Conversely, our traditional packaged goods coverage has averaged gross margin contraction the past three quarters. Thirty One Gifts began in and is based on a passage in the Bible. In direct selling, individuals market and sell products and services directly to the consumer, either through individual contact or group selling, such as the in-home party. Direct Selling page spread feature in Wall Street Journal, full of useful articles. We strapped down and downed multiple pots of coffee so we could bring you this comprehensive list. For example, inthere wereconsultants. Direct selling is also an extraordinarily philanthropic industry, with nearly every company, regardless of size, participating in some kind of charitable endeavor, whether it is setting up its own foundation, partnering with humanitarian organizations, or regularly supporting existing charities. The company divides its distributors into three categories: customers, earners and business builders. According to Forbes ,the company started with 1, consultants. Markets: affiliate marketing revolutie ervaringen udemy affiliate marketing associate Distributors: 3. Of the People, by the People, for the People More than 12 million jobs have been eliminated from the U. Mills Teresa Day Creative Director 29 Direct Selling News by DSN Staff Whether providing readers with valuable information, offering a forum for executives to share ideas or profiling companies, DSN is the journalistic resource covering the direct selling way of doing business. Italy 9. Telecom Plus has ,00 members and provides services to 2. Learn the Industry Subscribe to Direct Selling News, how eo i stop swagbucks pop up how long does it usually take for swagbucks sb trade publication for industry executives and decision-makers. Surprised to see Tupperware on this list? What are we going to do with 30 million people who are now permanently unemployed? As the trade publication first business to start make money online without working our vibrant industry, each month we bring you the latest news and information about the companies and the people who lead .
Under-leveraged balance sheets and large free cash flows Both tend to put the direct selling business model on particularly strong financial footing. It means increased revenues, more consultants and a chance to expand into newer marketers. Other familiar names on the top 10 list include Herbalife public , Mary Kay private and Tupperware public. Ownership of the distribution channel and the tendency toward premium-priced products This gives the direct sellers pricing power that tends to be more of a struggle for most traditional package-goods companies that have to sell through big-box retailers. The company was acquired by Blyth, Inc. Soper June 1, Many of the innovative investors are reaping rewards for acting upon their confidence in the direct selling industry. Nu Skin Enterprises Inc. Herbalife topped that with a record first quarter , which includes a Along with increasing sales, the company has also grown by expanding its customer base. Primerica is a direct selling company that offers insurance and other financial products. Jefferies Report by Douglas M. Before The company would like to thank all of our Health Coaches for everything they do to get America healthy!
Direct Selling News by DSN Staff Whether providing readers with valuable information, offering a forum for executives to share ideas or profiling companies, DSN is the journalistic resource covering the direct selling way of doing business. First quarter net sales were up by 0. In fact, just among the top make money through online trading how to make easy money online for college students revenue-grossing companies—there are an estimated 2, U. Products and services delivered directly to customers through personalized presentations that are. Areas that were the best performing for the nutritional supplement company were Russia and Eastern Europe. Direct selling. Vorwerk is a family-owned company that has been focusing on the direct selling channel since It has an affluent and technologically advanced economy—a large proportion of which is over 50 with high-disposal income—and high unemployment. LLC 55 Mannatech, Inc. Markets: Nearly Distributors: 2. The No. Sales declined 3. While the national economy grew only 0. The company has sales agents in Japan, Taiwan and Malaysia. For the People Direct selling is also an extraordinarily philanthropic industry, with nearly every company, regardless of size, participating in some kind of charitable endeavor, whether it is setting up its own foundation, partnering with humanitarian organizations, or regularly supporting existing charities. A new social business model?! Init had more than 61, total distributors in the US. However, the best tools and support needed to run a home-based business are now available to individuals at an affordable cost. Other familiar names on the top 10 list include Herbalife publicMary Kay private and Tupperware public.
At the end of , it was number on the list of best employers. Pilzer warns that too many people today see unemployment as part of the economic cycle—that when the economy recovers, employment will naturally go up. In , it had more than 61, total distributors in the US. The only thing you need to do is find a reputable company—one that you can trust—that offers a product or service that you believe in and can get passionate about. The five-year deal, worth 4 million pounds, will examine the activity of certain compounds at the cellular and molecular level. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home, and beautyand personal-care products. At the start of , Herbalife reported that it had exceeded expectations for the first quarter. The company that. Sequoia Capital investors bought into jewelry and accessories direct seller Avon Products Inc. It remains to be seen whether those changes will negatively or positively affect the company overall. Arbonne is a bit like a Phoenix. Ownership of the distribution channel and the tendency toward premium-priced products This gives the direct sellers pricing power that tends to be more of a struggle for most traditional package-goods companies that have to sell through big-box retailers. As the trade publication for our vibrant industry, each month we bring you the latest news and information about the companies and the people who lead them. Since it began in , Chloe and Isabel has been able to raise a considerable amount of funding. The company is known for its green products and social responsibility efforts. Emmert P rofessor Paul Zane Pilzer has kept a watchful eye on the direct selling industry for more than 30 years. The essential activities related to building the business are usually conducted in the home.
According to Forbes ,the company started with 1, consultants. After several years of decline, was the first year it had seen growth in a. For these individuals, the money earned each month, regardless of the amount, makes a big difference. MySpace has over million registered users; Facebook added that many users last year. Arbonne is a bit like a Phoenix. Financial advisors and investors both are seeing direct selling companies with new eyes, focusing on the efficient business model, rapid growth, and generally low on-going capital investment after the initial surge. Frequently Asked Questions. The RCF requires all private companies to have their revenue number validated by the CEO and certified by a qualified agent either at the applicant company or an outside independent source. Long before we even knew what a computer was, people were getting together for fun, socializing and shopping. The company operates in 62 countries and is the market leader in more than half. Many of the top 12 public companies that sell direct have outperformed the average stock return by impressive margins since the market Can You Make Money Selling On Amazon 2019 Airsoft Wholesale Dropship to its low in early
So it seemed only fitting for DSN to further recognize the industry by compiling a comprehensive list, starting in , of the top direct selling companies in the world. Frequently Asked Questions. Direct selling may have the answer. Mills E nergy deregulation could lead companies to take any route when selling the essential services of gas and electricity, but by using the direct selling channel of distribution there is already a natural fit. The brand is beginning to see new growth again after flattening out for a few years. After several years of decline, was the first year it had seen growth in a while. According to Forbes ,the company started with 1, consultants. What is most appealing about becoming a direct seller is that anyone can do it. Arbonne is a bit like a Phoenix. Of the People, by the People, for the People More than 12 million jobs have been eliminated from the U. The Economic Policy Institute estimates 4. As the trade publication for our vibrant industry, each month we bring you the latest news and information about the companies and the people who lead them. There are no limits. Yanbal International was founded in Peru and sells skin-care, cosmetics, personal-care products, fragrances and jewelry through its catalogs and beauty consultants. Before The company would like to thank all of our Health Coaches for everything they do to get America healthy! Other familiar names on the top 10 list include Herbalife public , Mary Kay private and Tupperware public. How is privately held company data compiled? The direct selling industry in Malaysia is steadily growing, enjoying the benefits of more companies launching within its borders. Whether a company is working in a mature market or an emerging one, the direct selling model has many advantages.
It began life as a brand that was sold in high-end department stores. People opportunity for connecting with new customers. United States 2. Yanbal International was founded in Peru and sells skin-care, cosmetics, personal-care products, fragrances and jewelry through its catalogs and beauty consultants. Lane has told investors that the model—also referred to as network marketing—continued to thrive throughout the recession in part because it offers the unemployed an easy, low-risk way to be in business for themselves, and that instagram affiliate marketing 2019 amazon affiliate marketing fees also capitalizes on the fact that consumers prefer to buy products from people they know and like. Advancements in mobile devices and apps, as well as in social media tools, simply increase the reach of this socially driven model. Although it has no U. The company sells purses and other accessories and ranked at spot 10 in terms of momentum by Business for Home. Direct sellers in Germany are 67 percent women, and 84 percent sell through a personal sales method.
Our mission is simple: empower people to realise their full potential, fulfil their dreams and lead a richer, more meaningful life. Before The company would like to thank all of our Health Coaches for everything they do to get America healthy! It was the only direct selling company to do so. Yanbal International was founded in Peru and sells skin-care, cosmetics, personal-care products, fragrances and jewelry through its catalogs and beauty consultants. In the first quarter of , sales were up by 6 percent for the company overall. The company operates in 18 countries and estimates that it has around 1. Thank You to Our Sponsors. IT vendors are making quantum leaps in the development of apps for the independent business owner IBOs in direct selling for all aspects of the business. Whether a company is working in a mature market or an emerging one, the direct selling model has many advantages. It has an affluent and technologically advanced economy—a large proportion of which is over 50 with high-disposal income—and high unemployment. Independent business owners IBOs are actually customers themselves. Salesforce numbers are also expected to increase slightly, and leading categories continue to be health care and personal goods. Stanley Fredrick says his secret to his success was being lucky enough to find the direct selling industry. The company also announced that it had more than 3 million members in April Now, business can be conducted anywhere. Model Advantages Whether a company is working in a mature market or an emerging one, the direct selling model has many advantages. The company divides its distributors into three categories: customers, earners and business builders.
Belcorp focuses on women, not only through its business model but also through its products. The essential activities related to building the business are usually conducted in the home. Do you want to be the first one in your company, to try it? The Primary Benefit: Work—Life Balance Some direct sellers and network marketers all are independent handmade craft affiliate marketing draftkings affiliate marketing owners choose to view their business as an opportunity with unlimited earning potential. Arbonne is a bit like a Phoenix. It had 1, consultants in Brazil alone andconsultants in all the other countries, an increase of more than 7 percent from the year. LuLaRoe sells clothing that it claims to be both stylish and comfortable. The product categories are just as diverse, including nearly every product or service imaginable, from energy to financial planning, from health and wellness to beauty, from home improvement to self-improvement. Direct selling is the most efficient method for the distribution of intellectual information that millennial money side hustle work at home jobs amazon no experience improve your life. Ignite Inc.
Since then, it has expanded to Poland and most recently to Taiwan and New Zealand. Its household goods include oral care products, skin-care and hair-care products, laundry products and paper products. Its monthly Top Desk essay is contributed by a direct selling CEO or president and addresses such important topics as leadership and ethics. Scott Van Winkle, CFA, is a Research Analyst at Canaccord Genuity, known for serving institutional and corporate clients through investment banking, research, sales and trading services. Still, the company makes the list because of its brand recognition and ongoing popularity. Ranked at position on the Inc. Telecom Plus has ,00 members and provides services to 2. Growth potential is huge because as these economies expand, their appetites for consumer goods grow and previously underemployed women—who have historically been the foundation of many direct sales organizations—are prospering, thanks to newfound economic opportunities. Direct selling. Japan 3. For example, sales are up by 42 percent in South America. Emmert P rofessor Paul Zane Pilzer has kept a watchful eye on the direct selling industry for more than 30 years. However, direct selling is performing better than the rest of the retail world in Australia. Primerica provides financial products and services, including term life insurance, mutual funds, variable annuities, loans, long-term care insurance and legal services to 6 million clients, primarily middle-class individuals and families. Why did DSN start the Global list? Amway, which got started in the s, was one of the first network marketing companies. Please check your email to confirm your sign up! Globally, the brand had a sales force of more than 3 million people , an increase of 1 percent from There are now 20 countries that are billion-dollar markets for direct selling. DSN Global When we published the DSN Global ranking last year, it was the first time in the history of the industry that a comprehensive list of the top direct selling companies by revenue was researched and presented.
Though with as many mlm companies there are in the world it can be a big hassle to keep track of which are the fastest growing. Unlike the franchisee, however, the direct seller is an independent how to make money in one day online legitimate work at home jobs stuffing envelopes with complete control over building and conducting the business. The introduction of new productsincluding a kitchen line and accessories brand, to its line of fragrances, helped spur the company on towards new and increased growth. The company, which sells weight management and nutrition products, recently began construction on a larger facility in Arizonawhere it is based. If there is a tie in revenue,we then use How To Make Money On Ebay Reddit Dropship Clothing Plus Size other factors as deciding. However, there seems to be a renewed optimism in the United Kingdom, with people and businesses stepping up to seize the opportunities that everyone feels sure are coming. Jessica Herrin cares about giving women the confidence to earn and learn in a modern way. Radio reached an audience of 50 million in 38 years. Primerica closed Herbalife. Amway, which got started in the s, was one of the first network marketing companies. As the current economic crisis continues to take a toll on people around the world and unemployment rates steadily rise, direct selling may be the answer to a shrinking job market. Since it was founded inYounique, a makeup and skincare company, has reached more than 4 million customers in 10 countries. Save Time and Money—As an independent business owner, you purchase the products you love at discounts and you operate all activities from your home. The Primerica business opportunity gives people from all walks of life a chance to live their dreams.
The company is experiencing an uptick in popularity in certain markets, even as its consultant list is shrinking. Each year, new companies come onto the radar screen and ways to make money from nothing earn money from survey online paypal attempt is made to connect with. The company operates in 62 countries and is the market leader in more than half. Network marketing casts a very wide net. Amway, privately held and another household name, secured the No. It now sells jewelry, bags, and accessories. Fear not. Direct selling in Japan has literally had its ups and downs in recent years. Research shows that one-sixth of the population has been involved with direct selling at some point in their lives. At Oriflame, fulfilling dreams is our heart and soul. Jefferies Report by Douglas M. I am confident we can make a huge difference toward the goal of empowering women and helping them achieve their financial hopes and dreams. Sales were up 3 best work at home occupations business ideas to make money online. The company also ships to customers in more than countries. Business for Home noted that its revenue increased by nearly 5 percent between and
Radio reached an audience of 50 million in 38 years. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home, and beautyand personal-care products. Other familiar names on the top 10 list include Herbalife public , Mary Kay private and Tupperware public. Japan 3. Markets: 62 Distributors: 3. Each year, the direct selling news team works with companies around the world on this special project, and it has become our signature research endeavor. While the national economy grew only 0. They realize they can increase their chances of achieving financial freedom by building a strong business. It began life as a brand that was sold in high-end department stores.
Each year, new companies come onto the radar screen and every attempt is made to connect with. For many MLM and network marketing companies, growth is a good thing. Going far beyond cosmetics, toiletries and fragrances, Nu Skin sells more than products through three distinct brands: Nu Skin, Pharmanex and Big Planet. The only thing you need to do is find a reputable company—one that you can trust—that offers a product or service that you believe in and can get passionate how much money can i make taking surveys online home based business and home finishes. It hopes to start using technology, including social media, to reach new customers and to update its image. DSN Global When we published the DSN Global ranking last year, it was the first time in the history of the industry that a comprehensive list of the top direct selling companies by revenue was researched and presented. IT vendors are making quantum leaps in the development of apps for the independent business. Before The company would like to thank all of our Health Coaches for everything they do to get America healthy! They also have a built-in market for services and products because everyone uses energy. Amway, privately held and another household name, secured the No. It gives people an opportunity when no one else. Inthe company reported annual growth rate of to percent.
It has also created a permanent owners] to tell our story much more effectively. Its monthly Top Desk essay is contributed by a direct selling CEO or president and addresses such important topics as leadership and ethics. And that makes a very positive difference. Many of the top direct selling companies have achieved record sales and profitability and most appear to have lasting fiscal momentum in an improving economy. All have responded positively to the significance of the direct selling business model. Canada This is one of the. DSN provides its readers with much more than industry news and company profiles. This requires time and energy to attract customers, sell their products and build a sales organization of others who A home-based business is a valuable asset when it is developed successfully. Save Time and Money—As an independent business owner, you purchase the products you love at discounts and you operate all activities from your home. It also offers broadband and mobile services. From March to May , the top 7 publicly traded direct selling companies averaged a percent increase in stock price. Sales declined 3. The brand sells jewelry. Direct sellers in Germany are 67 percent women, and 84 percent sell through a personal sales method. By treating the opportunity as a true business, these direct sellers have the potential to earn significant profits from their investment of time. It took courage and the willingness to think outside of the box…. Emmert P rofessor Paul Zane Pilzer has kept a watchful eye on the direct selling industry for more than 30 years. Its impressive sales growth has earned the brand some recognition.
Conversely, our traditional packaged goods coverage has averaged gross margin contraction the past three quarters. Direct selling company CEOs are also known for their personal philanthropy in support of many causes around the world. Based in Brazil, the company was listed at number 75 on Forbes Most Innovative Companies list live streaming affiliate marketing mike long affiliate marketing both and It also went international that year, launching in Canada. For more information, email advertising directsellingnews. There are few retail expenses, since the products are sold. Today, there are Ways To Make Money On Amazon How To Put Dropshipping Products On Amazon of men and women who seek a business opportunity that offers the ultimate work—life balancing potential. The company that independence. The company would like to thank all of our Health Coaches for everything they do to get America healthy! Jefferies Report by Douglas M. USANA has grown local currency sales on average in the low teens dating back to the first quarterand Nu Skin also grew double digits throughout Herbalife sells nutritional supplements and weight-management and personal-care products. Relevance and Education DSN provides its readers with much more than industry news and company profiles. The products and services sold by these companies range across such diverse categories as cosmetics, financial planning services, home decorating, home improvement and solutions, energy services, personalcare, health and wellness, apparel and accessories, legal services and fine wines.
The Economic Policy Institute estimates 4. The company also ships to customers in more than countries. Since it is a multi-level marketing program, many of those distributors have recruited others and moved up in the ranks. Solution to a Shrinking Job Market by J. J efferies analyst Doug Lane has long been a champion of the sector, which relies on its salespeople to market the product, mostly to their local community. Along with increasing sales, the company has also grown by expanding its customer base. ACN is the largest direct seller of home and telecommunications services in the world, offering local and long distance phone service, digital phone service with video phones, Internet, wireless, satellite TV, home security, computer support and energy services. Belcorp focuses on women, not only through its business model but also through its products. Sales were up 3 percent. Scott Van Winkle, CFA, is a Research Analyst at Canaccord Genuity, known for serving institutional and corporate clients through investment banking, research, sales and trading services. Who uses the Global list?
Globally, the brand had a sales force of more than 3 million peoplean increase of 1 percent from Its monthly Top Desk essay is contributed by a direct selling CEO or president and addresses such important topics as leadership and ethics. The company is known for its green products and social responsibility efforts. This makes a home-based business—and a direct selling opportunity, in particular—very appealing. Entrepreneurship is the answer. The essential activities related to building the business are usually conducted in the home. It now sells jewelry, bags, and accessories. Welcome to our 10th Annual Global edition! Global Articles. Expand Your Circle of Friends—Direct selling business opportunities. The biggest need in every sector of the economy, says Pilzer, is intellectual distribution—the dissemination of information about whats the easiest way to accumulate swagbucks where can i get swagbucks codes and services.
Not just a pretty face. It was ranked on the Inc. Participating in the generosity of the industry provides another compelling reason that people want to sign on with direct selling companies. Relevance and Education DSN provides its readers with much more than industry news and company profiles. There are now 20 countries that are billion-dollar markets for direct selling. Vorwerk is a family-owned company that has been focusing on the direct selling channel since There are no limits. Italy 9. Medifast, the parent company of Take Shape for Life, was named No. The company, which sells weight management and nutrition products, recently began construction on a larger facility in Arizona , where it is based. They represent the hundreds of U.
Jefferies Report by Douglas M. Vorwerk is a family-owned company that has been focusing on the direct selling channel since In , the company reported annual growth rate of to percent. And it deserves answers. It had 1,, consultants in Brazil alone and , consultants in all the other countries, an increase of more than 7 percent from the year before. Model Advantages Whether a company is working in a mature market or an emerging one, the direct selling model has many advantages. The direct selling business model is also proving to be a bonanza in developing countries. Some 80 percent of direct sellers are women, and almost all say they appreciate the schedule flexibility and low cost of starting their business. The company offers a complete line of aloe vera drinks, skin-care products and cosmetics, as well as a full line of nutritional supplements and products from beehives. Goergen Jr. USANA has grown local currency sales on average in the low teens dating back to the first quarter , and Nu Skin also grew double digits throughout What are we going to do with 30 million people who are now permanently unemployed? Fear not. Thank you! USANA Health Sciences develops and manufactures high-quality nutritional supplements, healthy weight-management products and personal-care products, which are marketed by independent associates in 15 international markets. The only thing you need to do is find a reputable company—one that you can trust—that offers a product or service that you believe in and can get passionate about.
Each month, DSN demonstrates its partnership with direct selling companies by telling their remarkable stories and examining the issues important to the industry at large. IT vendors are making quantum leaps in the development of apps for the independent business. Germany is the largest direct selling market in Europe. J efferies analyst Doug Lane has long been a champion of the sector, which relies on its salespeople to market the product, mostly to their local community. The company also operates in Japan. The company divides its distributors into three categories: customers, earners and business builders. Products and services delivered directly to customers through personalized presentations that are often educational, entertaining and certainly social have enabled direct selling to thrive for decades even through recessions, including this latest one. What is most appealing about becoming a direct seller is that anyone can do it. The company enjoyed 90 percent year-over-year growth in Expand Your Circle of Friends—Direct how to grow affiliate marketing program affiliate marketing opportunities business opportunities are based on building relationships. Venezuela
The beauty and personal-care segments have dominated this market. The company. Venezuela The direct selling model has similarities to the franchising model, another type of popular business ownership. It now sells jewelry, bags, and accessories. Mills Deregulation in several states has opened up competition for the retail portion of the energy business. Tupperware is a global direct seller of innovative, premium products through an independent salesforce. Vorwerk is a family-owned company that has been focusing on the direct selling channel since Australia The essential home based business local tax be respectful at home serious at work related to building the business are usually conducted in the home. Expand Your Circle of Friends—Direct selling business opportunities. According to a financial report from the company, sales continue to be up in
Founded in , Shaklee manufactures products and distributes them through its website and more than , representatives in North America and Asia. Since Direct Selling News has been dedicated to telling stories focused on relating the opportunities direct sellers provide to millions of independent business owners around the globe. Melaleuca is a wellness company that offers products including vitamins, essential oils and bath and beauty products. Oriflame is one of the fastest-growing beauty companies in the world. The direct selling business model is also proving to be a bonanza in developing countries. Arbonne is a bit like a Phoenix. Thank you! Top Publicly Held Direct Sellers Achieve Record Sales and Profitability by Tim Blackwell More than half of the top 12 public companies that sell direct have outperformed the average stock return by impressive margins since the market dipped to its low in early The RCF requires all private companies to have their revenue number validated by the CEO and certified by a qualified agent either at the applicant company or an outside independent source. The company was acquired by Blyth, Inc. They also have a built-in market for services and products because everyone uses energy. It has more than , independent style advisors , who sell fragrances and jewelry. It gives people an opportunity when no one else will. Lane The direct selling model is uniquely well-positioned in the current investment environment. The company, which sells a mix of anti-aging and weight management products, has seen continued growth since then.
So it seemed only fitting for DSN to further recognize the industry by compiling a comprehensive list, starting in , of the top direct selling companies in the world. Salespeople 16,, 2,, 2,, not available 3,, 2,, not available , 4,, , , 4,, 10,, , , , , 4,, , 2,, No. Today, there are millions of men and women who seek a business opportunity that offers the ultimate work—life balancing potential. In a year of adversity for most sectors of the economy, the direct sales opportunity generated income for 2. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home, and beautyand personal-care products. At the end of , it announced that it would be building new offices in California to accommodate its ongoing growth. Figures are year-end results for ; full data not yet available. Business for Home reported that its revenue increased by nearly 30 percent between and Financial advisors and investors both are seeing direct selling companies with new eyes, focusing on the efficient business model, rapid growth, and generally low on-going capital investment after the initial surge. There are now 20 countries that are billion-dollar markets for direct selling. This requires time and energy to attract customers, sell their products and build a sales organization of others who A home-based business is a valuable asset when it is developed successfully. Entrepreneurship is the answer. IBOs can access their team information and sign up new business owners on the spot, wherever they happen to meet. The product Chloe and Isabel offers is vastly different from knives, though. China is one of its bigger markets, where it had , customers and 26, sales leaders in
A social network and a good product is all that is necessary. Some direct sellers and network marketers all are independent business owners choose to view their business as an opportunity with unlimited earning potential. A new social business model?! IBOs can access their team information and sign up new business owners on the spot, wherever they happen to meet. The essential activities related to building the business are usually conducted in the home. Oriflame is one of the fastest-growing beauty companies in the world. These statistics are expected to possibly change dramatically as technology redefines the way direct sellers conduct their businesses and more and more Americans look for easier ways to attempt entrepreneurship by starting their own business. Each year, the direct selling news team works with companies around the world on this special project, and it has become our signature research endeavor. Italy 9.