PREVIEW — Synthos Deep Dive v2 template · not published · founder review · 2026-07-03
Golar LNG GLNG
Energy · Oil & Gas Midstream · Synthos Deep Dive · 2026-07-03
$49.56
Watch
Risk 7Growth 6Exponential 5Fair value $58 $38–$78
The 20-second read
What it does
Golar LNG Limited (Nasdaq: GLNG) provides marine-based infrastructure for the liquefaction and regasification of LNG — it designs, converts, owns, and operates FLNG vessels (floating liquefaction), plus LNG carriers and FSRUs, organized into Shipping and FLNG segments. Founded 1946 (in its predecessor form), IPO'd on Nasdaq 2003-07-15, headquartered in Hamilton, Bermuda; CEO Karl Fredrik Staubo …
Where it stands
$49.56 · Watch · fair value ~$58 (+17% vs price) · Risk 7/10, Growth 6/10
Where it's going
GLNG is a contracted FLNG step-up story worth stalking, not chasing — it gets interesting toward the 200-DMA (~$45) ahead of the 2028 EBITDA doubling; a redeployment/Mk II slip or trouble at either of its two charter counterparties breaks the thesis.
5/10 · Moderate — consensus revenue doubles into 2028 ($898M) then flattens (~$1.09B by 2029-30); a step-function build-out, not a compounding exponential
Technicals
Mixed-weak — $49.56 is below the 50-DMA ($52.45), above the 200-DMA ($44.84), −13.6% off the 52-wk high ($57.36), RSI 38.7, MACD negative, −10.4% over 3 months vs SPY +14.6%
Conviction
Low — 0 KB claims, no expert-panel voices; this is a screen-surfaced, fundamentals-only note
Position sizing
None yet (Watch). If triggered near ~$45, satellite ~1–2% in the energy/infrastructure sleeve
Concentration: ~93% of FY25 revenue comes from two FLNG contracts in two frontier jurisdictions (Cameroon; Mauritania & Senegal) while the company carries 5.4× net leverage through a heavy capex cycle
One-line thesis. Golar LNG owns and operates floating LNG liquefaction vessels (FLNGs) on long-dated charters, and the numbers show a genuine inflection — revenue +51% in FY25, Q1 2026 revenue +120% YoY, and consensus revenue doubling to ~$898M by 2028 as new capacity comes online — but you are paying ~36× trailing earnings for a company burning $425M of free cash a year at 5.4× net-debt/EBITDA with essentially two customers, so the honest call is Watch: own it cheaper (nearer ~$45) or after the next execution proof point, not here at $49.56 below a falling 50-DMA.
◆ Synthos call — WatchGLNG is a contracted FLNG step-up story worth stalking, not chasing — it gets interesting toward the 200-DMA (~$45) ahead of the 2028 EBITDA doubling; a redeployment/Mk II slip or trouble at either of its two charter counterparties breaks the thesis.
Downside Risk (lower = safer)
7/10 · High
Net-debt/EBITDA 5.36×, FCF −$425M during the build-out, ~93% of FY25 revenue from two contracts (Cameroon; Mauritania & Senegal), and a 22% Q/Q jump in share count — $1.18B cash and long-dated charters are the offsets.
Growth Quality
6/10 · High
Revenue +51% FY25 and +120% YoY in Q1 2026 at a 68% TTM EBITDA margin, but ROIC ~3.7%, FCF deeply negative, and consensus revenue is flat 2026-27 before the 2028 step-up — lumpy, contract-driven growth.
Exponential Potential
5/10 · Moderate
A step-function, not an exponential — consensus revenue doubles into 2028 ($898M) then plateaus (~$1.09B 2029-30); a $5B cap leaves room, but the estimates themselves flatten after the step.
What do the 5 tiers mean? (Core · Tactical · Watch · Hold · Avoid)
Buy — CoreOwn it as a foundation — start or add now, size it for years, let dips be gifts.
Buy — TacticalGood price + confirmed trend + a defined exit — buy the setup, not a marriage.
WatchWe want the business, just not at this price/setup — act only when the listed trigger hits.
HoldFine to keep if you own it — no reason to buy more; new money does better elsewhere.
AvoidDon't own it — the problem is the business or the expectations, so a cheaper price won't fix it.
In plain English
Golar owns huge floating factories that sit offshore and turn natural gas into liquefied natural gas (LNG) so it can be shipped anywhere in the world. Instead of building a $10B+ plant on land, a country or oil company can charter one of Golar's vessels for 15–20 years. That makes Golar's revenue look more like a toll-road than an oil company — long contracts, predictable fees.
The business is inflecting right now: revenue grew 51% last year and more than doubled year-over-year in the March quarter as a new vessel ramped up. Analysts expect revenue to roughly double again by 2028 as the next unit comes online. The catch: to get there, Golar is spending far more cash than it takes in (about $425M more last year), it borrows heavily to fund the build-out, and almost all of today's revenue comes from just two contracts in West Africa. Our verdict is Watch — a genuinely interesting story, but priced high enough and risky enough that we want a better entry or more proof.
Here's what our three scores mean in everyday terms:
Downside Risk 7/10 (fairly high). Lots of debt relative to profits (5.4× net-debt/EBITDA), negative free cash flow during construction, and two customers in frontier countries. The $1.18B cash pile and long contracts are the safety net.
Growth Quality 6/10 (decent, lumpy). The growth is real and margins are fat (68% EBITDA margin), but returns on the capital invested are still thin (~3.7%), and growth arrives in big steps when vessels start up — not smoothly.
Exponential Potential 5/10 (moderate). Revenue doubles into 2028, then the analysts' own numbers go flat. This is a step-up, not a compounding machine — unless management keeps adding vessels.
The one big worry: if either of its two charter customers has a problem — or the next vessel is delayed or over budget — the growth story stalls while the debt clock keeps ticking.
Solid = price · dashed = 50-day average · dotted = 200-day average · amber = 52-week high/low. Price above both averages is an uptrend.
Bollinger Bands 20-day average ± 2 standard deviations
The shaded band widens when the stock gets more volatile. Riding the upper edge = strong momentum (sometimes stretched); the lower edge = weak / potentially oversold.
Blue crossing above amber (bars flip green) = momentum turning up; below (bars red) = turning down. Bar height = the size of that gap.
Relative performance vs S&P 500 & its sector (XLE (sector)), set to 100 a year ago
Solid = GLNG · dashed = S&P 500 · dotted = XLE (sector). A rising line means it is beating that benchmark — the sector line shows whether it is a leader or laggard within its own group.
Darker bars = actual results, brighter = analyst estimates. Taller bars to the right = expected growth.
Key stats an RIA wants
Price$49.56
Market cap$5B
P/E trailing44×
P/E FY26E / FY27E51× / 90×
EV / Sales14.4×
EV / EBITDA21.2×
Gross margin52.4%
Net margin30.1%
Dividend yield2.02%
Beta0.014
52-wk range$35 – $57
RSI(14)39
50 / 200-DMA$52 / $45
12-mo return+21% (SPY +21%)
Street target$63 ($56–$67)
Analyst grades30 Buy · 13 Hold · 4 Sell
FMP ratingC+
Next earnings2026-08-05
What the experts actually said 0 traceable claims on GLNG · showing the highest-conviction voices
Every claim reconciles to a real claim_id in the Synthos knowledge base — this is the evidence the verdict is built on, not vibes. Management (the company itself) is shown but half-weighted; one cautionary voice is included on purpose.
1. What it is
Golar LNG Limited (Nasdaq: GLNG) provides marine-based infrastructure for the liquefaction and regasification of LNG — it designs, converts, owns, and operates FLNG vessels (floating liquefaction), plus LNG carriers and FSRUs, organized into Shipping and FLNG segments. Founded 1946 (in its predecessor form), IPO'd on Nasdaq 2003-07-15, headquartered in Hamilton, Bermuda; CEO Karl Fredrik Staubo; ~474 employees — a very asset-heavy, people-light model. Fiscal year ends December 31.
Revenue mix — extreme concentration is the defining feature:
By geography (FY25, from filings):Cameroon $226.8M (~58%) and Mauritania & Senegal $139.9M (~36%) — that is ~93% of the $393.5M total from two FLNG deployments (the Hilli unit off Cameroon and the Gimi unit at the BP-operated GTA field off Mauritania/Senegal). Two vessels, two counterparties, two frontier jurisdictions.
By product (FY25, FMP segment data — partial): the supplied product split shows only Liquefaction Services $5.0M and Vessel Management Fees & Other $74.4M, which does not reconcile to the $393.5M total — the bulk of revenue (time-charter/lease revenue from the FLNG units) is not broken out in this feed. We flag the gap rather than invent a split.
The strategic story: Golar is converting from a mixed LNG-shipping company into a pure-play FLNG owner-operator, redeploying and expanding its fleet onto 15–20-year charters — which is why revenue steps up in lumps as each unit starts earning.
2. The expert thesis (traceable)
No expert-panel coverage — this note is fundamentals-driven. The Synthos KB contains zero traceable claims on GLNG: no bullish voices, no bearish voices, nothing to reconcile. That is the honest state of the evidence for a screen-surfaced name, and it is why the conviction rating is Low regardless of how the fundamentals read. The bull and bear cases in §3 are built entirely from the company's filings, consensus estimates, and the quant/technical block — not from any expert thesis. If panel coverage emerges, this note gets re-versioned.
3. Synthos scores & the Bull / Base / Bear cases
The one-glance judgment — three scores, 0–10, each anchored to real metrics (not probabilities we can't honestly calibrate):
Score
0–10
The read
Downside Risk(lower = safer)
7 · High
Net-debt/EBITDA 5.36× with FY25 FCF of −$424.7M (capex $853.4M vs OCF $428.7M) mid-build-out; ~93% of FY25 revenue from two contracts in Cameroon and Mauritania/Senegal; weighted share count jumped ~22% Q/Q (101.4M → 124.0M) in Q1 2026. Offsets: $1.18B cash, current ratio 2.57×, and long-dated contracted charters. (The quoted beta of 0.014 is almost certainly a data artifact — do not read it as low risk.)
Growth Quality
6 · Moderate-High
Revenue +51% FY25 ($260.4M → $393.5M) and +120% YoY in Q1 2026; TTM EBITDA margin 67.8%, gross margin 52.4%. But ROIC ~3.7%, ROE 7.5%, FCF deeply negative, and consensus revenue is roughly flat 2026–27 ($433M → $423M) before the 2028 step — growth arrives in contract-sized lumps, not a smooth compounding curve.
Exponential Potential
5 · Moderate
Consensus revenue doubles into 2028 ($898M, +112% vs 2027E) with 2028E EPS $4.36, then the estimates themselves flatten (~$1.09B revenue 2029 and 2030). A $5.0B cap leaves room if management adds more vessels, but on the numbers in hand this is a step-function, not an accelerating exponential.
The three cases (our own scenario model — assumptions shown; each target is a ~12–18-month fair value). We deliberately do not attach probabilities: the base case is the expected path, so a weighted blend would just restate it with false precision. The cases bound the range; the scores summarize them.
Case
Key assumptions
Fair value
Bull
Deployments land on schedule and 2028 EPS comes in at the high end (~$6.47); the market pays ~13× that step-up power a year early as contracted-backlog visibility improves.
~$78 (+57%)
Base(our anchor)
The 2028 consensus roughly holds — EPS ~$4.36 on ~$898M revenue; a leveraged, two-counterparty infrastructure owner earns ~14× that power, discounted back ~1 year (~10%). Sanity check: sits just below the Street's $62.67.
~$58 (+17%)
Bear
A vessel-redeployment or newbuild slip pushes the step-up out; 2028 EPS lands near the low end (~$2.74) at ~10×, and 5.4× net leverage plus the FCF burn compress the multiple toward the 52-week-low zone.
~$38 (−23%)
Synthos fair value = the base case, ~$58 (+17%), with the full $38–$78 span as the honest range. Our base sits modestly below the Street's $62.67 consensus (band $56–$67) — the Street is effectively underwriting on-time execution of the 2028 step; we haircut for the two-counterparty concentration and the leverage. Note the whole valuation hinges on estimates from only 3–4 analysts — thin coverage, wide error bars (2027E EPS ranges from −$0.60 to +$1.70). This is a tracked call — the Forecaster Scorecard grades it once it matures.
4. Exponential Potential
Synthos separates compounders (durable high returns on capital) from exponentials (accelerating, multi-baggers-from-here). GLNG is neither, cleanly — it is a step-function:
Forward growth: consensus revenue $433M (2026E) → $423M (2027E) → $898M (2028E) → $1,092M (2029E) → $1,096M (2030E). EPS $0.96 (2026E) → $0.55 (2027E) → $4.36 (2028E); no EPS estimates are provided for 2029–30 in our feed (we say so rather than extrapolate).
Acceleration (the 2nd derivative): the trailing numbers are accelerating — quarterly revenue $62.5M → $75.7M → $122.5M → $132.8M → $137.6M over the last five quarters — but the forward curve is flat, then a one-time doubling, then flat again. That is a contract start-up profile, not compounding demand.
Room to run: at $5.0B market cap, a fleet-expansion path (more FLNG units on 15–20-year charters) could extend the staircase — but nothing in the estimates in hand underwrites a second step after 2028.
Reinvestment runway (the double edge): capex is running at 1.8× revenue TTM ($853M FY25) — enormous reinvestment, but at a current ROIC of ~3.7% the market needs the contracted returns to show up before crediting it.
Exponential Potential: Moderate (5/10). Real upside into 2028, honest flattening after — you are buying a step, and paying today for most of the staircase you can currently see.
Revenue: FY25 $393.5M, +51.1% (FY24 $260.4M, which was −12.8% vs FY23 $298.4M). The inflection is new FLNG capacity earning, not a commodity-price windfall.
Margins: FY25 gross 46.9%, operating 34.4% ($135.5M), EBITDA $199.1M; TTM EBITDA margin 67.8% and net margin 30.1% — fat, infrastructure-style margins once a vessel is on hire.
Earnings quality — read carefully. FY25 net income was $65.7M / EPS $0.65 on $112.6M from continuing operations (minority interests absorb the gap). Q1'26 net income of $83.6M exceeds FY25's entire year and includes +$33.4M of net other income below the operating line (operating income was $69.3M) — treat the quarter as flattered. Conversely, TTM income quality is 2.56 (operating cash flow far exceeds net income), so cash generation is better than the P&L suggests. Also: weighted shares jumped from 101.4M (Q4'25) to 124.0M (Q1'26), ~22% — the feed doesn't identify the instrument; flag for dilution.
Cash flow: FY25 OCF $428.7M, capex −$853.4M (1.8× revenue), FCF −$424.7M — a deliberate build-out burn funded by +$1.33B of net debt issuance. FY25 also shows $305.8M of dividends paid in the cash-flow statement against a $1.00/sh common run-rate (~$101M on the share count) — the difference likely includes distributions to non-controlling interests; we flag rather than resolve it. Buybacks: $144.0M FY25.
Balance sheet: cash $1.176B, total debt $2.758B ($301M short-term + $2.457B long-term), net debt $1.582B, net-debt/EBITDA 5.36× TTM. Total assets $5.33B (PP&E $2.16B, long-term investments $1.69B); stockholders' equity $1.84B plus $224.6M minority interest. Current ratio 2.57× — liquidity is fine; leverage is the issue.
6. Valuation — priced in or room?
Trailing multiples price in a lot of the step-up already: ~36× TTM P/E (FMP), 21.2× EV/EBITDA, 14.4× EV/sales, 3.2× book, with a negative FCF yield (−8.7%) and a 2.02% dividend yield ($1.00/sh) that is not covered by free cash flow today (dividend-payout ratio 2.25× TTM). FMP's letter rating is C+ (overall 2/5; DCF, P/E and P/B all score 1/5 — the "cheap" boxes are not ticked). The bull case rests entirely on the 2028 step: at $49.56 the stock trades at ~51× 2026E EPS ($0.96) but only ~11× 2028E EPS ($4.36) — if the step lands, the multiple collapses at a flat price; if it slips, you own a levered 36×-trailing utility-in-construction. Street targets (context): consensus $62.67, median $65, band $56–$67 — an unusually tight band from a thin analyst set (3–4 estimates), with a mixed grade sheet (31 Buy / 13 Hold / 4 Sell). Not a value buy today; a pay-now-for-2028 proposition where the discount you demand for execution risk is the whole decision.
7. Technicals (from the tech block)
Trend: two-speed. $49.56 is below the 50-DMA ($52.45) but comfortably above the 200-DMA ($44.84) — the long uptrend is intact, the short-term trend has rolled over.
Location:−13.6% off the 52-week high ($57.36) (also the max drawdown from peak) and +40.3% off the 52-week low ($35.33).
Momentum: RSI(14) 38.7 — weak-neutral, approaching but not at oversold; MACD −0.73 (negative, confirming the short-term rollover).
Relative strength (the tell):−10.4% over 3 months vs SPY +14.6% / QQQ +23.6% — clear near-term underperformance. Longer lens is fine: +33.2% 6-mo (SPY +10.2%) and +21.2% 12-mo, roughly in line with SPY's +21.1% and behind QQQ's +31.2%.
Read: technicals support patience, not purchase — a stock in a 3-month corrective phase inside a longer uptrend. The rising 200-DMA (~$45) is the natural buy-zone for a Watch name; a reclaim of the 50-DMA (~$52) on volume would be the momentum-based alternative trigger.
8. Moat & competitive position
Golar's moat is asset scarcity plus contract duration: operational FLNG vessels are extremely scarce, take years and hundreds of millions to convert or build, and once chartered sit on 15–20-year agreements — switching costs are effectively absolute mid-contract. The 474-employee headcount against a $5.3B asset base tells you this is a hard-asset moat, not an operating one. The limits are equally structural: the customer set is tiny and concentrated (two deployments = ~93% of FY25 revenue), counterparty and jurisdiction risk (Cameroon; Mauritania & Senegal) is un-diversifiable at current scale, and TTM ROIC of ~3.7% says the moat is not yet earning its keep — the contracted step-up has to prove it.
Peer set (FMP-supplied, market cap): Archrock $6.4B, Frontline $8.2B, Magnolia Oil & Gas $4.6B, Noble $6.0B, Plains GP $4.8B, PBF Energy $5.8B, Transportadora de Gas del Sur $4.5B, Ultrapar $5.8B, Valaris $5.1B, Valvoline $4.9B. This is a size-matched energy grab-bag, not a clean comp set — the relevant FLNG/LNG-infrastructure comparators (e.g., Cheniere, New Fortress, Excelerate) are absent from the supplied list; judge GLNG against that cohort, not this one.
9. Management, capital allocation & guidance
Capital allocation: aggressive, on all fronts at once — FY25 saw $853M of capex, $144M of buybacks, $305.8M of cash dividends/distributions, funded by $429M of OCF plus $1.33B of net new debt. Paying a dividend and buying back stock while levering 5.4× to fund construction is a bold capital stack; it works if the contracted cash flows land on time, and compounds the pain if they don't.
Insider activity: the only filings in our window are Form 3 initial-ownership statements dated 2026-03-18 — notably director Tor Olav Trøim with 3.05M shares held indirectly (plus 47,687 direct), and new directors Stolt-Nielsen (68,775), Steen (25,947), Naess (16,207), Schaefer (4,393), Yoon (9,600 across two lines). No open-market buys or sells in the data — a board-refresh signal with a heavyweight anchor holder, not a trading signal.
Guidance: our feed carries no management guidance quotes for GLNG (no earnings-call ingest on this name). Execution track record via the earnings calendar: last quarter (2026-05-20) beat — EPS $0.49 vs $0.41 est — after three straight modest misses (Feb-26: $0.30 vs $0.38; Nov-25: $0.43 vs $0.46; Aug-25: $0.26 vs $0.29). Estimate precision here is low; treat single-quarter beats/misses lightly.
10. Catalysts & what to watch
Next earnings: 2026-08-13 (Q2 2026; Street EPS $0.58, revenue ~$132M). The key lines: FLNG utilization/uptime and any update on the timeline that underpins the 2028 revenue doubling in consensus.
New vessel / redeployment milestones: anything that de-risks (or slips) the capacity behind the 2028E $898M revenue step — this is the single biggest swing factor.
Contract announcements: a third long-dated charter would both diversify the two-counterparty book and extend the staircase past 2028 — the event that would most improve our scores.
Financing events: with $2.76B of debt ($301M short-term) and negative FCF, refinancing terms and any project-level financing news matter directly to the equity.
Share-count clarity: an explanation (or repeat) of the Q1'26 jump from 101.4M to 124.0M weighted shares.
Thesis tripwires (what would change the call): a slip in the 2028 step-up timeline; operational trouble or payment friction at either West African deployment; net-debt/EBITDA still >5× without a corresponding revenue step by mid-2027; or a dividend funded by yet more debt issuance.
11. Key risks
Concentration (the dominant risk): ~93% of FY25 revenue from two FLNG contracts in Cameroon and Mauritania/Senegal — one counterparty or political problem is a direct hit to most of the P&L.
Leverage through a build-out: 5.36× net-debt/EBITDA with −$425M FCF and $1.33B of fresh debt in FY25 — the balance sheet is a bet that contracted cash flows arrive on schedule.
Execution/construction risk: the entire valuation case is the 2028 step; FLNG conversions and start-ups are complex, and the estimate spread (2028 EPS $2.74–$6.47) shows the analysts themselves don't agree.
Dilution: weighted shares +22% Q/Q in Q1 2026, unexplained in our feed.
Thin coverage / estimate fragility: 3–4 analysts; 2027E EPS ranges from −$0.60 to +$1.70 — consensus here is a soft anchor.
Distribution sustainability: a $1.00/sh dividend (2.0% yield) plus buybacks paid alongside negative FCF is debt-funded shareholder return until the step-up lands.
Data artifacts: the 0.014 beta is not credible for this asset class; FY25 segment-product data doesn't reconcile to total revenue; no EPS estimates exist for 2029–30 — all flagged rather than smoothed over.
12. Verdict, position sizing & monitoring
Watch. Golar LNG is a genuinely interesting contracted-infrastructure inflection — revenue +51% FY25, +120% YoY last quarter at a 68% EBITDA margin, and a consensus path to roughly double revenue by 2028 on long-dated FLNG charters — and our base fair value (~$58) sits usefully above the $49.56 price. But three things keep it off the buy list today: (1) the risk stack (5.4× net leverage, −$425M FCF, two counterparties in two frontier jurisdictions, a 22% share-count jump), (2) zero expert-panel coverage — no independent voice has underwritten this thesis, so conviction is structurally Low, and (3) the price action (below a falling 50-DMA, negative MACD, −10% vs a +15% market over 3 months) says the market is currently repricing the story, not chasing it.
Entry plan: interest rises materially toward the rising 200-DMA (~$45) — that entry pairs ~+29% to base fair value with a defined technical floor. Alternative trigger: a reclaim of the 50-DMA (~$52) after a de-risking event (new contract, on-time milestone).
Sizing if triggered: satellite, ~1–2% in the energy/infrastructure sleeve — sized for a levered, two-customer story, not a core anchor. Not sized up until a third charter diversifies the book.
Monitoring: re-underwrite on the §10 tripwires; formal re-score each print (next 2026-08-13). This verdict is logged as a tracked Synthos call as of 2026-07-06 at $49.56.
Single biggest risk: a two-counterparty, 5.4×-levered revenue base meeting any execution slip in the 2028 step-up.
Provenance & disclosures
Traceability:0 KB claims on GLNG — no expert-panel coverage exists, so the expert-thesis section states that plainly and kb_net_conviction is null rather than invented. Conviction is rated Low by rule for screen-surfaced, fundamentals-only names. Fabricated conviction is structurally impossible (claim-ID reconciliation).
Data as-of: fundamentals 2026-03-31 (Q1 2026, filed 2026-06-18) · estimates & prices 2026-07-06 · no expert claims to date. Forward figures are analyst consensus (FMP, 3–4 analysts), labeled as estimates; 2029–30 EPS estimates are absent from the feed and were not extrapolated.
Valuation basis: base case = ~14× 2028E consensus EPS ($4.36), discounted ~1 year at ~10%; bull/bear use the consensus high/low 2028 EPS ($6.47/$2.74) at 13×/10×. Street consensus ($62.67) shown as context and sanity check, not our anchor.
Earnings-quality caveat: Q1 2026 net income includes +$33.4M of below-the-line other income; FY25 cash dividends ($305.8M) exceed the common run-rate and likely include non-controlling-interest distributions; the 0.014 beta and the FY25 product-segment split are flagged data artifacts.
Peer caveat: the FMP-supplied peer list is a size-matched energy grab-bag; judge GLNG against the FLNG/LNG-infrastructure cohort instead.
Not investment advice. Independent research, educational and informational only, never personalized. Hypothetical/forward figures are labeled; the only performance numbers Synthos will headline are the live, real-money Flagship's.
Version: 2026-07-06. Prior versions available via the deep-dive version dropdown ("based on the info at the time").