TLKM A Tax Objection Just Failed, Risking Nearly 4 Times This Quarter's Profit

A Weaker Quarter, Told With Fewer Footnotes

Over these 12 quarters: share price Rp3,950 to Rp2,290 (-42%); operating income 9.4 to 7.9 Rp trillion; operating income margin 24.8% to 20.9%. One graph in actual numbers: bars are the quarter's operating income, over them the share price at quarter-end (left axis) and the operating income margin (right axis); each line is fitted to its own range, so read the timing, not the heights. Prices are adjusted for splits.

Telkom's reported operating profit fell 15.2% year-over-year this quarter, but the telecom business itself - measured by the segment note's own "segment result" line - was down only 6.7%; most of the rest of the gap is a Rp1,328 billion quarterly markdown on Telkomsel's stake in GoTo and other startup investments, a line that sits inside "operating profit" but has nothing to do with running a phone network. Telkom Indonesia (TLKM) reported nine months ended September 30, 2026 (9M 2026) revenue of Rp113,502 billion, up 3.5% year-over-year, implying standalone Q3 2026 revenue of Rp37,624 billion once the already-reported H1 2026 six months are subtracted out. Operating profit for the quarter - the filing's own stated P&L subtotal - came to Rp7,866 billion, down from Rp9,272 billion a year earlier. Net income attributable to owners fell further, to Rp3,823 billion. The sharper news this quarter sits elsewhere: the tax authority just rejected Telkomsel's objection to a Rp14,467 billion assessment over the 2023 IndiHome business transfer - a bill bigger than this quarter's own net income - sending that dispute toward a Tax Court appeal, while a second, unrelated tax fight over the TIF fiber spin-off also escalated into a lawsuit after the quarter closed.

The Tax Authority Just Rejected a Rp14.5 Trillion Objection

Telkomsel's objection to a combined Rp14,467 billion tax assessment over the 2023 transfer of the IndiHome consumer-broadband business was formally rejected on September 15, 2026, and the company now plans to appeal to the Tax Court by December 14, 2026. The H1 2026 post flagged this assessment - Rp12,844 billion for 2023 Article 23 withholding tax and Rp1,623 billion for 2023 corporate income tax, both tied to the tax authority's view that the IndiHome transfer from the parent company to Telkomsel should be remeasured at fair value rather than the book value Telkom used - and reported that Telkomsel's objection, filed December 10, 2025, had not yet been decided. This quarter's filing shows it was: "Telkomsel maintains its belief that Telkomsel has strong technical arguments to support its tax position," but the Objection Decision Letter "fully rejected" the case. At Rp14,467 billion, the disputed amount exceeds this quarter's own net income attributable to owners (Rp3,823 billion) by roughly 3.8 times, and is larger than the company's entire 9M 2026 net income to owners (Rp14,446 billion) - a bill, if it stands, that a single quarter's profit could not absorb. Separately, the filing shows the total of all tax assessments Telkomsel currently has "with no associated claims for tax refund" grew to Rp14,855 billion as of September 30, 2026, adding a smaller Rp388 billion 2024 corporate-income-tax assessment not tied to IndiHome - a second, distinct dispute layered on top of the first.

The TIF Fiber-Spin-Off Tax Dispute Also Became Formal Litigation

A second, unrelated tax fight - over the Rp35,787 billion TIF fiber-optic spin-off - escalated from an unquantified concern to an actual lawsuit three weeks after this quarter closed. As a subsequent event dated October 15, 2026, Telkom states that - in connection with the legal action it has filed against Decision Letter No. KEP-00009/NB-CT/WPJ.19/2026, issued by the Head of the Large Taxpayer Regional Office of the Directorate General of Taxes, which rejected Telkom's application to use book-value accounting for the transfer of assets underlying its spin-off to TIF - the company has submitted a Rebuttal Letter against the tax office's response and is now awaiting the summons for the first court hearing. This is the same TIF/fiber dispute first disclosed in the H1 2026 post: that post reported only that "the Company is currently evaluating the impact of the decision," with no quantified exposure. A rebuttal letter and a pending lawsuit are a step further down that same road - the dispute is no longer sitting unaddressed, but it is also not resolved, and the filing still discloses no estimated amount at stake. The same filing's contingency note on the separate SEC/DOJ investigation into roughly 140 transactions shows no change from H1 2026: Telkom's internal investigation remains "substantially complete" while the regulators' own inquiries continue, with no new development to report this quarter.

A Stock Markdown, Not the Phone Business, Explains Most of the Profit Drop

Telkomsel's investment in GoTo is marked to GoTo's own listed share price each period, and that price fell from Rp50 (June 30, 2026) to Rp32 (September 30, 2026) within this single quarter - a 36% drop that flows straight through Telkom's P&L, above the "operating profit" line. The filing's segment note (see Segment Comparison) shows the five business pillars' combined "segment result" - the measure Telkom's own management actually uses to judge the telecom business - fell just 6.7% year-over-year in Q3 2026, to Rp9,251 billion from a restated Rp9,912 billion a year earlier. Reported operating profit fell more than twice as fast (-15.2%) because the bridge from that segment total down to operating profit includes a line called "unrealized loss on changes in fair value of investments," which swung to a Rp1,328 billion loss this quarter from just Rp84 billion a year earlier - a difference of Rp1,244 billion, or roughly 88% of the entire Rp1,406 billion year-over-year decline in operating profit. Telkomsel's GoTo stake alone accounts for at least Rp427 billion of this quarter's Rp1,328 billion markdown (a cumulative nine-month loss of Rp759 billion, up from Rp332 billion at H1 2026); the GoTo share price is also down 40.7% from Rp54 a year earlier. A separate markdown on MDI's startup portfolio added a cumulative Rp794 billion over the nine months, with the remainder of the Rp1,663 billion 9M total not individually itemized in the note. None of this is a Telkom operating problem - it is an unrealized, non-cash accounting entry tracking a stock Telkom does not control the price of - but reading the headline operating-profit number without separating it from the segment result risks mistaking a GoTo share-price move for a telecom-business slowdown.

The Cash Drop Confirms Last Quarter's Own Prediction

Cash and equivalents fell by Rp20,953 billion this quarter, almost exactly the FY2025 dividend the H1 2026 post said would clear once the books moved past June. Total cash dropped to Rp33,626 billion (September 30, 2026) from Rp54,579 billion (June 30, 2026) - a 38.4% decline. The H1 2026 post flagged that H1's unusually high cash balance was a timing artifact, not organic generation, because the FY2025 dividend (Rp21,999 billion) was paid July 10, 2026, after that period closed, and explicitly said to "expect a large cash drawdown in the Q3 2026 numbers when that payment actually clears." It did: the Rp20,953 billion drop is within 5% of the dividend amount itself, the clearest, most mechanically explainable number in this quarter's filing.

The Prescription

Telkom should separate the two stories it is currently reporting as one number: publish operating profit alongside the segment note's own "total segment result" (or a reconciliation between the two, as this post builds in Segment Comparison), so a reader is not left mistaking a GoTo share-price swing for a telecom-business slowdown every time GoTo's stock moves. It should also stop treating "the Company is currently evaluating the impact" as an adequate running disclosure for a dispute that has now become an actual lawsuit: once legal proceedings are underway over a Rp35,787 billion asset transfer - and a second dispute, the IndiHome assessment, has already lost its first round at roughly 3.8 times a quarter's profit - a quantified worst-case exposure, or an explicit statement that one cannot yet be estimated and why, is the disclosure the market actually needs, not a one-line status update repeated from filing to filing.

Key Financial Metrics

Rp trillion; margin is operating income as a percent of net revenue, per quarter. Values are standalone quarters; 4 derived from annual, half-year or nine-month figures (Q4 2023, Q4 2024, Q4 2025, Q2 2026).

Q3 2026 (three months ended Sep 30, 2026) vs Q3 2025, consolidated

FX: approximately Rp17,885 = US$1 (September 30, 2026 market rate), used only to convert the USD columns below.

*The USD YoY columns are weaker than the Rupiah ones purely from currency: the Rupiah weakened roughly 7.4% against the US dollar between the two period-end conversion dates used here (September 30, 2025 and September 30, 2026), so a Rupiah figure that grew can still show as flat or down once converted - this is an FX-translation effect on the comparison, not a change in the underlying Rupiah-denominated business.

Q3 2025 figures above are as originally reported. This quarter's own comparative column (9M 2025) reflects the retrospective depreciation-policy restatement first disclosed with FY2025 - the same restatement the Q1 2026 post flagged for its own year-ago comparison - which lowers the nine-month 2025 operating-profit base to Rp28,244 billion (this filing's own restated figure) from the originally reported Rp29,173 billion (the sum of the three quarterly posts' own Q1-Q3 2025 figures), a gap of roughly Rp929 billion. The quarter's own 9M 2026 vs. 9M 2025 comparison (both from this filing) is internally consistent; the Q3-standalone YoY lines above, built against the originally reported Q3 2025 row, are not perfectly like-for-like because of that restatement - though it is unrelated to, and much smaller than, the investment fair-value swing discussed below.

Operating profit fell 15.2% year-over-year, but only 6.7% of that is attributable to the telecom business itself (the segment note's own "segment result" measure) - most of the rest is a Rp1,328 billion quarterly markdown on Telkomsel's GoTo stake and other startup investments. The sharper news this quarter is a tax objection: Telkomsel's appeal of a Rp14,467 billion IndiHome-related tax assessment was rejected, and a second, unrelated tax dispute over the TIF fiber spin-off became a lawsuit. See Beyond the Usual.

Revenue grew a modest 2.8% (Rp1,011 billion); the full segment note (see Segment Comparison) attributes nearly all of that growth to International (+Rp576 billion) and B2B ICT (+Rp428 billion) - B2C, the largest segment, added only Rp236 billion, and Others' revenue actually fell. B2B ICT and Others both lost ground on segment result even where revenue held up or grew. Operating profit and EBITDA both fell faster than the underlying segment business did, almost entirely because of the investment-markdown swing detailed in A Stock Markdown, Not the Phone Business above and Beyond the Usual. Net income attributable to owners fell further still as non-controlling interests - mostly the 30% of Telkomsel Telkom doesn't own - held a roughly stable Rp1,433 billion of the quarter's profit. Total cash dropped Rp20,953 billion from June 30, 2026 as the FY2025 dividend finally cleared - the one thing this quarter's filing confirms exactly as last quarter's post expected it to (see The Cash Drop Confirms Last Quarter's Own Prediction above).

Key Operational Metrics

Telkom filed no corporate presentation for this quarter - the usual source for mobile ARPU, subscriber counts, data yield, fixed-broadband metrics, and Mitratel's tower tenancy ratio^» - and the financial statements themselves, while full on segment and footnote detail (see Segment Comparison and Beyond the Usual), carry no operational KPIs of their own either; those have always come from the deck alone in this dataset's TLKM coverage. Not available this quarter: mobile ARPU, mobile and fixed subscriber counts, data yield, IndiHome convergence ratio, and Mitratel tenancy ratio.

• Capital expenditure, 9M 2026: Rp14,643 billion for property and equipment plus Rp2,212 billion for intangible assets (Rp16,855 billion total), both figures taken directly from the filing's own cash-flow statement. Against 9M 2026 revenue of Rp113,502 billion, that is a capex-to-revenue ratio of roughly 14.9% for the nine months - still below the roughly 17-19% full-year guidance the H1 2026 post flagged, continuing that quarter's open question of whether capex is running genuinely light this year or is back-loaded into Q4.

Segment Comparison

Telkom reports five segments - B2C (mobile and fixed broadband to individuals/households), B2B Infra (towers, fiber, backbone, data centers, satellites), B2B ICT (system integration, IT services, digital solutions for enterprises), International (wholesale/connectivity for foreign carriers), and Others (media, consulting, trading, e-payment) - the same business-pillar structure H1 2026 used. The filing's segment note restates both the current and year-ago nine-month periods on this basis, so the Q3 2025 column below (derived the same way as this post's own Q3 2026 figures, by subtracting the already-reported H1 2025 segment results) is on a clean, comparable footing with no restatement caveat needed.

*Margin = segment result ÷ total segment revenue (external plus inter-segment), consistent with how the H1 2026 post computed it.

The segments' combined result fell only 6.7% - less than half as fast as reported operating profit (-15.2%) - because operating profit also carries a swing unrelated to any segment's own performance (see A Stock Markdown, Not the Phone Business above). The table below bridges the segments' Rp9,251 billion combined result down to the Rp7,866 billion operating profit the filing actually reports, following the filing's own reconciliation (Note 33):

B2C (71.3% of external revenue) held revenue roughly flat (+0.9% YoY) and its margin slipped only modestly (25.5% to 25.2%) - the steadiest segment this quarter, and the one least affected by the investment-markdown story above.

B2B Infra's result fell 12.1% even as the segment's business kept growing - external revenue up 6.8% YoY - continuing to narrow the margin (21.1% to 19.3%) after H1 2026's recovery from FY2025's depreciation-driven collapse; the Mitratel/UMT and NeutraDC depreciation load appears to be outpacing growth again this quarter rather than the H1 story of it catching up.

B2B ICT's result collapse is the sharpest in percentage terms (-46.4%) on revenue that actually grew (+12.4% YoY), pushing its margin down to 6.1% from 12.6% - a steeper version of the same pattern H1 2026 flagged as "largely unexplained," and the segment note still gives no specific cost driver for it.

International swung from a weak result to the segment's strongest percentage gain (+35.7%), with external revenue up 22.5% - a reversal of the voice-hubbing decline recent quarters have tracked, though on a small enough base (Rp285 billion of result) that one quarter's swing shouldn't be read as a durable trend yet.

Others narrowed its loss again (Rp829 billion to Rp795 billion), continuing the multi-quarter improvement flagged in earlier posts, on revenue that actually fell 21.9% YoY - meaning the narrower loss reflects cost discipline inside the segment rather than growth.

Beyond the Usual

Telkomsel's Rp14.5 Trillion Tax Objection Was Rejected, With an Appeal Already Planned

Telkomsel's objection to a combined Rp14,467 billion tax assessment over the 2023 IndiHome business transfer - Rp12,844 billion for Article 23 withholding tax and Rp1,623 billion for corporate income tax, both for fiscal year 2023 - was filed December 10, 2025 and left unresolved as of the H1 2026 post. This quarter's filing discloses the result: an Objection Decision Letter received September 15, 2026 "fully rejected" the objection. Telkomsel "maintains its belief that Telkomsel has strong technical arguments to support its tax position" and plans to file an appeal to the Tax Court no later than December 14, 2026. The dispute concerns whether the IndiHome transfer from the parent company to Telkomsel should be remeasured at fair value rather than the book value Telkom used - the same book-value-versus-fair-value mechanism at issue in the separate TIF dispute below. At Rp14,467 billion, the assessment is larger than Telkom's entire 9M 2026 net income attributable to owners (Rp14,446 billion) and roughly 3.8 times this quarter's own net income to owners (Rp3,823 billion). Separately, the filing's tax-assessment table shows the total of assessments "with no associated claims for tax refund" has grown to Rp14,855 billion, adding a Rp388 billion 2024 corporate-income-tax assessment not tied to IndiHome - a reminder that this is not the only open tax matter.

The TIF Fiber-Spin-Off Tax Dispute Has Become Formal Litigation

As a subsequent event dated October 15, 2026, Telkom discloses that it has submitted a Rebuttal Letter against the tax office's response, in connection with the legal action it has filed against Decision Letter No. KEP-00009/NB-CT/WPJ.19/2026 - issued by the Head of the Large Taxpayer Regional Office of the Directorate General of Taxes - which rejected Telkom's application to use book-value accounting for the transfer of assets underlying its spin-off of wholesale fiber assets to TIF. Telkom states it is now awaiting the first hearing summons for this legal action. This is the same dispute the H1 2026 post flagged when that filing said only that "the Company is currently evaluating the impact of the decision," with no quantified exposure disclosed. A rejection that the company is "evaluating" and a rejection the company is now formally litigating are different postures - the dispute has moved from passive to active - but the filing still discloses no estimated amount at stake, and the underlying asset transfer (Rp35,787 billion, formalized in the Q3 2025 post) remains large enough that a fair-value tax treatment, if it stands, could mean a materially larger bill than book-value accounting would have produced.

Reported Operating Profit Bundles a GoTo-Stake Markdown With the Telecom Business

Telkom's P&L lists "unrealized loss on changes in fair value of investments" as a cost line above the "OPERATING PROFIT" subtotal (Note 10), meaning a mark-to-market swing on Telkomsel's stake in GoTo and other startup investments reduces reported operating profit by exactly the same amount it would if it were a telecom operating cost. That line swung to a Rp1,328 billion loss this quarter (derived: 9M 2026's Rp1,663 billion less H1 2026's already-reported Rp335 billion) from Rp84 billion in Q3 2025 (9M 2025's Rp360 billion less H1 2025's Rp276 billion, per the H1 2026 filing's own comparative) - a difference of Rp1,244 billion, or about 88% of the Rp1,406 billion year-over-year decline in operating profit. GoTo's own share price, which Telkomsel marks its stake to directly (Level 1, quoted market value), fell from Rp50 (June 30, 2026) to Rp32 (September 30, 2026) within the quarter, and is down 40.7% from Rp54 a year earlier; the GoTo stake alone accounts for at least Rp427 billion of this quarter's Rp1,328 billion loss (a cumulative nine-month loss of Rp759 billion, up from Rp332 billion at H1 2026), with a separate Rp794 billion nine-month loss on MDI's startup portfolio and the remainder not individually itemized. None of this reflects a change in Telkom's own telecom business - the segment note's own "segment result" measure (see Segment Comparison) was down only 6.7% over the same comparison - but a reader relying on the headline operating-profit line alone, without the segment note, would overstate how much the core business actually weakened.

Telkom's Own Share Buyback Consumed Another Rp269 Billion This Quarter

Treasury stock on the balance sheet rose to Rp1,779 billion (September 30, 2026) from Rp1,510 billion (as the H1 2026 post reported for June 30, 2026) - Rp269 billion of further buyback spending this quarter, against the combined Rp7,000 billion the company's two buyback authorizations permit (a Rp3,000 billion program approved May 2025, plus a further Rp4,000 billion approved June 8, 2026). At Rp1,779 billion, the company has now used roughly 25.4% of its total authorized capacity. The treasury-stock figure at December 31, 2025 was just Rp30 billion, meaning essentially all of this buyback activity has happened inside calendar 2026.

Fully Depreciated Assets Still in Use Keep Growing

The gross carrying amount of fixed assets that are fully depreciated but still in active use rose to Rp120,448 billion (September 30, 2026) from Rp100,603 billion (December 31, 2025) - a continuation of the trend the Q3 2025 post tracked (Rp98,157 billion at September 30, 2025, up from Rp89,480 billion at the end of FY2024). The filing states the Group is modernizing its network to replace these fully depreciated assets, the same explanation given in that prior quarter.

A Depreciation-Policy Change's Effect Is Disclosed Years Into the Future

A change in estimated useful lives for certain assets, made in 2025, added Rp1,168 billion to depreciation expense (before intercompany elimination) for the nine months ended September 30, 2026. The filing discloses the estimated year-by-year effect of this change through 2030: an addition of Rp279 billion in 2026, Rp653 billion in 2027, Rp228 billion in 2028, then a reduction of Rp96 billion in 2029 and Rp381 billion in 2030 - a useful, specific forward schedule for a line item (depreciation) that is otherwise easy to treat as a flat run-rate.

Telkom Is Folding Two Small Subsidiaries Into Different Owners, Post-Quarter

Two subsequent events restructure small pieces of the corporate family. First, under a Conditional Sale and Purchase Agreement dated October 6, 2026, Telkom's subsidiary Metra and minority holder MDI agreed to sell their combined stake in PT Metra TV to DAM (the Danantara-affiliated vehicle that already holds the government's TLKM stake, first disclosed in the H1 2026 post) for Rp155 billion. Second, under a separate Conditional Sale and Purchase Agreement dated October 13, 2026, Telkom and Metra agreed that Telkom itself - rather than Metra - will directly hold 99.99% of PT Digital Aplikasi Solusi (Digiserve), at a valuation of Rp78.17 billion; the transfer deed was signed October 21, 2026, effective November 1, 2026. Neither transaction is large in Telkom Group terms, but both move small digital/media assets to the owner the company evidently now considers the right one for them.

Telkomsel and Sigma Reshuffled Roughly Rp7.8 Trillion of Bank Debt in October

As subsequent events, subsidiary Sigma repaid short-term loans to HSBC and BNI of Rp640 billion and Rp150 billion (October 16, 2026), and Telkomsel repaid loans to BNI, CIMB Niaga, and BSI of Rp4,000 billion, Rp1,000 billion, and Rp2,000 billion respectively, in stages across October 1, 22, and 28, 2026 - a combined Rp7,790 billion repaid across both subsidiaries. Telkomsel then drew a fresh Rp1,000 billion loan from BRI on October 28, 2026. Net of the new draw, this is roughly Rp6,790 billion of gross deleveraging at the subsidiary level inside a single month, disclosed with no stated reason beyond the transactions themselves.

Telkomsel Has Rp8.1 Trillion of Committed Capex Locked Into Multi-Year Vendor Contracts

As of September 30, 2026, Telkom's commitments note discloses Rp8,085 billion of capital expenditures committed under contractual arrangements, plus US$12 million and the equivalent of Rp44 billion in other currencies. The note lists the significant agreements individually: mostly multi-year network-equipment and systems-integration contracts between Telkomsel and vendors including Ericsson, Huawei, ZTE, and Phincon, running as far out as 2029, alongside smaller agreements for data-center fit-out work and a resale agreement with Starlink for satellite services running through December 2026. This functions economically like a forward spending obligation - a fixed future commitment, not yet reflected as a liability - and is distinct from the capex-to-revenue ratio tracked in Key Operational Metrics, which only covers spending already incurred.

Target Valuation Range

Richer than three months ago on EV/EBITDA even though the share price fell: Telkom's multiple rose to roughly 3.79x trailing-twelve-month (TTM) EV/EBITDA from roughly 3.51x at H1 2026, because the dividend payout that drained this quarter's cash outran the modest moves in both the share price and the debt side of enterprise value. Against Indosat's own most recently published quarter (H1 2026, on a different, annualized-single-quarter basis - see below), Telkom still carries a premium, continuing the pattern the last two TLKM posts have shown.

Telkom's shares closed Q3 2026 at Rp2,290 (September 30, 2026), down 2.6% from H1 2026's Rp2,350 close - a much smaller move than the 33% half-year decline the H1 2026 post covered, but still part of the same multi-quarter de-rating.

Market-cap and enterprise-value build (98.74 billion weighted-average shares outstanding for 9M 2026, derived the same way as the H1 2026 post - from the company's own basic-EPS and attributable-profit disclosure):

The Jun 30, 2026 column reproduces the H1 2026 post's own figures and FX rate (Rp17,935 = US$1) rather than restating them at today's rate, so the two columns are each internally consistent on their own period's conversion rate; the Sep 30, 2026 column uses Rp17,885 = US$1.

Trailing-twelve-month (TTM) multiples (TTM = the last four standalone quarters; EV/Revenue and EV/EBITDA below are both computed on this trailing-twelve-month revenue and EBITDA basis, not an annualized single quarter or a fiscal-year figure; the Jun 2026 column is the H1 2026 post's own TTM window for comparison, and the Sep 2025 column is the Q3 2025 post's own TTM window where that post computed the same multiple):

TTM EPS (owners) for the window ended September 30, 2026 is approximately Rp166.9, down from roughly Rp219.6 a year earlier (Q3 2025 post) - a decline of about 24%, slightly larger than the roughly 25% drop in the share price over the same year, which is why the P/E multiple is little changed (13.9x then, 13.72x now) even though the trailing earnings behind it are meaningfully lower. Book value per share (owners) is approximately Rp1,238.6 (equity attributable to owners of Rp122,296 billion over the same 98.74 billion weighted-average shares); P/B has fallen to roughly 1.85x from roughly 2.21x a year ago, consistent with the broader de-rating the H1 2026 post described.

Peer check against Indosat (ISAT). Indosat's own latest published quarter is H1 2026 - its Q3 2026 quarter is not yet published as of this post, so it is not used as a stable source here. That post states Indosat traded at roughly 2.0x EV/EBITDA on an annualized single-quarter basis, a different basis from the TTM figure used above for Telkom; the two numbers are not directly comparable, so this is a directional read rather than an apples-to-apples one. On that caveat, Telkom's TTM EV/EBITDA of roughly 3.79x still sits well above Indosat's own annualized reading, continuing the premium both the Q3 2025 and H1 2026 TLKM posts described, though the size of the gap on a strictly comparable basis is not established here.

Enterprise value above is market capitalization plus total debt less cash and does not add non-controlling interests (Rp18,166 billion at September 30, 2026), although EBITDA is consolidated; adding non-controlling interests at book would put EV/EBITDA at roughly 4.04x instead of 3.79x.