IBM's Q3 2024 Results: AI Momentum Amid Mixed Performance

IBM Stock Is Still a Buy After Mixed Results | The Motley Fool

Strong software sales and demand for AI services offset consulting weakness and an infrastructure slump. The third-quarter earnings report from International Business Machines (IBM -6.17%) on Wednesday failed to meet expectations. While the bottom line came in ahead of analyst estimates, revenue fell a bit short. IBM stock was down around 7% by lunchtime Thursday. IBM stock has surged over the past year and recently surpassed its decade-old all-time high. It makes sense, then, that investors were expecting better results from the tech giant. While IBM's revenue miss was disappointing, the good news for long-term investors is that there's nothing to worry about. Nothing has really changed about the story playing out in IBM's consulting business. The company continues to see strong demand for large digital transformation projects, but demand for more discretionary projects is volatile against a difficult macroeconomic backdrop. Overall consulting revenue was flat year over year on a constant-currency basis, with growth in AI-related bookings helping to offset weakness elsewhere. IBM CEO Arvind Krishna pointed to the geopolitical environment, upcoming elections, inflation, and interest rates as reasons for the pause in discretionary spending. All of this should be temporary, although there's no telling how long the weakness will persist. The infrastructure business, which includes mainframe systems, other hardware, and infrastructure support, saw revenue tumble 7% year over year in the third quarter. This isn't too surprising. The current generation z16 mainframe is deep into its product cycle, and while IBM hasn't announced its successor, it has detailed the new Telum II processor that will power the next-generation system in 2025. It makes sense that customers are beginning to hold off on upgrades with an updated system looming. While mainframe revenue was down 19% in the third quarter, the z16 remains on pace to outsell its predecessors. This has been a strong mainframe cycle for IBM, and with AI capabilities being a core focus in the next mainframe system, another strong cycle could be in the cards. While consulting and infrastructure revenues were weak in the third quarter, soaring software revenue was enough to drive overall revenue growth of 2%. Software sales jumped 10% year over year, with 14% growth from Red Hat, 13% growth from automation, and 9% growth from transaction processing. Software now accounts for close to 45% of IBM's revenue, nearly double the percentage in 2018. The acquisition of Red Hat five years ago has been a key driver of this software shift. Red Hat's revenue has doubled since the acquisition, and the OpenShift hybrid cloud platform has gone from $100 million in annual recurring revenue to $1.3 billion. IBM has now booked more than $3 billion in generative AI-related business, a gain of more than $1 billion in the third quarter alone. About 80% of this comes from consulting signings, with the rest coming from software sales. Even with weakness across the consulting segment, demand for AI services is helping to prevent a revenue decline. IBM expects revenue growth to accelerate in 2025, with more details to come in January. The company likely expects a consulting recovery, a revenue boost from a new mainframe system, and continued growth in the AI business. Free-cash-flow growth could also accelerate as the high-margin software business continues to grow. Despite a mixed third quarter, IBM reiterated its free-cash-flow guidance for 2024. The company expects to produce at least $12 billion in free cash flow for the year. With its market capitalization hovering around $200 billion, the stock trades for around 16.7 times this free-cash-flow outlook. While IBM stock isn't in bargain territory, it still looks attractively priced, given the temporary nature of the consulting slowdown and the likelihood of a revenue acceleration next year. In the long run, AI should act as a tailwind as IBM cements its status as a leader in enterprise AI.

IBM's AI Surge Amid Pension Hit | The Motley Fool

International Business Machines reported mixed earnings for Q3 2024, with strong Software growth offset by Infrastructure challenges. International Business Machines (IBM 0.21%), a leading US-based technology company, recently released its financial results for the third quarter ending September 30, 2024, on October 23. Key highlights of IBM's report include a total revenue of $15 billion, just meeting expectations and growing 1% year-over-year. However, the company's GAAP results suffered due to an unexpected $2.7 billion pension settlement charge, leading to a pre-tax loss of $0.3 billion. Still, the Software segment continued to shine, delivering strong growth and highlighting the company's strategic focus on AI and hybrid cloud solutions. Source: SEC filings. IBM is a multinational technology and consulting company, providing hardware, software, cloud-based services, and consulting. It operates through four main segments: Software, Consulting, Infrastructure, and Financing. Historically, IBM has played a pivotal role in technological innovation, especially in enterprise solutions. Recently, the company has been focusing heavily on digital transformation through hybrid cloud and AI technologies. These focus areas are seen as key drivers of future revenue, emphasizing the need for modernization and optimization of business operations for its clients. During the third quarter of 2024, IBM's financial performance showcased a robust Software segment with revenues climbing 10% year-over-year. This growth was primarily fueled by Red Hat and Hybrid Cloud solutions, highlighting IBM's successful focus on AI and cloud-driven strategies. The integration with leading technology firms like Microsoft Azure and Amazon Web Services remains crucial in enhancing IBM's offerings. Conversely, the Infrastructure segment experienced a significant revenue decline of 7%, reflecting the cyclical nature of the traditional hardware division. IBM Z mainframe revenue fell 19%. Additionally, consulting revenues stagnated at $5.15 billion, mirroring external client spending pressures and indicating a possible strategic shift needed within this segment. On profitability, IBM saw an encouraging improvement in its gross profit margin, which rose 190 basis points to 56.3% on a GAAP basis, emphasizing operational efficiencies. However, the unexpected pension settlement charge significantly impaired overall GAAP profitability, contrasting with IBM's otherwise stable free cash flow, which grew 23% to $2.1 billion, showcasing sound cash generation to support future investments. For the upcoming quarter and beyond, IBM maintains a cautiously optimistic outlook. It aims to sustain Software segment growth, driven by cloud and AI innovations. The company projects a consistent revenue trajectory, with Q4 expected to mirror Q3's performance, albeit facing slight currency headwinds. IBM's future focus will continue to rest on AI integration and refinement of its consulting and infrastructure offerings. Free cash flow projections of over $12 billion for 2024 illustrate confidence in operational efficiency and provide a cushion for further investments and share buybacks. Investors are advised to observe IBM's execution in AI and hybrid cloud areas and any potential turnaround strategies in underperforming segments. These will be critical indicators of IBM's long-term growth capability and strategic direction.

Why IBM Stock Is Falling Today | The Motley Fool

International Business Machines (IBM -6.81%) stock is losing ground Thursday on the heels of the company's recent third-quarter report. Big Blue's share price was down 6.6% as of 1:45 p.m. ET. After the market closed yesterday, IBM published third-quarter earnings results. While the company's profit for the period came in ahead of Wall Street's target, sales arrived below expectations. IBM reported non-GAAP (adjusted) earnings per share of $2.30 on revenue of $14.97 billion in Q3. Meanwhile, the average analyst estimate had called for an adjusted profit of $2.23 per share on sales of roughly $15.1 billion. Revenue was up roughly 1.5% year over in the period, with 10% growth for the software segment revenue being partially offset by a 7% decline for infrastructure revenue. Sales for the consulting segment were essentially flat in the period. IBM guided for fourth-quarter revenue to deliver sales growth that was in line with what it posted in Q3. The company also reiterated its expectation for more than $12 billion in free cash flow for the full year. Even with today's pullback, IBM stock is up roughly 33% across 2024's trading and roughly 59% over the last year. The big gains appear to have primarily been driven by excitement surrounding the company's opportunities in artificial intelligence (AI). IBM has a large and entrenched customer base, and it has been finding some success with its AI consulting business. On the other hand, overall sales and earnings performance has been coming in at levels that lag far behind the big ramp-up for the company's valuation. Right now, there's not much evidence that artificial intelligence is really powering a meaningful transformation at the business. That's not to say that Big Blue won't be able to score more transformative wins down the line, but I would want to see more signs that the company's overall momentum is shifting in positive directions before getting behind the business as a credible player in AI.

Earnings snapshot: IBM posts mixed Q3; gen AI business stands at more than $3B

More on IBM IBM Stock Offers A Whole Lot Of Nothing Going Into Earnings IBM Earnings Preview: Big Technical Breakout; Company Hasn't Repo'ed Any Stock Since March '19 Tesla, Boeing, IBM, And General Electric Head Into The Earnings Confessional IBM dips as Q3 2024 revenue falls short of market expectations IBM Non-GAAP EPS of $2.30 beats by $0.07, revenue of $14.97B misses by $110M

IBM Q3 Earnings: Software Revenue Jumps 10% On 'Great Momentum' In AI, But Consulting Revenue Comes In Flat, Infrastructure Revenue Falls 7% - IBM (NYSE:IBM)

"Our third-quarter performance was led by double-digit growth in Software," CEO Arvind Krishna says. International Business Machines Corp IBM reported third-quarter financial results Wednesday after the bell. Here's a look at the key metrics from the quarter. Q3 Earnings: IBM reported third-quarter revenue of $14.968 billion, missing the consensus estimate of $15.07 billion, according to Benzinga Pro. The company reported quarterly loss from continuing operations of 34 cents per share. Total revenue increased 1% year-over-year. Software revenue was up 10% year-over-year, consulting revenue was flat and infrastructure revenue was down 7%. Cash flow from operations totaled $2.9 billion in the quarter. Free cash flow came in at $2.1 billion. IBM ended the quarter with $13.197 billion in cash and cash equivalents. "Our third-quarter performance was led by double-digit growth in Software, including a re-acceleration in Red Hat. We continue to see great momentum in AI as our models are trusted, fit-for-purpose, and lower cost, with performance leadership. Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter," said Arvind Krishna, chairman and CEO of IBM. Check This Out: IBM AI Momentum Meets Earnings Buzz: Is The Stock Ready For A Cloud-Powered Climb? Outlook: IBM expects fourth-quarter constant currency revenue growth of approximately 2%. The company also reiterated expectations for generating $12 billion in free cash flow for full year 2024. "Heading into the final quarter of 2024, we expect fourth-quarter constant currency revenue growth to be consistent with the third quarter, with continued strength in Software. We are confident in our ability to deliver more than $12 billion in free cash flow for the year, driven by continued expansion of our operating margins," Krishna said. IBM management will hold a conference call to discuss the company's quarterly results at 5 p.m. ET. IBM Price Action: IBM shares were down 4.62% after hours at $222 at the time of publication, according to Benzinga Pro. Read Next: IBM, Accenture, Royal Caribbean Cruises And More On CNBC's 'Final Trades' Photo: Shutterstock. Market News and Data brought to you by Benzinga APIs

IBM beats third-quarter profit estimates on software strength

Oct 23 (Reuters) - International Business Machines (IBM.N), opens new tab beat analysts' estimates for third-quarter profit on Wednesday, helped by robust growth in its high-margin software segment as businesses prioritized spending on its IT services and doubled down on AI adoption. Shares of the company fell 6% in extended trading after it missed estimates for third-quarter revenue, dragged down by weakness in its consulting and infrastructure segments. Advertisement · Scroll to continue IBM's software segment recorded its biggest jump in quarterly revenue in three years, driven by sustained demand from enterprises expanding their cloud infrastructure to accommodate generative AI technology. Software growth has helped drive profits. The Big Blue recorded adjusted earnings of $2.30 per share for the third quarter, beating analysts' average estimate of $2.23 per share, according to data compiled by LSEG. Advertisement · Scroll to continue The company's AI Book of Business -- a combination of bookings and actual sales across various products -- grew to $3 billion, up $1 billion from the second quarter. While IBM has been expanding its Watsonx platform, which allows users to enhance code for AI programs or deploy chatbots, the AI book is driven by consulting. The book was one-fifth software and four-fifths consulting in the third quarter. However, this growth is not yet reflected in the overall consulting segment, as companies have directed spending towards longer-term consulting projects focused on their AI businesses, which are yet to show up in IBM's results. "You've got this technological shift around GenAI, and many clients are looking at how to free up cost and productivity to go invest in GenAI," Chief Financial Officer James Kavanaugh told Reuters. Revenue from consulting was relatively flat in the third quarter, down about 0.5% at $5.15 billion, compared to estimates of $5.24 billion. "There's still temporary challenges around interest rates, around inflation, around geopolitical tension, around demographic shifts," Kavanaugh said in relation to weakness in consulting. Software revenue grew close to 10% to $6.52 billion in the three months ended Sept. 30, beating estimates of $6.37 billion. Total sales grew about 1% to $14.97 billion, missing estimates of $15.07 billion. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona Our Standards: The Thomson Reuters Trust Principles., opens new tab

IBM shares tumble on soft results amid high expectations By Investing.com

International Business Machines (NYSE:IBM) reported third-quarter earnings that beat analyst estimates, but revenue fell short of expectations, sending shares down 4.5% in after-hours trading. The technology giant posted adjusted earnings per share of $2.30, surpassing the analyst consensus of $2.22. However, revenue came in at $15 billion, slightly below the $15.04 billion analysts had forecast. Compared to the same quarter last year, revenue increased 1%, or 2% at constant currency. IBM 's Software segment was a bright spot, with revenue growing 9.7% YoY to $6.5 billion. The company's Red Hat business saw a 14% increase in revenue. However, the Infrastructure segment experienced a 7% decline in revenue to $3 billion. Arvind Krishna, IBM's chairman, president and chief executive officer, highlighted the company's progress in artificial intelligence, stating, "Our generative AI book of business now stands at more than $3 billion, up more than $1 billion quarter to quarter." Despite the revenue miss, IBM maintained its full-year 2024 outlook, expecting constant currency revenue growth consistent with its mid-single digit model. The company also raised its free cash flow guidance to more than $12 billion for the year. James Kavanaugh, IBM's senior vice president and chief financial officer, commented on the company's financial performance, saying, "Our investments are paying off in Software as we've repositioned our portfolio in recent years." The significant stock drop following the earnings release suggests investors may be concerned about IBM's ability to meet growth expectations.

IBM revenue misses, but execs say AI will drive future growth - SiliconANGLE

IBM Corp. kicked off the tech sector's quarterly earnings season with results that indicated that the artificial intelligence dividend has yet to pay off for the big infrastructure players. Third-quarter earnings of $2.30 per share, excluding nonrecurring items, were eight cents better than consensus estimates. Although revenues rose 2% year-over-year on a constant currency basis, to $14.97 billion, they were slightly below the $15.08 billion consensus. The revenue miss sent IBM shares down over 3% in extended hours trading. Executives put a positive face on the numbers, saying the software business, which now constitutes 45% of overall revenue, grew 10% from a year earlier, to $6.5 billion, ahead of the $6.4 billion analysts had predicted. "We've been hard at work rebuilding our portfolio to be both sustainable and to have a lot of value for clients," said Chief Executive Officer Arvind Krishna. "The fact that 7% of our software growth was organic this year, not acquisitive, gives us confidence about how well that software is being used." Krishna said August marked the one-year anniversary of its acquisition of cloud management vendor Apptio Inc., which is achieving "strong synergies with our automation capabilities and broader software portfolio." He said the pending acquisition of infrastructure management provider HashiCorp Inc. is expected to strengthen IBM's position in infrastructure automation. Automation revenue rose 13%. The company's Red Hat subsidiary, which anchors its hybrid cloud strategy, grew revenue 14%. Krishna noted that the Red Hat business has doubled in size since the acquisition five years ago. Data and artificial intelligence revenue rose only 5%, but executives said that business is poised to take off. They said IBM's generative AI business now accounts for about $3 billion in bookings, up from $2 billion last quarter. "We are very focused on ensuring we get an early lead position and establish IBM consulting as a strategic provider of choice for gen AI," said Chief Financial Officer James Kavanaugh. "This is a long-term growth factor with a multiplier effect across our software, our platforms and our infrastructure." About three-quarters of the gen AI business is consulting, and one-quarter is software. IBM said it sees total revenue growing 1% to 2% in the fourth quarter, to $12 billion, in line with earlier forecasts. It raised its expectation for operating pretax margin extension to one a point a year, "well above our model," Kavanaugh said. "This is driven by revenue scale, portfolio mix and productivity initiatives, enabling operating leverage and providing investment flexibility," he said. The biggest disappointment in the results was IBM's massive consulting business, which was flat year-over-year and reflected what Kavanaugh called a "dynamic market environment," with enterprises spending carefully. Generative AI bookings are expected to restore growth, he said. The infrastructure business fell 7%, reflecting product cycle forces in IBM's Z family of mainframes, which declined 19%. The Z family is now in its 10 quarter of availability and due for a refresh. Nevertheless, Kavanaugh said, "the Z 16 program continues to exceed refresh cycles, delivering revenue growth in eight of the last 10 quarters." On a segment basis, security revenues were off 1%, transaction processing revenues grew 9%, technology consulting fell 4% and hybrid infrastructure declined 9%. Free cash flow, a key indicator of dividend growth, rose 23% from a year ago and is expected to grow at least 7% for all of 2024. Forrester Research Inc. Senior Analyst Dario Maisto said IBM is playing its cards well in AI, noting its decision earlier this week to open-source the latest version of its Granite foundation models. That follows an August announcement in which IBM and the National Aeronautics and Space Administration open-sourced a foundation AI model for analyzing satellite data on Hugging Face Inc.'s distribution platform. "This move shows IBM's involvement in the AI market, which is what has been driving the greatest levels of attention in the tech sector still in 2024, along with gen AI," he said.

IBM AI Momentum Meets Earnings Buzz: Is The Stock Ready For A Cloud-Powered Climb? - IBM (NYSE:IBM)

RSI nearing overbought levels, but technical indicators still signal a mostly bullish outlook for IBM stock. As IBM IBM gears up for its third quarter earnings report after Wednesday's market close, all eyes are on its expected EPS of $2.23 and revenue of $15.07 billion. The software giant has been riding high, boasting a year-to-date gain of 43.81%, and a whopping 70.30% surge over the past year. With SAP SE's SAP recent report setting the stage for the cloud business outlook, investors are looking to IBM, Oracle Corp ORCL, and Microsoft Corp MSFT to see if they can keep up with the evolving cloud landscape. Read Also: SAP Beats Q3 Expectations, Analysts Expect 'Big Cash-Flow Ramp In 2025' IBM isn't sitting still in the AI race either. Fresh off the launch of Granite 3.0, its most advanced AI models built for business, Big Blue is flexing its AI muscle. These models not only compete with industry leaders but also emphasize performance, safety, and open-source collaboration, giving IBM a strategic edge in the AI space. IBM Stock Chart Looks Ready To Extend Its Climb On the charts, IBM stock's current trend remains bullish, supported by bullish signals from key indicators. Chart created using Benzinga Pro Trading at $231.30, the stock sits above its 20-day ($228.59), 50-day ($214.45) and 200-day ($188.61) simple moving averages (SMAs) -- driven by bullish momentum in the medium-to-long-term. Chart created using Benzinga Pro However, the Relative Strength Index (RSI) at 65.75 suggests IBM is nearing overbought territory, hinting that investors might want to tread carefully. The stock's Moving Average Convergence/Divergence (MACD) at 5.33 also signals positive momentum, reflecting slight buying pressure. Meanwhile, with the eight-day SMA at $232.78, there's a minor bearish signal in the short term, but overall, IBM looks ready to extend its climb. The Granite 3.0 launch, coupled with a strong cloud business outlook, puts IBM in the spotlight ahead of earnings. Whether the stock can maintain its stellar run remains to be seen, but the technicals -- and the AI -- are certainly in its favor. Read Next: How To Earn $500 A Month From IBM Stock Ahead Of Q3 Earnings Image via Open Grid Scheduler / Grid Engine Market News and Data brought to you by Benzinga APIs

IBM Declines After Soft Consulting Sales Weigh on Results

Sales increased 1% to $15 billion in the period, slightly missing the average estimate from analysts. Results were weighed down by a flat consulting business, which contributed $5.15 billion in revenue. Clients in that segment aren't expanding budgets, and some generative AI projects are coming at the expense of traditional consulting, Chief Financial Officer Jim Kavanaugh said in an interview. They're opting to spend cautiously due to ongoing uncertainty about economic factors like interest rates and geopolitical tensions, he added. "Everybody knows consulting is an area which is under pressure right now," said Anurag Rana, an analyst at Bloomberg Intelligence. Expectations were high for IBM heading into earnings: The company's stock climbed to an all-time record earlier this month on the back of enthusiasm about Big Blue's software unit. The shares declined as low as $214 in extended trading on Wednesday after closing at $232.75. In recent years, IBM has worked to transform itself from a conventional computer company into one focused on high-growth software and services. IBM has used acquisitions to expand its offerings, including a proposed takeover of Hashicorp Inc. announced in April and last year's purchase of Apptio for $4.6 billion. Bookings for AI consulting and software have exceeded $3 billion since mid-2023, the company said. That is up from the $2 billion IBM disclosed during its last quarterly earnings report in July. About 80% of the bookings come from consulting, with the rest from software, the company said. Third-quarter software sales increased 9.7% to $6.5 billion, ahead of the average analyst estimate of $6.4 billion. Growth for Red Hat, a business IBM acquired five years ago, jumped to 14%. Infrastructure revenue was down 7% to $3.04 billion, a steeper decline than expected. Kavanaugh said IBM is toward the end of its mainframe product cycle and plans to release a new one next year. (Updates share reaction starting in first paragraph.)

IBM Beats Third-Quarter Profit Estimates on Software Strength

(Reuters) - International Business Machines beat analysts' estimates for third-quarter profit on Wednesday, helped by robust growth in its high-margin software segment as businesses prioritized spending on its IT services and doubled down on AI adoption. IBM's software segment recorded its biggest jump in quarterly revenue in three years, driven by sustained demand from enterprises expanding their cloud infrastructure to accommodate generative AI technology. Software growth has helped drive profits. The Big Blue recorded adjusted earnings of $2.30 per share for the third quarter, beating analysts' average estimate of $2.23 per share, according to data compiled by LSEG. The company's AI Book of Business -- a combination of bookings and actual sales across various products -- grew to $3 billion, up $1 billion from the second quarter. While IBM has been expanding its Watsonx platform, which allows users to enhance code for AI programs or deploy chatbots, the AI book is driven by consulting. The book was one-fifth software and four-fifths consulting in the third quarter. However, this growth is not yet reflected in the overall consulting segment, as companies have directed spending towards longer-term consulting projects focused on their AI businesses, which are yet to show up in IBM's results. "You've got this technological shift around GenAI, and many clients are looking at how to free up cost and productivity to go invest in GenAI," Chief Financial Officer James Kavanaugh told Reuters. Revenue from consulting was relatively flat in the third quarter, down about 0.5% at $5.15 billion, compared to estimates of $5.24 billion. "There's still temporary challenges around interest rates, around inflation, around geopolitical tension, around demographic shifts," Kavanaugh said in relation to weakness in consulting. Software revenue grew close to 10% to $6.52 billion in the three months ended Sept. 30, beating estimates of $6.37 billion. However, declines in the infrastructure business, which includes the legacy mainframe business, weighed on overall revenue. Total sales grew about 1% to $14.97 billion, missing estimates of $15.07 billion. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona)

IBM beats third-quarter profit estimates on software strength

(Reuters) - International Business Machines beat analysts' estimates for third-quarter profit on Wednesday, helped by robust growth in its high-margin software segment as businesses prioritized spending on its IT services and doubled down on AI adoption. IBM's software segment recorded its biggest jump in quarterly revenue in three years, driven by sustained demand from enterprises expanding their cloud infrastructure to accommodate generative AI technology. Software growth has helped drive profits. The Big Blue recorded adjusted earnings of $2.30 per share for the third quarter, beating analysts' average estimate of $2.23 per share, according to data compiled by LSEG. The company's AI Book of Business -- a combination of bookings and actual sales across various products -- grew to $3 billion, up $1 billion from the second quarter. While IBM has been expanding its Watsonx platform, which allows users to enhance code for AI programs or deploy chatbots, the AI book is driven by consulting. The book was one-fifth software and four-fifths consulting in the third quarter. However, this growth is not yet reflected in the overall consulting segment, as companies have directed spending towards longer-term consulting projects focused on their AI businesses, which are yet to show up in IBM's results. "You've got this technological shift around GenAI, and many clients are looking at how to free up cost and productivity to go invest in GenAI," Chief Financial Officer James Kavanaugh told Reuters. Revenue from consulting was relatively flat in the third quarter, down about 0.5% at $5.15 billion, compared to estimates of $5.24 billion. "There's still temporary challenges around interest rates, around inflation, around geopolitical tension, around demographic shifts," Kavanaugh said in relation to weakness in consulting. Software revenue grew close to 10% to $6.52 billion in the three months ended Sept. 30, beating estimates of $6.37 billion. However, declines in the infrastructure business, which includes the legacy mainframe business, weighed on overall revenue. Total sales grew about 1% to $14.97 billion, missing estimates of $15.07 billion. (Reporting by Arsheeya Bajwa in Bengaluru; Editing by Alan Barona)