CAL
Caleres, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Neutral
+18/100
Last price
12.46
▲ 0.21 (1.71%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
—
Prev close
12.25
Day high
12.54
Day low
12.06
Volume
453.04K
Market cap
$429.93M
P/E (TTM)
8.14
52W range
8.80 – 15.04
Trailing performance
Returnvs SPY
1W
+0.08%
-1.9%
1M
+0.24%
-0.9%
3M
+8.25%
+3.7%
6M
+14.84%
-3.3%
YTD
+2.38%
-11.9%
1Y
-12.87%
-29.3%
3Y
-56.68%
-138.9%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on CAL open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+360.04K
Net buying
Buy transactions
15
371.24K shares
Sell transactions
1
11.21K shares
Net transactions
+16
Buys less sells
Sell : buy shares
0.0 : 1
Mixed
Insider-held shares
1.53M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jul 31, 26 | KLEIN WARD M Director |
STOCK | 1.95K | $25.00K | Direct |
| Jul 31, 26 | LANGENSTEIN MOLLY Director |
STOCK | 1.95K | $25.00K | Direct |
| Jun 8, 26 | FREIDMAN DANIEL R Officer |
STOCK | 22.87K | $0 | Direct |
| Jun 8, 26 | SCHMIDT JOHN W Officer and Director |
STOCK | 190.55K | $0 | Direct |
| Jun 8, 26 | GUPTA MAHENDRA R Director |
STOCK | 12.20K | $160.01K | Direct |
| Jun 8, 26 | KARPEL DANIEL LEE Chief Financial Officer |
STOCK | 26.68K | $0 | Direct |
| Jun 8, 26 | LANGENSTEIN MOLLY Director |
STOCK | 12.20K | $160.01K | Direct |
| Jun 8, 26 | HILL WILLIS Chief Technology Officer |
STOCK | 21.04K | $0 | Direct |
| Jun 8, 26 | BURKE THOMAS C General Counsel |
STOCK | 21.04K | $0 | Direct |
| Jun 8, 26 | THORN BRUCE KEVIN Director |
STOCK | 12.20K | $160.01K | Direct |
| Jun 8, 26 | WELTER KATHLEEN K Officer |
STOCK | 19.05K | $0 | Direct |
| Jun 8, 26 | COSTELLO BRIAN P Officer |
STOCK | 21.04K | $0 | Direct |
| Jun 3, 26 | MILLARD WENDA HARRIS Director |
— | 4.72K | — | Direct |
| May 28, 26 | FREIDMAN DANIEL R Officer |
SELL | 11.21K | $168.10K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
BURKE THOMAS C |
General Counsel | 95.91K | Stock Award(Grant) |
CALANDRA JACK P |
Chief Financial Officer | 68.19K | Stock Award(Grant) |
EDWARDS MICHAEL R |
Officer | 123.56K | Stock Award(Grant) |
FREIDMAN DANIEL R |
Officer | 95.10K | Stock Award(Grant) |
GUPTA MAHENDRA R |
Director | 51.34K | Stock Award(Grant) |
HILL WILLIS |
Chief Technology Officer | 81.46K | Stock Award(Grant) |
KARPEL DANIEL LEE |
Chief Financial Officer | 50.88K | Stock Award(Grant) |
KLEIN WARD M |
Director | 107.20K | Stock Award(Grant) |
MILLARD WENDA HARRIS |
Director | 47.02K | Conversion of Exercise of derivative security |
SCHMIDT JOHN W |
Officer and Director | 613.98K | Stock Award(Grant) |
Fundamentals
Market cap$429.93M
Enterprise value$1.26B
Revenue (TTM)$2.85B
Gross profit$1.28B
EBITDA$123.44M
Net income$50.33M
EPS (TTM)$1.53
Free cash flow$-18.50M
Total cash$50.92M
Total debt$877.31M
Book value / share$19.52
Shares outstanding34.50M
Float32.72M
Short % of float12.52%
Dividend yield2.25%
Beta (5Y)0.74
Valuation & profitability ratios
Trailing P/E8.14
Forward P/E5.68
PEG ratio0.82
Price / sales—
Price / book0.64
EV / revenue0.44
EV / EBITDA10.24
Gross margin44.83%
Operating margin3.35%
Profit margin1.85%
Return on equity7.71%
Return on assets1.81%
Debt / equity128.67
Current ratio1.11
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Total revenue | $2.76B | $2.72B | $2.82B | $2.97B | +1.3% |
| Operating revenue | $2.76B | $2.72B | $2.82B | $2.97B | +1.3% |
| Cost of revenue | $1.57B | $1.50B | $1.55B | $1.68B | +4.8% |
| Gross profit | $1.18B | $1.22B | $1.26B | $1.28B | -3.0% |
| Selling, general & admin | $1.16B | $1.07B | $1.06B | $1.07B | +8.7% |
| Total operating expense | $1.16B | $1.07B | $1.06B | $1.07B | +8.7% |
| Operating income | $27.26M | $157.02M | $200.56M | $217.24M | -82.6% |
| Net interest income | -$18.46M | -$13.96M | -$19.34M | -$14.26M | -32.3% |
| Pre-tax income | -$12.22M | $135.16M | $181.32M | $213.03M | -109.0% |
| Tax provision | -$2.35M | $29.06M | $9.49M | $33.34M | -108.1% |
| Net income | -$6.69M | $107.25M | $171.39M | $181.74M | -106.2% |
| Net income to common | -$6.69M | $103.42M | $163.87M | $174.03M | -106.5% |
| Basic EPS | -0.21 | 3.10 | 4.80 | 4.98 | -106.8% |
| Diluted EPS | -0.21 | 3.09 | 4.80 | 4.92 | -106.8% |
| EBIT | $6.24M | $149.12M | $200.66M | $227.30M | -95.8% |
| EBITDA | $70.82M | $205.54M | $253.94M | $276.31M | -65.5% |
| Basic shares | 32.52M | 33.40M | 34.14M | 34.93M | -2.6% |
| Diluted shares | 32.52M | 33.51M | 34.15M | 35.41M | -3.0% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $29.77M | $29.64M | $21.36M | $33.70M | +0.4% |
| Cash & short-term investments | $29.77M | $29.64M | $21.36M | $33.70M | +0.4% |
| Accounts receivable | $147.22M | $155.91M | $140.40M | $132.80M | -5.6% |
| Inventory | $610.47M | $565.24M | $540.67M | $580.22M | +8.0% |
| Total current assets | $862.77M | $836.51M | $788.91M | $831.46M | +3.1% |
| Property, plant & equipment | $765.27M | $739.54M | $695.61M | $679.08M | +3.5% |
| Goodwill & intangibles | $204.15M | $192.27M | $203.31M | $215.39M | +6.2% |
| Total assets | $1.97B | $1.89B | $1.80B | $1.84B | +3.7% |
| Total current liabilities | $845.54M | $757.93M | $742.96M | $911.20M | +11.6% |
| Current debt | $296.50M | $219.50M | $182.00M | $307.50M | +35.1% |
| Total debt | $891.13M | $826.55M | $747.86M | $887.63M | +7.8% |
| Total liabilities | $1.36B | $1.29B | $1.24B | $1.41B | +5.3% |
| Retained earnings | $421.21M | $442.39M | $410.33M | $266.33M | -4.8% |
| Shareholder equity | $601.85M | $599.02M | $560.63M | $420.68M | +0.5% |
| Working capital | $17.23M | $78.58M | $45.95M | -$79.74M | -78.1% |
| Net tangible assets | $397.70M | $406.75M | $357.32M | $205.29M | -2.2% |
| Shares issued | 33.85M | 33.63M | 35.49M | 35.72M | +0.6% |
| Line item | 2026 | 2025 | 2024 | 2023 | YoY |
|---|---|---|---|---|---|
| Net income | -$9.88M | $106.10M | $171.83M | $179.69M | -109.3% |
| Depreciation & amortisation | $64.58M | $56.43M | $53.28M | $49.01M | +14.4% |
| Stock-based compensation | $12.43M | $15.14M | $14.80M | $17.31M | -17.9% |
| Change in working capital | $29.20M | -$93.14M | -$31.66M | -$126.17M | +131.4% |
| Operating cash flow | $103.18M | $104.56M | $200.15M | $125.88M | -1.3% |
| Capital expenditure | -$67.89M | -$51.69M | -$49.62M | -$64.04M | -31.4% |
| Investing cash flow | -$161.48M | -$51.69M | -$49.62M | -$64.04M | -212.4% |
| Share buybacks | -$5.04M | -$65.04M | -$17.45M | -$63.23M | +92.2% |
| Dividends paid | -$9.45M | -$9.69M | -$9.95M | -$10.18M | +2.5% |
| Financing cash flow | $58.38M | -$44.51M | -$162.99M | -$58.15M | +231.2% |
| Free cash flow | $35.29M | $52.88M | $150.53M | $61.84M | -33.3% |
| End cash position | $29.77M | $29.64M | $21.36M | $33.70M | +0.4% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $695.45M | $666.60M | $695.06M | $790.05M | $658.52M | +4.3% |
| Operating revenue | $695.45M | $666.60M | $695.53M | $789.88M | $658.52M | +4.3% |
| Cost of revenue | $314.48M | $351.13M | $404.72M | $460.10M | $372.72M | -10.4% |
| Gross profit | $380.98M | $315.47M | $290.34M | $329.95M | $285.80M | +20.8% |
| Selling, general & admin | $303.36M | $293.73M | $310.01M | $311.28M | $269.75M | +3.3% |
| Total operating expense | $303.36M | $293.73M | $310.01M | $311.28M | $269.75M | +3.3% |
| Operating income | $77.61M | $21.74M | -$19.67M | $18.67M | $16.05M | +257.0% |
| Net interest income | -$4.39M | -$4.68M | -$4.68M | -$5.50M | -$4.50M | +6.3% |
| Pre-tax income | $77.73M | $20.35M | -$32.65M | $6.16M | $5.79M | +281.9% |
| Tax provision | $18.31M | $6.60M | -$8.33M | $4.73M | -$1.27M | +177.3% |
| Net income | $58.64M | $14.28M | -$22.73M | $2.39M | $6.71M | +310.7% |
| Net income to common | $56.28M | $13.82M | -$22.13M | $2.29M | $6.45M | +307.1% |
| Basic EPS | 1.72 | 0.42 | -0.70 | 0.07 | 0.20 | +309.5% |
| Diluted EPS | 1.71 | 0.42 | -0.70 | 0.07 | 0.20 | +307.1% |
| EBIT | $82.12M | $25.04M | -$27.97M | $11.66M | $10.29M | +228.0% |
| EBITDA | $97.78M | $41.22M | -$10.62M | $28.74M | $25.65M | +137.2% |
| Basic shares | 32.66M | 32.62M | 32.54M | 32.52M | 32.49M | +0.1% |
| Diluted shares | 32.83M | 32.75M | 32.54M | 32.64M | 32.62M | +0.2% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $50.92M | $37.74M | $29.77M | $33.96M | $191.49M | +34.9% |
| Cash & short-term investments | $50.92M | $37.74M | $29.77M | $33.96M | $191.49M | +34.9% |
| Accounts receivable | $152.97M | $173.91M | $147.22M | $180.84M | $136.07M | -12.0% |
| Inventory | $754.24M | $609.10M | $610.47M | $678.21M | $693.28M | +23.8% |
| Total current assets | $1.05B | $912.60M | $862.77M | $981.01M | $1.10B | +14.9% |
| Property, plant & equipment | $755.26M | $773.50M | $765.27M | $764.39M | $736.79M | -2.4% |
| Goodwill & intangibles | $198.97M | $201.88M | $204.15M | $203.16M | $186.76M | -1.4% |
| Total assets | $2.14B | $2.02B | $1.97B | $2.08B | $2.15B | +5.7% |
| Total current liabilities | $943.13M | $883.23M | $845.54M | $924.27M | $1.02B | +6.8% |
| Current debt | $288.00M | $347.50M | $296.50M | $355.00M | $387.50M | -17.1% |
| Total debt | $877.31M | $949.28M | $891.13M | $961.10M | $969.13M | -7.6% |
| Total liabilities | $1.45B | $1.40B | $1.36B | $1.45B | $1.53B | +3.7% |
| Retained earnings | $486.24M | $430.01M | $421.21M | $446.28M | $446.28M | +13.1% |
| Shareholder equity | $673.56M | $612.08M | $601.85M | $616.75M | $613.30M | +10.0% |
| Working capital | $105.56M | $29.36M | $17.23M | $56.74M | $84.33M | +259.5% |
| Net tangible assets | $474.59M | $410.19M | $397.70M | $413.60M | $426.54M | +15.7% |
| Shares issued | 34.51M | 33.48M | 33.85M | 33.90M | 33.85M | +3.1% |
| Line item | 2026-07-31 | 2026-04-30 | 2026-01-31 | 2025-10-31 | 2025-07-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | $59.42M | $13.75M | -$24.32M | $1.43M | $7.06M | +332.2% |
| Depreciation & amortisation | $15.66M | $16.18M | $17.35M | $17.08M | $15.37M | -3.2% |
| Stock-based compensation | $3.60M | $2.75M | $2.38M | $3.12M | $4.08M | +31.1% |
| Change in working capital | $2.56M | -$56.57M | $69.29M | -$26.65M | $19.98M | +104.5% |
| Operating cash flow | $83.56M | -$27.78M | $62.72M | -$1.19M | $47.30M | +400.8% |
| Capital expenditure | -$8.29M | -$12.27M | -$21.08M | -$12.74M | -$12.93M | +32.5% |
| Investing cash flow | -$8.29M | -$8.63M | -$5.81M | -$121.59M | -$12.93M | +3.9% |
| Share buybacks | $0 | -$3.12M | $7.00K | -$2.00K | -$5.00K | +100.0% |
| Dividends paid | -$2.41M | -$2.35M | -$2.34M | -$2.38M | -$2.37M | -2.5% |
| Financing cash flow | -$61.92M | $44.29M | -$61.12M | -$34.72M | $123.94M | -239.8% |
| Free cash flow | $75.27M | -$40.05M | $41.64M | -$13.93M | $34.38M | +287.9% |
| End cash position | $50.92M | $37.74M | $29.77M | $33.96M | $191.49M | +34.9% |
Options analytics
Put / call volume
2.00
Put-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
2.50
-79.9% from spot
ATM implied vol
0.8%
Nearest strike to spot
Skew (10% OTM)
+24.2%
Puts bid over calls
Call volume
8
Contracts, this expiry
Put volume
16
Contracts, this expiry
Heaviest call OI
2.50
0 contracts
Heaviest put OI
7.50
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jul 2026 | 0.37 | 0.47 | +27.0% |
| Apr 2026 | 0.37 | 0.38 | +2.7% |
| Jan 2026 | -0.40 | -0.06 | +85.1% |
| Oct 2025 | 0.85 | 0.38 | -55.5% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.65 | 3 | $801.77M | +1.5% |
| Next quarter | 0.10 | 3 | $700.76M | +0.8% |
| Current year | 1.61 | 3 | $2.86B | +3.9% |
| Next year | 2.19 | 3 | $2.95B | +2.8% |
Analyst targets & ownership
Mean target$17.00
High target$18.00
Low target$16.00
Implied upside36.44%
Analyst count2
ConsensusNONE
Strong buy / Buy0 / 1
Hold1
Sell / Strong sell0 / 0
Held by insiders4.42%
Held by institutions89.30%
Institutions holding255
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
12.38
+0.68% from price
SMA 20
12.28
+1.43% from price
SMA 50
12.85
-3.03% from price
SMA 100
12.79
-2.58% from price
SMA 200
12.53
-0.53% from price
EMA 12
12.34
+1.01% from price
EMA 26
12.41
+0.38% from price
EMA 50
12.55
-0.69% from price
RSI (14)
50.7
Neutral
MACD (12,26,9)
-0.08
Hist 0.04
ATR (14)
0.53
4.25% of price
Realised vol 30D
42.6%
Annualised
Bollinger upper
12.80
20, 2σ
Bollinger lower
11.77
20, 2σ
50 / 200 cross
Golden
12.85 vs 12.53
Trend bias
Below 200
-0.53%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
1.97
More volatile than market
Correlation to SPY
0.40
Loosely linked
Realised vol 30D
42.6%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-36.9%
Peak to trough
Max drawdown 5Y
-79.8%
Peak to trough
ATR 14
0.53
4.25% of price
Beta (reported)
0.74
5Y monthly, from filing
Short interest
Shares short
4.19M
Prior 4.18M
Change vs prior
+0.3%
Shorts adding
% of float
12.52%
Elevated
% of shares out
12.14%
Against total outstanding
Days to cover
7.3
Crowded exit
Float
32.72M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Mar 19, 26 | Seaport Global | MAINTAINED | Buy | Buy |
| May 30, 25 | Loop Capital | MAINTAINED | Hold | Hold |
| Apr 4, 25 | Loop Capital | MAINTAINED | Hold | Hold |
| Dec 6, 24 | Loop Capital | MAINTAINED | Hold | Hold |
| Sep 13, 24 | Loop Capital | MAINTAINED | Hold | Hold |
| Sep 3, 24 | Loop Capital | DOWNGRADE | Buy | Hold |
| Mar 20, 24 | Loop Capital | MAINTAINED | Buy | Buy |
| Mar 20, 24 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Nov 22, 23 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| May 25, 23 | Piper Sandler | DOWNGRADE | Overweight | Neutral |
| Feb 21, 23 | Piper Sandler | UPGRADE | Neutral | Overweight |
| Jan 12, 23 | Piper Sandler | MAINTAINED | — | Neutral |
Dividends & splits
Forward rate$0.28 / yr
Forward yield2.25%
5-year avg yield1.23%
Payout ratio18.30%
Ex-dividend dateSep 11, 2026
Next pay dateSep 25, 2026
Last split3:2
Split dateApr 3, 2007
SEC filings
Periodic Financial Reports
10-Q · 2026-09-10
Corporate Changes & Voting Matters
8-K · 2026-09-09
Annual report of employee stock purchase
11-K · 2026-06-25
Periodic Financial Reports
10-Q · 2026-06-09
Corporate Changes & Voting Matters
8-K · 2026-06-04
Offering Registrations
S-8 · 2026-05-28
Corporate Changes & Voting Matters
8-K · 2026-05-20
Proxy Statements
DEFA14A · 2026-04-16
Headlines
Nike’s Weak First Quarter Report Ripples Across Footwear Sector
Footwear News · 5d ago
NIKE to Post Q1 Earnings: Should You Buy the Stock Before the Release?
Zacks · 8d ago
Winners And Losers Of Q2: Caleres (NYSE:CAL) Vs The Rest Of The Consumer Discretionary - Footwear Stocks
StockStory · 14d ago
1 Stock Under $50 to Research Further and 2 Facing Headwinds
StockStory · 19d ago
Caleres (CAL) Stock Lags Behind Its Brand Portfolio’s Surge
Insider Monkey · 25d ago
CAL Q2 Deep Dive: Brand Portfolio Fuels Margin Growth Amid Famous Footwear Headwinds
StockStory · 26d ago
Caleres (CAL) Q2 2026 Earnings Call Transcript
Motley Fool · 27d ago
Caleres Inc (CAL) (Q2 2026) Earnings Call Highlights: Strategic Growth and Margin Expansion ...
GuruFocus.com · 27d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.