3,545			3,551		11.9		23.9
Other expense		2,737			5,927			3,501			6,161			2,656		(53.8	)	3.0
Total noninterest expense		85,293			89,153			83,516			85,222			80,807		(4.3	)	5.6
Income before taxes		40,081			61,909			36,572			31,202			13,132		(35.3	)	205.2
Income tax expense		10,134			15,787			10,106			7,815			3,464		(35.8	)	192.6
Net income		29,947			46,122			26,466			23,387			9,668		(35.1	)	209.8
Net loss attributable to non-controlling interest		93			88			50			41			49		5.7		89.8
Net income attributable to Live Oak Bancshares, Inc.		30,040			46,210			26,516			23,428			9,717		(35.0	)	209.1
Preferred stock dividends		2,094			2,094			954			—			—		—		100.0
Net income attributable to common shareholders	$	27,946		$	44,116		$	25,562		$	23,428		$	9,717		(36.7	)	187.6
Earnings per common share
Basic	$	0.61		$	0.96		$	0.56		$	0.51		$	0.21		(36.5	)	190.5
Diluted	$	0.60		$	0.95		$	0.55		$	0.51		$	0.21		(36.8	)	185.7
Weighted average shares outstanding
Basic		46,138,609			45,906,268			45,780,794			45,634,741			45,377,965
Diluted		46,509,040			46,298,408			46,216,958			45,795,608			45,754,499

Live Oak Bancshares, Inc.

Quarterly Balance Sheets (unaudited)

(Dollars in thousands)

	As of the quarter ended															1Q 2026 Change vs.
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025			4Q 2025		1Q 2025
Assets																%		%
Cash and due from banks	$	816,135		$	864,904		$	892,445		$	662,755		$	744,263		(5.6	)	9.7
Certificates of deposit with other banks		250			250			250			250			250		—		—
Investment securities available-for-sale		1,434,538			1,427,401			1,373,219			1,325,206			1,312,680		0.5		9.3
Loans held for sale		435,313			420,055			360,693			350,791			367,955		3.6		18.3
Loans and leases held for investment⁽¹⁾		12,158,216			11,973,622			11,554,818			11,014,055			10,693,911		1.5		13.7
Allowance for credit losses on loans and leases		(193,279	)		(192,264	)		(185,700	)		(182,231	)		(190,184	)	(0.5	)	(1.6	)
Net loans and leases		11,964,937			11,781,358			11,369,118			10,831,824			10,503,727		1.6		13.9
Premises and equipment, net		235,329			240,203			241,140			246,493			259,113		(2.0	)	(9.2	)
Foreclosed assets		12,005			8,208			11,024			6,318			2,108		46.3		469.5
Servicing assets		64,677			63,155			62,491			60,359			56,911		2.4		13.6
Other assets		336,849			329,244			355,522			347,212			348,697		2.3		(3.4	)
Total assets	$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704		1.1		12.5
Liabilities and shareholders' equity
*Liabilities*
Deposits:
Noninterest-bearing	$	510,917		$	515,051		$	494,019		$	393,393		$	386,108		(0.8	)	32.3
Interest-bearing		13,324,141			13,173,608			12,796,704			12,201,397			12,009,837		1.1		10.9
Total deposits		13,835,058			13,688,659			13,290,723			12,594,790			12,395,945		1.1		11.6
Borrowings		99,746			102,404			105,045			107,659			110,247		(2.6	)	(9.5	)
Other liabilities		83,468			89,609			67,585			61,494			58,065		(6.9	)	43.7
Total liabilities		14,018,272			13,880,672			13,463,353			12,763,943			12,564,257		1.0		11.6
*Shareholders' equity*
Preferred stock		96,266			96,266			96,266			—			—		—		100.0
Class A common stock (voting)		392,258			388,389			383,288			377,953			370,513		1.0		5.9
Class B common stock (non-voting)		—			—			—			—			—		—		—
Retained earnings		836,444			809,885			770,820			746,450			724,215		3.3		15.5
Accumulated other comprehensive loss		(47,352	)		(44,672	)		(52,151	)		(61,514	)		(67,698	)	(6.0	)	30.1
Total shareholders' equity attributed to Live Oak Bancshares, Inc.		1,277,616			1,249,868			1,198,223			1,062,889			1,027,030		2.2		24.4
Non-controlling interest		4,145			4,238			4,326			4,376			4,417		(2.2	)	(6.2	)
Total shareholders' equity		1,281,761			1,254,106			1,202,549			1,067,265			1,031,447		2.2		24.3
Total liabilities and shareholders' equity	$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704		1.1		12.5

(1) Includes $244.9 million, $260.6 million, $280.3 million, $303.8 million and $316.8 million loans measured at fair value for the quarters ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively.

Live Oak Bancshares, Inc.

Quarterly Selected Financial Data

(Dollars in thousands, except per share data)

	As of and for the three months ended
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Income Statement Data
Net income attributable to common shareholders	$	27,946		$	44,116		$	25,562		$	23,428		$	9,717
Per Common Share
Net income, diluted	$	0.60		$	0.95		$	0.55		$	0.51		$	0.21
Dividends declared - common		0.03			0.03			0.03			0.03			0.03
Book value per common share		25.55			25.06			24.03			23.36			22.62
Tangible book value per common share⁽¹⁾		25.46			24.97			23.96			23.29			22.55
Performance Ratios
Return on average assets (annualized)		0.74	%		1.19	%		0.72	%		0.68	%		0.30	%
Return on average common equity (annualized)		9.39			15.25			9.32			8.85			3.78
Net interest margin		3.27			3.38			3.33			3.28			3.20
Efficiency ratio⁽¹⁾		58.63			51.56			58.68			61.01			65.75
Noninterest income to total revenue		17.92			28.79			18.86			21.80			18.20
Selected Loan Metrics
Loans and leases originated	$	1,368,311		$	1,638,113		$	1,648,711		$	1,526,592		$	1,396,223
Outstanding balance of sold loans serviced		5,943,787			5,599,724			5,563,363			5,321,284			4,949,962
Asset Quality Ratios
Allowance for credit losses to loans and leases held for investment⁽³⁾		1.62	%		1.64	%		1.65	%		1.70	%		1.83	%
Net charge-offs⁽³⁾	$	18,585		$	13,739		$	16,816		$	31,445		$	6,774
Net charge-offs to average loans and leases held for investment^{(2) (3)}		0.63	%		0.48	%		0.61	%		1.19	%		0.27	%

Nonperforming loans and leases at historical cost⁽³⁾
Unguaranteed	$	116,791		$	101,371		$	76,887		$	59,555		$	99,907
Guaranteed		327,409			399,786			379,381			336,777			322,993
Total		444,200			501,157			456,268			396,332			422,900
Unguaranteed nonperforming historical cost loans and leases, to loans and leases held for investment⁽³⁾		0.98	%		0.87	%		0.68	%		0.56	%		0.96	%

Nonperforming loans at fair value⁽⁴⁾
Unguaranteed	$	6,884		$	7,715		$	6,775		$	8,873		$	9,938
Guaranteed		54,679			53,887			54,887			60,453			58,100
Total		61,563			61,602			61,662			69,326			68,038
Unguaranteed nonperforming fair value loans to fair value loans held for investment⁽⁴⁾		2.81	%		2.96	%		2.42	%		2.92	%		3.14	%

Capital Ratios
Common equity tier 1 capital (to risk-weighted assets)		10.63	%		10.53	%		10.51	%		10.67	%		10.67	%
Tier 1 leverage capital (to average assets)		8.47			8.48			8.57			7.90			8.03

Notes to Quarterly Selected Financial Data

(1) See accompanying GAAP to Non-GAAP Reconciliation.

(2) Quarterly net charge-offs as a percentage of quarterly average loans and leases held for investment, annualized.

(3) Loans and leases at historical cost only (excludes loans measured at fair value).

(4) Loans accounted for under the fair value option only (excludes loans and leases carried at historical cost).

Live Oak Bancshares, Inc.

Quarterly Average Balances and Net Interest Margin

(Dollars in thousands)

	Three Months Ended March 31, 2026							Three Months Ended December 31, 2025							Three Months Ended March 31, 2025
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
Interest-earning assets:
Interest-earning balances in other banks	$	729,938		$	6,726	3.74	%	$	803,095		$	8,124	4.01	%	$	581,267		$	6,400	4.47	%
Investment securities		1,492,023			13,009	3.54			1,465,824			12,679	3.43			1,379,797			11,089	3.26
Loans held for sale		514,501			9,792	7.72			420,809			8,240	7.77			407,953			8,612	8.56
Loans and leases held for investment⁽¹⁾		12,081,396			204,337	6.86			11,777,219			210,612	7.09			10,388,872			187,004	7.30
Total interest-earning assets		14,817,858			233,864	6.40			14,466,947			239,655	6.57			12,757,889			213,105	6.77
Less: Allowance for credit losses on loans and leases		(190,522	)						(186,252	)						(165,320	)
Noninterest-earning assets		547,970							546,969							534,133
Total assets	$	15,175,306						$	14,827,664						$	13,126,702
Interest-bearing liabilities:
Savings	$	6,910,397		$	55,420	3.25	%	$	6,833,148		$	57,668	3.35	%	$	5,540,147		$	51,604	3.78	%
Certificates of deposit		5,730,803			53,337	3.77			5,498,643			52,888	3.82			5,563,004			55,235	4.03
Other interest-bearing deposits		579,330			4,090	2.86			559,101			4,323	3.07			478,399			4,049	3.43
Total deposits		13,220,530			112,847	3.46			12,890,892			114,879	3.54			11,581,550			110,888	3.88
Borrowings		103,329			1,617	6.35			104,219			1,656	6.30			111,919			1,685	6.11
Total interest-bearing liabilities		13,323,859			114,464	3.48			12,995,111			116,535	3.56			11,693,469			112,573	3.90
Noninterest-bearing deposits		491,301							492,501							342,482
Noninterest-bearing liabilities		69,596							82,684							58,739
Shareholders' equity		1,286,313							1,253,043							1,027,547
Non-controlling interest		4,237							4,325							4,465
Total liabilities and shareholders' equity	$	15,175,306						$	14,827,664						$	13,126,702
Net interest income and interest rate spread				$	119,400	2.92	%				$	123,120	3.01	%				$	100,532	2.87	%
Net interest margin						3.27							3.38							3.20
Ratio of average interest-earning assets to average interest-bearing liabilities						111.21	%						111.33	%						109.10	%

(1) Average loan and lease balances include non-accruing loans and leases.

Live Oak Bancshares, Inc.

GAAP to Non-GAAP Reconciliation

(Dollars in thousands)

	As of and for the three months ended
	1Q 2026			4Q 2025			3Q 2025			2Q 2025			1Q 2025
Total shareholders' equity	$	1,281,761		$	1,254,106		$	1,202,549		$	1,067,265		$	1,031,447
Less:
Preferred stock		96,266			96,266			96,266			—			—
Non-controlling interest		4,145			4,238			4,326			—			—
Total common shareholders' equity	$	1,181,350		$	1,153,602		$	1,101,957		$	1,067,265		$	1,031,447
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,089			2,165			1,453			1,491			1,529
Tangible common shareholders' equity (a)	$	1,177,464		$	1,149,640		$	1,098,707		$	1,063,977		$	1,028,121
Shares outstanding (c)		46,240,691			46,032,402			45,855,739			45,686,081			45,589,633
Total assets	$	15,300,033		$	15,134,778		$	14,665,902		$	13,831,208		$	13,595,704
Less:
Goodwill		1,797			1,797			1,797			1,797			1,797
Other intangible assets		2,089			2,165			1,453			1,491			1,529
Tangible assets (b)	$	15,296,147		$	15,130,816		$	14,662,652		$	13,827,920		$	13,592,378
Tangible common shareholders' equity to tangible assets (a/b)		7.70	%		7.60	%		7.49	%		7.69	%		7.56	%
Tangible book value per common share (a/c)	$	25.46		$	24.97		$	23.96		$	23.29		$	22.55
Efficiency ratio:
Noninterest expense (d)	$	85,293		$	89,153		$	83,516		$	85,222		$	80,807
Net interest income		119,400			123,120			115,485			109,221			100,532
Noninterest income		26,074			49,787			26,845			30,455			22,371
Total revenue (e)	$	145,474		$	172,907		$	142,330		$	139,676		$	122,903
Efficiency ratio (d/e)		58.63	%		51.56	%		58.68	%		61.01	%		65.75	%
Pre-provision net revenue (e-d)	$	60,181		$	83,754		$	58,814		$	54,454		$	42,096

This press release presents non-GAAP financial measures. The adjustments to reconcile from the non-GAAP financial measures to the applicable GAAP financial measure are included where applicable in financial results presented in accordance with GAAP. The Company considers these adjustments to be relevant to ongoing operating results. The Company believes that excluding the amounts associated with these adjustments to present the non-GAAP financial measures provides a meaningful base for period-to-period comparisons, which will assist regulators, investors, and analysts in analyzing the operating results or financial position of the Company. The non-GAAP financial measures are used by management to assess the performance of the Company's business for presentations of Company performance to investors, and for other reasons as may be requested by investors and analysts. The Company further believes that presenting the non-GAAP financial measures will permit investors and analysts to assess the performance of the Company on the same basis as that applied by management. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although non-GAAP financial measures are frequently used by shareholders to evaluate a company, they have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of results reported under GAAP.

Live Oak Bancshares, Inc. Reports First Quarter 2026 Results